Winning bid lifts Tech Mahindra shares, Satyam up too
By IANS,
Mumbai : Shares of Tech Mahindra, the IT arm of automobile major Mahindra and Mahindra shot up over 12 percent Monday after Satyam's board announced it had emerged as the highest bidder to take over a strategic 31 percent stake in Satyam.
Tech Mahindra's bid would infuse Rs.1,756 crore ($351 million) into Satyam's equity base.
At the Bombay Stock Exchange, shares of Tech Mahindra soared 12.31 percent to close at Rs.359.45, after having risen almost 25 percent to touch an intra-day high of Rs.400.
Festival of India Expo opens in Trinidad
By Paras Ramoutar, IANS
Port of Spain : The Festival of India Expo has opened in Trinidad and Tobago and will continue till Feb 24. The expo was inaugurated by Indian High Commissioner Jagit Singh Sapra Tuesday.
Sapra termed the festival as "an important trade initiative, which will expose Trinidad and Tobago's consumers to India's quality consumer goods".
Manmohan Singh sees growth falling below 7 percent
By IANS,
Mumbai :Prime Minister Manmohan Singh Monday admitted the economic growth India experienced during 2008-2009 has slowed down, and that it was likely to be a little less than 7 percent now.
"It (the slowdown) is a matter of concern, but our situation is very different from the deep recession being experienced elsewhere, like in the US, where several companies closed down," Manmohan Singh told a news conference here.
He said during the past four years, the economy has done well but the situation was different this year.
Industrial production grows 11.7 percent
By IANS,
New Delhi : Helped by sustained domestic demand, India's industrial production grew at a better-than-expected 11.7 percent in November compared to 2.5 percent in the corresponding month last year, as per official figures released Tuesday.
Total growth of industrial production during the first eight months this fiscal stood at 7.6 percent, as against 4.1 percent during the like period last year, data released by the Central Statistical Organisation showed.
Area under food crop cultivation goes up
By IANS,
New Delhi : Faced with a 14-year high inflation of 11.42 percent, India is set to grow kharif or summer food crops in more areas this season.
As per the data compiled by the ministry of agriculture, the area under cultivation of India's staple food crop - rice - has increased to over three million hectares from 2.84 million hectares in the past one year.
Wheat, rice cheaper in Pakistan than India
By IANS,
Islamabad : The prices of wheat, rice, chicken and garlic are lower in Pakistan than in India, Bangladesh and Sri Lanka, authorities said.
Markets dip in afternoon trade
By IANS,
Mumbai : A key index of the Bombay Stock Exchange (BSE) dipped below the the psychologically important 10,000-mark in afternoon trade Monday after gyrating around the opening levels in the earlier sessions.
The 30-share sensitive index (Sensex) of the BSE, which opened at 10,102.42 points, fell below the 10,000-mark to rule at 9,992.15 points a little before 3 p.m., a fall of 107.76 points or 1.07 percent from its previous close.
The broader-based S&P Nifty followed a similar trend and was ruling around 3,045.65 points, 1.03 percent lower than its Friday close.
Italian electrical accessories major enters India
Kolkata : Electrical switchmaker GreatWhite Global (GWG) Friday said it has entered into a strategic partnership with Italy-based electrical accessories and automation maker Vimar...
Equities markets maintain small gain in early trade
By IANS,
Mumbai : The Indian equities markets, which opened with a marginal gain Thursday, saw choppy trading early in the day, while they just about maintained their position in the green.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 35.14 points at 15,479.65. Ten minutes into trading, it had reached 15,586.41, a gain of 71.62 points or 0.46 percent from its closing figure Wednesday.
Sensex ends 24 points up; Hero Honda surges 18 percent
By IANS,
Mumbai : A benchmark index of the Indian equities market closed almost flat Monday as a rally in auto and technology scrips offset losses in banking and realty stocks.
India, Hong Kong sign bilateral aviation pact
By IANS
New Delhi : India and Hong Kong finally arrived at an agreement on a new bilateral civil aviation pact after prolonged negotiations that at one point threatened to remain deadlocked.
The main result of the negotiations is the approval to carriers of the two sides for 27 new frequencies to each other's country and permission to fly to a third country - called fifth freedom rights, an official statement said.
Nokia reports drop in second-quarter net profit
By DPA,
Helsinki : Nokia, the world's largest mobile phone maker, Thursday reported a drop in its second-quarter net profit amid "continuing competitive challenges".
It reported net profit of 104 million euros ($133 million) compared to 287 million euros in the same period last year.
Second-quarter sales increased one percent year-on-year to 10 billion euros and were up five percent compared to the preceding quarter, the Finnish company said.
The results were in line with what analysts had forecast and a Nokia announcement in June that had lowered its outlook.
Thousands of tonnes of coal gutted in fire
By IANS,
Ranchi : Thousands of tonnes of coal kept in the stocks of the Central Coalfield Limited (CCL) in Jharkhand's Chatra district has been gutted in a fire that has been simmering for the last fortnight.
Officials said the fire started in the coal stock in CCL's Piparwar colliery, about 190 km from here, about a fortnight ago and still continues.
CCL sources said the stock has more than four million tonnes of coal.
Labourers at the colliery held the CCL management responsible.
BMW to unveil its hydrogen-fuelled car in Singapore
By DPA
Singapore : Automobile behemoth BMW is ready to introduce its hydrogen-fuelled 7 Series limousine in Singapore but it won't be for sale, the company said Wednesday.
The car, called Hydrogen 7, will be part of a BMW Clean Energy Exhibition to be held in the city-state next month.
Representing 20 years of research and development, the Munich-based carmaker has developed the first emission-free liquid hydrogen-powered luxury saloon suitable for everyday use, according to BMW.
G8 ministers continue talks on oil, commodity prices
By DPA,
Osaka (Japan) : Finance ministers of the world's seven richest states and Russia Saturday continued their meeting in Japan, as inflation woes threatened to sideline climate change, development topics.
The members of the Group of Eight (G8) said they would focus their talks on means to tackle rising energy and commodity prices, with increasing transparency in the oil market as one promising approach.
Differing priorities of the individual G8 members as well as developing countries however diminish the likelihood of strong concerted action on oil and commodity prices.
Indian Bank hopes to disburse Rs.8,500 crore advances
By IANS,
Chennai : Public sector Indian Bank hopes to disburse around Rs.8,500 crore in advances during the second half of the current fiscal out of its total pending sanctions of Rs.17,000 crore, said a top company official here Friday.
"As of date, the bank's undisbursed loan sanctions is Rs.17,000 crore and we hope to disburse around Rs.8,500 crore this fiscal," said Indian Bank chairman and managing director M.S. Sundara Rajan.
"Documentations for disbursal of the sanctions are in various stages," Rajan told reporters after announcing the bank's half yearly results.
India on Bahrain telecom operator’s radar
By IANS,
Dubai ; India figures prominently in Bahrain telecom operator Batelco's overseas expansion plans.
Stating that the Middle East does not hold much scope for the company, Batelco chief executive Peter Kaliaropoulus Tuesday said: “The big opportunities are in Africa, or India and Asia-Pacific.”
