Sensex ends with loss of nearly 275 points
By IANS,
Mumbai : Indian equity markets closed deep in the red Wednesday.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the SSensex, opened at 15,744.21 points and touched a low of 15,390.22 before closing at 15,422.31 points. It went down by 274.59 points or 1.75 percent compared to its closing figure Tuesday.
The S&P CNX Nifty index of the National Stock Exchange, which opened at 4,652.80 points, closed at 4,582.40. It went down by 70.60 points or 1.52 percent from its previous close.
3G auction issue referred to Group of Ministers
By IANS,
New Delhi : In a move that will delay the launch of third generation (3G) mobile telephony in India, the Cabinet Committee of Economic Affairs (CCEA) has referred the issues relating to spectrum auction to a Group of Ministers, the government said Thursday.
“We are looking for an early decision from the Group of Ministers," Jyotiraditya Scindia, Minister of State for Communications and Information Technology, told reporters here.
Microsoft, Yahoo meet for merger talks
By DPA
San Francisco : Senior executives from Microsoft and Yahoo met for the first time this week to discuss Microsoft's takeover offer for the internet company, the Wall Street Journal reported Friday.
The meeting reportedly took place Monday near Yahoo's headquarters in Silicon Valley and was the first face-to-face talks between the two companies since Microsoft tabled its unsolicited bid for Yahoo on Jan 31.
Oil India to tap primary market by year-end
By IANS,
Kolkata : State-owned Oil India Ltd (OIL) will hit the primary market by mid-December, a company official said Friday.
"We want to list our company because this is the only public sector oil company that is not listed," OIL chairman and managing director M.R. Pasrija told reporters.
He said this when he was asked if disinvestment plans would be deferred given the volatile market conditions.
Microsoft co-founder sues 11 companies
By IANS,
New York : A company owned by Microsoft co-founder Paul Allen has filed a complaint in a US court against 11 companies, accusing them of patent infringement.
The Interval Licensing LLC Friday filed the complaint in the district court in Seattle against Apple, Google, AOL, eBay, Facebook, Netflix, Office Depot, OfficeMax, Staples, Yahoo and YouTube.
The patents in the lawsuit cover fundamental web technologies first developed at Interval Research, a now defunct business founded by Allen and David Liddle in 1992, Xinhua reported citing a Interval Licensing statement.
‘Jaguar close to 800 mn pound loan’
By IANS,
London : Carmaker Jaguar Land Rover (JLR) is in "advanced talks" with British ministers, a banking syndicate and owner Tata Motors on a 800 million pound loan that could help save 15,000 jobs, a newspaper reported Sunday.
The Sunday Times quoted unnamed sources as saying negotiations were at a delicate stage, and hinged on whether JLR could provide sufficient loan security to the government and a banking syndicate led by the Royal Bank of Scotland and Lloyds TSB.
Defining moment expected for corporate mergers, takeovers
By Jagannadham Thunuguntla, IANS,
There is widespread anticipation regarding possible revision of the threshold limit for mandatory open offers for the purpose of takeovers from current level of 15 percent to 25 percent. If that eventually happens, interesting shareholders' activity can be expected in several listed companies.
India’s exports up 35 percent in May at $16.1 bn
By IANS,
New Delhi : India's merchandise exports in May rose by 35 percent to $16.1 billion, the government said here Friday.
Data released by the commerce ministry showed imports for the month grew by 30.8 percent to $27.4 billion year-on-year, widening the country's trade deficit to $11.3 billion.
During April-May 2010, exports stood at $33 billion, a 35.7 percent rise over the year-ago period.
Officials attributed the export growth to low base effect.
India is targeting around 15 percent export growth in this financial year.
Angry workers demonstrate at Dunlop’s West Bengal factory
By IANS,
Kolkata : A day after tyre major Dunlop suspended production at its Sahaganj unit in West Bengal, angry workers Tuesday staged a demonstration and threatened to enter the factory by breaking open the gates.
Led by the state's main opposition party, the Trinamool Congress, several hundred workers gathered near the gates and raised slogans against company chairman Pawan Kumar Ruia.
A large posse of police personnel were posted around the factory, though some workers tried to enter the factory forcibly.
Reliance Digital to sell Reva cars
By IANS,
Hyderabad : Reliance Digital, the consumer electronics arm of Reliance Retail, will sell Reva electric cars through its outlets across the country.
Initially, Reliance Digital will sell the Reva through its digital stores in Hyderabad and Delhi. This will be extended to other cities later.
CNG stations to triple in NCR: Petroleum minister
New Delhi: The government plans to triple the current CNG stations in the national capital region (NCR) for boosting use of the clean fuel,...
Jammu Univ scholars discuss Nandigram issue
By News Agency of Kashmir
Jammu, Nov 20 (NAK): Ehsaas Discussion Group, an initiative of scholars of Jammu University discussed the issue of Nandigram. The issue of SEZ which is directly linked with Nandigram was looked upon in a broader perspective of globalization, a discourse which is being controlled by the western countries.
Era of ‘procurement alone’ is over, says Antony
By IANS,
Berlin : Indian Defence Minister A.K. Antony Wednesday made it clear that companies planning to sell major defence products to India must be prepared to part with technology as an essential element of the deal.
Speaking to a group of correspondents shortly before his departure from Berlin, Antony said: "The era of procurement alone is over as far as India is concerned."
Consumer products sales may double to $43 bn by 2013: Report
By IANS,
New Delhi : Consumption of products like toiletries, toothpaste, cosmetics, packaged food and light bulbs, commonly known as fast moving consumer goods (FMCGs), will grow 10-12 annually and nearly double revenues to $43 billion by 2013, says a new report.
This segment of industry, which clearly defied economic slowdown, managed to top $25 billion in revenues last year, said the report prepared by the Federation of Indian Chambers of Commerce and Industry (FICCI) and industry tracker Technopak Consultants.
Reliance SEZ in Haryana gets provisional approval
By IANS
New Delhi : The proposed multi-product special economic zone (SEZ) of Reliance group at Jhajjar in Haryana secured an in-principle approval from a high-power panel Monday. The panel also gave its formal go-ahead to 11 others.
The SEZs that got a formal nod from the Board of Approvals, chaired by Commerce Secretary G.K. Pillai, include the one on biotechnology to be set up by Glenmark Pharmaceuticals at Shendri in Maharashtra.
Wheat procurement crosses 22 mn tonnes
By IANS,
New Delhi : India's wheat procurement has touched 22.02 million tonnes, almost double of last year's 11.13 million tonnes, it was announced Friday.
A statement from the ministry of consumer affairs, food and public distribution said this figure was reached June 12.
The procurement by the state-run Food Corp of India (FCI) and other government agencies was 7 million tonnes more than the government's target of 15 million tonnes.
Bankers, analysts surprised but welcome repo rate cut
By IANS,
Mumbai/New Delhi : Surprised bankers, analysts and industry welcomed the central bank's cutting the repo rate by 100 basis points Monday, saying it was a positive step to bring financial stability in the system.
The move, which takes immediate effect, came ahead of a monetary policy review Friday.
"This is totally unexpected," said Development Credit Bank managing director and CEO, Gautam Vir. "I was expecting a cut of 50 bps in repo rate during the credit policy review this week."
Industry may go for moderate hike in steel prices
By IANS,
New Delhi : Steel producers may raise prices following the end of the self-imposed three-month moratorium on holding back of steel products prices Thursday.
A steel ministry official said though the industry was in no hurry to go for a price rise, a “moderate hike” was a possibility.
"However, a moderate hike in steel prices cannot be ruled out in due course if inflation starts moderating. A lot will also depend upon how industry responds after their voluntary moratorium ends today (Thursday)," the official told IANS.
