US stocks mixed on better-than-expected GDP figures
By DPA,
New York: US stocks closed mixed Friday to end one of its best months in years, after government figures showed a smaller-than-expected contraction of the world's largest economy in the second quarter of the year.
The economy shrank at a 1-percent annual rate April-June period, according to a preliminary estimate by the US Commerce Department. The figure signals that the longest US recession since the Great Depression of the 1930s has eased.
Prefabricated wood homes launched in India
New Delhi, March 25 (IANS) Lockwood International, a leading New Zealand-based wood construction company, has launched its first prefabricated wood houses in India aimed at the luxury realty segment in the country.
The company showcased its first model house at the Classic Golf Resort in Gurgaon, on the outskirts of the national capital, on Tuesday. MacDonald Sarin, a realty asset management company in Gurgaon, will market the houses in India.
Lula invites Bush to go fishing in Brazil
By DPA,
Brasilia : Outgoing US President George W. Bush called Brazilian President Luiz Inacio Lula da Silva to say goodbye Monday, Brazil's presidential spokesman Marcelo Baumbach said.
The conversation was said to have lasted 10 minutes. Bush - who is set to hand over power to Barack Obama Tuesday - invited Lula to visit him in his home state, Texas, while Lula invited Bush to go fishing in Brazil.
Fuel price hike unacceptable: CPI-M
New Delhi : The increase in prices of petrol and diesel is unacceptable, the Communist Party of India-Marxist (CPI-M) said Sunday, as it called...
Be less invasive to check evasion, Chidambaram to taxmen
By IANS
New Delhi : Finance Minister P. Chidambaram Wednesday directed tax officials to accept returns on trust and devise less invasive methods to check evasion while calling for a non-discriminatory and non-discretionary tax system.
The finance minister said e-filing of tax deducted at source would be made compulsory for some categories of taxpayers from Sep 1 and the number of banks that can collect e-taxes will be soon expanded from the current five.
Dishman Pharma expands plant capacity
By IANS,
Ahmedabad : City-based Dishman Pharmaceuticals and Chemicals Ltd (DPCL) has commissioned three active pharmaceutical ingredient (API) facilities at Bavla.
The three API facilities that provide additional capacity for undertaking contract manufacturing have been set up at a cost of Rs.1.5 billion ($37.5 million), the company said Wednesday in a filing with the Bombay Stock Exchange (BSE).
Delhi starts single point clearance for new industries
By IANS,
New Delhi: No need to run from one department to another to obtain clearances - entrepreneurs interested in setting up units in the national capital can now approach the business facilitation council (BFC) for single-point clearance.
"The Business Facilitation Council will facilitate the entrepreneurs in obtaining clearances from various departments/agencies for setting up of enterprises in a time bound manner," Chetan Sanghi, commissioner of industries in Delhi, announced here Sunday.
Rs.3.5 bn approved for bio-technology innovations
By IANS,
New Delhi : The government Thursday approved a Rs.3.5 billion public-private partnership programme to carry out bio-technology innovations in areas like agriculture, human health and animal productivity.
The Cabinet Committee on Economic Affairs (CCEA), at a meeting here, gave its approval for launching the Biotechnology Industry Partnership Programme for high-risk discovery and innovation.
"An amount of Rs.350 crore has been earmarked for the programme during the 11th Plan," an official statement said.
Andhra Bank plans to raise forex loan
By IANS,
Kolkata : Andhra Bank plans to raise $125 million through a foreign currency loan immediately, which can go up to $300 million in the long term, its chairman and managing director K. Ramakrishnan said here Wednesday.
"We will raise tier-II bonds of Rs.2-3 billion ($46.6-70 million) by December," he said on the sidelines of the Banking Conclave 2008 organised by the Federation of Indian Chambers of Commerce and Industries (Ficci).
"The bank is looking at a 20-22 percent growth in loans and deposits during the current fiscal," said Ramakrishnan.
Dabur Nepal will not move out: Minister
By Rajeev Ranjan Roy, IANS,
New Delhi : The Nepal government is making all "possible efforts" to iron out differences between the management of Dabur Nepal and its employees over payment of of bonus, the country's Commerce and Supply Minister Rajendra Mahato said here.
"There are some complications, and the government is working out modalities acceptable to the employees and the Dabur Nepal management. It is being done on a priority basis," Mahato told IANS on the sidelines of a business summit here.
TCS, Cognizant get nod for SEZs
By IANS
New Delhi : The government Thursday gave formal approval to Tata Consultancy Services (TCS), Cognizant Technologies and 18 others to set up special economic zones across the country.
The go-ahead was given at a meeting of the Board of Approvals (BOA) of the commerce ministry on SEZs, presided over by Commerce Secretary G.K. Pillai, which gave formal approval to 15 proposals and in-principle approval to five.
TCS and Cognizant both would be setting up their SEZs in Andhra Pradesh, in 30.35 hectares and 16.19 hectares respectively.
Middle East, North Africa most dynamic satellite markets: Study
By IANS,
Dubai : The Middle East and North Africa have become one of the most dynamic emerging markets for satellite broadcast, according to a new study.
Nearly 100 percent of satellite transponders in the region are being used, the study conducted by Euroconsult and the London Satellite Exchange, said.
The upward trend of the satellite market was stimulated by the growing demand from the media, telecom, and military users in the region, WAM reported Sunday.
Ashok Leyland joins hands with Nissan to make LCVs
By IANS
Chennai : India's leading bus and truck maker Ashok Leyland Limited Wednesday joined hands with Japan's Nissan Motor Company to make light commercial vehicles (LCV).
The two firms signed a heads of agreement (HoA) to float three joint venture companies - two of them will manufacture outfits to make LCVs and powertrain and the third one will be a technology company that would develop LCV-related products.
Shares fall sharply in Seoul
By DPA,
Seoul : Shares on the Seoul Stock Exchange nosedived Monday, sending the benchmark Kospi index down more than 4 percent as worries over the global financial crisis persisted despite a US bail-out plan.
The Kospi plunged 60.9 points, or 4.3 percent, to close at 1,358.75.
Declining issues outnumbered advancers 775 to 79.
The main index of the technology-heavy Kosdaq market declined 25.71 points to 406.39.
National Aluminium profits take a hit
By IANS,
Bhubaneswar : State-owned National Aluminium Co (NALCO) Wednesday said its third quarter net profit was down 33.38 percent to Rs.2.19 billion (Rs.219 crore), and attributed it to the falling prices of its products in the international market.
In the same period last fiscal, NALCO had posted profits of Rs.3.29 billion (Rs.329 crore).
"The fall in the product price in the international market has eroded our profit," NALCO chairman C.R. Pradhan told IANS.
Pakistani designers eye India’s wedding market
By IANS
New Delhi : Hoping for a share in India's burgeoning wedding market, Pakistani fashion designers are again readying to showcase their creative brilliance during the eighth edition of the 'Bride and Groom 2007' wedding exhibition here later this month.
Organized by the International Trade and Exhibition (ITE) Group, the three-day extravaganza is scheduled for Aug 18-20.
Haryana foodgrain production hits new high
By IANS,
Chandigarh : Haryana has achieved a new high in foodgrain production with an output of 10.08 million tonnes during 2008-09, an official spokesman said here Tuesday.
With wheat production increasing to 10.05 million tonnes in 2008-09 from 10.02 million tonnes in 2007-08, the state recorded an all-time high productivity of 42.68 quintals of wheat per hectare.
