UAE’s foreign trade to grow by 15 percent
By IANS/WAM,
Abu Dhabi: UAE's foreign trade will grow by 10 to 15 percent in 2012, Foreign Trade Minister Sheikha Lubna Al Qasimi has said.
Government to recommend modest hike in fuel prices
By IANS
New Delhi : A group of ministers is expected to meet Jan 19 and recommend a fairly small increase in fuel prices, Petroleum Minister Murli Deora said Friday.
"The group of ministers should meet Saturday and go for a minimum hike in petroleum prices," Deora told reporters on the sidelines of a function organized here to launch oil and gas conservation fortnight 2008 Friday.
The panel met Thursday but failed to evolve a consensus over the fuel price hike.
Three arrested for realtor-BSP leader’s murder
By IANS,
New Delhi : Delhi Police Monday said three people have been arrested in connection with the murder of BSP leader and business tycoon Deepak Bhardwaj here last week.
Big rise in remittances from expat Indians in Kuwait
By IANS,
Dubai : Remittances by expatriate Indians in Kuwait have skyrocketed in the past three weeks following a drop in the value of the Indian rupee.
"This is a win-win situation for Indian expats and they should try to capitalise on the weak rupee by remitting money as the rupee weakness will not last long," Titus E.D., director and general manager of Bahrain Exchange Company (BEC), told the Arab Times newspaper.
"Towards the end of the year, I believe, the rupee will appreciate," he added.
After having risen by 12 percent in 2007, the rupee fell by 8.2 percent this year.
ICICI plunges almost 27 percent during intra-day trading
By IANS,
Mumbai : India's largest private sector lender ICICI Bank shares suffered heavy hammering on the bourses Friday due to its overseas exposure.
During intra-day trading, the ICICI scrip fell by almost 27 percent to Rs.326 on the Bombay Stock Exchange.
The bank stock has slumped almost 50 percent from the beginning of September following the global credit crisis that has led to the collapse or buyout of several US and UK-based banks.
S. Korea, Russia agree on feasibility study for gas pipeline
By KUNA
Tokyo : South Korea and Russia agreed on a joint feasibility study into the construction of a pipeline that can transport natural gas to Northeast Asia, the South Korean government said Wednesday. The deal reached in Moscow during the natural resources cooperation committee, would open the door for gas produced in Russia's far east and Siberia to be sent overland to South Korea, the Ministry of Commerce, Industry and Energy said, according to Yonhap News Agency.
Bharat Heavy Electricals wins orders worth Rs.70 bn
By IANS,
Bhopal : State-run engineering and manufacturing major Bharat Heavy Electricals Ltd (BHEL) has won four contracts worth Rs.70 billion (Rs.7,000 crore) for the supply and installation of electrical equipment for thermal power projects, the company announced Monday.
The projects with a total capacity of 3,250 MW are located in Madhya Pradesh, Uttar Pradesh, Tamil Nadu and Maharashtra.
Announcing this, BHEL spokesman P.C. Rai said the company has the state-of-the-art technology to set up thermal plants suited to Indian conditions.
No rollback of budget proposals: Chidambaram
By IANS
New Delhi : Finance Minister P. Chidambaram Tuesday said there was no question of any reversal of his budget proposals, even as he promised to look at areas where there may have been some inadvertent errors.
"There will be no rollback," the finance minister told industrialists during an interactive session organised by the Confederation of Indian Industry here to discuss the national budget for the next fiscal presented by him Feb 29.
"But if there are some inadvertent errors, we will be modest enough to admit it and ensure that it is corrected," Chidambaram said.
Market ends with a deep cut for the second day running
By IANS,
Mumbai : Indian equity markets for the second straight day closed in red on the back of weak global cues and rising crude oil prices.
Banking, oil and gas, capital goods and PSU stocks dragged the market down.
The market started on a negative note and continued to trade in red till afternoon and ended the day with a deep cut.
Indian stocks start week deep in the red
By IANS
Mumbai : Indian stock markets opened with a huge cut Monday in line with global trends. Asian markets plummeted along with US markets as credit worries persist in the US economy.
Shortly after opening, the benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was down 448 points at 18,459 and the broader S&P CNX Nifty of the National Stock Exchange (NSE) was down 142 points at 5,520.
Air India, Air India Express mull fare hike in festive season
By IANS,
Kolkata : To encash the rise in traffic during the festive season, Air India and its low-cost carrier Air India Express plan to increase the fares by 10 to 15 percent on various sectors during October-November, an official said Friday.
"The 10-15 per cent increase is all because of the peak season. This is normal for the entire aviation industry which goes by the market demand across the world," A.K. Tirkey, Air India's commercial manager (eastern India), told reporters here Friday.
IFC, Cairn join hands for community development in Rajasthan
By IANS
Jaipur : The International Finance Corporation (IFC), the private sector arm of the World Bank, and energy major Cairn India have signed a community development agreement that will also provide business opportunities for firms in Barmer district of Rajasthan.
Norway to help India manage construction waste
New Delhi : India will sign an MoU with Norway for training of human resource to handle construction and demolition waste, in tune with...
BHEL likely to get contract for Bihar power plant
By IANS
New Delhi : State-run Bharat Heavy Electricals Ltd (BHEL) is likely to be awarded a major contract for the supply of boilers for the 1,320-MW Barh stage-II thermal power project in Bihar.
For stage-I of the project, NTPC Ltd had awarded the contract worth Rs.19 billion to Russia-based power equipment supplier Technopromoexport.
"BHEL is the only vendor that has bid for supply of boiler package for Barh-II. We plan to start negotiations with BHEL soon to arrive at an acceptable contract price," a senior NTPC official told IANS.
Cabinet approves pay revision for central public sector enterprises
By IANS,
New Delhi : The cabinet Thursday approved the recommendations of the second Pay Revision Committee for central public sector enterprises (CPSEs) but there will be no additional cost to the government as the enterprises will bear the cost, a minister said.
"There will be no additional cost to the government as the enterprises will bear the additional cost from their internal resources," Minister of State in the Prime Minister's Office (PMO) Prithviraj Chavan said.
Key energy segments losing steam: Economic Survey
By IANS
New Delhi : India's energy sector lost momentum in key areas like electricity generation, crude oil production and refining during April-Dec 2007, the Economy Survey for 2007-08 said Thursday.
However, coal and natural gas sectors reported higher growth rate compared to the same period of the preceding financial year, the survey said.
Electricity generation in the country grew at a rate of just 6.6 percent during April-Dec 2007 as against 7.5 percent growth in fiscal 2006-07.
Biocon group net profit zooms by 132 percent
By IANS,
Bangalore : India's leading biotechnology group Biocon Ltd posted a net profit of Rs.4.64 billion ($116 million) for 2007-08, registering a whopping 132 percent year-on-year (YoY) growth over the previous fiscal (2006-07) figure of Rs.2 billion.
Income from sales increased to Rs.10.5 billion in the fiscal from Rs 9.86 billion in 2006-07, registering a modest seven percent YoY growth, the company said in a statement here Tuesday.
Cairn to begin exploration in Bihar after monsoon
By IANS,
Patna : Energy major Cairn India will begin the next phase of oil and natural gas exploration in Bihar after the monsoon, a company official said Thursday.