The company is planning a $4 billion overseas acquisition drive.
According to Kaliaropoulus, only the Lebanese and Syrian markets in the Middle East were worth considering.
Economic growth could exceed 7.75 percent: Mukherjee
By IANS,
New Delhi : Encouraged by a 7.9 percent growth in the Indian economy during the second quarter of this fiscal, the finance ministry Friday said the overall economic expansion during the year could even exceed 7.75 percent.
The macroeconomic situation during the first half of this fiscal and the positive impact of the measures taken by the government clearly point to a turnaround in the Indian economy, said a midyear review tabled by Finance Minister Pranab Mukherjee in parliament.
India’s forex reserves up $614 mn
Mumbai: India's foreign exchange reserves rose by $614.6 million to $316.39 billion for the week ended July 4, Reserve Bank of India (RBI) data...
‘Fare hike, surcharges detering domestic air traffic growth’
By IANS,
New Delhi : Increased fuel surcharges and high air fares have drastically affected the domestic air passenger growth this year, according to a report by the Centre for Asia Pacific Aviation (CAPA).
The domestic air passenger growth was 11.2 percent in the first quarter of 2008, against 29 percent of the year-ago period, according to the CAPA.
Experts said increase in aviation turbine fuel and fuel surcharges have resulted in 20 percent increase in air fares, which has put pressure on the growth rate.
Kerala traders to shut shop to protest entry of retail giants
By IANS
Thiruvananthapuram : Small and big traders in Kerala will not open their shops Saturday to protest the entry of retail giants, who are consolidating their position in the state.
The shutdown has been called by two organisations of traders in the state.
The Kerala Vyapari Vyvasayi Ekopana Samithi (KVVES) will hold a protest meeting at Trissur while the Kerala State Vyapari Vyvasayi Samithi (KSVVS) members will march to the state secretariat here.
Both are demanding that the ruling Left government enact a law to prevent the entry of retail giants here.
Equities markets end with a loss for the second day running
By IANS,
Mumbai : The Indian equities markets ended in the red for the second consecutive day Tuesday, with banking, capital goods, technology and telecom stocks leading the pack of losers.
The markets started with a huge cut, tracking weak markets elsewhere in Asia. They remained volatile much of the day before making a smart recovery in late trade. But the recovery was not enough to make up for all the loss.
Marching shirtless to protest price rise
By IANS,
New Delhi : Taking their shirts off, about 100 men went on a protest march in the capital Thursday to voice their concerns on the price rise of commodities in India.
Organised by the Delhi unit of the Indian Justice Party, the march saw the demonstrators gather at the Ramlila grounds in central Delhi before taking their march on to the roads and congregating again at Jantar Mantar near Connaught Place.
Udit Raj, national president of the Indian Justice Party, said inflation has made life very difficult for a common person who is struggling to make both ends meet.
Banking Regulation Act does not oppose Islamic Banking: Ex-Director, RBI
By Rehan Ansari,
Mumbai: “Unless there are amendments in the Banking Regulation Act of India, 1949, Islamic Banking system can be introduced in India,” said Abdul Hasib, former Director, Reserve Bank of India. The Islamic Banking system will be helpful for underprivileged and marginalized people, he said.
Michelin to invest Rs.4,000 cr near Chennai
By IANS,
Chennai : French tyre major Michelin has signed an agreement with the Tamil Nadu government to set up a manufacturing facility on an investment of Rs.4,000 crore spread over seven years.
The plant, to be set up by Michelin India Tamil Nadu Tyres Ltd, will come up on 290 acres at the Gummudipoondi industrial estate near here and will roll out radial tyres some time in 2012.
The project is expected to provide employment to 1,500 people, the state government said in a statement Monday.
UNDP releases report on insurance
By IANS
New Delhi : The United Nations Development Programme (UNDP) Wednesday released a report which highlights the fact that nearly 90 percent of India's population is excluded from the insurance market.
Railway Budget: Quality of bed linen to be improved
New Delhi : The Railways will launch within the next six months a programme to improve the design, quality and cleanliness of bed linen,...
Indian steel makers on young talent hunt
By Soudhriti Bhabani, IANS
Jamshedpur (Jharkhand) : India's steel industry has started a big headhunt for skilled workers and professionals to increase production and meet the mounting demand for steel to fuel the country's growth.
"We have taken a big challenge to attract young professionals to join the steel industry," Tata Steel chief operating officer (COO) H.M. Nerurkar said at the just-concluded international conference on steel, Steelrise 2008, held here.
"About 2,000-2,500 people are required per million tonnes of steel."
Indian Oil losing $15 mn a day on fuel sale
By IANS,
New Delhi : State-run petroleum products retailer Indian Oil Corp Wednesday said it was losing nearly $15 million every day by selling transport and cooking fuels below cost.
"At the current global prices, Indian Oil is suffering a daily loss of Rs.74 crore ($15 million)," IOC chairman Sarthak Behura told reporters here on the margins of a global hydrogen technologies convention.
He said the losses on account of under-recoveries -- or the difference between the cost and sale price of petroleum fuels -- will amount to Rs.2,300 crore by the end of this fiscal.
US small enterprises keen to invest in India
By IANS,
Hyderabad : Small and medium enterprises (SMEs) of the US are keen to invest in India's aviation sector and are looking forward to the removal of impediments, top US officials said.
Large American aviation companies want to bring supply base to India while SMEs in terminal service and pilot training are also keen to come here.
Carmine D'Aloisio, minister counsellor at the US embassy in India, said both countries should promote regulatory environment for SMEs by reducing the impediments.
Court dismisses Tata’s plea on Sasan project
By IANS,
New Delhi : The Delhi High Court Monday dismissed a petition filed by Tata Power Company (TPC) challenging use of surplus coal from the captive coal mines of Sasan ultra mega power project (UMPP) for other projects of the Anil Ambani-controlled Reliance Power.
A division bench comprising Justices Madan B. Lokur and Siddharth Mridul dismissed Tata's petition, stating that the company had no grounds to file the petition and it is not maintainable.
Plan panel seeks government stakes cut in state-run banks
By IANS
New Delhi : A Planning Commission report on the services sector has favoured restricting the government's share in public sector banks to 33 from 70 percent, and reiterated the suggestion to make Mumbai an international financial centre.
The report of the high-level group on services sector (HLGSS) released Wednesday suggested reducing the government share "in a manner that minimizes dislocation or dissonance among various stakeholders".
Spreading contagion brings key equities index below 10,000
By IANS,
Mumbai : With the contagion of the financial tsunami that began in the US spreading to all parts of the world, jittery investors went into a selling spree once again Thursday sending a key Indian equities index below the psychologically important 10,000 mark.
The markets finished in the red for the second successive day this week after two successive days of gain early this week and three successive days of losses last week.
National Internet Exchange starts operations in Ahmedabad
By IANS,
Ahmedabad : The National Internet Exchange of India (Nixi) has set up its new hub in Ahmedabad, a move that would help internet service providers in Gujarat reduce bandwidth expenses.
Earlier the communication and IT ministry gave approval to the Nixi to set up its hub here, the seventh Indian city to have such an exchange hub.