Oil industry officials call off strike
By IANS
New Delhi : Some 45,000 officials working for state-run oil firms Tuesday called off their indefinite strike after assurances from Petroleum Minister Murli Deora on enhancing their interim pay, pending a wage settlement.
"We spoke to the petroleum minister and he has agreed to look into our demands for higher interim relief from the beginning of the year," said R.P. Srivastava of the Oil Sector Officers Association (OSOA).
HLL Lifecare to set up 100 hospitals across India by 2013
By IANS,
Thiruvananthapuram : HLL Lifecare has entered into a joint venture with Acumen Fund USA to set up 100 hospitals providing high quality service at affordable rates across India by 2013.
HLL Lifecare chairman and managing director M. Ayyappan said the joint venture company is a 50:50 equity partnership between his firm and Acumen Fund, a non-profit philanthropy venture fund.
Currently there are six Life Spring Hospitals that are working in Andhra Pradesh under the joint venture.
Iran to become large Aromatic, Ethylene producer by March 2015
By IRNA
Tehran : Iran will turn out to be a large producer of aromatic, ethylene, and methanol products by the end of Iranian calendar year of 1393 (March 20, 2015), according to predictions.
Based on initial estimates, Iran has the capacity to produce 98 million tons of petrochemicals per annum, of which 75 million tons are saleable, reported PIN.
The country has produced 3.141 million tons of different types of petrochemical products from March 21 to May 21, 2007.
ING Vysya Bank expects 35 percent growth in deposits
By IANS,
Kolkata : ING Vysya Bank Ltd expects a growth rate of 25 percent in advances and 35 percent in deposits in the current fiscal, a top company official said here Friday.
"We expect to grow at the rate at which the banking industry is growing currently," said Vaughan Richtor, managing director and CEO of the bank, at a press meet here.
The growth is expected to come from segments like home loans, personal loans and also from lending to the small and medium enterprises (SME) sector, he said.
Sahara says it won’t pay service tax on Jetlite
By IANS,
Mumbai : The Sahara Group has said that it is not liable to pay a service charge of $25 million (Rs.1 billion) on Jetlite, formerly Air Sahara.
The company made the statement after Jet Airways, current promoters of Jetlite, said the service tax liability on the low-cost airlines would rest with Sahara, its previous owners.
"As per the provisions of the agreements, the liability, if any, for the tax demands in respect of which the investigations are currently in progress rests with the earlier owners of the Sahara Airlines," Jet Airways said in a statement.
India launches free trade talks with four European nations
By Dipankar De Sarkar, IANS
Davos : India is on course to signing its first free trade agreement with the Western world after Commerce and Industry Minister Kamal Nath Saturday launched a joint task force to negotiate a deal with four European nations.
When signed, the agreement between India and member-states of the European Free Trade Association (EFTA) - Iceland, Liechtenstein, Norway and Switzerland - will be the first such deal for India outside the Asian region.
Obama asks GM, Chrysler to shape up or ship out
By Arun Kumar, IANS,
Washington : President Barack Obama Monday took control of the troubled US auto industry, giving General Motors 60 days and Chrysler 30 days to make a final push toward proving they can run viable businesses.
Announcing his rescue plans for the two ailing automakers, which have already been given $17.4 billion to keep them running, he said the government would try to help the companies, but prescribed tough conditions holding out the threat of a "structured bankruptcy".
Mahanagar Telephone Nigam workers call off strike
By IANS,
New Delhi : Some 8,000 employees of the state-run Mahanagar Telephone Nigam (MTNL), which runs telecom and Internet services in the country's two main metros, called off their agitation Wednesday after the management agreed to review their demands including wage hikes.
"The strike has been called off. There will be a meeting of trade unions and the management some time later. All issues will be discussed constructively," MTNL chairman and managing director R.S.P. Sinha told IANS.
Sensex ends choppy day with modest gains
By IANS,
Mumbai : A benchmark index for Indian equities Friday closed 55 points up in volatile but range-bound trading.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,911.13 points, ended at 17,965.44 points, 55.98 points or 0.31 percent up from its previous close at 17,909.46 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty also ended on a subdued note at 5,398.3 points, up 0.36 percent from its previous close at 5,378.75 points.
India likely to continue as second largest cotton producer
By IANS,
Ahmedabad : India is expected to retain its current position as the second largest producer, user and exporter of cotton in the new season beginning in August, says the Washington-based International Cotton Advisory Committee (ICAC).
India overtook the US to occupy the number two position after China during the 2006-07 cotton season, says the ICAC. According to ICAC's analysis of the current global cotton situation, India does not face any challenge to its position as American farmers are shifting to other crops like corn.
Despite weak market, Reliance Communications scrip ends higher
By IANS,
Mumbai : Bucking the general gloomy trend, the shares of Reliance Communications closed significantly higher on Indian bourses Monday, a day after its board approved a 26 percent equity sale to a strategic investor.
The shares of the telecom major, led by billionaire industrialist Anil Ambani, which had closed at Rs.168.15 Friday, ended Monday at Rs.175.90, up 4.61 percent. It had touched the day's high of Rs.179 at one point, but shed ground due to profit taking.
America’s biggest law firm opens second office in UAE
By IANS,
Abu Dhabi : Global legal services giant DLA Piper, the largest law firm in the US, has opened its second office in the United Arab Emirates (UAE).
DLA Piper has over 3,700 lawyers in 65 offices spread across 25 countries.
The new office, located at the Al Bateen locality here, will initially comprise four partners and eight lawyers but this number is likely to more than double, according to a DLA Piper statement. The firm has a 100-strong lawyer team at its Dubai office. Its other offices in the Gulf are at Doha in Qatar and Muscat in Oman.
Hyundai Motor sells 44,710 units in August
By IANS,
Chennai : Leading car manufacturer Hyundai Motor India Ltd sold 44,710 units in August 2008 against 28,394 units sold in the corresponding period last year, a top official said Monday.
The company exported 23,100 units while domestic sales stood at 21,610 during the period.
"The Hyundai products starting right from the Santro and i10 to Accent have done exceedingly well. We hope that in the coming months the economic conditions will improve so the industry stabilises," Hyundai's senior vice president-marketing and sales Arvind Saxena said.
More oil discovered by Reliance in Cambay Basin
By IANS,
Mumbai : India's largest private sector company, Reliance Industries (RIL), said Monday it has made its seventh oil discovery at a site in Cambay basin, off the Gujarat coast.
RIL said it had informed the government and the directorate general of hydrocarbons about the discovery, named Dhirubhai-50.
"The potential commercial interest of the discovery is being ascertained through additional data gathering and analysis," it said in a statement to the Bombay Stock Exchange (BSE).
Inflation crosses 12 percent, finance ministry says it’s stable
By IANS,
New Delhi : India's annual rate of inflation crossed the 12 percent mark to 12.01 percent for the week ended July 26 as compared to 11.98 percent the week before, data released Thursday showed.
The Wholesale Price Index (WPI) released by the ministry of commerce and industry showed an increase in the prices of primary articles by 0.1 percent, while that of non-food articles rose by 0.4 percent.
India Inc hopes reforms will now get a push forward
By IANS,
New Delhi : With Left parties withdrawing support to the United Progressive Alliance (UPA) government Tuesday, India Inc hopes the slow-moving economic reforms programme will now be put on the fast track.
From key decisions pertaining to the financial sector to further opening up of the Indian economy to foreign investors, the Prime Minister Manmohan Singh government had its hands tied down by the crucial support from Left parties.
Indian equities market flat early afternoon
By IANS,
Mumbai : The Indian equities market was oscillating between negative and positive zone early Monday afternoon. The market had opened on a firm note but soon slipped into the red.