The first proposed exploration well will be drilled in Darbhanga district, about 200 kilometres from Patna, with a rig contracted from American oilfield services provider Weatherford International, the official said.
The Houstan-based Weatherford International develops and supplies mechanical solutions, technology applications and services for all phases of oil and gas development. It operates in over 100 countries.
Anand Vihar Metro line opens for public
By IANS,
New Delhi : Delhi Metro's Yamuna Bank-Anand Vihar line, close to the Delhi-Uttar Pradesh border, was opened for public Thursday.
"The Metro started its operations at 6 a.m. We expect a good ridership," a metro official said.
The official claimed that the frequency of the trains was normal at eight minutes. However, commuters complained that the trains were coming at an interval of 15 minutes.
A commuter said: "We had come with high hopes. But trains are coming after an interval of 15 minutes only."
China restricts use of plastic bags
By Xinhua,
Beijing : Wang Yali is busy packing her groceries at a supermarket as usual. However, she doesn't put her goods into plastic shopping bags, but stuffs them all into her own bag.
From Sunday, Chinese retailers, including supermarkets, department stores and grocery stores, would no longer provide free plastic shopping bags.
China will try to reduce the use of plastic bags which will save energy and control pollution.
"It doesn't matter how much a plastic shopping bag costs. What matters is our sense for environmental protection," Wang said.
Dhaka to import diesel from Assam refinery
By IANS
Agartala : Bangladesh has decided to import diesel from the Numaligarh Refinery in Assam following acute shortage of fuel, officials said Tuesday.
Cement, manufacturing sectors picking up
By IANS,
New Delhi : India's cement and manufacturing sectors, hit hard by the slowdown last year, are now seeing a turnaround, said a senior government official Tuesday, hoping that it would have a positive impact on other sectors as well.
"The cement and manufacturing sectors are showing improvement. This will have multiple effect on other sectors," Ajay Shankar, secretary at the Department of Industrial Policy and Promotion, told reporters here on the sidelines of a seminar here.
"We expect these sectors to improve further," said Shankar.
Sensex moves up to 18,000 amid positive Asian cues
By IANS,
Mumbai: A benchmark index for Indian equities Wednesday noon moved further up from its opening trade highs and touched the 18,000 mark amid stable cues from other Asian markets.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,873.92 points, was ruling at 18,000.78 points, 122.64 points or 0.69 percent up from its previous close at 17,878.14 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was trading at 5,404.95 points, up 0.69 percent from its previous close at 5,368 points.
Japan expects economy to contract 3.3 percent in fiscal 2009
By DPA,
Tokyo : The Japanese government Monday announced the steepest-ever downward projection of the nation's economic growth as the world's second-largest economy suffers its worst recession in postwar history.
The Cabinet Office said the nation's economy would contract 3.3 percent for the current fiscal year that began April 1, revising downward from zero growth it predicted in December.
Silicon Valley venture firm to fund Indian start-ups
By IANS,
Bangalore : India-born investors from Silicon Valley have joined hands to fund Indian start-ups in the technology sector with seed capital and mentoring.
The US-India venture firm Inventus Capital Partners (ICP), co-founded by US-based entrepreneur Kanwal Rekhi, has raised $125 million (Rs.5.4 billion) from global financial institutions to invest about $1-10 million in 15-20 early-growth companies floated by Indians in software products and services domains.
Emami Biotech to invest $80 mn in Ethiopia
By IANS,
Kolkata : Emami Biotech, belonging to the Rs.2,000-crore Emami group, will invest Rs.400 crore (around $80 million) in a jatropha plantation project in Oromia in Ethiopia over the next six years, a top company official said here Monday.
"We have already acquired around 30,000 acres and work has begun for jatropha cultivation. For the first phase that we have already started, the investment is around Rs.120 crore," said Emami director Aditya V. Agarwal at a press conference.
OPEC crude price slides below $42
By DPA,
Vienna : The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) dropped $1.21 Tuesday, sliding below the $42 mark, the Vienna-based cartel announced Wednesday.
One barrel (159 litres) of OPEC crude stood at $41.77 Tuesday, compared with $42.98 at the start of the week.
OPEC calculates an average basket price based on 12 important brands produced by its members.
India’s forex reserves down by $274 million
Mumbai : India's foreign exchange (forex) reserves declined by $273.8 million to $312.38 billion for the week ended May 30, led by a sharp...
Bank interest rates may dip soon
By IANS
Mumbai : The Indian banking industry expects a decline in interest rates during the first quarter of next financial year(2008-09), Deepak Parekh, chairman of Housing Development Finance Corp (HDFC), said here Friday.
This, however, would happen only if the central bank, Reserve Bank of India (RBI), did not hike the cash reserve ratio (CRR), he added.
"Interest rates could go down by 25 basis point if RBI does not hike the CRR," Parekh said, addressing a global trade conference organised by Indian Merchants Chamber (IMC) as part of its centenary celebrations.
Sensex down 213 points in afternoon trade
By IANS,
Mumbai : Indian equities markets were trading in the negative terrain Friday afternoon, with a key index ruling 213 points lower than its previous close about an hour before the end of trade.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 15,446.82 points, was trading at 15,198 points - 213.47 points or 1.39 percent lower than Thursday's close.
Like the Sensex, the S&P CNX Nifty of the National Stock Exchange (NSE) too fell, shedding 1.29 percent from its last close to stand at 4,577.8 points.
Sensex closes 370 points in red
By IANS,
Mumbai : Indian equities were down in the dumps Tuesday, with a key index losing 370 points over its previous close as investors booked profits across sectors.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 11,371.34 points, fell 370 points or 3.25 percent from the previous close to end trade at 11,001.75 points.
However, the S&P CNX Nifty of the National Stock Exchange (NSE) shed 3.17 percent to close at 3,360.1 points.
Lakshmi Mittal joins Goldman Sachs’ board
By IANS,
New York : Lakshmi N. Mittal, world steel tycoon based in England, has joined the board of directors of Goldman Sachs Group Inc, one of the oldest and largest investment banking firms headquartered here.
Mittal, the chairman and chief executive of the world's largest steelmaker ArcelorMittal, joined Goldman's 12-member board Saturday as an independent director, the Wall Street firm said in a press release Sunday.
Goldman Sachs's board announced that Mittal will serve on the audit, compensation, corporate governance and nominating committees of the board.
India gets $7 billion in semiconductor sector
By IANS
Bangalore : India has attracted committed investments of $7 billion (Rs.280 billion) in the semiconductor industry after the government announced a semiconductor policy last fiscal (2007-07), said a top official.
"Besides these committed investments, five more proposals with a combined investment of $800 million (Rs.32 billion) have been given in-principle approval for setting up captive solar photovoltaic (PV) cell manufacturing facilities in the Fab City coming up in Hyderabad," Minister of State for Commerce Jairam Ramesh told reporters here Monday.
Sensex closes 123 points up; healthcare stocks rise
Mumbai : In volatile trade Thursday, a benchmark index of Indian equities markets closed 123 points or 0.41 percent up, as investors were cautious...
Lok Sabha adjourned after MP falls sick during budget speech
By IANS,
New Delhi : Lok Sabha Speaker Somnath Chatterjee had to Monday interrupt the interim budget presentation by Minister for External Affairs Pranab Mukherjee after Janata Dal-Secular MP M.P. Veerendra Kumar fell ill.
