Recovery short-lived for Indian equities
By IANS
Mumbai : The recovery for Indian equities was short-lived as they once again plunged during intra-day trading Tuesday, leading to a fall of over 400 points, or 2.82 percent, in a key index.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange was ruling at 14,021.30 points an hour before close of trading, with a loss of 406.25 points, or 2.82 percent, over the previous day's close at 14,427.55 points.
Circle rates for properties set to increase in Delhi
By IANS,
New Delhi : After increasing the registration fee for properties and road tax for luxury cars, the Delhi cabinet is set to give its nod to a proposal to hike circle rates for sale and purchase of properties in the capital June 7.
The state government has decided to revise the circle rates, introduced in 2007, in a bid to earn additional revenue, an official source told IANS.
The circle rate is the minimum rate for valuation of land for residential use that differs for various categories of colonies.
India Inc readies for more business with China
By IANS
New Delhi : Corporate India is readying to cash in on the China challenge with top business honchos accompanying Prime Minister Manmohan Singh to Beijing Sunday, putting the spotlight on burgeoning business ties between the two rising Asian powers.
Key business and economic milestones for India in 2008
By IANS,
New Delhi : Following are some key economic, business and financial milestones in India during 2009:
Jan 10: Tata Motors unveil Nano, the jelly-bean shaped small car touted as the world's cheapest, costing all of $2,500 at factory gates.
Jan 10: Sensitive index (Sensex) of the Bombay Stock Exchanges touches all-time, intra-day high of 21,206.77 points.
Jan 16: Supreme Court paves way for Reliance Power's initial public offering.
Jan 21: Investors lose $170 billion as Sensex crashes over 2,000 points to register steepest ever intra-day fall.
Essential Services Act advocated to tackle oil sector strike
By IANS,
New Delhi : The petroleum ministry has asked states to invoke the Essential Services Maintenance Act (ESMA) or the National Security Act (NSA) against employees of public sector oil companies if they go ahead with the proposed strike from Jan 7.
"I appealed to the employees to reconsider their decision to go on strike in the light of the difficult time the economy is going through," Petroleum Minister Murli Deora said.
Is sheen returning to gold markets?
By Vatsal Srivastava, IANS,
Gold has had the best start to a year since 1983, rallying about 10 percent year to date. Maybe it is...
Mood remain cautious after Indian equities plummet
By IANS
New Delhi : In a week marked by major turmoil and wild fluctuations in Indian equity markets, a key index shed close to 15 percent on the three days it lost ground but managed to moderate losses after some interventions by policy makers to boost confidence, notably in the US.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) saw one of its wildest weekly fluctuations ever during the week ended Friday but managed to close with a largely moderated decline of 652.04 points or 3.43 percent.
Bharat Forge to invest Rs.3.5 bn in Maharashtra
By IANS
Mumbai : The Maharashtra government Thursday signed a memorandum of understanding (MoU) with Bharat Forge Ltd (BFL) to set up a centre for advanced manufacturing at Baramati.
The centre will be set up at an investment of Rs.3.5 billion ($87.2 million) on 100 acres with a forging capacity of 30,000 tonnes per year, employing over 1,200 skilled professionals.
The state-of-the-art centre will manufacture world class high-tech critical and safety components for aerospace, marine, railways, power, energy, mining and construction sectors.
Equities open lower, but bounce back strongly
By IANS,
Mumbai : With investors resorting to booking profits on gains made during two previous successive trading sessions, Indian equities opened lower Tuesday but regained positive territory mid-afternoon on news that banks were going to cut lending rates after their meeting with Finance Minister P. Chidambaram.
The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 10,304.57 points, against the previous close at 10,337.68 points, and soon dipped to 10,116.22 points.
Havells to spend Rs.2 bn on capacity expansion
By IANS,
Kolkata : The $1.2-billion (Rs.48-billion) electrical and power distribution equipment company Havells India would invest Rs.2 billion this fiscal for capacity expansion, said a top company official here Friday.
"We will invest Rs.2 billion on capacity expansion this year," said Havells' joint managing director Anil Gupta. "Out of this, Rs.400 million will be spent on expanding capacity of cable wire. Another Rs.400 million will be invested for miniature circuit breaker (MCB) expansion in Himachal Pradesh."