The central government has already approved such hubs for Delhi, Mumbai, Kolkata, Chennai, Hyderabad and Bangalore.
The Nixi hub would restrict the wastage of bandwidth in local traffic and thereby save precious foreign exchange.
Diamond Fabcare to open 100 Wardrobe outlets
By IANS,
New Delhi : Diamond Fabcare Pvt Ltd, in collaboration with Brown Gouge of Australia, will invest Rs.1.5 billion ($32.6 million) to open 100 outlets of its retail dry-cleaning chain Wardrobe in Delhi and the national capital region, the company announced Monday.
The company plans to extend its services all over the country in the next three to five years.
SpiceJet eyes six million passengers with increased fleet
By IANS
New Delhi : Domestic low cost carrier SpiceJet entered its third year of operations Tuesday aiming to double its passengers to six million in the next year with the addition of five extended range (ER) jets to its fleet of 11 aircraft.
New challenges for state-run postal insurance
By Venkatachari Jagannathan, IANS,
Chennai : The move to turn the 124-year-old Postal Life Insurance Directorate of the state-run India Post into a separate corporate entity throws up several challenges, both operational and financial, experts maintain.
Even though the directorate will get the freedom to invest its Rs.160 billion ($4 billion) corpus, it will, however, face huge increases in operational costs, mainly on account of higher commissions on premiums, the experts added.
India got $88 bn foreign investment since 2004
By IANS,
New Delhi : India received $88.43 billion (Rs.391,477 crore) as foreign direct investment (FDI) from April 2004 to September this year, Minister of State for Commerce and Industry Jyotiraditya M. Scindia said Wednesday.
"The FDI inflows have shown an increasing trend on year-to-year basis since the financial year 2004-05 until the financial year 2008-09," Scindia said in a written reply to the Rajya Sabha.
However, FDI inflows during April-September this year stood at $15,272 million (Rs.741,828 million), up from $17,211 million (Rs.731,106 million) in 2008-09, he said .
Empowering Wardha’s Dalits through e-commerce
Sanghamitra Store is an online e-commerce platform run by five Dalit youth that showcases affordable handicrafts and art made by the community.
Riya Talitha...
Punjab National Bank Q4 net profit dips 20.6 percent
By IANS,
New Delhi : Punjab National Bank's net profit dropped 20.6 percent during the fourth quarter (January to March) of fiscal 2012-13.
Railways have 1,600 coaches for disabled people
By IANS,
New Delhi : The Indian Railways have 1,600 coaches specifically designed for physically handicapped people, Minister of State for Railways E. Ahamed said Friday.
These coaches have specially designed with facilities like special toilets, wider doors, and more aisle and knee space to enable easy movement of wheelchairs, Ahamed said in a written reply in the Rajya Sabha.
Apart from that, there are arrangements for securing wheelchairs during the journey.
India’s first vaccine for cervical cancer launched
By IANS,
Kolkata : MSD Pharmaceuticals India, part of US pharma giant Merck & Co, Monday launched India's first vaccine to help prevent cervical cancer.
"Cervical cancer is the most common cancer among women in India, well ahead of breast cancer," said Anjana Narain, MSD's director vaccine, during the launch here.
The vaccine, Gardasil, was launched in the US in 2006.
In India, each dose of the vaccine will cost Rs.2,800, and one needs to take three doses.
Narain said low awareness of this type of cancer is the sole cause behind high mortality rate among women.
Sensex closes flat
By IANS,
Mumbai : A benchmark index for Indian equities shut shop on a flat note Wednesday, giving up its intra-day gains.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,072.94 points, was ruling at 17,092.16 points (provisional), 39.62 points or 0.23 percent higher than its previous close at 17,052.54 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,115.95 points against the previous close at 5,101.5 points, up 0.28 percent or 14.45 points.
Russia’s international reserves down $3.5 bln in week
By RIA Novosti
Moscow : Russia's gold and foreign currency reserves decreased by $3.5 billion, to $481 billion, in the week of February 1-8, the Central Bank of Russia said on Thursday.
Titan aims Rs.4.5 bn from eyewear venture
By IANS,
Kozhikode : Titan Industries Ltd aims at an annual business of around Rs.4.5 billion ($112.5 million) fiveyears from now, from its recently launched eyewear venture, said company managing director Bhaskar Bhat here Monday.
He was talking to reporters after announcing the launch of Titan Eye+ (Titan Eye Plus), the company's first specialised eyewear showroom in Kerala and the fourteenth in the country.
Hong Kong firm to harness wind energy in India
By IANS,
New Delhi : CLP Holdings of Hong Kong, one of the largest energy utilities in Asia, will be given a $113-million loan by the Manila-based Asian Development Bank (ADB) to develop two wind farms in Gujarat and Karnataka.
Formerly called China Light and Power Company Ltd, CLP's wholly-owned Indian arm will develop the farms as part of the financial institution's efforts to promote clean energy sources among its member countries, an ADB statement said.
They will generate 183.2 MW of electricity in the two states.
Hong Kong shares fall three percent
By DPA,
Hong Kong : Hong Kong shares fell by almost three percent Wednesday as overnight losses on Wall Street and profit warnings from Chinese companies listed in the city deepened market gloom.
The blue-chip Hang Seng Index ended the day down 376.14 points, or 2.9 percent, at 12,583.63. Turnover was a relatively low 47.6 billion Hong Kong dollars ($6.1 billion).
The Hong Kong slump, the second consecutive day of losses approaching three percent, mirrored falls in stock markets across Asia as US President Barack Obama's inauguration failed to lift global sentiment.
Indian equities crash to three-year low on Diwali-eve, recover
By IANS,
Mumbai : A key Indian equities index fell below the 8,000-point mark in intra-day trading to its lowest since November 2005 as the bear hug continued on the eve of Diwali Monday on the back of overall panic and weak global cues.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened lower at 8,599.58 points and moved up to 8,739.48 points, some 15 minutes into trading. But nervousness set in soon after, and pulled the index down to 7,985.07 points 45 minutes post noon - the lowest point in three years.
India, Brazil get tough with US on world trade
By DPA
Geneva : India and Brazil led a number of developing countries Monday in mounting the pressure on the US for a swift conclusion to the latest round of world trade talks.
Maruti Suzuki rolls out first millionth car in a year
By IANS,
New Delhi: The country's largest car manufacturer, Maruti Suzuki, Tuesday became the first automobile company in India to produce one million cars in a year.
"The millionth car manufactured in 2009-10, a glistening red Maruti Suzuki Swift, rolled out from the company's Manesar plant," said the company.
Maruti has now joined the elite club of automobile manufacturers like Toytota, General Motors, Volkswagen, Ford, Honda, Renuault, Nissan and its parent company Suzuki, in producing one million cars in a year.
In cost cutting, airlines set to slash pilots’ salaries
By IANS,
New Delhi : The crisis-hit private airlines, which are contemplating different ways to reduce operating costs, may cut pilots' salary soon, sources said Tuesday.
The highly paid pilots, who were in high demand till recently, are now becoming a major concern for the airline industry, which is struggling to cope with the adverse economic environment.
An average salary of a qualified pilot working for a scheduled airline in India is at least Rs.3 million per annum.