The Lok Sabha was adjourned for 10 minutes. Veerendra Kumar slumped in his chair as the budget proposals were being presented and a doctor had to be called in.
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.
From Mao to Potter: publishers vie for China’s new market
By DPA
Beijing : With millions of readers offering a growing market for books, China's importance will not be overlooked at the Oct 10-14 Frankfurt Book Fair, which is set to have 160 Chinese exhibitors this year.
When the English version of the latest Harry Potter story was released worldwide in July, Chinese bookshops were included in the global jamboree for the first time, reflecting the emergence of China as a major book market.
Thousands of office goers hit as local trains stop
By IANS,
New Delhi : Thousands of people on their way to work Tuesday morning found themselves stranded when at least four local trains were stuck due to a technical snag near the Tilak Bridge station in central Delhi.
The trains were headed towards New Delhi railway station from the national capital's suburbs. The trains stopped abruptly, leaving several thousand people stuck inside, a passenger said.
Dabur posts Rs.1,069 mn net profit
By IANS,
New Delhi : Dabur India Ltd has posted a net profit of Rs.1,069.6 million for the quarter ended Sep 30, as compared to Rs.905.5 million in the corresponding quarter last year, the company said Thursday.
Dabur's total income has increased to Rs.5,941.2 million for the quarter under review from Rs.5,150.60 million in the same period last fiscal.
The group has posted a consolidated net profit after minority interest of Rs.1,078.2 million for the quarter, as compared to Rs.965.7 million the second quarter last fiscal.
G8 development ministers to boost aid to developing nations
By DPA
Tokyo : Development ministers from the Group of Eight (G8) nations, including India and China, Saturday kicked off a two-day meeting to discuss partnerships with emerging economies to increase aid to impoverished regions.
The ministers were expected to increase cooperation in assisting Africa and other developing nations to fight climate change and to push the 2000 Millennium Development Goals, which aim to cut in half the number of people living in extreme poverty by 2015.
HDIL India Couture Week in Mumbai Sep 16-21
By IANS,
New Delhi : The Fashion Design Council of India (FDCI) Tuesday formally announced the staging of what it termed "the newest and most glamorous event" on its calendar, the HDIL India Couture Week (HDIL ICW) in Mumbai Sep 16-21.
"The event will showcase 11 of India’s finest couturiers and aims to provide a platform for Indian couture in the same way that the Wills Lifestyle India Fashion Week has been a powerful stage for Indian prêt-a-porter," an FDCI statement said.
Karnataka offers 1,000 acres for Nano
By IANS,
Bangalore : The Karnataka government Thursday offered 1,000 acres of land to Tatas if they plan to shift the Nano car project from troubled Singur in West Bengal.
Chief Minister B.S. Yeddyurappa told Tata Motors managing director G. Ravi Kant that the goverment would also provide several other facilities for the small car project.
"We have offered the Tatas 1,000 acres and promised other facilities," Yeddyurappa told reporters after his meeting with Kant.
Kamal Nath adjudged ‘FDI Personality of the year 2007’
By IANS
New Delhi : Commerce and Industry Minister Kamal Nath Friday received the 'FDI Personality of the year 2007' award for his contribution in making the country the most preferred destination for foreign direct investment (FDI).
The award was conferred by Financial Times, London at a glittering event at a premiere luxury hotel in Delhi attended by senior government officials, industrialists, think tanks, economists, academicians and others.
Rural Electrification Corp profit up 48 percent in Q3
By IANS,
Mumbai : State-run Rural Electrification Corp (REC) Wednesday reported a 48.7 percent rise in net profit to Rs.474 crore for the quarter ended Dec 31, compared to Rs.318.6 crore in the same period last fiscal.
The company's total income grew 33.7 percent to Rs.1,706.1 crore in the quarter under review against Rs.1275.4 crore in the like period in 2008-09.
REC is among the four state-owned companies, in which the government plans to divest its stake.
REC's public offer is expected to hit the market before the budget.
SpiceJet among top 10 budget carriers in Asia: Poll
By IANS,
New Delhi : An online travel magazine tracking Asia's hotels, spas and airlines has ranked India's low-cost carrier SpiceJet among the top 10 budget airlines in the continent.
The magazine, Smart Travel Asia, based its finding on a survey between May and July on low-cost carriers (LCC), SpiceJet said in a press statement Monday.
The survey also said the airline has made its mark by maintaining schedules, competent service and extensive route network and access.
Indian shares recover from last week’s carnage
By IANS
Mumbai : Indian shares Monday staged a smart recovery after last week's carnage, with a key index settling two percent up, led by banking stocks even as a rally in the Asian markets smoothed global trends.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) hit a high of 14,680-points in intra-day trading before closing 286.03 points or 2.02 percent up at 14,427.55 points.
Twenty-one of the Sensex components traded in the positive territory Monday.
Small industries hit by production slump, job generation dips
By IANS,
New Delhi : Hit by the economic slowdown in the first quarter of the current fiscal, the contribution of small scale industries (SSIs) to manufacturing and employment generation slipped by 10 percent and seven percent respectively, said a report by an industry lobby.
"The industry has faced a slowdown as domestic large and medium industries have commenced sourcing their inputs through cheaper imports," said the report by the Associated Chambers of Commerce and Industry of India (Assocham).
No decision yet on moving court: Airtel
By IANS
New Delhi : Bharti Airtel, India's largest mobile phone service operator, Monday said it has not yet decided on approaching Delhi High Court over the radio spectrum allocation issue.
"No decision yet on approaching the (Delhi) High Court yet," Rajan Mittal, managing director of Bharti Enterprises, told reporters on the sidelines of a retail conference here organised by the Federation of Indian Chambers of Commerce and Industry (Ficci).
Government rules out takeover of Reliance gas distribution
By IANS,
New Delhi: Petroleum and Natural Gas Minister Murli Deora Thursday ruled out a state takover of the distribution of Krishna-Godavari (KG) gas, over which the Ambani brothers are locked in a bitter legal battle, and said the government will do "everything" to protect its rights over gas allocation.
"We have nothing to do with a private dispute. However, we have everything to do to protect the government's legal rights on gas allocation," Deora told the Rajya Sabha during a calling attention motion by Communist Party of India-Marxist (CPI-M) leader Tapan Kumar Sen.
20 IT firms to take part in Kerala human resource summit
By IANS,
Kozhikode : Twenty IT companies, including industry leaders like Tata Consultancy Services (TCS), Satyam Computers and Wipro Technologies, are expected to take part in a human resource (HR) summit to be held in Kozhikode, Kerala, Saturday.
The HR summit titled 'Empowering IT @ Malabar' is being organised by Calicut IT Initiative (CITI), a citizens' initiative here, Nasscom (National Association of Software and Services Companies) and the Kerala State IT Mission, a state-sponsored agency for promoting IT in the state.
Wall Street tumbles to 12-year low as US comes to AIG aid
By IANS,
New York : Wall Street tumbled with the Dow and S&P 500 falling to a 12 year low after insurance giant American International Group reported the biggest quarterly loss in corporate history.