The production of mustard nearly doubled 598,000 tonnes in 2007-08 to about 1.01 million tonnes in 2008-09, agriculture department officials said here.
Flying a kite to know mantras of success (IANS Book Review)
By Mauli Buch, IANS,
Book: "Go Fly High"; Author: Sandesh Mestry, Chandrashekhar Bhat and Om Dhumatkar; Publisher: MBMC Consulting Ltd; Price: Rs.499.
A piece of light fiction, this book relates the experiences of perhaps every small entrepreneur -- fire-fighting, managing delayed orders, resource crunch and simply never having time for the family. It tells the journey of one such businessman who discovers the mantras of success by simply flying a kite.
Consim Info gets $11.75 million funding
By IANS
Chennai : City-based online company Consim Info Pvt Ltd has announced the receipt of $11.75 million as second round of funding here Tuesday.
Formerly known as BharatMatrimony, Consim Info got the investment from Mayfield Fund, Yahoo and Canaan Partners. The actual investments by each investor and the stakes they bought in Consim Info are not disclosed.
In 2006, the company raised $8.65 million from Yahoo and Canaan Partners.
Inflation will moderate in coming months: Plan panel
By IANS,
Bangalore : Inflation rate will moderate in the coming months as a result of fiscal and monetary policies taken by the central government and the Reserve Bank of India (RBI), Planning Commission Deputy Chairman Montek Singh Ahluwalia said here Thursday.
Market meltdown continues on poor global cues
By IANS
Mumbai : Poor global cues continued to impact Asian markets and Indian bourses were not spared the meltdown Monday. A benchmark index lost nearly 3 percent in early trade.
The 30-share sensitive index of the Bombay Stock Exchange (BSE) opened at 18,919.57 points, down 0.49 percent over Friday's close.
After touching a low of 18,321.33 points, down 3.65 percent, Sensex hovered around 18,456.67 mid-morning, down 557.03 points or 2.93 percent.
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.
Petroleum minister asks for zero duty on crude oil
By IANS
New Delhi : Petroleum Minister Murli Deora has asked Prime Minister Manmohan Singh to abolish the tariff on crude oil to help state-run firms tide over the crisis on account of lower selling price of transport and cooking fuels.
"Just like the government scrapped import duty on edible oils, the five percent customs duty on crude oil should also be made nil," Deora told reporters here, referring to the decision taken Monday to lower duties on a number of items.
Top corporate executive goes missing, search on
By IANS
Mumbai : Ashwani Kumar Bhat, president of pharmaceutical major Nicholas Piramal India Limited, has gone missing in Madhya Pradesh. Police launched a search Saturday while his abandoned car was found from Rajasthan.
Piramal group chairman Ajay Piramal said it was a matter of concern. "We are taking all steps and working in all directions to trace Bhat," Piramal told IANS late Saturday evening.
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 stocks fall on lower consumer debt
By DPA,
New York : Major US stock indices declined Wednesday after government data showed consumers were reluctant to take on more debt, and Federal Reserve Chairman Ben Bernanke hedged his bets on economic recovery.
"The economy seems to have stabilized and is beginning to grow again," Bernanke said in a speech from Dallas, Texas. "But we are far from being out of the woods."
Bernanke cited high unemployment, rampant home foreclosures and poor credit access for small businesses as causes of concern.
Lufthansa starts two new flights from Kolkata
By IANS,
Kolkata : Lufthansa has increased its flights between Kolkata and Frankfurt from three to five a week, it was announced Tuesday.
The additional flights will operate on Wednesday and Sunday. Previously, the three flights were scheduled on Thursday, Saturday and Monday.
Lufthansa operates the Kolkata route with an Airbus A330-300, offering a total of 221 seats. Fares from Kolkata start from Rs.35,000.
Sensex momentum continues, heavyweights soar
By IANS,
Mumbai : A benchmark index for Indian equities continued with its bull run Monday, finding key support from heavyweight stocks like Reliance Industries, ITC and Bharti Airtel.
GDP numbers help Sensex pares losses
By IANS,
Mumbai : A benchmark index for Indian equities recouped some of its intra-day losses to close 61 points lower on a day when bourses globally saw a sell-off.
Investor confidence dipped on the state of the economic recovery in the US and other developed economies. India too was not far behind, tracking the global selling spree.
Positive growth data, however, helped soothe sentiments. As per official data, the country's gross domestic product expanded 8.8 percent in the April-June quarter, helped by domestic demand.
India, Russia trade can touch $20 billion by 2015: Ficci
By IANS
New Delhi : Trade between India and Russia has the potential to touch $10 billion by 2010 and $20 billion by 2015 if issues such as high credit risk and procedural hassles are addressed, said an industry survey.
Both countries would need to work hard at removing obstacles that hamper trade such as insurance cover, Russia's ban on bulk import of farm items, slow registration process for Indian pharmaceutical products, and low safeguards for investments, said a survey by the Federation of Indian Chambers of Commerce and Industry (Ficci).
India’s forex reserves dip $3.32 bn
By IANS,
Mumbai: India's foreign exchange (forex) reserves declined by $3.32 billion to $294.01 billion for the week ended Jan 7 mainly due to the slump in the value of foreign currency assets.
Essar Shipping plans expansion, targets Rs,4,000 crore turnover
By IANS,
Chennai : Integrated logistics service provider Essar Shipping Ports and Logistics, which has plans to invest $1.5 billion for capacity expansion, hopes to achieve a turnover of Rs.4,000 crore ($836 million) by 2012.
"We are expanding capacity in all our businesses (ports, shipping and oil rigs) by investing around $1.5 billion. We will also implement new business strategies," V. Ashok, director of Essar Shipping, told reporters here Saturday.
Kerala likely to get eight new SEZs
By IANS,
Thiruvananthapuram : The Kerala government is planning to forward eight applications for the establishment of Special Economic Zones (SEZ) to the centre, an official said here Tuesday.
The state already has one SEZ at Kochi, and 11 approved and two approved in principle zones.
Speaking to reporters here, State Industries Minister Elamram Kareem denied reports that there had been a difference of opinion between Chief Minister V.S. Achuthanandan and himself over the delay in clearing 17 pending applications.
Farmers enter world of carbon trading through biogas use
By Jeevan Mathew Kurian, IANS,
Kochi : Global warming has added a new commodity to the Kerala farmers' basket - a virtual commodity called carbon credit - thanks to their use of biogas.
The carbon credits, earned by around 16,000 farmers for their contribution towards controlling emission of greenhouse gases, are being traded now at Chicago Climate Exchange (CCX) providing them a small amount annually.
It was an NGO, Anthyodaya, which pioneered the idea of carbon credit for farmers in the state.
PetroChina is world’s first $1 trillion firm
Shanghai, Nov 5 (DPA) State-run oil and gas giant PetroChina Monday became the world's largest listed company at about $1 trillion market value.
Shares of the company shot up by 163 percent on the Shanghai bourse - China's largest stock market - giving the firm the world's highest market capitalisation.
PetroChina shares opened at 48.6 yuan ($6.5), up 191 percent from their initial public offering price of 16.7 yuan ($2.2), before slipping back to 43.96 yuan ($5.9) at the close.
India asks World Bank to boost lending to developing world
By Arun Kumar, IANS,
Washington : India Sunday proposed a three-point action plan, including a substantial increase in the World Bank's lending, to enable the developing world to recover from the worst recession since the Great Depression.
"Emerging market economies were not the cause of this crisis, but they are amongst its worst affected victims," Ashok Chawla, secretary of the department of economic affairs, told the Development Committee of the Bank.