Volatile Indian equities market closes in the red
By IANS
Mumbai : A volatile Indian equities market closed at a loss Thursday due to selling in key sector scrips, though global cues were mixed.
The market had opened down as per international cues. Then it went flat and failed to pick up in the second half.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened with a loss of 35.64 points at 15,574.87 and notched a high of 15,953.54 before closing at 15,655.20. It lost 135.31 points or 0.86 percent from Wednesday's close.
Sensex closes 102 points up
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday rose sharply in late trade to close 102 points higher than its previous close, backed by gains in bluechip IT stocks.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,115.56 points, was at 18,217.44 points, 102.61 points or 0.57 percent up from its previous close at 18,114.83 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut 0.52 percent up at 5,467.85 points.
Kerala post offices to accept Vodafone bills
By IANS
Kochi (Kerala) : Vodafone subscribers in Kerala can now pay their telephone bills at 1,300 post offices in Kerala.
The memorandum of understanding (MoU) for this new service was signed here Tuesday by Balaji Raman, general manager, finance, Vodafone Essar Cellular Ltd (VECL), Kerala, and Srikanda Das, assistant director, business development, chief postmaster general office, Thiruvananthapuram.
Bahrain arm of US firm bags Tata Mundra supply deal
By IANS,
Dubai : The Bahrain arm of US engineering major RathGibson been awarded a crucial supply deal for India’s upcoming 4,000-MW Tata Mundra power project.
Larsen and Toubro, one of the contractors of the $4.2-billion project, has awarded the contract to RathGibson, according to which the latter will supply titanium-welded tubing for condensers for the project.
Karunanidhi threatens to nationalise cement industry
By IANS
Chennai : Tamil Nadu Chief Minister M. Karunanidhi threatened Wednesday to nationalise all cement factories in the state unless manufacturers drastically reduced prices.
Karunanidhi revealed his government was all set to import 100,000 tonnes of the product through the joint auspices of the government owned entity Tancem and centre's Minerals and Metals Trading Corporation (MMTC).
Hindustan Aeronautics sales up 19 percent in 2008-09
By IANS,
Bangalore : State-run defence behemoth Hindustan Aeronautics Ltd (HAL) posted a turnover of Rs.10,260 crore in 2008-09, registering a 19 percent increase year-on-year from Rs.8,625 crore, the company said Wednesday.
"With this record performance, we have met the memorandum of understanding (MoU) parameters signed with the defence ministry," the company said in a statement.
Mega investment in Madhya Pradesh copper mine approved
By IANS,
New Delhi: The government Friday approved an investment of Rs.1,856.36 crore to develop an underground copper ore mine in Malanjkhand area of Madhya Pradesh.
Detroit auto show to open with hopes of brighter 2010
By DPA,
Detroit : North America's biggest annual auto show was to get underway later Monday as the beleaguered US car industry hopes to gain some momentum for 2010 with an emphasis on smaller, greener vehicles.
General Motors (GM) and Ford, as well as foreign rivals Toyota, Honda, Mercedes and others were set to unveil new 2010 models and concept cars on the first of a two-day press preview of the North American International Auto Show.
Iran, Cuba to form shipping company
By IANS
Tehran : Iran and Cuba have signed a protocol to establish a shipping company to increase bilateral trade, according to media reports.
Media outlets cited Trade Minister Masoud Mir Kazemi as saying that "the accord also has a special importance for international trade between Iran and Latin America, and it will contribute to the solution of some currently existing problems", according to the Spanish news agency EFE.
Free market ensures fair salaries: US study
By IANS,
Washington : Under ideal circumstances, a free market promotes fair salaries for workers and does not support fat pay packets for top honchos.
A research by Venkat Venkatasubramanian, Purdue University professor of chemical engineering, presents a new perspective on 18th century economist Adam Smith's concept that an "invisible hand" drives a free market economy to a collective good.
"It is generally believed that the free market cares only about efficiency and not fairness," said Venkatasubramanian, who holds a B.Tech from the University of Madras, India, 1977.
Srinagar-Muzaffarabad bus service resunes
By NNN-PTI,
Srinagar, India : The Srinagar-Muzaffarabad bus service, which was temporarily suspended last week in the wake of violence over Amarnath land row, resumed here this morning with 61 passengers leaving for Pakistan-occupied Kashmir (PoK).
Out of the 61 passengers, 58 were returning home to Muzaffarabad, officials said.
"Today's bus service was arranged in order to clear the backlog of last week," they said, adding the fortnightly bus service will also ply as scheduled on August 28.
Indian equities stage smart recovery, close in green
By IANS,
Mumbai : Indian equity markets that opened in the red Monday morning witnessed a choppy trade but managed a smart recovery in the second half of trading and closed in the green.
The markets opened lower following international cues but later a benchmark index recovered more than 300 points from the day's low.
However, important sectoral indices like realty, automobiles, capitals goods and public sector undertakings remained in the red though those of metals and capital goods recovered.
Tata Steel net drops 49.5 percent in second quarter
By IANS,
Mumbai : Tata Steel Tuesday said its net profit for the quarter ended Sep 30 had dropped 49.5 percent to Rs.902.94 crore over the like period last fiscal.
Total income of the company stood at Rs.5,692.11 crore in the second quarter, a drop of 16.45 percent from Rs.6,813.45 crore it logged in the corresponding quarter last year.
Earnings per share stood at Rs.10.89 per share, down from Rs.24.03 per share in the year-ago period.
China sets up company to build large passenger jets
By RIA Novosti,
Beijing : China's first ever passenger aircraft building company, with registered capital of 20 billion yuan ($2.82 billion), has been officially launched in Shanghai, the China Daily reported on Monday.
The company, named Commercial Aircraft Corporation of China Ltd (CACC), will be responsible for the research, development, manufacture and marketing of large-homegrown passenger aircraft.
Global bearish market casts shadow on India
By IANS
Mumbai : The Indian equities market continued its volatile trend as the effect of global bearish market was clearly felt by the bourses this week.
Two major Initial Public Offers (IPOs) open for subscription - Wockhardt Hospitals and Emaar MGF - were compelled to retreat when their issues elicited unexpectedly poor response from investors. Uncertainty in the secondary market hit new IPOs hard.
The market suffered losses for the fourth straight week as selling pressure continued for index pivotals. Out of the five trading session three ended in the red.
Gujarat NRE places $90 million order with Joy Manufacturing
By IANS,
Kolkata : Gujarat NRE Coking Coal Limited, the Australian subsidiary of Gujarat NRE Coke Ltd, Monday said it has contracted Joy Manufacturing Company Pty Ltd for supply of certain equipment to raise operational efficiency at one of its mines.
The total value of the contract is $90 million approximately.
L.N. Mittal brings in funds for Punjab refinery
By IANS
New Delhi : Thanking the Indian government for speedy clearance of his group's joint refinery project in Punjab, London-based steel mogul L.N. Mittal Wednesday injected Rs.5 billion ($120 million) in the company that would set up the $4.6 billion venture.
Mittal Energy Investments, an L.N. Mittal company, and the state-run Hindustan Petroleum Corp Ltd (HPCL) will each hold 49 percent equity in the nine million tonne per annum Guru Gobind Singh Refinery at Bathinda.