The Dow Jones industrial average Monday lost almost 300 points, or 4.2 percent to end at 6763.29, its lowest point since April 25, 1997. The S&P 500 index lost 34 points, or 4.7 percent, ending at 700.82, its lowest close since Oct 28, 1996.
Doha to be new hub for gas exporting countries
By RIA Novosti,
Moscow : The headquarters of the Gas Exporting Countries Forum (GECF) will be set up in Doha, the capital of Qatar, the country's deputy prime minister has said.
The world's leading gas exporters that gathered here for the 7th ministerial meeting Tuesday also considered St. Petersburg and Tehran before selecting Doha.
"It will be Doha," Qatar's Vice-Premier Abdallah bin Hamad al-Attyia said.
Russia's Energy Minister Sergei Shmatko confirmed the decision, adding that the next GECF meeting would take place in Qatar.
Bombardier’s profit dips 31 percent on cancelled orders
By IANS,
Toronto : Canada's Bombardier, the world's third largest maker of civilian aircraft, Wednesday reported 31 percent drop in its profits for the first quarter.
Attributing the decline in its income to a large number of order cancellations, the Montreal-based company said it earned $158 million in the first quarter as compared to $229 million during the same period last year.
Bombardier, which is also a world leader in rail and metro transport, said its quarterly revenue fell from $4.8 billion to $4.5 billion.
Diesel prices partially deregulated
By IANS,
New Delhi : The government Thursday allowed state-run oil marketing companies to revise diesel prices from time-to-time in line with global crude oil prices.
Bowling for Colombia: Earth food and meat on platter
By Madhusree Chatterjee, IANS,
New Delhi : There's more to Colombia than the Amazon forest, the infamous drug cartels, the diverse eco-system bordered by two oceans and three mountain ranges. There is the cuisine, a blend of European and African food, that is just as exciting.
The cuisine draws its core from potato, cassava, yam, onions, pepper, maize, garlic and local herbs to add spice to its eclectic platter of meat that includes pork rind, cow intestines, varieties of sea fish, lobsters, birds, small dairy animals and the humble egg.
APEC meeting stresses trade, human security
By Xinhua
Sydney : Trade and foreign ministers and representatives from the 21 Asia-Pacific Economic Cooperation (APEC) member economies wrapped up their two-day meeting here Thursday, agreeing to further promote trade and economic reform and enhance human security in the region.
The ministers, under the theme of "strengthening our community, building a sustainable future", reviewed developments in the region and challenges facing the region's future.
Left, Reliance keep mum on retail row in West Bengal
By IANS
Kolkata : Reliance Retail officials as well as the Forward Bloc (FB), one of the ruling Left Front partners in West Bengal that is opposed to Reliance Fresh outlets, chose to keep mum Wednesday, a day after the state government assured security to the firm's retail stores.
"I don't want to add anything to the controversy now. We are holding a meeting with state government officials," Reliance Retail Ltd (RRL) regional head Kalyan Sarangi told IANS after apprehensions that the firm might walk out of the state or put its plans on hold.
Nokia to bid for Nortel assets
By IANS,
Toronto : Dying Canadian telecom giant Nortel has put up its optical networking and carrier ethernet business for auction.
Toronto-based Nortel has been selling its businesses bit by bit to pay off its creditors after it sought and got bankruptcy protection in the US and Canada in January after last year's huge losses. Nokia Siemens Networks, which failed to acquire Nortel's next-generation wireless business in July, has once again entered the bidding process - jointly with the equity firm Equity Partners.
Highlights of growth stimulus unveiled by India’s central bank
By IANS,
Mumbai : Following are the highlights of a growth stimulus package unveiled by Reserve Bank of India (RBI) Governor D. Subbarao here Saturday in a bid to cushion the impact of global slowdown on the country's economy:
- Repo rate cut by 100 basis points to 6.5 percent
- Reverse repo rate cut by 100 basis points to 5 percent
- No changes in cash reserve ratio and statutory liquidity ratio
- Refinance of Rs.7,000 crore (Rs.70 billion/$1.4 billion) for Small Industries Development Bank of India
Nissan, Renault consider joint holding company: Report
By DPA,
Tokyo : Japan's Nissan Motor Co and French carmaker Renault SA are considering establishing a joint holding company, a media report said Thursday.
Airtel ready to share telecom infrastructure
By IANS
New Delhi : Bharti Airtel, India's leading mobile telecom services firm, Thursday said it was ready to share its active infrastructure with other operators.
At present Indian telecom operators are allowed to share passive infrastructure, such as towers, buildings and power backup facilities.
Active infrastructure includes antennae, ports, nods, transmission systems, feeder cables and repeaters.
Jet posts last quarter profit, though income dips
By IANS,
New Delhi: India's largest private carrier Jet Airways Monday announced a net profit of Rs.52.99 crore for the quarter ending March 31, as compared to a net loss of Rs.221 crore in the corresponding period in 2007-08.
The total income of the company, however, decreased to Rs.2,566 crore in the quarter under review, as compared to Rs.2,796 crore posted in the year-ago period, the company said in a regulatory statement.
Cisco partners Wipro for IT infrastructure solutions
By IANS
Bangalore : Global network equipment provider Cisco Systems Inc Wednesday announced a strategic alliance with Indian IT major Wipro Ltd to develop and deliver IT infrastructure solutions worldwide, said Cisco chief John Chambers.
The alliance, expected to bring in business worth $1 billion, will focus specially on the Middle East, Africa and India.
Singur land to be used for other industrial units: CPI-M
By IANS,
Kolkata : The West Bengal government will use the land that was acquired for Tata Motors Nano plant at Singur for other industrial units, said Shyamal Chakraborty, a Communist Party of India-Marxist (CPI-M) central committee member.
"The state government is trying its best so that the Singur land can be re-utilised for other industries," Chakraborty told reporters after emerging out of the party's central committee meeting Monday.
CPI-M leads the Left front government in West Bengal.
Women entrepreneurs establish over 3000 industries in MP
By Pervez Bari, TwoCircles.net
Bhopal: Between April, 2005 to 2007, a period of approximately two and half years, 3175 women have set up industries in Madhya Pradesh. Besides, women have also started 364 other services businesses during eight months of the year 2007-08 till the month of November.
The above information was given by Commerce, Industry, Employment and Housing the Environment Minister Jayant Malaiya while reviewing activities related to industrial development in the state.
Markets close on weak footing
By IANS,
Mumbai : Indian equities markets Friday closed on weak ground, with a key index ending trade 1.43 percent lower than its previous close.
The sensitive index of the Bombay Stock Exchange (Sensex) closed at 8,687.63 points, 1.43 percent or 126.21 points down from its Thursday close.
At the same time, the S&P CNX Nifty index of the National Stock Exchange closed at 2,681.1 points, 1.2 percent lower than its previous close of 2,713.8.
Other market indices were also down, with the BSE midcap index closing 1.47 percent lower and the BSE smallcap index shedding 1.46 percent.
Foundation stone laid for uranium mine in Andhra Pradesh
By IANS,
Hyderabad : India's efforts to boost domestic production of uranium are likely to get a boost, with the authorities Sunday launching the work on uranium mine and mill in Andhra Pradesh's Kadapa district.
Atomic Energy Commission chairman Anil Kakodkar laid foundation stone for the mine at Tummalapalle village in Kadapa.