First shariah compliant Exchange Traded Fund opens Feb 4
By Abdul Hameed Yousuf,
Mumbai: The Benchmark Asset Management is all set to launch the first-ever Shariah Benchmark Exchange Traded Fund in India.
Rajan Mehta, Executive Director of Benchmark Asset Management talked to TwoCircles.net about the new offering.
Exchange Traded Funds are like mutual funds but the stocks can be freely traded. The fund makes money by trading in different company stocks. In this case all companies that the fund can invest in have to follow business and accounting practices that follow the Islamic laws.
Kargil’s cold desert gets big irrigation project
By IANS
Jammu : Kargil, the cold desert region of Jammu and Kashmir where Indian and Pakistani armies fought a war in the summer of 1999, will now have a major irrigation project.
India's Ministry of Water Resources has approved the Parkachick Khawas Canal Project in Kargil district to provide irrigation facilities at a cost of Rs.350 million in one of the biggest initiatives to transform the economy of the backward region, which remains closed for almost six months a year.
India-Arab trade fell in 2008-09: Scindia
By IANS,
New Delhi: India's trade with the Arab countries dropped to Rs.6 trillion ($120 billion) during 2008-09 from Rs.7.9 trillion in the previous year, parliament was informed Wednesday.
"So far, no pacts have been signed with the Arab world. It is a constant endeavour of the government to enhance trade with all the countries for mutual benefit," Minister of State for Commerce and Industry Jyotiraditya Scindia told the Rajya Sabha.
Indian firms outperform US counterparts: Mckinsey
By IANS
Bangalore : A recent study by global consulting firm McKinsey has found top 25 percent of Indian companies perform better than the average US firms in management practices.
"Our study shows top 25 percent of Indian companies outperform many US firms in management practices due to the advantage of highly educated workforce and labour arbitrage," McKinsey principal partner Stephen Dorgan said here Friday at the 15th Quality Summit, organised by the Confederation of Indian Industry (CII).
Social networking costs Britain 14 bn pounds in lost work time
By IANS,
London : Social networking websites like Facebook and Twitter have cost the British economy a whopping 14 billion pounds a year in lost work time, a study said.
The study pointed out that two million employees spend an hour a day on social networking sites and over half the workforce make use of Facebook, Twitter, MySpace or YouTube for half an hour a day when they are supposed to be working.
The Sun Friday reported that only 14 percent admitted the sites made them less productive while 10 percent said it made them do more.
Tamil Nadu varsity to help Australia extract drumstick oil
By IANS,
Coimbatore : The ubiquitous 'murungai', the popular vegetable known as drumstick, will now be used for biofuel extraction on an industrial scale.
The Tamil Nadu Agriculture University (TNAU) here has signed a memorandum of understanding with the Western Australian Agriculture Authority (WAAA) to develop high-yield varieties of murungai, known as Moringa oleifera in the plant world, for biofuel production.
TNAU produces two series of murungai seeds, which it distributes to farmers for commercial farming.
Foreign investment proposals worth Rs.18.2 bn cleared
By IANS,
New Delhi : Finance Minister P. Chidambaram, on the recommendation of Foreign Investment Promotion Board (FIPB), Friday approved 18 FDI proposals totalling Rs.18.20 billion, a ministry statement here said.
The projects that got the government's nod include Manipal Educational Group's proposal for Rs.14.35 billion foreign investment in a holding company and the US-based Freightcar America's proposal for a Rs.700-million joint venture to manufacture rail cars.
Lok Sabha nod for bill on welfare of unorganised sector
By IANS,
New Delhi : Parliamentary approval was Wednesday accorded to a bill that aims to extend social security cover and other benefits to nearly 95 percent of the country's workforce that is said to be in the unorganised sector.
The Unorganised Workers Social Security Bill, 2008, was passed by the Lok Sabha, the lower house, Wednesday. The Rajya Sabha, the upper house, had passed the bill in October.
Singapore Airlines to double daily flights from Delhi
By IANS,
Mumbai : Singapore Airlines is working on an aggressive expansion plan in India, beginning with doubling its daily flights from New Delhi from September.
At present, the airline operates nine flights a week from Delhi using the Boeing 777-200 aircraft, with a three-class configuration.
The new flights will be called 'Sunrise' services, and will be operated in the morning.
This summer, the airline added two morning flights Friday and Sundays from New Delhi to Singapore.
Bank of Baroda opens new electronic unit in UAE
By IANS,
Dubai : Bank of Baroda (BoB), which has major operations in the United Arab Emirates (UAE), has opened a new electronic banking service unit (EBSU) in Abu Dhabi.
India’s Ambassador to the UAE Talmiz Ahmad and BoB chairman and managing director M.D. Mallya inaugurated the unit at the Mussafah area of the UAE capital, according to a BoB statement.
Speaking on the occasion, Mallya said the bank was going strong despite the ongoing global financial crisis.
Bank of Maharashtra plans to raise Rs.1,500 crore
By IANS,
Kolkata : State-owned Bank of Maharashtra is planning to raise Rs.1,500 crore in three years, a top bank official said here Tuesday.
"We have a plan to raise Rs.500 crore every year (starting from this fiscal) for three years via follow-on public offer, qualified institutional placement or issue perpetual preference shares," bank chairman and managing director Allen C.A. Pereira told reporters on the sidelines of a banking conclave.
Lumax to invest Rs.200 crore to set up two plants
By IANS,
New Delhi : Automotive lighting solutions provider Lumax Industries Thursday said it will invest Rs.200 crore to set up two plants in the next two years.
"We will be setting up two plants in the coming two years with an estimated cost of Rs.200 crore for Tata Nano and Toyota Etios," said Anmol Jain, senior executive director, on the sidelines of an auto-component conference here.
Continuing stimulus bad for economy: Finance secretary
By IANS,
New Delhi: The government Wednesday indicated that continuing with the economic stimulus package would not be good for the economy, even as the Indian industry warned that any move to withdraw it now could be counter-productive.
"Too much of stimulus when the body is getting healthy may not be a good thing. It can be injurious to health," said Finance Secretary Ashok Chawla, referring to the textile industry's demand for more stimulus measures and sops.
AIG’s India operations, banking system sound: Chidambaram
By IANS,
New Delhi : The Indian operations of the US-based financial services giant American Insurance Group (AIG) are sound and so is the case with domestic banks, Finance Minister P. Chidambaram said here Thursday, against the backdrop of the current global financial crisis.
Addressing reporters after a cabinet meeting chaired by Prime Minister Manmohan Singh, the finance minister said while the government was closely watching the global financial markets, the Indian banking system remained strong.
Rates of Arab currencies
By SPA
Riyadh : The following selling rates for Arab currencies are announced by the Saudi Arabian Monetary Agency (SAMA) here today.
Currency Saudi Riyals
Kuwaiti Dinar 13.73
Bahrain Dinar 9.94
Omani Riyal 9.73
Jordanian Dinar 5.28
Tunisian Dinar 3.07
Egyptian pound 0.68
UAE Dirham 1.02
Qatari Riyal 1.02
Moroccan Dirham 0.48
Syrian lira 0.07
Yemeni Riyal 0.01
Mauritania Ouguiya 0.01
Lebanese lira 0.0025
Sudanese pound 0.018
Tax targets revised upwards: Pranab
By IANS,
Chennai: The government has decided to increase the targets for direct and indirect tax collections for this financial year (2010-11), Finance Minister Pranab Mukherjee said Sunday.