Financial institutions will hold the remaining two percent.
Features of India’s first battery-powered car – REVAi
By IANS,
New Delhi : Following are some of the main features of India's first battery-powered car that was launched in the national capital by Chief Minister Sheila Dikshit Wednesday:
- Manufacturer: Bangalore-based Reva Electric Car Company
- Name of car: REVAi
- Time taken: 7 years of research and development (1994-2001)
- Sold in 13 countries
- About 2,500 vehicles sold till date
- Investment: $20 million dollars on research
- Price in Delhi: Starting from Rs.299,000, ex-showroom
- Incentives in Delhi: Exemption of 12.5 percent value added tax
Union budget on July 6, rail budget on July 3
By IANS,
New Delhi : The union budget for 2009-10 would be presented on July 6 and the railways budget three days earlier on July 3.
The schedule for the budget session of parliament was decided at a meeting of the union cabinet chaired by Prime Minister Manmohan Singh before his departure for the Russian city of Yekaterinburg to attend the BRIC (Brazil, Russia, India and China) and the SCO (Shanghai Cooperation Organisation) summits.
It was decided that the budget session of parliament would start July 2 with the presentation of the Economic Survey and go on till Aug 7.
India for years top sources for H-IB workers employed in US: Wipro Chief
By NNN-PTI
Silicon Valley : The growing shortage of IT professionals is fast becoming a serious issue in the United States and the business leadership in the country needs to "take the problem by the horns", Wipro CEO and chairman Azim Premji said.
"America does not have the talent. There's a huge shortage of IT professionals here," Premji told the Atlanta Business Chronicle.
PepsiCo’s Nooyi slams US inaction on runaway prices
By IANS,
New York : PepsiCo chief Indra Nooyi has criticised Washington for not doing enough to control energy prices, which could hurt companies by cutting into consumers' discretionary spending.
What is particularly worrisome, Nooyi said here Wednesday at a conference hosted by The Wall Street Journal, "I don't see anybody in Washington or anywhere saying, 'Look, this energy crisis is the biggest one we've had, let's really put the best people to work on figuring out how to reduce the country's dependence on oil.'"
India asks IMF to reshape role in tune with times
By Arun Kumar, IANS,
Washington : India has asked the International Monetary Fund (IMF) "to reshape and redefine its role and mandate" in tune with the times to play a pivotal role in warning about future global crises and help foster strong and sustainable growth.
"Concerted and decisive actions by both advanced and emerging and developing countries helped the world to deal with an unprecedented financial and economic crisis," Reserve Bank of India (RBI) Governor Duvvuri Subbarao Saturday told the steering committee of the 186-nation Fund.
Sensex up 106 points in opening trade
By IANS,
Mumbai : A benchmark index for Indian equities Friday opened in the positive and was ruling 106 points higher than its previous close, minutes into trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,533.88 points, was ruling at 17,680.05 points, 106.06 points or 0.6 percent higher than its previous close at 17,573.99 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,297.3 points, a gain of 0.53 percent from its previous close at 5,269.35 points.
Sensex crashes again, opens with a loss of 295 points
By IANS,
Mumbai : The Indian equities market opened in deep red Friday.
The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a loss of 294.06 points at 14,127.76 points.
The S&P Nifty of National Stock Exchange opened at 4,315.30 points with a marginal loss of 0.65 points compared to its last close.
Gold closes higher in Hong Kong at US$811.55 an ounce
By SPA
Hong Kong : Gold closed at US$811.55 an ounce in Hong Kong on Monday, up US$10.20 an ounce from Friday's close of US$801.35.
...
Brazil stocks tumble as US bailout plan fails
By DPA,
Sao Paulo/Rio de Janeiro : For the first time in close to a decade the Brazilian stock exchange in Sao Paulo had to suspend activities for half an hour Monday, after its Bovespa index crashed 10.6 percent.
Trading was temporarily halted at 2.49 p.m., following news that the US House of Representatives rejected a $700 billion bailout plan to rescue the economy from the brink of financial meltdown.
Smaller cities to fuel real estate growth
By IANS
New Delhi : With the Indian economy booming, smaller cities are going to drive realty growth, says a FICCI-Ernst & Young report.
Improving infrastructure, urban governance, rapid influx of knowledge industry professionals, improving quality of life and rising prosperity would lead to the development of smaller cities such as Surat, Chandigarh and Nagpur, according to the report brought out jointly by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Ernst & Young.
Rising rupee poses a problem: Chidambaram
By Arun Kumar
Washington, Sep 26 (IANS) Finance Minister P. Chidambaram says the Indian rupee's continuous rise against the dollar has brought the country up against the problems of an appreciating currency with a challenge to its exports and tax revenue.
"The depreciation in the value of the dollar versus the rupee has thrown up unexpected downside risks," he said in a lecture at the Peterson Institute for International Economics here Tuesday.
Brokers oppose change in trading timings
By IANS,
Mumbai : Brokers at the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) Thursday demanded that the two apex exchanges reconsider advancing the daily trading sessions to 9 a.m. from Jan 4.
In a statement issued here, the BSE Brokers Forum (BSEBF) said it opposed the proposed changes in market timings as there was no clear benefit for traders, stockholders, institutions and retail investors.
The forum said it will submit a memorandum to the prime minister and finance minister and seek meetings with the heads of both BSE and NSE to address their concerns.
UAE to set up a council to improve investment climate
By Aroonim Bhuyan, IANS
Dubai : The United Arab Emirates will soon establish an Emirates National Competitiveness Council which will recommend policies to boost competitiveness in economic and social areas of the country.
"We are soon going to establish the Emirates Business National Competitiveness Council which will be a public-private sector initiative with government representation from both federal and local levels," UAE's Minister for Cabinet Affairs Mohammed Al Gergawi said at an advisory workshop for Doing Business 2008 here Wednesday.
Sri Lanka to import rice from India
By NNN-LK News
Colombo : Following a request by President Mahinda Rajapaksa, the Indian government has agreed to provide stocks of non-basmati rice required by Sri Lanka despite the country's existing ban on domestic rice exports.
According to Ministry of Trade Marketing and Consumer affairs, the Ministry will take all possible measures to import the required stocks before the Sinhala and Tamil New Year.
Infosys revises rupee guidance marginally for fiscal
By IANS,
Bangalore : Further depreciation of the Indian rupee during the third quarter (October-December) has forced Infosys Technologies Ltd. to marginally revise upwards its revenue guidance for this fiscal (2008-09) under the Indian accounting system and downwards under the new international financial reporting standards (IFRS).
India’s fuel demand to grow at 6 percent
By IANS,
New Delhi : India's demand for oil will grow at six percent, the same as last year, Petroleum Secretary R.S. Pandey said here Monday.
“We are growing by six percent per annum, and I think we'll continue to grow at this rate,” Pandey told reporters on the sidelines of the inaugural function for the Oil and Gas Conservation Fortnight 2009.
He said India should emulate the example of Japan to improve production of hydrocarbons. While India's efficiency in this sector is better than West Asia, it had to “move towards the standards of Japan”, he said.