The Uranium Corp of India Ltd (UCIL) is building the mine and mill at a cost of Rs.11.29 billion ($268.8 million). It would have a capacity to produce 150,000 tonnes of uranium a year.
Jharkhand companies should not use middlemen: Shibu Soren
By Nityanand Shukla, IANS,
Ranchi : Companies operating in Jharkhand should desist from taking help of middlemen, says Chief Minister Shibu Soren. "Villagers dislike middlemen and I have also fought against moneylenders and middlemen," he said.
Attacks on companies planning to set up units in Jharkhand have increased after Soren took over as chief minister Aug 27. Maoist guerrillas have also stepped up their activities, abducting railway employees and killing security personnel in Chaibasa though Soren was ready to talk to them.
20 British companies to feature at DEFEXPO-2008
By IANS
New Delhi : With 20 companies participating, Britain will have a major presence at the DEFEXPO-2008 international defence exposition here Feb 16-19 to demonstrate its industrial capabilities and technology to potential customers and partners in India and the wider region.
In addition, a British Army demonstration area will showcase a range of equipment covering peacekeeping, border security and explosive ordinance disposal activities.
Text of Chidambaram’s statement on financial crisis
By IANS,
New Delhi : Following is the text of Finance Minister P. Chidambaram's statement here Monday, minutes ahead of the opening bell for stock markets, that sent key indices soaring after the gloom last week:
This is a time of uncertainty. Yet, even in a time of uncertainty there are some facts that cannot be - and ought not to be - ignored. The Indian economy continues to grow at a satisfactory rate.
Markets rise on global cues, Sensex up 164 points
By IANS,
Mumbai : Indian equities markets closed in the green Thursday amid renewed buying activity and a global rally. A key index closed 164 points higher than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 12,064.51 points, gained 164.19 points or 1.37 percent from its previous close to end trade at 12,116.94 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 1.62 percent to close at 3,683.9 points.
Long queues outside banks, ATMs in Uttarakhand
Dehradun : Hundreds and thousands of persons queued up outside banks and ATM's in Uttarakhand on Friday as banks opened for the second day...
Food price-rise a matter of concern: Mukherjee
By IANS,
New Delhi : Finance Minister Pranab Mukherjee Wednesday said high inflation was a matter of concern and the government was monitoring the price situation.
"We have already liberalised imports to meet the shortage of essential commodities. Certain items are under strict vigil and most of these items are duty free," Mukherjee told reporters on the sidelines of a function organised by the rural development ministry.
Chidamabaram dispels investors’ fears
By IANS
New Delhi : Finance Minister P. Chidamabaram Tuesday allayed fears of investors after the Sensex continued its downward spiral and trading was stopped for one hour as the markets hit the 10 percent circuit limit on opening.
"The crash does not affect long term sentiment and enough liquidity will be provided. We should not be bothered by the West's economy," Chidramabaram told reporters after trading was suspended for an hour at the Bombay Stock Exchange.
Lumax investing Rs.150 crore on new plants, capacity
By IANS,
New Delhi : Automobile lighting component manufacturer Lumax Industries Tuesday said that it will invest about Rs.150 crore to set up three new facilities by next year.
MTS subscriber base crosses 5 million mark
By IANS,
New Delhi : Mobile telephony brand MTS of Sistema Shyam TeleService Limited (SSTL) Wednesday said its subscriber base has crossed the five million mark and promised to offer new voice and data services.
The subscribers include over 100,000 users of its wireless Internet service "MBlaze".
"Five million subscribers have given us a special place in Indian telecom sector and we are determined to offer them new voice and data products," said Vsevolod Rozanov, president and chief executive officer of SSTL.
Indian equities markets closed Tuesday
By IANS,
New Delhi : Indian equities markets were closed Tuesday on account of Muharram.
Japan, Britain to produce medical equipment in Tamil Nadu
By IANS,
New Delhi : Medical equipment manufacturers from Japan, Britain and Spain have joined hands with Indian company Trivitron to produce devices at the country's first ever Medical Technology Park in Tamil Nadu.
Trivitron officials Monday said the company has signed three agreements with Aloka from Japan, Biosystems of Spain, and Brandon Medical, a Britain-based company.
They will manufacture black and white Ultrasound Systems and Colour Dopplers, a wide range of diagnostics reagents and shadowless high-end operating theatre lights.
CEOs say tax cuts will raise consumer demand
By IANS
New Delhi : Consumer demand is expected to receive a major thrust with the likelihood of Finance Minister P. Chidambaram scissoring income tax limits in the upcoming budget of 2008-09, a leading industry chamber said Wednesday after a survey of chief executives.
According to a survey conducted by the Associated Chambers of Commerce and Industry of India (Assocham), leaders of Indian industry expect a "significant hike" in tax exemption limit compared to last year.
Indian Oil raises $400 mn through Singapore bonds
By IANS,
New Delhi : Oil marketing company Indian Oil has raised $400 million ($326 million), selling 10-year bonds denominated in Singapore dollars, the company said here Friday.
Usha Martin consolidated net up nearly 6 percent
By IANS,
Kolkata : Speciality steel and wire rope manufacturer Usha Martin posted a net consolidated profit of Rs.185.34 crore in 2008-09, up 5.7 percent from Rs.175.39 crore in 2007-08, a top company official said here Tuesday.
"This is the highest net profit in the history of the company. The turnover grew by 24.5 percent to Rs.3,146.79 crore and net sales grew 27.8 percent to Rs.2,949.85 crore in 2008-09," Usha Martin managing director Rajeev Jhawar said at a media briefing.
Wire ropes sales have constituted 50 percent of the total revenue, he said.
Pakistani cement exporters eyeing India
By IANS
Karachi : Pakistan's cement industry is eyeing the Indian market and wants the government to lobby with New Delhi to surmount the hurdle of standards certification.
Pakistani exports to India have got stuck for want of certification by the Bureau of Indian Standards (BIS).
"We have asked the federal government to get approval from the BIS as a number of Pakistani companies have applied for it," said Aizaz Shaikh, chairman All Pakistan Cement Manufacturers Association (APCMA).
Karachi : Pakistan's cement industry is eyeing the Indian market and wants the government to lobby with New Delhi to surmount the hurdle of standards certification.
Pakistani exports to India have got stuck for want of certification by the Bureau of Indian Standards (BIS).
"We have asked the federal government to get approval from the BIS as a number of Pakistani companies have applied for it," said Aizaz Shaikh, chairman All Pakistan Cement Manufacturers Association (APCMA).
Market ends in red
By IANS,
Mumbai : The Indian equities market closed Tuesday in the red.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex) opened at 16,454.75 points touched a high of 16,506.35 before closing at 16,275.59 points. It went down by 72.91 points at the day's close or 0.45 percent.
The National Stock Exchange (NSE) S & P Nifty, which opened at 4877.15 points, closed at 4859.80 points. It went down by 15.25 points or 0.31 percent.
72 percent of India’s fruit, vegetable produce goes waste
By IANS,
New Delhi : About 72 percent of the fruit and vegetable production in India goes waste because of lack of proper retailing and adequate storage capacity, an agriculture ministry official said here Monday.