Cabinet approves India-Syria investment pact
By IANS,
New Delhi : The government Friday approved an investment pact between India and Syria that was signed between the two countries nearly two months ago.
“The bilateral investment promotion agreement (BIPA) is aimed at protecting and promoting the interests of investors of either country in the territory of the other,” Science and Technology Minister Kapil Sibal told reporters here after a cabinet meeting chaired by Prime Minister Manmohan Singh.
Jaiprakash commissions cement unit in Gujarat
By IANS,
New Delhi : Jaiprakash Associates, primarily engaged in the industrial infrastructure sector, Wednesday commissioned a cement facility in Gujarat on an investment of Rs.1,500 crore.
The plant at Sewagram in Kutch district has an annual capacity of 2.4 million tonnes and will generate employment for over 3,000 people, the Jaypee group company said in a statement.
"The demand for cement in the western part of India has been growing and is expected to grow by 10-12 percent in next four to six months," Jaypee group founder Jaiprakash Gaur said in the statement.
US permits sale of high-tech dual-use products to India
By Arun Kumar, IANS
Washington : The US has announced a new programme to allow American companies to sell high-tech dual-use products with potential military applications to pre-screened customers in India without an individual licence.
The new Validated End-User (VEU) programme for India will help facilitate and increase bilateral high technology trade while maintaining a secure US export control system, the US commerce department announced Tuesday.
Steel authority set to bag Chhattisgarh iron ore reserve
By IANS,
Bhilai (Chhattisgarh) : Steel Authority of India Ltd (SAIL) is set to bag a 2,028-hectare block in the Rowghat iron ore mine deposits in Chhattisgarh to feed its flagship unit, the Bhilai Steel Plant, as it has obtained the final clearance from the environment and forest ministry.
"Bhilai Steel has obtained the final clearance from the ministry early this month for the Rowghat project," an official told IANS Wednesday, adding that company had been seeking the deposit since 1983.
India will keep growth high and inflation low: Chidambaram
Davos, Jan 25 (IANS) India's Finance Minister P. Chidambaram told business leaders at the World Economic Forum (WEF) here Friday that India would guard against the "double whammy" of high prices and economic slowdown as a possible fallout of the current US financial crisis.
But if the choice were between maintaining high growth and keeping prices down, he would choose the latter in the interests of India's poor, Chidambaram told a forum that has been keenly watching India's response to the US economic slowdown amid speculation of a recession.
World Economic Forum to open in Davos Wednesday
By IANS,
Moscow/Davos: The annual World Economic Forum is set to open in the Swiss ski resort town of Davos Wednesday.
US stocks climb on home sales, commodities
By DPA,
New York : US stocks posted strong gains for a second straight day indications of a stronger US housing market and gains in commodity stocks.
Pending sales of existing homes climbed one percent in January, according to the National Association of Realtors. Shares of DR Horton surged 11 per cent after the second-largest US homebuilder posted its first quarterly profit since 2007.
Energy stocks were boosted as the price of crude oil jumped 3.8 percent to $77.23 per barrel. Aluminium giant Alcoa gained after Citigroup predicted higher metals prices and advised buying shares.
‘International port lobby trying to scuttle Vizhinjam project’
By IANS,
Thiruvananthapuram : An international port lobby and some vested interest groups are trying to scuttle the proposed Vizhinjam port, one of the biggest in the country, state Ports Minister M. Vijayakumar said here Saturday.
The project, to be come up in Vizhinjam near the popular tourist destination of Kovalam, got the final approval from the union shipping ministry Wednesday.
Once complete, the port would handle 4.1 million twenty-foot equivalent units (TEU) per annum. Currently, the country's 12 major ports together handle 4.61 million TEUs per annum.
IFC becomes strategic investor in Meghmani Finchem
By IANS
Ahmedabad : For the first time while financing a project, World Bank affiliate International Finance Corporation (IFC) has decided to make an equity investment of up to 25 percent in an Indian company, going over the normal norm of 20 percent.
The IFC is investing in Meghmani Finechem Limited (MFL), a subsidiary of Ahmedabad-based Meghmani Organics Limited (MOL), a global producer of pigments and agro-chemicals.
Gold price dips Rs.600 per 10 gram
New Delhi : Jewellery buyers have a reason to buy more gold even after the festive season has just gone as the yellow metal...
Global logistics firm announces Indian expansion plans
By IANS
New Delhi : Schenker DB Logistics has announced expansion plans for the Indian market. It has pumped in Rs.200 million as initial investment in its Indian arm Schenker India Pvt Ltd, said a top company official.
The firm expects to generate business worth Rs.20 billion by 2008-09 in the country.
Schenker DB Logistics and Bax Global have recently announced their merger, making the united firm one of the largest logistics and supply chain management company in the world.
Swiss flu medicine firm sees stock rise on back of outbreak
By DPA,
Geneva : Swiss pharmaceutical giant Roche, maker of influenza medication Tamiflu, saw its stock price rise 3.8 percent in early trading Monday on the Zurich exchange on the back of the global swine flu outbreak.
During the avian flu epidemic the drug was used heavily, particularly in South Asia.
Shares in Roche were trading at close to 145 Swiss francs ($126), up over five francs since the opening.
Martina Rupp, a spokeswoman for Roche, said Tamiflu was deemed to be effective against the swine variant.
Indian equities slide further on weak global cues
By IANS,
Mumbai : A day after the mayhem in global stock markets following the bankruptcy filing by Lehman Bros and Merrill Lynch's takeover announcement by Bank of America, equities continued to slide in Indian bourses.
Fears of a much higher impact on future valuations of domestic stocks where the two financial powerhouses have stakes and large scale off-loading by foreign institutional investors contributed to the losses, analysts maintained.
New industrial complex coming up in eastern Saudi Arabia
By IANS,
Dubai : A new industrial complex spread over 600,000 sq mts is going to come up in Dammam, the capital and largest city of Saudi Arabia's Eastern Province.
Building and construction materials manufacturer Construction Products Holding Company (CPC) has announced that its new integrated complex at the Dammam Industrial Zone will include an electric cables factory, a construction steel factory, float glass factory, ready-mix concrete plant, precast concrete plant, transportation company, warehouses and housing and office facilities.
Aviation sector to attract $150 bn in 10 years: Patel
By IANS
Kolkata : India's civil aviation industry will attract investments worth $150 billion in the next 10 years, Civil Aviation Minister Praful Patel said here.
"Developing the infrastructure, upgrading manpower, establishing communication systems and navigation facilities in the airport are the key areas where India's aviation sector needs investment. A new civil aviation policy is also underway, focusing on the developmental aspects," Patel told reporters here Friday evening.
No rethinking on special economic zones: Kamal Nath
By IANS
New Delhi : The central government is not doing a rethink on special economic zones and it is for the state governments to decide on the development model they would like to follow, Commerce and Industry Minister Kamal Nath said here Wednesday.
"Special economic zones (SEZs) have been successful. They have generated employment and investment. There is no rethinking on the SEZ Act as it is an act of parliament," The minister told a "Partnership Summit" being held in Gurgaon on the outskirts of the national capital.
Vodafone slapped Rs.5 mn fine for prize scheme
By Kanu Sarda, IANS,
New Delhi : Terming its prize scheme on more talk-time usage a case of "corporate greed", a consumer court has imposed a fine of Rs.5 million on leading mobile service provider Vodafone Essar.