The fund for expansion would be raised through internal accruals.
BHEL-GE consortium bags Rs.22 bn ONGC contract
By IANS,
Agartala : The state-owned Oil and Natural Gas Corporation (ONGC) has awarded a Rs.22.07 billion power generation contract to a consortium comprising the state-run Bharat Heavy Electric Limited (BHEL) and US-based General Electric Company, officials said here Tuesday.
"After outbidding France-based Alstom, the BHEL-GE consortium won the bidding process last week for generation of 740 MW of power from natural gas produced by ONGC," said ONGC spokesman Sanjeev Sharma.
Microsoft loses appeal on Word patent verdict
By IANS,
Toronto : A tiny Canadian company i4i Inc. which had won a big legal battle and $290 million in fines against Microsoft over violations of its patent in Word applications, won yet another round Thursday when US federal appeals court turned down Microsoft's plea for hearing of the case by a full bench.
In its ruling Dec 22, the US court of appeals had upheld a lower court order banning Microsoft from selling its Word processing software from Jan 11 because of patent infringement and imposing $290 million in fines.
Apple iPad will take time to hit Indian market
By Mayank Aggarwal, IANS,
New Delhi : Craving to get your hands on the Apple iPad? Wait for a while as it will be still some time before it becomes available in the Indian market.
Experts also believe that the tablet will create a new user segment in India.
Russia, Iran agree on schedule for Bushehr plant
By SPA
Moscow : Russia and Iran on Thursday reached agreement on a schedule for finishing construction of the Bushehr nuclear plant, Russian news agencies reported.
The reports cited the head of plant contractor Atomstroiexport, Sergei Shmatko, as saying details of the timetable will be released later this month.
Sensex falls second straight day, closes 110 points lower
By IANS,
Mumbai : A benchmark index of Indian equities Wednesday fell the second consecutive day, closing with a loss of 110 points on intense profit booking in late trade.
Indian equities open higher despite weak global cues
By IANS,
Mumbai : Despite weak global cues, Indian equities opened on a positive note Friday, after a minor loss for a key index during the previous day, even as investors expected trading to turn choppy later as in the past few sessions.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 15,770.19 points and soon shot up to 15,871.52 points, against the previous day's close at 15,781.07 points.
Some 10 minutes into trading, the barometer index was up 60.33 points, or 0.38 percent at 15,841.40 points.
Sensex moves down 324 points as markets consolidate
By IANS,
Mumbai : A key index of the Indian equities markets dived more than 300 points, ending trading Thursday in the red as consolidation set in.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 14,043.38 points, ended at 13,736.54 points - 324.12 points or 2.31 percent - below Wednesday's close.
The S&P CNX Nifty of the National Stock Exchange (NSE) followed the Sensex to also end in the red, slipping 1.39 percent to 4,210.95 points.
NRI deposits go up marginally in Kerala banks
By IANS,
Thiruvananthapuram : Deposits by non-resident Indians (NRIs) in Kerala banks went up 6.6 percent in the April-June quarter this fiscal to touch Rs.318.65 billion ($7 billion), bankers' committee said.
"This is up by Rs.1,976 crore (Rs.19.76 billion) in comparison to the corresponding period of the previous fiscal," said the latest State Level Bankers Committee report, released here Monday.
In the last quarter of 2007-08, the NRI deposits stood at Rs.298.89 billion.
Egypt hails sumed results, urges more Pan-Arab cooperation in oil
By NNN-Kuna
Cairo : Egypt's Minister of Petroleum Sameh Fahmy said Friday his country considered pan-Arab cooperation in the field of oil a strategic goal due to the importance of oil industry.
The implementation of strategic joint projects by Arab countries can enhance cooperation, Fahmy told reporters here after attending the general assembly meeting of the Arab Petroleum Pipeline Company, known also as Suez-Mediterranean Pipeline (SUMED).
The meeting endorsed the achievements made in 2006 by SUMED, a model for successful Arab joint ventures.
Ambuja Cements sales up by nearly 8 percent
By IANS,
New Delhi : Ambuja Cements Ltd Tuesday said its sales grew 7.7 percent in August to 1.24 million tonnes, as compared to 1.15 million tonnes in the corresponding month last year.