ADB-funded USD 800 million paln for Indian Railways under consideration
By NNN-PTI
New Delhi : Indian Railways, one of the largest rail networks in the world, is likely to become even larger as the country is considering an ambitious programme of around 800 million dollar, to be co-funded by the multilateral agency, Asian Development Bank (ADB).
The Railway Investment Programme, to be funded by the Japan Special Fund, ADB and India, will include doubling of the existing tracks on critical routes traversing the states of Maharashtra, Karnataka, Andhra Pradesh, Orissa and Chhattisgarh.
Rangarajan urges managers to take statutory warnings seriously
By IANS
Mumbai : C. Rangarajan, chairman, Economic Advisory Council to the Prime Minister, has sharply criticised the high tempo statutory warnings over the mutual fund advertisement appearing and disappearing in a flash and urged the fund managers to take them seriously.
Rangarajan did not miss the opportunity to make a pointed dig at the advertisements before the assembled fund managers for the Fifth ICRA Mutual Fund Awards, 2008, here late Tuesday evening.
Tobacco industry flouts rules, exploits workers, study shows
By IANS,
New Delhi : Not only does it represent a serious health hazard, the tobacco industry also exploits its workers by not paying them minimum wages and employing children among its labour force, a study said Wednesday.
The Voluntary Health Association of India (VHAI), on the basis of a study in Bihar, Jharkhand, Madhya Pradesh and Uttar Pradesh, released a report which said the tobacco industry flouts all rules and exploits its workers, in contrast to its claims about economic benefits to the people and the government.
CPI-M dares Trinamool to oppose Nayachara project
By IANS,
Nandigram (West Bengal) : The Communist Party of India-Marxist (CPI-M) Sunday lashed out at the Trinamool Congress and said people would not tolerate it if the opposition party continued to rally against the chemical hub project in Nayachara island.
"The people of Haldia will break their (Trinamool Congress leaders') bones if they continue to oppose the Nayachara project," CPI-M Lok Sabha member Laxman Seth said at a rally in this East Midnapore district area.
Seth claimed there was no force that could prevent the chemical hub from coming up.
Nokia to invest $75 million in India plant
By IANS
New Delhi : World's leading cell phone maker Nokia Wednesday announced an investment of $75 million in its manufacturing plant based in Sriperumbudur near Chennai.
The Finnish giant, for which India is the second largest market after China, has so far invested about $210 million since January last year in the plant.
Power generation goes up by 3147 mw during last 4 yrs. in MP
By Perez Bari, TwoCircles.net,
Bhopal: The facts and figures given by the Energy Department today, have belied the false propaganda about generation and supply of power in Madhya Pradesh.
We’ve rescued our economy from catastrophe: Obama
By Arun Kumar, IANS,
Washington : Amid signs of recession nearing an end with job losses tapering off and unemployment falling for the first time in more than a year, President Barack Obama took credit for rescuing the US economy from "catastrophe."
"Today we're pointed in the right direction," he said shortly after the Labour Department Friday reported a net loss of 247,000 jobs in July, the fewest job losses since August 2008 with the unemployment rate surprisingly inching down to 9.4 percent.
Bombay Stock Exchange – epitomising India’s growth
By Nayanima Basu, IANS
Mumbai : Having traded on the Bombay Stock Exchange (BSE) for decades, Brijmohan Sagarmal Agarwal, 85, recalls how the 132-year-old bourse has grown to epitomise corporate India's development since independence.
"The BSE at that time was housed in a four-story building and the trading ring was on the ground floor," recalls the resident of suburban Mumbai who has seen the trading system transform from loud cries by brokers to the sophisticated computer deals.
Iran to pay for Indian tea in euro now
By Aparajita Gupta, IANS,
Kolkata : Iran has decided to pay India in euros instead of US dollars for the tea it imports from this country, Tea Board of India chief Basudeb Banerjee said after returning from a three-day visit to Iran.
India exports 11-12 million kg of tea to Iran every year at an average price of Rs.107 ($2.22 or 1.64 euro) per kg. Its total 189 mn kg tea export in 2007-08 was worth Rs.18.89 billion (Rs.1,889 crore or $381 million/ 289 million euro) .
Petrol, diesel price hiked
New Delhi : Transport fuel prices were hiked effective Friday midnight by Rs.3.13 per litre for petrol and by Rs.2.71 a litre for diesel,...
Sensex sheds early gains, up 42 points in afternoon
By IANS,
Mumbai : A key index of the Indian equities markets, which zoomed over 134 points in early trades, shed most of its gains Thursday afternoon to trade 42 higher than its previous close.
At 2.04 p.m., the sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 16,686.38 points, was up 41.97 points or 0.25 percent at 16,719.01 points.
The index hit a high of 16,820.02 points in the morning session, but slipped to a low of 16,636.55 points.
Financial sector reforms key to higher GDP: Chidambaram
Bangalore, Dec 29 (IANS) Union Finance Minister P. Chidambaram Saturday expressed concern over the lack of consensus on carrying out more financial reforms to ensure and sustain high GDP growth.
"If India has to grow at nine percent plus continuously, its financial sector has to be modernised, with a slew of reforms in the banking, insurance and pension sectors," Chidambaram said after unveiling the new logo of the state-owned Canara Bank at a function here.
Sensex opens strong, up 203 points
By IANS,
Mumbai : A benchmark index for Indian equities opened strong Wednesday and after 35 minutes of trade was ruling 203 points higher than its previous close.
At 9.36 a.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,228.91 points, was at 16,430.32 points, up 203.64 points or 1.25 percent from its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 4,916.3 points, against the previous close at 4,855.75 points, a gain of 1.25 percent or 60.55 points.
Indian equities bounce back after weak opening
By IANS
Mumbai : Indian equities markets, which opened with a marginal loss Tuesday, bounced back soon after and were trading in the green on account of sustained buying in scrips across sectors, notably in capital goods, power, oil, cement and pharmaceuticals stocks. However, early in the afternoon, the markets started moving southwards again.
Rs.10,000 cr power plant proposal for Tamil Nadu
By IANS,
Chennai : The Indian Oil Corporation and the Tamil Nadu Industrial Development Corporation have submitted a proposal to the Tamil Nadu government for jointly setting up a liquefied natural gas (LNG) terminal and a power plant near here at a cost of Rs.10,000 crore.
"The state government has responded positively saying that it would study the project," Union Petroleum and Natural Gas Minister Murli Deora told reporters here Monday.
Hyundai Motor’s November sales down 2.3 percent
By IANS,
New Delhi: Hyundai Motor Saturday reported a marginal 2.3 percent decline in November sales at 55,762 units from 57,071 units sold in the same period of 2011.
Brazil cuts taxes in face of economic downturn
By DPA,
Brasilia : The Brazilian government enacted additional tax cuts Monday in the face of shrinking forecasts for gross domestic product (GDP) amid the global economic downturn.
The move came after the country's central bank Monday reduced its economic outlook for GDP to 1.2 percent for the year from 3.2 percent.
Finance Minister Guido Mantega announced a reduction of taxes on building materials and an extension of a tax break on cars. The government hopes to make up for the expected tax shortfall by increasing cigarette taxes to 30 percent.