"The company is indirectly promoting its business by offering prizes of 10 gold coins a day and one bumper prize of Maruti SX4 car to its subscribers whose talk-time is more than 20 minutes a day, which is unfair," said Justice J.D. Kapoor, president of the Delhi State Consumer Commission.
Hyundai India looking overseas for talent
By IANS,
Chennai : The country's second largest car manufacturer, Hyundai Motor India, is looking overseas for talent at the levels of general managers and group heads for its product design and marketing divisions, a senior official has said.
"We need people with different skill sets and with diverse experience. We are looking for suitable people of any nationality who meet our requirements," Arvind Saxena, senior vice-president (sales and marketing), told IANS from Delhi on phone.
Kolkata real estate projects poised to go green
By IANS,
Kolkata : The city is poised to get what probably is its first green housing complex, to be developed by real estate major Siddha Group, with guidance from a state government agency.
The project, Xanadu, will have "energy efficient equipment", as suggested by the West Bengal Green Energy Development Corp, a government enterprise set up to promote environment-friendly projects.
Indonesia and India agree to step up bilateral trade
By NNN-ANTARA,
Jakarta : The Indonesian and Indian governments have agreed to increase trade between their two countries from US$6.5 billion to US$10 billion in the years to come.
In a joint press conference with visiting Indian President Pratibha Devisingh Patil at the State Palace here on Monday, President Susilo Bambang Yudhoyono said India was a country with big economic potentials.
"The trade value between Indonesia and India at present is recorded at US6.5 billion and it can be increased to US$10 billion in the future," Yudhoyono said.
Phenix Varco Pruden eyes auto, IT projects in south India
By IANS
Chennai : Pre-engineered steel building firm Phenix Varco Pruden is focusing on upcoming industrial projects in south India for business, a company official said here Monday.
"We are looking at industrial, IT software park and warehouse projects for our pre-engineered steel structures," Malav Patel, managing director of the Ahmedabad-based firm, told reporters.
Promoted by the Rs.1.5 billion turnover Manibhai & Brothers group, Phenix Varco Pruden gets the technical know how from Varco Pruden, US, for a fee.
Goyal in no hurry to dilute stake in Jet Airways
By IANS
Mumbai : Jet Airways chairman Naresh Goyal said he was in no hurry to dilute promoters' holding to 75 percent as per SEBI guidelines.
Earlier, Goyal planned to sell five percent of his equity in the airlines before the end of March to a private equity player. Goyal holds close to 80 percent in Jet through Tail Winds.
According to SEBI guidelines, his stake needs to be brought down to 75 percent.
Once the dilution of five percent stake takes place, Jet would go ahead with its $400 million rights issue. "We will bring up the rights issue at the right time," Goyal said.
‘Undue benefits’ to companies cost Chhattisgarh Rs.1.85 bn
By IANS,
Raipur : The Chhattisgarh government suffered a revenue loss of over Rs.1.85 billion (Rs.185 crore)) during 2007-08 because of "undue benefits" provided to various companies, a report by India's audit watchdog said.
The Comptroller and Auditor General (CAG) of India in its report on Chhattisgarh said: "The state government stood to lose revenue of Rs.185.71 crore due to undue benefits to the allottees such as allotment of land at reduced rates."
US stocks up for third week in a row
By DPA,
New York : US stocks closed higher Friday, capping a third straight week of gains for the first time since October on better-than expected jobless figures.
The Labour Department reported that 20,000 jobs were lost in April but the unemployment rate fell to five percent. It was the fourth consecutive month of job losses but well below the 81,000 lost in March.
Energy shares gained but retail stocks declined as crude oil climbed more than 3 dollars to $116.30 per barrel. Chevron, the second-largest US oil company, reported a 10-percent increase in profits to $5.2 billion.
Gulf Arab leaders meet over economic integration, regional security
By Xinhua
Doha (Qatar) : Leaders of the six oil-rich Gulf Cooperation Council (GCC) nations gathered here late Monday to discuss regional security issues and economic integration among the group members.
Qatar's ruler Sheikh Hamad bin Khalifa al-Thani addressed the opening ceremony of the 28th GCC annual summit. He said that peace and security are the need of people in the Gulf region.
Kuwaiti Investment Company buys stake in Pakistan’s biggest Islamic Bank
By NNN-KUNA,
Kuwait : Kuwait's Noor Financial Investment Company (Noor) has signed an agreement with Bahraini Shamel Bank acquiring 7 per cent of its stocks in Pakistan's Meezan Islamic Bank, Noor said in a statement here.
The company said Monday it bought 31.296,788 stocks, or 37 rupees (USD 0.864) per stock and totalling KD 4.579.850 million. (1 KD = USD 3.77).
The agreement also paved the way for the acquisition of the name Meezan Bank following approval by Pakistan's central bank which increased Noor's share to 41.6 from the total stock value.
Wipro net up 12 percent in last fiscal year
By IANS,
Bangalore : Global software major Wipro Ltd posted a net profit of Rs.32.8 billion for the last fiscal 2007-08, registering 12 percent year-on-year (YoY) growth over the same period of previous fiscal (2006-07) under the Indian accounting practice.
In a notification to the stock exchanges Friday, the IT bellwether said the group's consolidated revenue for the entire fiscal (FY 2008) under review increased to Rs.200 billion, posting 33 percent YoY growth over the same quarter in FY 2007 under the Indian accounting practice.
Golden Temple in Punjab gets value added tax exemption
By IANS,
Chandigarh : The holiest of Sikh shrines 'Harmandar Sahib' (Golden Temple) in Amritsar has been given value added tax (VAT) exemption by the Punjab government Wednesday.
At its meeting here Wednesday, the Punjab cabinet decided to exempt VAT on all raw materials and consumables procured by or sold to the Sikh shrine.
The state government also lowered the VAT rate for energy efficient Compact Flourescent Lamps (CFLs) from 12.5 to 4 percent to encourage people to buy these.
CPI warns of gas price hike
By IANS,
Mumbai : The Communist Party of India (CPI) Tuesday warned that close on the heels of the recent petrol price hike, people may soon be hit by an increase in the cooking gas price.
Kingfisher defers aircraft delivery, cuts jobs
By IANS,
New Delhi : With the recession in the aviation sector worldwide, private Indian carrier Kingfisher Airlines Tuesday said it had deferred deliveries of a number of Airbus aircraft and sacked 300 employees.
"As part of a concerted effort to minimize the impact of the ongoing turbulence faced by the aviation industry, we have closely examined aircraft utilization and have identified surplus aircraft which are now redundant and are therefore being returned back," said the airlines spokesperson.
Arena, CNBC-TV18 institute animation awards
By IANS
Kolkata : Arena Animation, a global leader in animation and multimedia training, has instituted the Golden Cursor Animation Awards in partnership with television channel CNBC-TV18.
"Indian animation industry has been witnessing tremendous growth in the last few years. It is poised to reach $1 billion in the next three years. The award was instituted to give recognition to creative professionals in the animation industry," R. Krishnan, global head, Arena Animation, said.
300,000 pharma employees may lose jobs: ASSOCHAM
By IANS,
New Delhi : The Associated Chambers of Commerce and Industry of India (Assocham) Wednesday warned that the drug price control measures of the government may render 300,000 pharma employees jobless.
In a representation sent to the department of chemicals and petrochemicals, Assocham said job price control extension beyond 74 medicines would affect the companies and the availability of medicines in the market.