Banking stocks edged lower, realty and auto stocks rose, metal stocks were mixed.
At 1.30 p.m., the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was down 53.69 points or 0.31 percent to 17,072.29.
Ford India looking at export markets to plan expansion
By IANS,
Chennai : Car manufacturer Ford India that plans to roll out a small car on an outlay of $500 million, is currently studying overseas markets to finalise its engine and transmissions capacity expansion plans.
"We are working on the demand estimates of our export markets in the Asia Pacific and African regions. The expansion plans are finalised based on the market estimates for 2010 onwards," company president and managing director Michael Boneham told reporters on the sidelines of the Madras Management Association's (MMA) annual convention here Friday.
Walia presents his fifth Delhi budget Monday
New Delhi, March 23 (IANS) Finance and Planning Minister A.K. Walia Monday will unveil his fifth consecutive annual budget of the Delhi government, which is unlikely to see any new taxes. He held a final budget meeting Sunday noon with Chief Minister Sheila Dikshit and other cabinet colleagues at her residence here.
The budget holds significance for the Congress government, which will seek re-election seven months later when current assembly's term expires in November. Hence, the budget is unlikely to have any new taxes.
Chhattisgarh’s income from minerals royalty rises 20 percent
By IANS,
Raipur : The Chhattisgarh government Monday said its royalty earnings from minerals rose 20 percent in 2008-09 to Rs.1,237 crore.
"The state had made earnings of Rs.1,237.29 crore from minerals in 2008-09, comparing to Rs.1,028.38 crore in 2007-08, registering an overall 20 percent increase," an official statement said.
The mineral-rich state, which has massive coal deposits in its northern region and iron ore deposits in southern Bastar region had earned Rs.832.35 crore in 2006-07 and Rs.737.85 crore in 2005-06 as mineral royalty.
Asian stocks plummet on fears of more credit losses
By DPA
Tokyo : Asian stocks plummeted Thursday on worries about the dollar's weakness, rising credit-related losses and record oil prices.
The biggest losses were seen in India, whose losses were exceeding 5 per cent ahead of the markets' close, and in Hong Kong, where the Hang Seng Index fell 4.79 per cent to 22,301.64 as a flu outbreak that prompted the closure of primary schools and kindergartens added to investor pessimism.
Sensex has another tame end, closes 60 points up
By IANS,
New Delhi : A benchmark index of Indian equities ended Tuesday tamely, rising a modest 60 points higher from its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,213.14 points, closed at 16,297.18 points, up 60.13 points or 0.37 percent from its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut shop at 4,875.75 points, against the previous close at 4,856.4 points, a gain of 0.4 percent or 19.35 points.
RBI governor hints at tough measures to check inflation
By IANS,
Pune : Reserve Bank of India (RBI) Governor Y.V. Reddy Monday hinted at further tightening of monetary policies, saying the central bank would take "determined and calibrated measures" to rein in inflation.
Speaking at the National Institute of Bank Management's fifth convocation here, Reddy said the RBI was "currently in the midst of intensive examination of issues and options".
The RBI would also hold consultations with the Technical Advisory Committee on Monetary Policy, he said.
Obama urges credit-card industry to end unfair practices
By DPA,
Washington : US President Barack Obama Thursday met leaders of the credit-card industry, urging them to end unfair practices that are raising costs on indebted consumers, while US lawmakers are considering a wider crackdown on the sector.
Obama said he hoped to create a new system that "eliminates some of the abuses" including sudden interest-rate hikes and late-payment fees, which have added to unmanageable debts for some US consumers.
Bajaj plant workers in despair, pin hopes on Pawar
By V. Vijayalakshmi, IANS
Pune : Over a week after the closure of the Bajaj Auto Ltd (BAL) plant in Akurdi near here, the future of more than 2,700 workers remains uncertain. But they are not giving up without a fight.
Fifty-two-year-old Pandurange Kadlag, a resident of Kothrud in Pune, worked for BAL for more three decades. He was just a 20-year-old when he joined the plant. As far he and his family were concerned, it was truly "Hamara Bajaj" - the catchphrase of the company.
Dubai financial centre to channel capital from India, China
By IANS,
Dubai : The Dubai International Financial Centre (DIFC) is preparing itself in the face of the global financial crisis to act as a major channel for capital flows between emerging economies like India, China, the Middle East and North Africa.
“Today we have reached a situation where capital flows between emerging economies can be channelled directly without the intermediation of financial centres in developed countries,” Omar Bin Sulaiman, vice-chairman of DIFC, said while speaking at the three-day 'Leaders in Dubai Business Forum' which got under way here Sunday.
French bank BNP Paribas sees Asian economic recovery in 2010
By DPA,
Singapore : French bank BNP Paribas has predicted a faster Asian economic recovery next year, citing aggressive government spending and region-wide interest rate cuts, according to a news report Thursday.
The scale of the global policy response, monetary and fiscal, should ensure the recovery is more V-shaped, indicating a steep rise after a decline, than a slower, U-shaped recovery, said BNP Paribas economist Richard Iley.
Organic tea coins gain favour in Europe, Southeast Asia
By Syed Zarir Hussain, IANS,
Margherita (Assam) : Organic tea coins made by a tribal community in Assam are becoming popular in Europe and Southeast Asian countries with people preferring them increasingly to conventional tea bags.
"The demand for the organic tea coin is increasing by the day after we were able to penetrate markets in the US, Britain, Canada, China, Thailand, and now in Hong Kong," Rajesh Singpho, owner of Singpho Agro Products that manufactures the organic tea coins, told IANS.
Sensex starts year 97 points u
By IANS,
Mumbai : Indian markets started the first day of the new trading year on a strong note Monday, with a key index ending 93 points up though heavyweights Reliance Industries and Bharti Airtel ended up losers of the day.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,473.45 points, ended at 17,558.73 points, up 93.92 points or 0.54 percent from its previous close at 17,464.81 points.
It had risen to 17,582.84 points during the closing hour.
Satyam’s Raju spent first night in jail like ordinary prisoner
By IANS,
Hyderabad : Once in the list of the richest Indians, disgraced founder and former chairman of Satyam Computers B. Ramalinga Raju and his brother B. Rama Raju spent Saturday night in the Chanchalguda jail and slept on the floor along with 26 other prisoners accused of petty crimes like theft.
The Raju brothers, who have been remanded to judicial custody till Jan 23 by a magistrate, will be treated like ordinary undertrials. Prison authorities said there would be no special treatment for them.
Revenue from BWA auction at $5.3 bn, pan-India licence price at $1.7 bn
By IANS,
New Delhi : The Indian government's provisional revenue from the sale of airwaves for broadband wireless access (BWA) services Tuesday reached Rs.23,829.18 crore ($5.3 billion) and the pan-India licence price was Rs.7,943.06 crore ($1.7 billion).
India Tuesday concluded a total of 52 rounds of the auction of airwaves for BWA services.
The auction, which began last week, saw the pan-India BWA licence price going up around 350 percent from the Rs.1,750 crore base price fixed by the government.
SAIL plans to double steel production by 2014
By IANS,
New Delhi : State-run steel maker Steel Authority of India (SAIL) plans to increase its annual capacity to 26 million tonnes by 2014 from the the current 14 million tonnes.
"By the end of 2012 during our first phase of expansion, we have a target to achieve production up to 23.46 million tonnes per annum. In the second phase, we have a target to reach 26.18 million tonnes per annum," R.N Rawat, general manager, materials management, at SAIL said on the sidelines of a function here.
Pakistan PM and Iranian FM discuss IPI Gas Pipeline Project
By SPA
Islamabad : Iranian Foreign Minister Manouchehr Mottaki met caretaker Prime Minister Mohammedmian Soomro, said an official statement.