Donations to electoral trusts to get tax exemption
By IANS,
New Delhi : Donations to electoral trusts will be allowed a 100 percent deduction from the income of the donor for income tax purposes, Finance Minister Pranab Mukherjee announced here Monday in the union budget for 2009-10.
"The house will agree that it is desirable to bring about transparency in the funding of political parties in the country," Mukherjee said in his budget speech.
Markets claw back into the green
By IANS,
Mumbai : Indian equities markets were back in the green after falling in the morning session, with a key index gaining 1.11 percent over its previous close about an hour before close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 9,339.19 points, 1.11 percent or 102.91 points higher than its previous close.
At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,861.4 points, 1.33 percent up over its last close of 2,823.95.
SMEs confident despite soaring interest rates
By IANS
New Delhi : With higher growth optimism, Indian micro, small and medium enterprises (MSMEs) are increasingly becoming resilient to the negative impact of changing economic parameters like rising interest rates, says a survey.
India-Dubai trade records 74 percent rise
By Aroonim Bhuyan, IANS
Dubai : Non-oil trade between India and the emirate of Dubai touched a record $19 billion in 2007, a rise of 74 percent from $10.9 billion of the previous year.
"India is now the top export and re-export destination for Dubai and the second largest source of imports," India's Consul General in Dubai Venu Rajamony told reporters Monday, quoting figures released by Dubai Customs.
"India-Dubai trade accounted for 80 percent of the total trade between India and the United Arab Emirates (UAE)," he said.
Meltdown hits Gulf job market, emigration falls 30 percent
By IANS,
New Delhi : Emigration from India to the Gulf has fallen 30 percent with the global meltdown hitting the job market in West Asia, the government said Tuesday.
"Emigration to Gulf has come down by about 30 percent due to economic recession," said the official data presented by the overseas Indian affairs ministry at the two-day consultation meeting with state governments that began here Tuesday.
Dubai to hold region’s biggest cyber games exhibition
By IANS,
Dubai : The biggest electronic gaming exhibition in the Middle East and North Africa will be held here next month bringing together world leaders of the industry, WAM news agency reported Friday.
The Dubai World Game Expo (DWGE), to be jointly organised by Indiex Conference and the Dubai International Character and Licensing Fair, will run Oct 28-30 at the Dubai International Exhibition and Convention Centre.
Major food commodity prices steady: Government
By IANS,
New Delhi : The prices of wheat, rice and sugar have remained steady at the weekend at most of the reporting centres where rates are monitored by the consumer affairs department, the government said Friday.
"Prices of wheat decreased in Chennai, Dindigul and Guwahati, and remained steady at all the reporting centres except for an increase at Vijayawada, whereas prices of rice decreased in Delhi and Dindigul, and remained steady at most of other reporting centres," said the ministry of consumer affairs, food and public distribution in a statement.
Onion, tomato prices not to fall before September
By IANS
New Delhi : The soaring prices of onions and tomatoes are most unlikely to fall before September, an official said, reviving memories of a 1998 crisis that led to a change in the local government in Delhi.
Onion prices have touched Rs.21 per kg and tomato prices Rs.28 per kg in Delhi, and authorities blamed poor supply from Punjab and Haryana as well as destruction of crops in Maharashtra and Gujarat due to rains for the price rise.
Oil producers tell Modi what went wrong
By Biswajit Choudhury,
New Delhi : India's top hydrocarbon producers, under the banner of the Association of Oil and Gas Operators (AOGO), have written to...
Reliance Energy wins revised Sasan bid
By IANS
New Delhi : The 4,000 megawatt Sasan Ultra Mega Project in Madhya Pradesh will be awarded to Reliance Energy, a part of the Anil Dhirubhai Ambani Group (ADAG), it was announced here Monday.
A meeting of the empowered group of ministers, set up specifically under Power Minister Sushilkumar Shinde to resolve all matters, accepted Reliance Energy's revised bid for the project, which offers electricity at Rs.1.19616 per unit.
New Delhi : The 4,000 megawatt Sasan Ultra Mega Project in Madhya Pradesh will be awarded to Reliance Energy, a part of the Anil Dhirubhai Ambani Group (ADAG), it was announced here Monday.
A meeting of the empowered group of ministers, set up specifically under Power Minister Sushilkumar Shinde to resolve all matters, accepted Reliance Energy's revised bid for the project, which offers electricity at Rs.1.19616 per unit.
Sensex builds on opening gains
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday extended its early morning gains, with auto and public sector companies leading the pack. The index was up 93 points a little before noon even as other major Asian markets reported a mixed bag.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,067.67 points, was at 18,142.26 points, 93.41 points or 0.52 percent up from its previous close at 18,048.85 points.
Indian markets open well ignoring weak global cues
By IANS
Mumbai : Fears of a poor opening here Monday were belied and Indian markets ignored weak global cues despite European markets closing on a negative note Friday.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 20,918.23 points, up 0.46 percent and marked a high of 20,985.62. It has, however, come down to 20,750.06 points, down 0.37 percent on early trades.
Oil leak in Haldia-Paradip pipeline in Orissa
By IANS,
Bhubaneswar : An oil leak was Tuesday spotted at a crucial pipeline of the state-run Indian Oil Corp in Orissa's Bhadrak district, raising concerns over its environmental impact and loss of supplies.
The leak was detected early morning by residents near Jafrabad village, some 170 km from state capital Bhubaneswar, said District Collector K.C. Patra.
"The leakage was from the Haldia-Paradip pipeline. After detecting the leakage, the villagers diverted the oil to a nearby pond," Patra told IANS.
Indian economy performed best, inflation will be tackled: PM
By IANS,
New Delhi : India performed better than most global economies and will grow at 10 percent in the medium term with moderate inflation even as social inclusion would remain at the core of government agenda, Prime Minister Manmohan Singh said Monday.
"The agenda for our second term seeks to strengthen a pro-people policies and programmes initiated by our government since 2004," the prime minister said during an 80-minute National Press Conference, predicting a 8.5-percent growth for this fiscal.
Nano: The drive to big dreams
By IANS
New Delhi : A day after chairman of the Tata Group Ratan Tata unveiled the Tata small car in the capital, Nano was the topic of conversation everywhere. From the crowded buses in Delhi to the malls in Bangalore, from the busy roads of Assam to offices in Hyderabad - the tiny car seemed to have powered its way into the nation's heart.
Demonetisation of Rs 500, 1000 notes to hit the common man most: SDPI
By TCN News
The Social Democratic Party of India, (SDPI) has termed the demonetisation of Rs 500 and Rs 1,000 notes by the NDA...
Dhumal presents tax-free budget in Himachal Pradesh
By IANS
Shimla : The Bharatiya Janata Party (BJP) government in Himachal Pradesh led by Prem Kumar Dhumal presented a tax-free budget Friday, some two months after taking over power.
Eyeing on early Lok Sabha polls, the budget has proposed 18,000 jobs of government teachers.
The budget has also promised a five percent interim relief for the state government employees and pensioners at a total estimated liability of more than Rs.3 billion ($74.7 million).