The company's cement production zoomed nine percent to 1.2 million tonnes last month from 1.13 million tonnes the previous corresponding period, a company statement said.
For the period January to August 2008, the company sold 11.82 million tonnes as compared to 11.25 million tonnes in the corresponding period last year, a growth of 5.1 percent.
Sensex soars in early trade
By IANS,
Mumbai : A benchmark index of Indian equities Wednesday shot up in early trade and was ruling 239 points higher within minutes of opening bell.
Higher education gets Rs.40 bn more than last year
By IANS,
New Delhi : Keeping its promise to boost higher education in India, the union budget 2009-10 Monday allocated the sector over Rs.40 billion more than the last fiscal, including a package of over Rs.10 billion for the implementation of quota for other backward castes (OBCs).
The higher education budget for the current fiscal has been pegged at Rs.15,429 crore (Rs.154.29 billion) including a planned allocation of Rs.9,600 crore. During the last financial year, the total allocation was Rs.11,340 crore.
US market better money spinner for India company
By NNN-PTI
Mumbai : The Indian stock market may be growing at a faster pace than its American counterpart, but the US market has turned out to be better in valuation as well as returns for companies listed in both the countries.
For the 11 Indian companies listed in both US and Indian equity markets, the market capitalisation gain on US bourses was more than one billion dollar higher than the same on the domestic bourses here over the past week.
Besides, the total US market value of these companies is nearly 20 billion dollar higher than their Indian valuation.
Suzlon executes wind energy project for ONGC
By IANS,
Ahmedabad : Suzlon Energy Ltd, the fifth largest wind turbine maker globally, Monday announced it has successfully completed a 51 MW wind power project for Oil and Natural Gas Corp of India (ONGC).
In a communication to the Bombay Stock Exchange, the company said the project is located at Motisindholi in the Kutch district of Gujarat.
With this, ONGC, which produces 84 percent of the country's crude oil and natural gas, becomes the first public sector company to enter the wind energy sector.
Ratan Tata plans Nano launch in Europe, US
By IANS,
Mumbai : Already making waves worldwide even before its low-priced car Nano hits the Indian roads, Tata Motors is contemplating a launch of the family car for the European and US markets, according to company chairman Ratan Tata.
However, Tata categorically said, there were no plans currently for entering the vast Chinese market. "At the moment, we are entirely concentrating on the Indian market. We already have our hands full with it," he said.
Announcing the commercial launch here Monday, Tata said the company plans to launch a European version of the Nano by 2011.
Next Bill Gates most likely from India or China: US survey
By Arun Kumar, IANS,
Washington: Four in 10 Americans believe that the next Bill Gates would come from India or China as the US struggles to regain its competitiveness in the face of gains by India, China and Brazil, a new survey shows.
"When asked where the 'next Bill Gates will come from,' 40 percent of Americans predicted either India or China," said a national survey released by the Consumer Electronics Association (CEA) on the sidelines of the world's largest consumer technology tradeshow at Las Vegas.
Videocon wants to set up LCD plant in Poland
By Surender Bhutani
IANSWarsaw : Videocon Industries, which had bought a TV tube and screen plant from the French group Thompson in 2005, is now poised to expand its presence in the European market from its base in Poland.
IIP data disappointing, may affect growth: Pranab
By IANS,
New Delhi: The slower growth in industrial production in August is disappointing and it may affect economic growth, Finance Minister Pranab Mukherjee said Tuesday.
Sensex closes 118 points up
By IANS,
Mumbai : A benchmark index of Indian equities Wednesday closed with a 118-point gain even as mid and small cap stocks saw better buying interest.
Jaiprakash Associates to set up cement plant in Assam
By IANS,
New Delhi: Infrastructure major Jaiprakash Associates Ltd Friday signed an agreement with Assam Mineral Development Corp (AMDC) for setting up a cement plant in the northeastern state.
"The total cost for setting up this plant is estimated to be Rs.1,050 crore," the company said in statement.
A new joint venture company will be set up to execute the project in which Jaiprakash Associates will have 82 percent equity and the rest will be held by AMDC.
The joint venture company will set up the cement project at Umrangshu in North Cachar Hills district of Assam.