The premier emphasized the need for developing an integrated approach to meet much-needed regional energy requirements.
He said the Iran-Pakistan-India (IPI) gas pipeline project was very important for Pakistan and would help meet its energy needs.
Soomro said Pakistan and Iran enjoy close neighbourly relations and are playing a significant role in the region for peace and stability.
India-Pakistan trade set to decline: Industry body
New Delhi, Nov 29 (IANS) India's bilateral trade will decline some 20 percent with Pakistan, which is grappling with a major political turmoil, the Associated Chambers of Commerce and Industry (Assocham) said Thursday.
Projected to touch $2.7 billion in the current fiscal (2007-08), the bilateral trade will not cross $2.1 billion and stagnate at that level, the industry lobby said, quoting an internal study.
Iran showcases first home-made auto engine at German expo
By IRNA,
Berlin : Iran is displaying its first home-made auto engine at the 2008 Engine Expo, currently taking place in the south German city of Stuttgart, an Iranian auto official told IRNA on Wednesday.
The head of the marketing and sales department of Iran Khodro's engine research center (IPCO), Amir Hossein Baradaran Ghanad said this was IPCO's first attendance at this year's three-day Stuttgart engine expo (May6-9).
Global arms spending continues to rise
By DPA,
Stockholm : The United States accounted for almost half the world's military expenditures in 2007, a year when global arms sales also climbed, says a Sweden-based peace institute.
Last year, global military expenditures totalled $1,339 billion (current rates) or $202 per capita, the Stockholm International Peace Research Institute (SIPRI) said, adding that the global increase was six percent in real terms over that of 2006.
The US had a 45-percent share of world military spending or $547 billion in 2007, the highest in the US since World War II.
Equity markets stay on the up early afternoon
By IANS,
Mumbai : Indian equity markets stayed in the green early Thursday afternoon, with buying interest in banking, capital goods and technology stocks.
At 1:00 p.m., the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was up by 464.48 points or 3.69 percent to 13,040.28. It had touched a high of 13,099.61 earlier.
At the same time the broader based S&P CNX Nifty index of the National Stock Exchange was up by 120.95 points to 3937.65.
The market breadth was positive. On BSE 1,525 shares advanced, 878 declined and 75 remained unchanged.
Sensex drops further into red, down 223 points
By IANS,
Mumbai : A key index of the Indian equities markets fell sharply Wednesday following a sell-off in realty, capital goods and metal stocks, and was more than 223 points in the red a little before noon.
At 11.40 a.m., the 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 14,953.44 points, was at 14,851.69 points -- 223.35 points or 1.48 percent lower than Tuesday's close.
At around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE), too, was trading in the red at 4,404.95 points, down 1.49 percent.
Ratlam-Akola railway line to be made broad gauge
By IANS
New Delhi : The metre gauge railway line linking Ratlam-Mhow-Khandwa in Madhya Pradesh and Akola in Maharashtra will be converted to broad gauge.
The Cabinet Committee on Economic Affairs (CCEA) presided over by Prime Minister Manmohan Singh Thursday approved the railway ministry proposal.
"The work would involve 472.64 km and entail an expenditure of Rs.14.21 billion," Information and Broadcasting Minister Priya Ranjan Dasmunsi.
Wipro buys part of Yardley cosmetic business for $45 mn
By IANS,
Bangalore : Consumer care arm of IT bellwether Wipro Thursday announced it had acquired part of Yardley cosmetic products business from the British-based Lornamead group for $45 million (Rs.2.14 billion/Rs.214 crore).
"The acquisition value of Yardley business in Asia, the Middle East, Australasia and some African markets from Lornamead is based on $24 million (Rs.1.13 billion/Rs.113 crore) revenue guidance for this fiscal," the company said in a regulatory filing.
The overseas deal is expected to be completed by December.
Telecom mergers and acquisitions policy unveiled
By IANS,
New Delhi : Mergers and Acquisitions (M&As) of telecom licensees would not be allowed if the number of service providers falls below four after any such move, according to the new guidelines announced by the government Tuesday.
Both parties would also need prior approval of the Department of Telecommunications (DoT) for any M&A to take place.
The Department of Telecommunications (DoT), in a statement here, said the combined market share of the new company created after M&A should not cross 40 percent either in terms of subscriber base or revenues.
Bank of Rajasthan hikes rates on non-resident deposits
By IANS,
Mumbai : A day after hiking its interest rate on term deposits, Bank of Rajasthan (BoR), Thursday announced a similar revision in its non-resident (external) rupee deposits (NRE), and foreign currency non-resident deposits (banks) or FCNR(B).
The rates became effective July 1, it said in a statement.
Drought has hit 207 districts in nine states: Minister
New Delhi : The government on Friday told parliament that 207 districts in nine states have been affected by drought, and that all farmers...
Decision on milk prices taken by state federations: Pawar
By IANS,
New Delhi : Asserting that his ministry had nothing to do with hiking milk prices, Agriculture Minister Sharad Pawar Monday said it was the state milk federations that had decided to raise the prices.
"It is the decision of state (milk) federations," Pawar told reporters when asked about the milk price hike particularly in major cities like Delhi.
Pawar did not say whether his ministry was planning to control the rise in price of milk.
Hearing on dispute over Reliance gas adjourned till Wednesday
By IANS,
Mumbai : The Bombay High Court Tuesday adjourned by a day the hearing of a dispute between Anil Ambani-led Reliance Natural Resources Ltd (RNRL) and Mukesh Ambani's Reliance Industries Ltd (RIL) over gas supplies from the Krishna-Godavari basin.
The hearing was postponed after RNRL appealed to the court that the matter should be heard by the chief justice of the Bombay High Court, a spokesperson of Reliance Infrastructure, a sister company of RNRL, told IANS.
Bangalore now to emerge as India’s nano-technology hub
By IANS
Bangalore : Having triggered the growth of IT and biotechnology, this silicon city of India is set to spearhead development of nano-science and nano-technology in the country.
Inaugurating "Bangalore Nano 2007" here Thursday, Karnataka Governor Rameshwar Thakur said the state government was collaborating with Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR) to foster nano-science and nano-technology, leveraging the rich talent pool and science and technology (S&T) resources in the state.
i-flex Solutions bags order from Volkswagen Bank
By IANS
Mumbai : iflex Solution Ltd, a leading provider of technology solutions to the global banking and financial services industry, Wednesday announced it will provide banking software solutions to Europe's Volkswagen Bank for the Netherlands region.
In a statement to the Bombay Stock Exchange (BSE) Thursday, iflex said the solution would also allow Volkswagen Bank to deliver web-based services to its dealers and customers.
US-based Pacifica to build another five-star in Gujarat
By P.S. Anantharaman, IANS,
Ahmedabad : US-based Pacifica Companies, founded by a non-resident Indian, is set to build its second five-star hotel in Gujarat even as construction for the first one is about to begin.
The second hotel will be built with an estimated investment of Rs.1.5-2 billion along the Sarkhej-Gandhinagar Highway on the western fringe of Ahmedabad. The SG Highway, as it is better known, is the new corporate address of the city.
Indian outsourcing companies moving up value chain: Study
By IANS,
New Delhi : Indian business process outsourcing (BPO) companies are moving up the value chain with an increase in the share of high-end judgement-based work, says a study prepared by leading global information services firm Dun and Bradstreet (D&B).
The fourth edition of D&B's annual study of Indian BPO companies, titled "India's Top ITeS and BPO Companies 2008", was released here Tuesday.
The study is based on a survey covering 440,000 employees of 177 companies, or 63 percent of the Indian BPO sector's total employee base of around 700,000.