P.K. Mishra, secretary in the ministry's department of agriculture and co-operation, said so while was speaking at a Fruit and Vegetable Summit organised by Confederation of Indian Industry (CII).
India’s push will reduce South Asia’s poverty: World Bank
By Arun Kumar, IANS
Washington : With India's rapid growth over the past decade contributing to most of the progress in South Asia, the region will likely reduce extreme poverty by half by 2015, one of the Millennium Development Goals (MDGs), says a new World Bank-IMF report.
But most countries in South Asia will fall short on the MDGs, a set of eight globally agreed development goals with a due date of 2015, warns Global Monitoring Report: MDGs and the Environment - Agenda for Inclusive and Sustainable Development.
Petrol prices to come down: Pranab
By IANS,
Kolkata: Petrol prices are expected to come down with the rate of crude declining in the international market, Finance Minister Pranab Mukherjee said Saturday.
Punjab budget focuses on energy, social sector
By IANS,
Chandigarh : The Punjab government Tuesday presented the budget for 2009-10, laying emphasis on the energy and social service sectors.
The total size of the budget was Rs.40,262.15 crore (Rs.402.62 billion) that included expenditure of Rs.30,306.26 crore, capital expenditure of Rs.3,550.15 crore and public debt repayment of Rs.6,362.62 crore.
Finance Minister Manpreet Singh Badal said the revenue deficit for 2009-10 is expected at Rs.4,234 crore, compared to Rs.3,812 crore in 2008-09.
Syndicate Bank cuts lending rates
By IANS
Mumbai : State-run Syndicate Bank Monday announced reduction in lending rates on housing loans, consumer credits and loans to women entrepreneurs and small and medium enterprises (SMEs) ranging from 0.25 percent to 1.50 percent.
According to an official release, the interest rate on housing loans has been reduced by 25 basis points for loans up to Rs.2 million ($50,299).
To increase the flow of credit to small-scale industries (SSI) and SMEs, the rate of interest has been revised from 25 basis points to one percent depending upon rating of the clients.
Tamil Nadu enticing NRIs with tour packages
By IANS,
Chennai : The Tamil Nadu Tourism Development Corp (TTDC) is offering two tour packages for participants at the seventh Pravasi Bharatiya Divas (PBD) - the annual convention of people of Indian origin.
The three-day event that kickstarted Wednesday is being held for the first time here and will have around 1,500 delegates from over 40 countries.
Targeting them, TTDC is offering one-day and two-day tour packages.
India cuts value added tax, unveils package to pump prime economy
By IANS,
New Delhi : A day after India's central bank cut key rates, the government Sunday unveiled a Rs.300,000-crore (Rs.3,000-billion/$60-billion) fiscal package with specific measures for various sectors to pump prime the economy and contain the adverse impact of the global financial crisis.
Ahmedabad Commodity Exchange gets upgrade nod
By IANS,
Ahmedabad : The Forward Markets Commission has accorded in-principle approval to the 53-year-old Ahmedabad Commodity Exchange (ACE) to upgrade and convert itself into a nationwide multi-commodity exchange on the basis of an application made in 2008.
"The Ahmedabad Commodity Exchange has invited Kotak Group as an anchor investor, subject to satisfying conditions stimulated in the approval, and necessary corporate and regulatory approvals," said ACE president Pravinbhai Thakkar while announcing the development Friday.
India’s much neglected periodic Haats or weekly markets: An equitable model for small farmers?
Amid the farmers' protests in India, a TCN Ground report from the weekly markets or haats of West Singhbhum district of Jharkhand demonstrates a...
Chidambaram hints at steps to check rising rupee
By Arun Kumar, IANS
Washington : Expressing concern over the rising value of the Indian rupee, Finance Minister P. Chidambaram said this had posed a major challenge to the country's exports and tax revenue and hoped the central bank would intervene if the movement gets disorderly.
"The depreciation in the value of the dollar versus the rupee has thrown up unexpected downside risks," Chidambaram said in a lecture at the Peterson Institute for International Economics here Tuesday.
Return of ‘feel good factor’ for Indian economy
(One Year of Modi gvernment)
By Biswajit Choudhury and Aparajita Gupta,
New Delhi : Recent reviews of global institutions and the prevailing investor confidence suggest...
Fiscal package inadequate to stimulate economy: CPI-M
By IANS,
New Delhi : Terming the second stimulus package announced by the central government Friday as "grossly inadequate", the Communist Party of India-Marxist (CPI-M) Saturday said the measures would fail to stimulate the economy.
"The stimulus package is grossly inadequate to meet the impact of the global crisis," the party politburo said in a statement.
Reliance Industries up 1.7 percent on LyondellBasell bid
By IANS,
Mumbai : The scrip of Reliance Industries, India's largest private company, rose nearly 2 percent Monday morning after its weekend announcement that it had bid for a controlling stake in bankrupt Dutch petrochemicals firm LyondellBasell Industries.
The RIL scrip rose 1.77 percent in early trade at Rs.2,162.80 against its Friday's close at 2,125.15, as per data available with the Bombay Stock Exchange.
World Tribal Day: 2-day tribal fair in Jharkhand showcases tribal artworks, culture
The two-day tribal fair held at Morhabadi ground in Ranchi saw boisterous music, mouth-watering cuisines, tribal artworks and discussions on tribal history and affairs.
Sami...
Airtel makes calling US, Canada cheaper
By IANS
New Delhi : Bharti Airtel Monday announced a 39 percent reduction in its international long distance tariffs to the US and Canada.
Modernise rapidly, Antony urges defence production companies
By IANS
Ghaziabad : With research and development being the "key engine" for economic growth and development, India's defence production companies should "modernize rapidly" to match the changing threats to national security, Defence Minister A.K. Antony said Saturday.
USIBC seeks Indian help for ‘meaningful Doha agreement’
By Arun Kumar, IANS
Washington : A US-India business lobby says New Delhi's leadership will be necessary to achieve a meaningful Doha agreement through the reduction of tariff barriers, domestic supports and non-tariff barriers to freer trade.
The US-India Business Council (USIBC), representing over 250 of the largest US companies seeking broader trade and commercial ties with India, urged all World Trade Organisation (WTO) members to support a successful conclusion of the renewed world trade talks.
Sensex ends 0.5 percent up, gives up rate-hike gains
By IANS,
Mumbai : Benchmark indices of the Indian equities markets, which rose almost a percent after the Reserve Bank of India announced a lower-than-expected hike in key interest rates, gave up intra-day gains to close 0.5 percent higher.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,394.68 points, closed at 17,461.36 points, up 60.68 points or 0.35 percent.
Left to protest price hike
By IANS,
New Delhi : Threatening to launch a nationwide agitation against "unbearable" increase in prices of essential commodities, Left parties Saturday said the "callous decision" of the United Progressive Alliance (UPA) government of hiking fuel prices has led to the sky-rocketing of prices in the country.
In joint statement by its top leaders, the communists urged the government to revoke the petrol and diesel price increase and prohibit futures trading in all food related items.
Adani posts Rs.935.7 mn net profit
By IANS,
Mumbai : Adani Enterprises Ltd has announced consolidated net profit of Rs.935.7 million ($22.3 million) during the first quarter of the current fiscal against Rs.684.6 million over the corresponding period last year.