Russia’s GDP grows 7.4% in November, 7.7% in 11M07 – ministry
By RIA Novosti
Moscow : Russia's gross domestic product grew at an annual rate of 7.4% in November and 7.7% in January-November 2007, the economics ministry said on Thursday.
Russia's Economic Development and Trade Ministry published on Thursday on its website a report on the Russian economy's performance in the first eleven months of 2007.
In accordance with the report, Russia's GDP is expected to rise 7.6% in 2007 compared with the previously projected figure of 6%.
Russia's economy grew 6.7% in 2006.
Air India to get Rs.2,500 crore of fresh equity
New Delhi : Finance Minister Arun Jaitley Saturday proposed infusion of an additional equity of Rs.2,500 crore in the cash-strapped national passenger carrier Air...
Economic System In Islam & Indian Muslims
By M Naushad Ansari,
The Sachar Committee report and, later, the Ranganathan Mishra Commission report are much in discussion. Demand to implement recommendations of these Commissions is picking up in every corner of the country. It is quite justified and logical. However, at the same time, the community has yet to ponder over the resources available and the strategy for the development of ummah.
Economic Condition
Equity firms buy stake in Jai Balaji Industries
By IANS
Kolkata : Citi Venture Capital Fund and India Equity Partners have decided to buy 15 percent stake worth Rs.2.73 billion ($69 million) in steelmaker Jai Balaji Industries Ltd to partly finance its expansion.
Both the companies have decided to subscribe to 61,18,000 and 22,41,000 compulsorily convertible debentures of Rs.326.90 each respectively, to be converted into one equity share per debenture, aggregating to Rs.2.73 billion, representing 11 percent and 4 percent of the diluted equity through a preferential allotment.
IT will drive Indian economic growth: Karnataka governor
By IANS
Bangalore : Karnataka Governor Rameshwar Thakur Monday said information and communication technologies (ICT) would be driving the growth of Indian economy in the coming decade.
"The fundamentals of ICT have taken a firm foothold in the sub-continent over the last decade. I foresee ICT driving economic growth," Thakur said while inaugurating the 10th edition of Bangalore IT.in here.
Supreme Court upholds Karnataka order on power tariff
By IANS,
Bangalore : The Supreme Court Monday upheld the Karnataka government order, directing power producers such as GMR Energy to supply electricity to the state grid at Rs.5.50 per unit as fixed January 1, an official said.
"The apex court dismissed a special leave petition (SLP) filed by GMR Energy challenging the tariff order, which was issued to ensure all power producers supply power to the state grid to ease the acute power shortage in the state," state energy department principal secretary K. Jairaj said in a statement.
Israeli company negotiating defence system deal with India: Report
By Xinhua
Jerusalem : Israel Aerospace Industries Ltd. (IAI) is discussing details of a $1.5 billion deal with India to set up a defence system using long-range missiles, media reported Tuesday.
The deal also includes radar systems made by IAI subsidiary Elta Systems Ltd., unmanned aerial vehicles (UAV), and possibly IAI-built satellites as well, according to the Globes newspaper.
The Indian government approved the deal a few months ago,, and IAI chief Yitzhak Nissan is now in negotiations over the details, the report said.
India, Luxembourg sign treaty on taxation
By IANS
New Delhi : The union cabinet Thursday gave its approval to a double taxation avoidance treaty with Luxembourg in Europe, giving a new boost to the economic and bilateral ties.
The cabinet chaired by Prime Minister Manmohan Singh approved the agreement which covers both avoidance of double taxation and prevention of fiscal evasion in respect of the taxes on income and capital.
Delhi again among 10 most expensive office markets
By IANS,
New Delhi : Delhi has again joined the list of 10 cities worldwide that command the highest rentals for office space, says a report released Tuesday by global realty consultancy CB Richard Ellis.
Mumbai dropped one place to the seventh position, the report titled "The Semi-Annual Global Office Rents" added.
"While Mumbai continues to remain in the top 10, Delhi has re-joined the top 10 ranking of most expensive office markets after two years," said Anshuman Magazine, chairman and managing director, CB Richard Ellis South Asia.
India is safe from global meltdown, says finance minister
New Delhi, Sep 30 (IANS) India's domestic market is safe from the global economic turmoil, Finance Minister P. Chidambaram said here Tuesday, contradicting Prime Minister Manmohan Singh's statement to a French paper.
The domestic market is “safe, sound and attractive”, Chidambaram told reporters outside North Block, the seat of the country's finance ministry.
Chidambaram, who did not rule out government intervention, if required, to protect investors' interests, added: “There is nothing to worry.”
Gujarat potato plus McCain Foods is McDonald’s Indian French fry
By IANS
Ahmedabad : Millions of consumers in India munch McDonald's French fry, also called Mac Fry, every day. But many of them might not be knowing that the potato they relish comes from Gujarat, thanks to an initiative by the Indian subsidiary of US multinational McCain Foods.
McCain Foods India (MFI) processes and supplies frozen potato products from its swanky $14.6 million plant on the National Highway number 8 that connects Delhi and Mumbai. The plant is located 60 km away from Ahmedabad, enroute to Mehsana.
Adani Enterprises buys Australian coal asset for $2.7 billion
By IANS,
Mumbai : Gujarat-based Adani Enterprises, part of the Rs.30,000-crore diversfied Adani Group, has acquired the coal mine assets of Linc Energy of Australia for a cash and royalty package worth $2.7 billion to expand the group's energy business.
"The purchase consideration is AUD 500 million ($455 million) plus a royalty payment for a twenty year period linked to production," the company said in a statement to the Bombay Stock Exchange.
Jharkhand reduces sales tax on diesel, subsidises cooking gas
By IANS,
Ranchi : The Jharkhand government Saturday reduced sales tax on diesel by 3.5 percent and announced a Rs.40 subsidy per cooking gas (LPG) cylinder.
The decision follows a meeting Chief Minister Madhu Koda had with deputy chief ministers Sudhir Mahto and Stephen Marandi Friday night.
Diesel will be now be available at Rs.35.66 a litre instead of Rs.36.76, while one LPG cylinder will cost Rs.316.75, as against Rs.356.75 following the central government price hikes announced Wednesday.
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.
Vodafone Half Marathon to raise money for charity
By IANS
New Delhi : Top corporate companies will help raise money for charity when they take part in the Vodafone Half Marathon here Sunday, organisers said here Monday.
Various initiatives like the Dream Team, the Corporate Challenge and the Pledger's United will provide avenues for doing their bit by supporting a cause.
Around 41 companies have formed 51 teams and will raise fund in excess of Rs.12 million from the event.
A Dream Team, would comprise of a select group of individuals who commit to raising at least Rs.100,000 in pledges.
US takes majority stake in GM’s former financing arm GMAC
By DPA,
Washington : The US government will loan another $3.8 billion to car financier GMAC, a former subsidiary of General Motors, and will take a controlling stake of 56 percent, the Treasury Department said Wednesday.
The Treasury had already loaned GMAC $12.5 billion and taken a 35-percent-stake in December 2008 to help save the ailing company from bankruptcy. GMAC has been one of the firms worst hit by the financial crisis and slump in car sales.