Rate cuts have not helped, says industry
By IANS,
New Delhi : The recent rate cuts by the central bank have not helped the corporate sector as banks have not lowered their lending rates, an industry lobby said Sunday.
According to the Associated Chambers of Commerce and Industry (Assocham), 78 percent of the 150 chief executives and managing directors polled in a recent survey said the liquidity crisis persisted despite the Reserve Bank of India (RBI) reducing rates, as banks are not willing to lend money.
Equities markets close marginally lower
By IANS,
Mumbai : Despite inflation rate cooling off, Indian equities markets Thursday could not sustain the rally that started Monday and a key index closed 9.44 points or 0.1 percent lower than its previous close.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 9,645.46 points, down from 9,654.9 points of its previous close.
IT stocks were the biggest losers during the trade with the BSE sectoral index for tech shares falling 3.9 points.
‘India can import cement from Pakistan’
By IANS
New Delhi : India can import cement from Pakistan as it is in high demand here, a senior commerce ministry official said Tuesday as both the countries kicked off two-day bilateral trade talks here.
"In a rapidly growing Indian economy, cement is in high demand and there is no reason why it could not be imported from Pakistan meeting the quality standards prescribed through internationally accredited certification," Commerce Secretary G.K. Pillai, who is leading the Indian delegation, said.
New Delhi : India can import cement from Pakistan as it is in high demand here, a senior commerce ministry official said Tuesday as both the countries kicked off two-day bilateral trade talks here.
"In a rapidly growing Indian economy, cement is in high demand and there is no reason why it could not be imported from Pakistan meeting the quality standards prescribed through internationally accredited certification," Commerce Secretary G.K. Pillai, who is leading the Indian delegation, said.
Equity markets stay flat early afternoon
By IANS,
Mumbai : Indian equity markets stayed flat early afternoon Monday. There was buying interest in banking, metal, FMCG and auto stocks but oil and gas stocks were under selling pressure.
At 1:30 p.m., the 30-share benchmark index of the Bombay Stock Exchange, the Sensex, was at 14,637.61 points, down 19.08 points or 0.13 percent from its closing figure last Friday. It had touched a low of 14,503.51 earlier Monday.
At the same time the broader based S&P CNX Nifty index of the National Stock Exchange was down by 1.85 points or 0.04 percent to 4,411.70.
Government mulls committee to reopen Bengal tea gardens
By IANS
Kolkata : The central government is keen to constitute a high-level committee for reopening closed tea gardens in Jalpaiguri district of north Bengal.
"The suggestion of forming this committee was given by West Bengal Industry Minister Nirupam Sen in a meeting with me Friday. The committee will be headed by the additional secretary of union commerce ministry," Minister of State for Commerce and Industries Jairam Ramesh told reporters here Saturday after attending the annual general meeting of the Tea Board of India.
Kolkata : The central government is keen to constitute a high-level committee for reopening closed tea gardens in Jalpaiguri district of north Bengal.
"The suggestion of forming this committee was given by West Bengal Industry Minister Nirupam Sen in a meeting with me Friday. The committee will be headed by the additional secretary of union commerce ministry," Minister of State for Commerce and Industries Jairam Ramesh told reporters here Saturday after attending the annual general meeting of the Tea Board of India.
India’s corporate biggies make multibillion-dollar plans for Egypt
By Manish Chand, IANS,
New Delhi : Top Indian companies like Essar, Reliance and the Tata group are getting ready to roll out over $20 billion investments in sectors ranging from oil and gas to plastic and fertilisers in Egypt.
"India and Egypt should walk hand in hand and shoulder to shoulder in this globalised world. The Indian economy is growing and so is the Egyptian economy. This is the perfect time for scaling up business ties," said Egyptian Minister for International Cooperation Fayza Aboul Naga.
Private security industry to thrive post-Mumbai attacks
By IANS,
New Delhi : Many businesses may have been hard hit by the Nov 26 Mumbai terror attacks, but the private security industry is expected to grow to Rs.500 billion from the current Rs.220 billion in the next four years, according to an industry lobby report.
"The security industry, which has been growing at 25 percent in the past 5-7 years, will grow over 125 percent by 2012 and touch a size of Rs.500 billion," an Associated Chambers of Commerce ad Industry (Assocham) report on Wednesday said.
Markets in the red, profit booking pulls down Sensex
By IANS,
Mumbai : A key index of the Indian equities markets was ruling in the red Wednesday, as investors chose to book profits in metal, realty, infrastructure and banking stocks. It was ruling 359 points below the last closing figure, a little before noon.
Around 11.30 a.m., the 30-scrip index of the Bombay Stock Exchange (BSE), the Sensex, which opened lower at 14,039.58 points, was at 13,810.58 points - 359.87 points or 2.54 percent lower than Tuesday's closing figure.
Inflation a short-term challenge: Montek
By IANS,
New Delhi : Inflation is a short-term challenge, arising out of crude oil price increase, Planning Commission Deputy Chairman Montek Singh Ahluwalia said here Wednesday.
"It is properly handled and should not affect the medium-term average growth rate of 9 percent," he said on the sidelines of a function.
Referring to the current fiscal, Ahluwalia said the growth rate could be 8 percent or “a little less than that, say around 7.9 percent”.
India's annual rate of inflation hit a 13-year high of 11.42 percent for the week ended June 14.
Arvind Mills to raise promoters’ stake
Ahmedabad, Sep 28 (IANS) Arvind Mills Ltd, one of India's top textile mills, is increasing the holdings of promoters and promoter's group in the company by 12.87 percent through the warrant issue route. The proceeds will be utilised for business expansion.
The company's board on Friday approved the issue of 50.6 million convertible warrants on preferential basis to the promoters and promoter's group to gather funds for business expansion. The decision is expected to be ratified by shareholders at an extraordinary general meeting of the company on Oct 23.
Vodafone crosses 7.5 mn subscriber mark in Gujarat
By IANS,
Ahmedabad : Vodafone Essar, one of India's leading cellular service providers, has crossed the 7.5 million subscriber mark in Gujarat, a senior official of the company said Monday.
Vodafone with a coverage in more than 236 cities and towns and 15,120 villages has seen its subscriber base jumping from 2 million in January 2006 to 7.5 million in January 2009 in the state.
‘Powerful growth helped Qatar withstand financial crisis’
By IANS,
Dubai : Qatar's powerful economic growth in the last five years has helped that Gulf nation withstand the current financial turmoil engulfing the world, according to a senior government official.
In statement to the state-run Qatar News Agency (QNA), Qatar's Economy and Finance Undersecretary Khalaf Ahmed Shabib Al-Mannai said the powerful economic growth achieved in the country over the past five years had a direct effect on the protection of the financial and investment institutions.
Bank employees’ June 24 strike postponed
Chennai: A strike called by All India Bank Employees Association (AIEBA) on June 24 to press for the demands of employees of associate banks...
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Infosys net up 21 percent, raises this fiscal’s projections
By IANS,
Bangalore : Infosys Technologies Ltd posted a net profit of Rs.13.02 billion for the first quarter this fiscal, registering a 21 percent year-on-year (YoY) growth from the Rs.10.8 billion posted last fiscal.
As against a flat growth projection of Rs.45.7 billion for the quarter, the information technology (IT) bellwether posted consolidated revenue of Rs.48.54 billion, registering a 29 percent YoY growth under Indian accounting practice.
Sequentially, net profit rose by 4.2 percent and revenue by seven percent from the corresponding quarter last fiscal.
More than cute: kids in ads mean serious business
By Azera Rahman, IANS
New Delhi : They have, in advertising gurus' words, "the pestering power" - the ability to escalate the sales of a particular product. No wonder more and more advertisements, be it of mobile phones, electronics or apparel, now have kids playing the lead role.