Vedanta scouting for partner to build steel plant
By IANS
Mumbai : Non-ferrous metals giant Vedanta Resources is scouting for a suitable international or domestic partner to set up a 10 million tonne (MT) capacity steel plant in Orissa in India.
"We are impressed at the growing consumption of steel in India and are keen to enter this key sector. We are planning to set up a 10 million tonne steel plant at Keonjhar district of Orissa. We hope to find a suitable partner this year so we can commission it by 2012," Anil Agrawal, Chairman of Vedanta Resources, told IANS Wednesday.
BJP welcomes PM’s nudge to banks to give poor preference
New Delhi : The Bharatiya Janata Party (BJP) on Sunday welcomed Prime Minister Narendra Modi's appeal to banks to give preference to the needs of...
GMR completes acquisition of 50 percent stake in InterGen
By IANS,
New Delhi : Infrastructure developer GMR group has completed the acquisition of 50 percent stake in InterGen NV, a power generation firm that owns 12 power plants around the world.
In a regulatory statement, GMR group chairman G.M. Rao said the process was “consummated under highly tense market conditions, signifying GMR group's strength in the market place”.
Bread, bun to become costlier in northern Kerala
By IANS
Kozhikode (Kerala) : Bread and bun will become costlier from next week in the northern districts of Kerala.
The price of a 300-gram loaf will go up from Rs.10 to Rs.12 while bun will be costlier by Re.1. Instead of Rs.4, it will be sold at Rs.5.
The price hike was announced by All Kerala Mechanised Bakery Owners Association here Tuesday.
Thales, Samtel form joint venture for avionics
By IANS,
New Delhi : French defence and aerospace major Thales and the city-based Samtel group Wednesday announced a joint venture to design, manufacture and sell avionics systems in the Indian market.
Samtel and Thales will hold 74:26 in the venture that was started with a capital of $12.5 million with more investments to be pumped in as the joint development efforts progress, officials of the two firms said at a press conference here.
Andhra Pradesh budget crosses Rs.1 trillion
By IANS
Hyderabad : Andhra Pradesh Finance Minister K. Rosaiah Saturday presented a tax-free, revenue-surplus budget for 2008-09 with the overall expenditure crossing Rs.100,000 crore (Rs.1 trillion or $25 billion), claimed to be highest figure for any state in the country.
India to reopen Stilwell Road to expand business with SE Asia
By Dipanjan Roy Chaudhury, KUNA
New Delhi : With India vigourously pursuing its "Look East Policy" for expanding economic ties with Southeast and East Asia, plans are afoot to re-open the historic "Stilwell Road," linking the country's northeastern region to China via Myanmar.
India is working to re-open the 1,726-km Stillwell Road from the northeastern Indian state of Assam to China's Yunnan province, as connectivity is vital for greater pan-Asian integration and engaging with the 10-member Association of South East Asian Nations (ASEAN).
Grasim becomes virtual owner of its Canadian JV
By IANS,
Ahmedabad : Grasim Industries Ltd, the flagship company of the Aditya Birla Group (ABG), announced Monday that it has increased its stake in AV Cell Inc, a joint venture (JV) with Tembec of Canada, from 25 percent to 45 percent, at a total consideration of around Canadian $6 million (Rs.240 million).
With this deal, ABG's total stake in AV Cell has increased from 75 percent to 95 percent, making it the virtual owner of the JV.
The $2.5 billion AV Cell, which commenced operations in 1998, is manufacturing soft and hardwood pulp.
Shilpa Medicare to sell cancer drug in Europe
By IANS
Mumbai : Karnataka-based pharmaceuticals firm Shilpa Medicare Ltd said Friday that it would sell its cancer drug in Europe.
The European Directorate for the Quality of Medicines (EDQM) has given a green signal for the sale of Oxaliplatin EP, prescribed in the treatment of colon and rectal cancer, the company said here.
The EDQM has granted its certificate of suitability (COS) for the drug. The firm said it was the first in India and fifth in the world to get a COS from EDQM.
India is among the largest investors in Sri Lanka
By P.K. Balachandran, IANS
Attn Editors: This is the second in a series of stories to mark Sri Lanka's 60th anniversary of independence.
Colombo : India has emerged as one of the largest foreign investors in Sri Lanka, with a commitment of over $200 million since 2000. There are signs $364 million will be added to this soon, if some prestigious projects fructify.
Calcutta Telephones plans Rs.5 bn investment
By IANS,
Kolkata : Calcutta Telephones, the Kolkata circle of the state-owned telecom operator Bharat Sanchar Nigam Ltd, will invest Rs.4.99 billion in 2008-09 for technology upgrade of its network, said a top company official here Monday.
"We plan to launch data card in October," said Calcutta Telephones chief general manager S.K. Chakravarty at a press meet.
Japanese firm to invest Rs.3 bn in Punjab
By IANS
Chandigarh : Leading Japanese automobile manufacturer Isuzu Motors will set up a Rs.3 billion ($74 million) facility in Punjab for manufacturing buses and trucks.
Isuzu Motors chairman Toshinori Ida made the announcement after deliberations with Chief Minister Parkash Singh Badal here Monday.
The company will initially invest Rs.3 billion in the project and roll out 12,000 buses and trucks in the first year itself. At its full capacity, the plant will roll out 24,000 buses and trucks annually.
Singapore organisations spearhead ‘Cows for the People’ project in India
By Nirmala George, IANS,
Singapore : Two Singapore-based organisations have come together to lend a helping hand to landless farm labourers in a remote village in Madhya Pradesh with a project called "The Village H.E.L.P: Cows for the People."
The Singapore International Foundation (SIF), a social service group, and Singapore's major television and radio broadcaster, MediaCorp, will jointly implement the project which includes the setting up of a dairy farm to be run by 15 families in Phoolpur village in the state.
Ruia Group eyes European rubber sealing firm for takeover
By Aparajita Gupta, IANS,
Kolkata : The city-based Ruia Group is planning to acquire another European rubber sealing systems company and its chairman Pawan Kumar Ruia is in Europe to ink the deal, industry and banking sources familiar with the development said Thursday.
"The Ruia group has identified its next takeover target. This company is also into rubber sealing systems in Germany," said one source, who was involved in a similar takeover deal last year, requesting anonymity.
Infosys pays 120 percent interim dividend
By IANS
Bangalore : Buoyed by steady growth and a healthy bottom line in the first half (April-September) of this fiscal (2007-08), IT bellwether Infosys Technologies Ltd. has declared an interim dividend of Rs.6 per share, a whopping 120 percent over each share's par value of Rs.5.
In a notification to the stock exchanges here Thursday, the company said the interim dividend payout is 20 percent more than the amount distributed to shareholders for the same period (H1) of last fiscal (FY 2007), which was Rs.5 per share or 100 percent on par.
TVS Motor posts Rs.9.24 bn revenue
By IANS,
Chennai : City-based two-wheeler manufacturer TVS Motor Co Ltd has reported revenue of Rs.9.24 billion ($220 million) for the first quarter of 2008-09 compared to Rs.8.01 billion over the corresponding period last year.
The profit before tax (PBT) and profit after tax (PAT) during the quarter under review stood at Rs.100.2 million and Rs.70.2 million, respectively, against Rs.109 million and Rs.75.5 million, respectively, of the year-ago period, the company announced Monday.
Exports small, medium scale units on the rise: CII
By IANS,
New Delhi : Exports from micro, small and medium enterprises (MSMEs) are on the rise despite the rising cost of raw materials and stiff global competition, says the Confederation of Indian Industry (CII).