The company's total income surged to Rs.50.51 billion from Rs.32.74 billion of the year-ago period.
On standalone basis, Adani's net profit has gone up to Rs.669.7 million during the first quarter compared to Rs.454.3 million over the corresponding period last year while the total income has increased to Rs.23.95 billion from Rs.19.43 billion.
Sensex still in red, realty stocks gain
By IANS,
Mumbai : A key Indian equities index was in the red in afternoon trade Thursday, about 39 points down from its previous close, even as realty stocks saw buying interest.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,804.55 points, was ruling at 17,782.84 points, down 39.12 points or 0.22 percent from its previous close at 17,821.96 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 5,318.25 points, down 0.09 percent against the previous close at 5,322.95 points.
PM’s speech at National Development Council meet
By IANS
New Delhi : The following is Prime Minister Manmohan Singh's speech at the National Development Council meet here Wednesday:
Ladies and Gentlemen,
Security guard at Tata plant in Singur assaulted
By IANS,
Singur : A private security guard at the Tata Motors plant in Singur in West Bengal was assaulted by a group of unidentified men, police said Tuesday.
Inspector General of Police (Law and Order) Raj Kanojia said: "The miscreants attacked the guard on Monday night. Some people at the site chased them away but could not get hold of them.”
There has been no work at the troubled plant - planned to build the world's cheapest car Nano - since local farmers backed by the opposition Trinamool Congress laid siege to it on Aug 24.
Gujarat to step up technical textiles research
By IANS
Ahmedabad : In a bid to gain first mover's advantage in technical textiles manufacture, the Gujarat government has decided to set up a centre of excellence.
R.J. Shah, state chief principal advisor for industries, told IANS that the centre would function under the umbrella of Ahmedabad Textile Industries Research Association (ATIRA) and Surat-based Manmade Textile Research Association (MANTRA).
OPEC decision of limited impact on price — Japan oil industry chief
By KUNA
Tokyo : The Organization of Petroleum Exporting Countries' (OPEC) decision to keep oil production quotas unchanged will have a limited effect on crude prices, Head of the Petroleum Association of Japan said Thursday. "The decision paid a certain consideration for oil-consuming nations, but the markets have already taken it into account. Therefore, it is unlikely to have a significant impact on the prices," Fumiaki Watari, president of the Petroleum Association of Japan, said in a statement. The official noted that some OPEC members demanded a reduction in output.
Uttar Pradesh cuts state taxes to reduce fuel prices
By IANS,
Lucknow : A day after she flayed the central government for the hike in fuel prices, Uttar Pradesh Chief Minister Mayawati Saturday decided to provide some respite to consumers in the state by cutting state levies.
Reduction in sales tax on cooking gas will provide a relief of Rs.11.35 on every cylinder with immediate effect. The diesel price has been brought down by Re.1.50 per litre while the petrol price would stand reduced by Re.1 a litre - all these from the levels reached after the central government hiked fuel prices Wednesday.
Bull run continues, Sensex above 11,000
By IANS,
Mumbai : Indian equities markets closed in the green Wednesday, with a key index gaining 2.9 percent to end trade above the 11,000-mark.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 10,805.14 points, rose 317.51 points or 2.9 percent to close at 11,284.73 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 3.34 percent from the previous close to end trade at 3495.60 points.
The BSE midcap index gained 3.95 percent, while the BSE smallcap index was up 5.32 percent.
Inflation rise “major disappointment”, says finance ministry
By IANS,
New Delhi : The finance ministry Thursday said the sharp rise in weekly inflation rate to 12.44 percent was "a major disappointment".
"The rate of inflation for all commodities for the week ending August 2 stands at 12.44 percent, higher than the rate of 12.01 percent reported last week," the finance ministry said in a statement soon after the data was released.
"After being nearly stable for four weeks, this rise has come as a major disappointment," it said.
PepsiCo to invest Rs.500 crore on new cracker
By IANS,
New Delhi : Frito-Lay, the food division of beverage major PepsiCo India, plans to spend about Rs.500 crore over the next three years to push Aliva, a new baked savoury cracker that it launched here Thursday.
"We want the new product to get as big as Kurkure (PepsiCo's popular snack)," Gautham Mukkavilli, Frito-Lay India chief executive and PepsiCo India president told reporters.
"We will be investing about Rs.500 crore on it over three years," Mukkavilli added.
Beware of blood diamonds, India warns
By IANS,
New Delhi : The guns may have fallen silent over "blood diamonds" but the situation remains fragile and it was necessary to ensure that diamonds sold by rebel groups who mine them illegally are not allowed to enter the global market, India told a global diamond conference here Tuesday.
"Our vigil is not over. And we must continue to be alert and active," Commerce Secretary G.K. Pillai told the annual conference on the Kimberley Process Certificate Scheme (KPCS) here. India is its current chair.
Reliance Industries net profit drops 6.4 percent
By IANS,
Mumbai : The net profit of oil-to-petrochemicals major Reliance Industries (RIL) dropped 6.41 percent to Rs.3,852 crore (approximately $815 million) for the quarter ended Sep 30, compared to the Rs.4,116 crore it netted in the corresponding period last fiscal.
The fall in profit, which was in line with analysts' prediction, was due to lower refining margins and were partially offset by the gas production from the D6 block in the Krishna-GOdavari basin.
MTN bid speculation incorrect, says Bharti Airtel
By IANS,
New Delhi : India's Bharti Airtel Tuesday denied any move for takeover of South African mobile network company MTN, terming media speculation on the matter as "incorrect and misleading".
"Bharti would like to clarify that it has not made any offer to acquire the whole or part of MTN. Therefore, the speculation around a bid by Bharti in a section of the media is incorrect and misleading," Airtel said in a statement here Tuesday.
Bajaj Auto June sales up 63 percent
By IANS,
New Delhi : Two wheeler major Bajaj Auto Friday reported a 63 percent increase in sales in June at 315,422 units and said that sales were affected due to limited production facilities.
The company sold 282,808 motorcycles in the month under review, against 167,945, contributing 68 percent growth over last year.
Three wheelers sales were up by 32 percent at 32,614 vehicles as against 24,731 units in June 2009.
The company will this month launch E445 M, a commercial vehicle for the sub-urban and rural markets.
Safta agreement to be made effective for economic co-operation
By NNN-APP
New Delhi : President SAARC Chamber of Commerce and Industry Tariq Sayeed said that SAFTA (South Asian Free Trade Agreement) would be made more effective to revive economic co-operation for free trade in the region.
Giving a detailed presentation on SAFTA at expert committee meeting here Sunday, he said SAFTA has to be implemented in letter and spirit for South Asia to become an integrated and strong economic bloc.
Sharjah’s Hamriyah free zone woos Indian investors
By IANS
Bangalore : The Hamriyah Free Zone (HFZ) authority at Sharjah in the UAE has invited Indian investors and entrepreneurs to set up business operations in the zone for exporting their products and services to global markets.
As one of the three leading free zones in the port city, the HFZ has emerged as a preferred investment destination for about 2,000 firms from 110 countries over the last decade.
RIL itself had sought permission to sell gas at $2.34 per unit: RNRL
By IANS,
New Delhi : Reliance Industries Ltd (RIL) had itself sought the oil ministry's nod to sell gas from the Krishna-Godavari basin at $2.34 per unit to the state-run NTPC based on a global tender, Reliance Natural Resources Ltd (RNRL) told the Supreme Court Tuesday.