On a look at the scores of billboards on the roads or advertisements on TV - Airtel, Samsung and Amul to name a few - one finds that the advertising world seems to have almost been taken over by children.
Haryana government restores to panchayat land worth Rs.1 bn
By IANS
Gurgaon (Haryana) : Nearly 10 acres of prime commercial land worth nearly Rs.1 billion ($25 million) in the millennium city here has been saved possibly from falling into the hands of land mafia following the intervention of the district administration. The land has been restored to the panchayat.
A state government spokesman said here Wednesday that R.K. Mishra and his wife of New Delhi's Vasant Vihar sold 10 acres of prime 'panchayat' (village council) land in village Bajghera of Gurgaon to the Sri Shankar Siksha Yatan Trust in May 2001.
Islamic mutual insurance market to grow by 20 percent
By IANS
Dubai : With an estimated annual growth rate of 20 percent, the 3rd Annual World Takaful Conference on mutual insurance here April 14-15 will focus on exploring the international market for Shari'ah-compliant insurance products, WAM news agency reported Friday.
Equity infusion into Air India to be discussed soon
By IANS,
New Delhi : Stating that the revival plan for cash-strapped national carrier Air India was well on track, Civil Aviation Minister Praful Patel Wednesday said that his ministry will shortly seek cabinet approval for equity infusion into the airline.
"There are two issues concerning Air India. One is concerning equity infusion. I hope the matter would be cleared when the cabinet meets shortly," Patel told reporters here on the sidelines of a conference organised by the Foundation For Aviation and Sustainable Tourism, an aviation consultancy.
Mahindra Lifespace, BE Billimoria bag Nagpur project
By IANS,
Mumbai : The Mahindra group's real estate and infrastructure development arm Mahindra Lifespace Developers in collaboration with BE Billimoria and Co will develop a residential project for the upcoming multi-modal internal hub airport at Nagpur (MIHAN).
The residential project in the scheduled land near a special economic zone (SEZ) and MIHAN, which is expected to attract $8 billion in investment, comprises 25 acres.
Hyundai slashes car prices by up to Rs.33,000
By IANS,
New Delhi : In an attempt to boost sales in a depressed market, auto major Hyundai Motor India Thursday slashed prices of its cars by up to Rs.33,000, besides offering benefits like free insurance and exchange bonus.
The company said in statement that its popular Santro model will now be cheaper by Rs.33,000 at Rs.299,000.
The price of Accent will go down by Rs.7,200 to Rs.499,903, while Verna will be cheaper by Rs.24,000, the company said.
Kerala to provide support for road projects
By IANS
Thiruvananthapuram : Kerala's ruling Left Democratic Front (LDF) Saturday decided to sign an agreement assuring state support for all road projects taken up in the build-operate-transfer (BOT) mode after refusing to do so for a long time.
Once the agreement is signed, the state would get a staggering Rs.30.53 billion for completing the four-laning of the National Highway 17, NH 47 and for three bypasses on NH 49.
‘Large-scale investment a challenge in food processing sector’
By IANS
New Delhi : Large-scale investment in the food processing sector is increasingly becoming a challenge as global firms provide stiff competition to domestic producers, Subodh Kant Sahai, minister of state for food processing industries, said here Monday.
"It is heartening that growing levels of investment is pouring into this (food processing) sector both through domestic investors and via the foreign direct investment route," the minister said while inaugurating Aahar 2008, an annual international exhibition on food processing.
Two Chinese firms in race to build Kudremukh ductile iron plant
By Fakir Balaji, IANS,
Bangalore : Two Chinese firms and their Indian partners have pre-qualified to build a Rs.2.25 billion ductile iron spun pipe plant on a turnkey basis for the state-run Kudremukh Iron Ore Co. Ltd (KIOCL), the company's top official said here Thursday.
"Two Chinese joint venture firms have pre-qualified for techno-commercial evaluation," Kudremukh's new chairman and managing director K. Ranganath told IANS.
The process will be completed by this month-end and the bids will be opened for ascertaining the quoted price, Ranganath said.
Railway Budget Highlights – 6 last
* New governance structure required; more decentralisation and deregulation; accounting system to be revamped
* Resources to be generated through public-private-partnerships
* Suburban network in Mumbai,...
Fertilizer shortage playing spoilsport in Kerala
By IANS,
Thiruvananthapuram : A severe fertilizer shortage is threatening Kerala's plans to push agriculture as a key vehicle to development, the government said Thursday.
In response to a calling attention motion on the issue, the state's Agriculture Minister Mulakara Ratnakaran said there has been a serious shortage of fertilizers containing phosphates and urea for a month.
Ratnakaran said the centre-owned Fertilizers and Chemicals Travancore Ltd, located in Kochi, has more than halved its production of the factomphos fertilizer because of a phosphate supply crunch.
Airtel to approach TRAI on repairing charges issue
By IANS
New Delhi : Bharti Airtel, one of India's leading private service operators, will soon approach the Indian telecom watchdog over its earlier order that consumers should not be charged extra for rectification and repair of its landline services.
"We have taken note of the regulator's decision and communicated on the compliance. We shall be engaging with the regulator to apprise them of complete details on these customer requirements and services," Airtel said in a statement Wednesday.
Vodafone launches two Blackberry sets in India
New Delhi, Sep 28 (IANS) Vodafone, formerly Hutch, Friday introduced two of its Blackberry models keeping in line with its promise of bringing in new and exciting handsets and services.
The British telecom giant introduced Blackberry 8310 and 8820 from Research In Motion (RIM), priced at Rs.24,990 and Rs.31,990, respectively.
Vodafone acquired Hong Kong-based Hutchison International's Indian telecom arm Hutch's stake for $11.1 billion in May this year. The company earlier said it would be investing $2 billion in consolidating and expanding its business in the country.
Budget dashes IT industry’s hope on tax holiday extension
By IANS
Bangalore : The booming IT industry in India's silicon hub was disappointed over the absence of tax holiday extension in the national budget for fiscal 2008-09.
"We are disappointed that there is no mention about the extension of tax holiday beyond 2009 for IT firms registered with the state-run software technology parks of India (STPI). We hope the finance minister will address the issue and extend the benefit to sustain the growth of the industry," Wipro chief financial officer Suresh Senapaty told IANS Friday.
Markets inched upwards during the week
By IANS,
Mumbai : Indian equities markets inched up at the end of a truncated week Friday, posting marginal gains even as opinion remained divided over the sustainability of the rally that has taken a key index over the 11,000 mark.
The markets had remained closed Tuesday on account of Ambedkar Jayanti.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended Friday at 11,023.09 points, a gain of 219.23 points or 2.03 percent, over the previous week's close of 10,803.86 points.
Himachal Pradesh wants eco-friendly CNG automobiles
By IANS
Shimla : The Himachal Pradesh government has asked the central petroleum ministry to introduce inexpensive compressed natural gas (CNG) for motor vehicles in the state.
"I have demanded introduction of CNG for buses, trucks, jeeps and cars in the plains of the state," said Chief Minister Prem Kumar Dhumal Wednesday.
Dhumal met Petroleum Minister Murli Deora in New Delhi late Tuesday.
"Running buses on the pattern of New Delhi in Himachal Pradesh's districts of Solan, Bilaspur, Kangra, Hamirpur and Una will not only be cheap but also clean," said Dhumal.
Middle East IT firms looking to invest in Kerala
By Aroonim Bhuyan,
Dubai, Oct 27 (IANS) Around 20 IT companies with operations in the Middle East are in an advanced stage of discussions with the Kerala government to invest in that south Indian state.
During the course of the Gulf Information Technology Exhibition (GITEX) 2008, the Middle East's largest technology show held here last week, the companies evoked keen interest in investing in Kerala.