According to the CII MSME Outlook Survey on Exports, 42 percent of respondents said their exports rose over the past six months, 49 percent saw a decline while there was no change for the remaining 9 percent.
The principal findings of the survey released here Sunday were based on responses from a broad spectrum of industry groups and MSME members of CII.
German cos join hands to set up packaging machinery unit in Gujarat
By IANS,
Vadodara : German global packaging majors Haver & Boecker and IBAU, have teamed up to set up a Rs.200 million plant near here to make high-speed packaging machinery, company officials said.
The plant will be set up by the Indian arm of the two German companies, Haver IBAU India (HIN), said HIN's managing director, Wilhelm A. Dyckerhoff, Wednesday. The plant will commence production by October this year, he said.
Pakistani govt to spend Rs 495.15 mln to improve reproductive efficiency of cattle
By NNN-APP
Islamabad : Comprehensive strategy has been devised to improve reproductive efficiency of cattle and buffaloes in smallholder production system and government has earmarked Rs. 495.15 (RS 1=0.01646 us$) for next 5 years to achieve the desired goals.
The funds would be utilized for establishment of embryo transfer technology center, semens production and processing center, strengthening of provincial semens production units and support of semens production in private sector, an official in the Ministry of Food, Agriculture and Livestock (MINFAL) Monday said.
Pilgrim influx benefits Madinah businesses
Madinah : The head of the Tourism Committee and member of Madinah Chamber of Commerce and Industry (MCCI) said pilgrims are expected to spend SR24 billion in Madinah this Haj season.
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.
Indian equities markets open with an upswing
By IANS,
Mumbai : Indian equities markets opened in the green zone Friday, taking off from the positive close overnight and mirroring strong cues from global markets.
The 30-share benchmark sensitive index of the Bombay Stock Exchange, the Sensex, opened with a gain of 122.87 points at 17,476.41.
All sectoral indices on the BSE barring FMCG were in the green.
The S&P Nifty index of the National Stock Exchange opened with a marginal gain, but above the 5,000-point mark, at 5,115.65 with a gain of 0.4 percent. Within minutes it climbed to 5,143.90.
World needs $30 bn to feed itself evey year: FAO chief
By DPA,
Innsbruck (Austria) : Up to $30 billion are needed annually to guarantee that the world population will be sufficiently fed up to 2050, the head of the UN food organization has said ahead of an international conference.
European countries, development banks and the World Bank had pledged 7 billion euros (about $10.88 billion) at a summit meeting on food security in Rome in early June, Austrian news agency APA reported Food and Agriculture Organization (FAO) Director General Jacques Diouf as saying here Wednesday.
Cleaner petrol, diesel to cost more from April 1
By IANS,
New Delhi : Cleaner -- but costlier -- Euro-IV standard petrol and diesel will be available from April 1 in 13 cities across the country, Petroleum Secretary S. Sundareshan said here Wednesday.
At a function to mark the launch of the cleaner fuel, he said: "From April 1, Euro-IV standard fuel will be available in 13 cities in India". These cities will include Delhi, Mumbai, Kolkata, Chennai, Hyderabad and Bangalore.
Push reforms to make radio industry viable, experts say
By IANS
Mumbai : The government needs to push reforms quickly so as to transform the private radio industry and boost the revenue streams, experts have said and noted that the Rs.3 billion industry is currently plagued by lack of viability.
During a debate on "Radio Rocks" at the FICICI Frames global convention here Wednesday on media and entertainment industry, experts agreed that the totality of Rs.6.2 billion radio industry is going through an transformational phase from being a passive medium to be an active medium.
Punjab planning direct bus service to Delhi airport
By IANS,
Chandigarh : The Punjab Road Transport Corporation (PRTC) is holding talks with Delhi transport authorities to start a direct bus service from various cities in the state to the Indira Gandhi International Airport in the national capital, Transport Minister Master Mohan Lal said here Thursday.
Industrialists unhappy over public stake hike in listed firms
By IANS
New Delhi : Leaders of Indian industry have expressed concern over the finance ministry's proposal that the listed and to be listed companies should have a minimum public holding of 25 percent.
Breakup of the $78.5 mn Chandrayaan bill
By IANS,
Chennai : Break-up of the Rs.3.86 billion ($78.5 million) bill for India's maiden moon mission:
Deep Space Network: Rs.1 billion ($20 million)
Rocket: Rs.1 billion ($20 million)
Payload development: Rs.530 million ($11 million)
Spacecraft bus: Rs.830 million ($17 million)
Scientific data centre, external network support and project management expenses: Rs.500 million ($10 million)
Czech Republic sees closer ties with India
By IANS
New Delhi : The Czech Republic, one of New Delhi's earliest backers for a permanent UN Security Council seat, sees its ties with India improving on the back of growing economic and political exchanges, its envoy here said.
"We have progressed quite a lot in the political and economic sphere," Ambassador Hynek Kmonícek said, noting that trade between India and the erstwhile Czechoslovakia had now grown to $1 billion annually.
Bharti Airtel’s quarterly net profit drops
By IANS,
Mumbai : Telecom major Bharti Airtel Wednesday reported a 25.8 percent fall in its net profit at Rs.1,432.3 crore for the quarter ended June 30, according to Indian accounting standards.
German firm to upgrade Nehru Stadium
By IANS
New Delhi : German architecture firm Von Gerkhan, Marg und Partner (GMP) has been commissioned to upgrade the Nehru Stadium in New Delhi for the 2010 Commonwealth Games, the Germany embassy's journal here announced.
German News, the German journal, noted that the firm is known for its state-of-the-art, hi-tech infrastructure projects.
Among the projects undertaken by GMP were Europe's biggest central station in Berlin, the new airports in Berlin, Hamburg and Stuttgart, and hi-tech sports stadiums in Berlin and Cologne built for FIFA World Cup 2006.
Transporters, farmers to protest failure to cut fuel prices
By IANS,
Chandigarh : Transporters' and farmer's unions will protest in front of parliament in New Delhi next month against the failure of the government to reduce petrol and diesel prices.
The All-India Motor Transport Congress (AIMTC) and a farmers' delegation led by Bhartiya Kisan Union (BKU) said here Wednesday that they would hold a protest march in front of the parliament Feb 18.
They also demanded that the government issue a white paper on petroleum products' pricing.
Orchid Chemicals increases turnover and net profit for Q3
By IANS
Chennai : The city based bulk drug major Orchid Chemicals and Pharmaceuticals Ltd. has posted a turnover of Rs.3.32 billion for the quarter ended Dec 31, 2007 as against Rs.2.38 billion earned the corresponding period of the previous fiscal.
The earnings before interest and tax (EBIT) stood at Rs.748 million compared to Rs.542 million during the corresponding quarter of last year representing a growth of 37.9 percent. Profit before tax stood at Rs.617 million as compared to Rs.312 million
Indian IT to clock $50 bn revenues this fiscal: Nasscom
By IANS
Bangalore/New Delhi : The Indian IT sector, registering a rip-roaring growth, is expected to clock $50 billion revenues in 2007-08 with companies like TCS, Infosys and Wipro retaining the top slots, says a leading industry body.
L&T profit jumps 215 percent
By IANS,
New Delhi : Construction and engineering giant Larsen and Toubro (L&T) posted a 215.5 percent jump in its quarterly profit, primarily riding on the income from the sale of its ready-mix concrete (RMC) business.
The company filed a net profit of Rs.15.2 billion (Rs.1,520.44 crore/$338.75 million) for the third quarter of 2008-09, as against Rs.4.81 billion during the same period last fiscal.