Quoting from documents, including RIL's communication to the oil ministry, RNRL counsel Mukul Rohatgi told the court that $2.34 per unit was also sought as the base price for gas sales to all consumers, including his client.
Canadian economy posts record growth
By IANS,
Toronto : The Canadian economy bounced back with a record growth in the fourth quarter of 2009, official figures released Monday said.
Beating all predictions, the economy posted an annualized growth rate of five percent in the last quarter of 2009, beating the Bank of Canada's forecast of just 3.3 percent growth for the quarter. Overall, the nation's GDP increased 1.2 percent in the fourth quarter.
This is the largest quarterly economic growth since the third quarter of 2000, according Statistics Canada.
India, Africa for greater thrust on economic ties
By IANS
New Delhi : India and a group of African nations Wednesday affirmed greater thrust on strengthening the bilateral economic ties by expanding both export and import to more items.
More than 450 business delegates from over 30 African countries and 50 ministers are on a three-day India visit from Wednesday.
"India believes that expanding trade, and in particular imports, from Africa is part of its strategic engagement with the continent," India's Commerce and Industry Minister Kamal Nath said while inaugurating the Fourth India-Africa Project Partnership 2008.
OECD meeting on tax havens begins in Paris
By DPA,
Paris : Ministers and representatives from 18 members of the Organization for Economic Cooperation and Development (OECD) began meeting in Paris Tuesday to tackle international tax havens.
Convened by France and Germany, the participants will attempt to force tax havens to open their accounts to investigators looking for depositors who avoid paying taxes on their incomes.
The issue has been made more pressing because of the global finance crisis.
Bengal’s industrialists praise ‘balanced, growth-oriented’ budget
By IANS,
Kolkata: West Bengal's leading industrial barons Monday welcomed the general budget, calling it "balanced" and "growth oriented" under challenging circumstances.
Production comes to a halt at Hyundai Motor India
By IANS,
Chennai : Production at the Hyundai Motor India plant near here has come to a halt since Sunday night after workers went on a sit-in strike, demanding reinstatement of 67 dismissed colleagues and recognition of their union.
"The sit-in strike started Sunday midnight. The management declared leave for first and second shift today (Monday). Around 1,000 workers are sitting inside the plant and another 500 are outside the plant gates," Vice President of Hyundai Motor India Employees Union (HMIEU) K. Thangapandian told IANS.
Sensex rises further in afternoon trade
By IANS,
Mumbai : A benchmark index of Indian equities markets rose further in afternoon trade Monday with blue chip firms RIL and ICICI Bank leading the gainers pack.
‘Small cities fail to attract huge investments in IT sector’
By IANS,
Chennai : Poor infrastructure facilities limit the potential of the small cities in Tamil Nadu in attracting major investments in IT sector, though they offer huge cost advantage compared to big cities, according to a report.
Maoists shut down ITC’s tobacco factory in Nepal
By Sudeshna Sarkar, IANS
Kathmandu : Indian tobacco giant ITC has had little cause to celebrate the 59th Indian Republic Day with trade unionists backed by the Maoists shutting down its tobacco factory in south Nepal, the second such disruption in three months.
Surya Nepal, ITC's majority-held joint venture that is also one of Nepal's largest revenue earners, has had its tobacco factory in Simra town in frontier district Bara closed since Wednesday with its Maoist-affiliated trade union raising a fresh 15-point demand.
India wants economic package for tackling climate change
By IANS,
New Delhi : Stressing that it contributes much less to the global greenhouse emission, India Wednesday said at the upcoming climate change conference in Poland it would seek special financial package from developed countries to acquire cleaner technology and fight climate change.
Environment Secretary Vijay Sharma said, "India will demand financial architecture" as deliberated during Bali Conference on climate change.
He said there should be a special fund for developing nations, which should not be less than 0.5 percent of the GNP.
Equity markets shrug off rate hikes
By IANS,
Mumbai : The Indian equity markets continued their gaining rally this week, shrugging off rate hikes by the apex bank. Strong global markets and fall in crude oil prices acted as positive triggers for the markets.
The rally defied an inflation rate of 11.98 percent and the decision by the Reserve Bank of India (RBI) on July 29 to tighten liquidity in the system by raising the Cash Reserve Ratio (CRR) of banks by 25 basis points to 9 percent and the short-term indicative rate - the repo rate - by 50 basis points to 9 percent.
Amity, Max New York to offer insurance management course
By IANS,
New Delhi : Amity Global Business School, in collaboration with Max New York Life Insurance, Wednesday announced the launch of a post-graduate diploma in insurance and sales management.
The programme offers professional training in specialised subjects such as insurance sales practices and management, insurance products, legal and regulatory aspects of life insurance as well as general and marketing management.
Modi hard sells Gujarat in India’s tech hub
By IANS,
Bangalore : Firebrand Gujarat Chief Minister Narendra Modi turned into a smart marketing executive to hard-sell his state in India's tech hub and lure investments from IT-savvy Karnataka.
Invited to inaugurate Asia's premier tech event BangaloreIT.biz by the first Bharatiya Janata Party-ruled government in the southern state, Modi took the opportunity to tell about 1,000 delegates from India and abroad that Gujarat was a land of opportunities, beckoning global investors to set shop and take advantage of its enterprising business community.
Global cues drag down Indian stocks
By IANS
Mumbai : Weak global cues following poor data on employment at US and continued woes on sub-prime concern kept world markets on their toes and dragged Indian stocks down Friday morning.
The 30-share index of the Bombay Stock Exchange (BSE) opened at 19,579.61, 0.61 percent lower than Thursday's close. Then it kept going down to 19,434.23 before recovering marginally to 19,491.86 by around 11 a.m.. That was 208.96 points below Thursday's close.
Stranded Air India passengers head for New York, London
By IANS
New Delhi : Nearly 300 Air India passengers stranded here for over 18 hours after their London-New York flight was grounded over the crew's failure to turn up finally left for their destinations early Thursday.
The flight had been scheduled to leave at 7.20 a.m. Wednesday from the Indira Gandhi International Airport but it did not take off after the crew from Mumbai did not report for work. There was also fuel leakage from the aircraft.
Anil Ambani considering majority stake in MTN: British daily
By IANS,
London : Reliance Communications chairman Anil Ambani is considering taking a majority stake in South African mobile operator MTN, a newspaper reported Thursday.
Anil Ambani's move is in response to a potential legal challenge by his brother Mukesh to the deal being discussed by MTN and R-com, the Financial Times reported.
Elder brother and Reliance Industries chairman Mukesh Ambani says he has the right of first refusal over the sale of shares by Anil Ambani in R-Com and has threatened legal action to enforce it.
Rajasthan farmers launch agitation for more water
By IANS
Jaipur : Farmers of Rajasthan's Sriganganagar district Monday renewed their agitation for release of more water from the Indira Gandhi Canal for irrigating their fields.
Over 1,000 farmers trooped in from various parts of Sriganganagar, over 550 km from here, and gathered at a common meeting place in Gharsana.
The farmers earlier warned that they would hold massive protests if the state government failed to accept their demands by Nov 4.