Airtel launches new plans for US callers to India
By IANS,
New Delhi : Mobile operator Bharti Airtel Sunday announced two schemes enabling cheaper calls from the US to India as part of a festive season offer.
Under the first scheme, users will get 1,353 minutes of calls for $24.99.
"It also comes with a validity of six months so a user can buy the plan during this festive season and can use it till the Holi festival in March next year," Bharti Airtel said in a statement.
Inflation in India touches 44-month high due to rising food prices
By KUNA,
New Delhi : Inflation in India has increased to a 44-month high of 7.83 percent for the week ending May 3, following rising prices of food and certain manufactured items.
During the week, prices of food items including fruits and vegetables, spices, coffee increased, official data released by the Indian Finance Ministry said here Friday.
Prices of fruits and vegetables rose by three percent, coffee six percent, maize four percent, and spices by one percent, the ministry said.
16 shops burgled in Delhi market
By IANS,
New Delhi : At least 16 shops have been burgled in Delhi's Sadar Bazaar, one of the largest wholesale markets of household items in the capital, police said Tuesday.
"We got to know at about 9 a.m. Tuesday that 16 shops in Sadar Bazaar were burgled Monday night," a police officer said.
The officer said all the shops were located in the same shopping complex "from the ground to the third floor of the building". The burglaries appear to have taken place in the night after the shop owners had left for the day, he added.
‘Natural gas prices may be revised soon’
By IANS,
New Delhi : Prices of natural gas from fields of state-run ONGC and Oil India may be revised soon, Petroleum Secretary S. Sundereshan said here Monday.
"The minister (for petroleum and natural gas, Murli Deora) just now told me that it is in the final stages of decision making in the government. So the decision could be there very soon," he told reporters at the sixth Asia Gas Partnership Summit.
The petroleum ministry had proposed the hiking of price of the gas under administered pricing mechanism from $1.79 per million British thermal unit to $2.32 per mmBtu.
US government agrees to rescue Citigroup
By DPA,
Washington : The US government has said that it will move to save ailing bank Citigroup by guaranteeing it against huge losses in the midst of the global financial crisis brought on by banks crippled by bad loans.
In a joint statement, the US Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation said late Sunday that they would guarantee Citigroup against massive losses on its $306 billion in mortgage-related assets. In return, the bank will grant the government shares of stock.
India, Iran to discuss energy ties, nuclear standoff
By NNN-KUNA
New Delhi, India : India and Iran would discuss measures to expand their energy ties and the proposed tri-nation gas pipeline during the three-day visit of India's Foreign Secretary Shivshankar Menon to Tehran on Saturday.
The two countries will also discuss measures to enhance bilateral commercial and cultural ties, Indian External Affairs Ministry official told reporters here Friday.
Menon would also discuss with the Iranian leadership Tehran's nuclear standoff with the West, the official added. India has called for a negotiated solution to the issue.
Sensex rises 94 points to end above 16,000
By IANS,
Mumbai : A benchmark index of Indian equities Tuesday shut shop 94 points higher than its last close to close above the 16,000-mark.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,940.73 points, closed at 16,029.95 points (provisional), up 94.34 points or 0.59 percent from its previous close at 15,935.61 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 4,786.45 points, against the previous close at 4,760.4 points, a gain of 0.55 percent or 26.05 points.
Striking truckers reject minister’s plea for talks
By IANS,
New Delhi : Unimpressed with the government's announcement Saturday that diesel prices may be reduced by Rs.3 a litre, and the transport minister's declaration that he was ready to negotiate with them, truck operators who have been on a nationwide strike since Monday said arrested strikers had to be released before talks could take place and the stir called off.
The government's dual announcement came a day after five leaders of All India Motor Transport Congress (AIMTC) - the apex body of transporters - were arrested on charges of disrupting supply of commodities.
Manali-Leh road to open for light vehicles
By IANS,
Manali : The snow-covered 486 km long Manali-Leh road will open for light vehicles in the coming week, authorities said Sunday.
This was stated Sunday by the Border Roads Organisation (BRO), a day after it threw open the 4892 metre high Baralacha pass in tribal Lahaul valley.
The 3954 metre high Rohtang pass, which receives the heaviest snowfall among all passes on this route, was opened to traffic less than a week ago.
This Himalayan road is popular with adventure travellers, particularly foreigners, and remains closed due to heavy snowfall half the year.
Amuleek Bijral takes over as RSA’s India manager
By IANS
Mumbai : Leading IT security solution provider RSA Tuesday announced the appointment of Amuleek Bijral as the head of its India operation for EMC Corp's security division that it recently acquired, the company said.
Bijral, who was with EMC-Singapore, will be based out of Bangalore, where RSA has recently set up a development centre, a statement issued by the company said.
$1 trillion laundered every year in India: Report
By IANS,
Mumbai : Over $1 trillion is being laundered every year by drug dealers, arms traffickers and other criminals in India, according to a report by audit and consulting firm KPMG released here Tuesday.
The report comes close on the heels of the murky cash-for-vote controversy that erupted in parliament during the trust vote July 22, reflecting the country's parallel economy.
India can build $10 tn economy by 2034: PwC
New Delhi : Launching a report on transformational change in India, PricewaterhouseCoopers (PwC) Monday said India has an opportunity to build a $10 trillion...
Allahabad Bank revises term deposit rates
By IANS,
Kolkata : Kolkata-based Allahabad Bank has revised its interest rates on domestic term deposits up to Rs.10 million from 9.75 percent to 10 percent per annum for a period of over one year and less than two years, it said Wednesday.
The rate of interest for senior citizens for the same period will be 10.5 percent.
For domestic term deposits above Rs.10 million, the interest rate for a contractual period of one year to less than two years will be 9.75 percent per annum.
The changes in deposit rates would be applicable from Aug 21.
China, India top import sources for UAE
By IANS,
Abu Dhabi : India was the United Arab Emirates' second biggest source of import, after China, in 2007, according to new figures.
According to data released by the country's Federal Customs Authority (FCA), China and India were followed by Japan, the US, Germany, Italy, Britain, Saudi Arabia, France and Switzerland as the top 10 import sources, with total import from these countries reaching 253 billion dirhams ($68.9 billion), the state-run Emirates News Agency (WAM) reported.
This represents 63.6 percent of the UAE's total import in 2007.
African nations seek more investments from India
By NNN-PTI
New Delhi : Ready to share their natural resources, African countries today sought greater Indian investments, particularly from the private sector, to boost economic growth in the continent.
Addressing the first-ever India-Africa Forum Summit here, leaders and Heads of State from the African continent said they were open to private investments.
"Africa needs to meet fundamental needs of its population by building schools, providing housing and generating employment," Joseph Kabila Kabange, President of the Democratic Republic of Congo, said.
PepsiCo to invest $500 mn in India
By IANS,
Gurgaon : Beverage major PepsiCo will invest $500 million in India over the next three years, its chairman and chief executive officer Indra...
Indian equities slip after positive opening
By IANS,
Mumbai : Indian equities slipped into the red Wednesday on account of rising crude prices and developments in the global stock markets despite opening on a positive note.
After an hour into trading, the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 14,429.31 points with a loss of 52.91 points, or 0.37 percent, over the previous day's close at 14,482.22 points.
The benchmark index had opened on a positive note at 14,563.10 points, up 80.88 points over the previous close, but continued to slip thereafter.
Sensex crawls up after weak start
By IANS,
Mumbai : A benchmark index for Indian equities Monday was trying to pare its early morning losses and was ruling 28 points lower a couple of hours into trade.
The markets had begun the day with a negative bias after the Reserve Bank of India's Friday evening decision to hike key policy rates by 25 basis points each.