The company had sold the RMC business to French major Lafarge for Rs.14.8 billion ($328.9 million) last May.
Drug money damages world economy by $2 trillion annually
By IANS,
Moscow: Annual financial damage to the world economy from drug money equals $2 trillion, Russia's Federal Drug Control Service head Viktor Ivanov said.
Cashless health insurance for 4.75 mn domestic workers
By IANS,
New Delhi: Around 4.75 million registered domestic workers in India will soon be covered by a smart card-based cashless health insurance scheme, an official statement said Thursday.
Sensex opens 58 points up on positive global cues
By IANS,
Mumbai : A benchmark index of Indian equities opened 50 points higher Wednesday, taking positive cues from global stocks.
Profit booking wipes out intra-day Sensex gains
By IANS,
Mumbai: A benchmark index of Indian equities markets Monday ended flat as profit booking erased intra-day gains.
Nicholas Piramal to develop new drug with Eli Lilly
By IANS
Mumbai : Nicholas Piramal India Ltd's (NPIL) recently de-merged independent wing NPIL Research and Development (NRDL) has signed a second agreement with the Indianapolis-headquartered pharmaceutical company, Eli Lilly and Co, for developing a new drug.
A statement issued by the company Friday projected that NRDL's compensation could total up to $110 million, plus royalties on sales.
Goods and services tax to reduce manufacturing cost: Expert
By IANS,
Bangalore : The proposed Goods and Services Tax (GST) would reduce manufacturing cost and benefit end-customers, 13th Finance Commission Chairman Vijay Kelkar said here Monday.
"The new tax regime will reduce prices of manufacturing goods, attract higher investment and create employment due to its rationalisation and simplification of taxes," Kelkar told reporters on the margins of a conference.
Apple’s iPhone 3G – what’s different
By Saurabh Yadav, IANS,
New Delhi : After the much-awaited launch of Apple's 3G iPhone Friday and announcements by Vodafone and Airtel regarding its introduction in India in September, the Indian customer is waiting eagerly for what is currently the world's most wanted gizmo. So what does Apple's new baby have that its peers don't?
An important thing about the iPhone is that it stands out in comparison with other smartphones not for what it does, but how it does it.
Canada’s exports slip lower, but economy creates more jobs
By IANS,
Toronto : Despite Canada's main exports - commodities and oil - slipping lower and North America's third largest stock market here closing the last day of the week on a sluggish note, the economy has created thousands of new jobs in October.
The TSX composite index closed at 9,542.88 points. Compared to Thursday when the index fell 3.36 percent or 331.79 points, the closing day of the week saw a decline of just 12 points.
The day's major losers were the metals sector that fell by 2.3 percent and consumer commodities which slipped 2.1 percent.
Trinidad and Tobago seeks Indian investment as gateway to Latin America
By Paras Ramoutar, IANS,
Port-of-Spain: Trinidad and Tobago has invited India to invest in the country, saying that the Caribbean nation is a fertile market as it provides a gateway to Latin America.
"T&T is not just a market, it is a fertile spot for investment and it is a gateway to Latin America. India has a lot to offer," said Minister in the Office of the Prime Minister Lenny Saith.
Guru Nair connects Austrians to phone company
By Mehru Jaffer, IANS,
Vienna : When 33-year-old Ramesh Nair talks, Austrians listen, because the choreographer and actor and new mascot of Telering has the answer to all their problems.
Whether on the golf course or at a supermarket, when in doubt Austrians are told to ask the Indian for a solution in all Telering advertisements playing on the radio and television round the clock these days.
Indian IT industry set to surpass $100 bn by 2011: report
By IANS,
New Delhi : The burgeoning Indian IT industry will cross the $100 billion mark in revenues within the next four years with a growth rate of 18 percent, said a report.
The report was released by US-based IDC Ltd.'s Indian subsidiary IDC India, a global research and market intelligence firm for IT, telecom and consumer technology.
Indian industry taking to green technologies with relish
By Joydeep Gupta, IANS,
Poznan (Poland) : Indian entrepreneurs are taking to green technologies with a relish and do not see intellectual property rights (IPR) as a barrier, a new international study has found.
Co-author of the study, David Ockwell of the University of Sussex in Britain, said that he had found Indian industry driving collaborations with firms around the world to work jointly on developing green technologies in the five areas studied:
* Integrated gasification combined cycle (IGCC) for power generation;
Brazil’s 2009 trade surplus smallest in seven years
By IANS/EFE,
Rio de Janeiro : Brazil registered a trade surplus last year of $24.62 billion, the smallest since 2002's positive balance of $13.09 billion, authorities said.
The 2009 surplus was 1.4 percent lower than in 2008 and was far below the 2007 figure of $40 billion and the record $46.46 billion surplus registered in 2006.
Last year's surplus was the net of $152.25 billion in exports and $127.64 billion worth of imports, the Development, Industry and Trade Ministry said Monday.
Aston Martin planning world’s most expensive car
By DPA,
Gaydon (Britain) : Aston Martin has released scant details and sketches of its new super car codenamed One-77 that will sell for at least 1.3 million euros excluding tax ($1.95 million), making it the most expensive car on the market.
Each of the 77 limited edition Aston Martins will be tailored to the individual buyer and the engineers and designers will work out the exact specifications with the future owner.
CESC posts net profit decline in 2007-08
By IANS,
Kolkata : CESC Ltd has posted a decline in profit after tax (PAT) at Rs.6.27 billion for the financial year ended March 31, 2008 compared to Rs 6.37 billion during the previous year.
To meet increased demand, the power purchase from external agencies increased manifold. In 2007-08, the company purchased Rs.3.78 billion-worth of power from other sources while in 2006-07 the figure was Rs.2.68 billion.
Fuel prices increased by more than 10 percent in Dec 2007 which, along with increased requirement of coal to support higher generation, resulted in increase in fuel cost.
Markets down, key index sheds 241 points
By IANS,
Mumbai : Indian equities markets were subdued Tuesday, with a key index losing 2.43 percent (provisionally) over Monday's close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed trading at 9,686.75 points amid continued selling, a fall of 241.6 points or 2.43 percent from its previous close of 9,928.35 points.
S&P CNX Nifty of the National Stock Exchange (NSE) was also going through a slump, closing 2.37 percent lower at 2,967.15 points.
Fertiliser units get top priority for Reliance gas
By IANS,
New Delhi : In a decision that impacts the supply of natural gas by Reliance Industries, the government Wednesday issued new guidelines for the commodity's sale, giving top priority to the demands made by fertiliser units.
Anticipating the fields in the Krishna-Godavari basin, off the Andhra Pradesh coast, to yield 25 million standard cubic metres (mmscmd) of natural gas a day from September, the new norms want all gas-based urea plants to be supplied the natural gas first.
Chidambaram upbeat on growth but farm output a worry
By IANS
New Delhi : The $1 trillion Indian economy will expand 8.8 percent this fiscal, thanks to the boom in investment, but farm output continues to be a drag on overall growth, Finance Minister P. Chidambaram said Wednesday.
Chidambaram also told a post-budget interactive meeting with the members of the Federation of Indian Chambers of Commerce and Industry (Ficci) that he would like corporate India to help the government rein in inflation.
‘Rupee fall due to risk aversion, higher trade deficit’
Chennai : The slide in the Indian rupee, which Tuesday fell to 13 month low to Rs.63.54 per dollar, is due to aversion to...