At 11 a.m. the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,481.96 points, was ruling at 17,549.40 points, 28.83 points or 0.16 percent lower than its previous close at 17,578.23 points.
Equity markets end in the red
By IANS,
Mumbai : Indian equity markets closed in the red Thursday ahead of the release of weekly inflation data. In extremely volatile trade, realty, IT and healthcare stocks dragged the markets down.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,895.85 points, touched a low of 14,766.01 before closing at 14,899.10. It went down by 150.76 points or 1.00 percent compared to its closing figure Wednesday.
Sensex closes flat, most of day’s losses recouped
By IANS,
Mumbai : Indian equities markets recovered towards the closing bell Tuesday after a key index recovered the day's losses to close flat. At end of trade, it was a meagre 2.21 points below Monday's closing figure.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,147.87 points, ended trade at 14,324.01 points - 2.21 points or 0.02 percent lower than Monday's close.
Though the S&P CNX Nifty of the National Stock Exchange (NSE) traced a similar path, it ended the day 0.28 percent up at 4,247 points.
Chavez buys a million laptops from Portugal
By IANS,
Lisbon : Venezuelan President Hugo Chavez has signed an agreement to buy one million laptop computers from Portugal during a visit to the Iberian nation, the EFE news agency reported Sunday.
The agreement was signed at a function Saturday following a meeting between Portuguese Prime Minister Jose Socrates and Chavez, who praised his country's bilateral relations with Portugal.
Government will borrow Rs.460 bn by late March
By IANS,
New Delhi : With the economic crisis taking a toll on the Indian economy, the government plans to borrow Rs.460 billion (about $9.45 billion) by late March from the market, a senior finance ministry official said Tuesday.
"We already had discussions with the Reserve Bank of India (RBI). The borrowing will be between Feb 20 and March 20 to the order of Rs.46,000 crore," Department of Economic Affairs Secretary Ashok Chawla told reporters after meeting RBI Deputy Governor Shyamala Gopinath.
He said the extra borrowing would be done in four tranches.
Maruti Suzuki net profit up 25 percent
By IANS,
New Delhi: Automobile major Maruti Suzuki Thursday reported a 25.3 percent increase in net profits to Rs.583.5 crore for the quarter ended June 30 compared to Rs.465.9 crore it earned in the corresponding period the previous fiscal.
Net sales grew 34 percent to Rs.6,340 crore in the quarter under review compared to the year-ago period.
"Net profit growth was helped by an easing of commodity prices, sales mix moving in favour of higher end models and favourable foreign exchange realisations," the company said in a statement.
World trade growth to slow further in 2008: WTO
By DPA,
Geneva : World trade growth could slow to 4.5 percent in 2008 as a result of a sharp economic downturn in key developed countries, according to a report by the World Trade Organization (WTO) published Thursday.
Economists at the WTO said growth had slipped from 8.5 percent in 2006 to 5.5 percent in 2007, according to a preliminary assessment though the intense market fluctuations had rendered forecasts difficult.
India’s ONGC could buy U.K. co. operating in Russia, Kazakhstan
By RIA Novosti,
Moscow : Indian oil and gas company ONGC intends to buy 100% of shares in Imperial Energy, a British oil company operating in West Siberia and Kazakhstan, a business daily reported on Tuesday.
Imperial Energy, which reached a production rate of over 10,000 barrels of oil per day in December 2007 and aims to achieve 25,000 bpd by the end of 2008, said on Monday it had received a takeover offer but gave no further details.
US stocks rise on retail sales figures
By DPA
New York : US stock indices were up Thursday after retailer Wal-Mart reported higher monthly sales and analysts forecast improved technology earnings.
Wal-Mart said sales in March climbed 0.7 percent and boosted its first-quarter earnings forecast. Costco, another discount chain, also reported higher monthly sales.
Technology companies Intel and Cisco Systems were both forecast to report better-than-expected earnings in the first three months of the year.
Karnataka Power to set up thermal plant in Chhattisgarh
By IANS,
Raipur : The state-owned Karnataka Power Corp Ltd (KPCL) Monday signed an agreement with the Chhattisgarh government to set up a 1,200 MW thermal plant on an investment of Rs.60-billion in Chhattisgarh.
The plant will come up in the state's northern region, where India's state-owned coal producer South Eastern Coalfields Ltd has its mines.
The first unit of the plant will be commissioned by October 2012. This is the first project being taken by the KPCL, set up in 1970, outside Karnataka.
Sensex slips in red; Maruti, RIL slump
By IANS,
Mumbai : A benchmark index of Indian equities market closed in the red due to last-hour profit booking in auto, oil and gas and banking stocks in a lackluster session Wednesday.
Sensex momentum continues, heavyweights soar
By IANS,
Mumbai : A benchmark index for Indian equities continued with its bull run Monday, finding key support from heavyweight stocks like Reliance Industries, ITC and Bharti Airtel.
Indian auto parts not yet for Jaguar, Land Rover
By Venkatachari Jagannathan, IANS
Chennai : Indian auto components makers may be shipping their products to several global firms, but they may not gain immediate entry into the Jaguar and Land Rover plants acquired by Tata Motors, experts have said.
"In the short and medium term there will not be any orders for Indian component vendors," said V.G. Ramakrishnan, director at the Automotive and Transportation Unit for South Asia and the Middle East with consultancy Frost & Sullivan.
Ambani stresses imparting skills to Indian youth
By Parveen Chopra, IANS,
New York : Two key areas India must focus on are education at all levels and giving skills training to the youth entering the work force, Reliance Industries chairman Mukesh Ambani said here.
Speaking at the annual fundraising gala of the American India Foundation (AIF) at Waldorf Astoria hotel Wednesday, after being honoured for his economic and philanthropic commitment to India, Ambani praised the organisation which announced its commitment to expanding its vocational training programme in the country to 100,000 urban unemployed youth.
Colombia looks to brew coffee business with India
By IANS,
New Delhi : Colombia is looking forward to bringing its world renowned coffee brands like Juan Valdez to India and market the products in the region.
Indians not secured against contingencies: Survey
By IANS
Kolkata : A whopping 75 percent of Indian households said they would be unable to easily sustain their current lifestyle beyond six months in the event of disability due to an accident, illness or unemployment of the principal bread-earner.
SBI Life Insurance unveiled the findings on the behaviour and expectations in the country, with regard to acquiring and planning credit, at a press conference here Tuesday.
Saudi Financing Institutions extend more than SR 334 Billion
By SPA
Riyadh : The financing institutions in the Kingdom of Saudi Arabia extended up to the end of the fiscal year 1426-1427 AH, more than SR 334 billion to the citizens.
These loans have been positively contributing to the swift development witnessed by the Kingdom in the agricultural, industrial and construction domains.
The Saudi Government has set several programs to enable the citizens contribute to the process of comprehensive development in the country.
Maya’s shut order on Reliance irks farmers, industry
By Sharat Pradhan, IANS
Lucknow : Uttar Pradesh Chief Minister Mayawati's diktat to shut Reliance Fresh operations in the state has irked both farmers and industry in the state and some are holding protests to demand their reopening.
Contrary to her claim that she was constrained to shut Reliance retail stores because of opposition from a large chunk of the farming community, representatives of farmers as well as industry have expressed their chagrin over the move.
Oil exploration road show gets off the ground
By IANS
New Delhi : Petroleum Minister Murli Deora kicked off in Mumbai Tuesday a road show to pitch for the seventh round of bidding under the New Exploration Licensing Policy.
The government has offered 57 oil and gas blocks under this round, said a statement issued here.
"Deora invited exploration and production companies and prospective investors to avail of the highly attractive investment opportunities being offered under the fresh NELP round," said the statement.