Chhattisgarh’s paddy purchases to begin Oct 20
By IANS,
Raipur : The Chhattisgarh government Sunday announced it will start purchasing paddy from farmers Oct 20 at its 1,577 procurement centres.
"The whole procurement system will be totally computerised and the government will pay Rs.850 per quintal for common grade paddy and Rs.880 per quintal for grade-A category paddy," a government statement said.
Officials said the government drive would help about one million farmers earn at least Rs.30 billion by selling four million tonnes of paddy this year despite a poor monsoon in the state.
Nano plant controversry: politicians for amicable solution
By IANS,
Kolkata : Some political parties in West Bengal want an amicable solution to the land impasse at Singur, 40 km from here, where Tata Motors is building a plant to produce Nano, which the company says will be the cheapest car in the world.
"All the political parties (both ruling and opposition) should meet as early as possible to find a solution to this Singur land problem through continuous dialogue," All India Forward Bloc state secretary Ashok Ghosh told IANS Saturday.
Status quo on tax rates in India’s high-deficit mini-budget
By Arvind Padmanabhan, IANS,
New Delhi : In an exercise that has disappointed India Inc and the average citizen alike, External Affairs Minister Pranab Mukherjee Monday tabled a Rs.953,231-crore (Rs.9.53 trillion/$190.6 billion) interim budget for 2009-10 that keeps tax rates unaltered and steps up social sector spending, while giving a skip to fiscal prudence in times of "extraordinary" circumstances.
Food prices will come down: PM
By IANS,
Chennai : Admitting that foodgrain prices had remained high even as the inflation rate came down, Prime Minister Manmohan Singh said here Saturday that the common man will have relief soon.
"It is true that the consumer prices of food grains haven't come down when inflation rates came down. Three years ago, commodity prices in the global markets went up and there was concern about food security. We then decided to pay remunerative prices to the farmers," Manmohan Singh told a press conference here.
"This year there is a bumper crop and the prices will come down," he added.
Indian shares under pressure amid depressed global cues
By IANS,
Mumbai : Indian equities markets continued to be depressed in afternoon trade Monday, after falling sharply in the morning, taking cues from a global sell-off triggered by fears that the Euro zone financial woes could derail economic recovery.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,961.92 points, was ruling at 16,642.15 points, 352.45 points or 2.07 percent down from its previous close at 16,994.6 points.
US, India technology majors meet in Washington
By IANS
Washington : More than 70 technology companies, including leaders like IBM, Infosys and Tata Consultancy Services, participated in one of the year's biggest summits held to bring industry and the government together on a common platform.
Surge in Indian equities
By IANS
Mumbai : Indian shares Tuesday continued the upward surge buoyed by buying in select banking stocks and blue-chip shares with a key index rising 0.24 percent.
Dubai starts pilot testing of hybrid taxis
By IANS,
Dubai : Dubai has started experimental operation of environment-friendly hybrid taxis, WAM news agency reported Thursday.
The pilot testing project was inaugurated Wednesday by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, deputy ruler of Dubai.
Prefer to resign over non-release of funds: Jharkhand speaker
Ranchi : Jharkhand assembly Speaker Dinesh Oraon on Friday said he would prefer to resign from the post if the dignity of the house...
India-Bangladesh trade snapped as traders stage protest
By IANS,
Agartala : Bilateral trade between India and Bangladesh through the northeast remained suspended for the sixth day Thursday with traders continuing a strike to demand improvement in infrastructure.
"Despite repeated demands and governments' decisions to upgrade the necessary infrastructure, including roads, Dhaka remained reluctant to take any steps," said Habul Biswas, general secretary of the Indo-Bangla exporters-importers association.
Kalpataru to expand output on Rs.150 mn outlay
By IANS,
Gandhinagar : The city-based Kalpataru Power Transmission Ltd, which early this month won the Dun and Bradstreet export excellence award, is augmenting its power transmission line capacity on an investment of Rs.150 million.
The additional fabricating capacity is being created at the existing fabrication plant at Gandhinagar, company general manager Bajrang Maheshwari told IANS.
Indian equities open lower after interest rate freeze
By IANS
New Delhi : Indian equities opened lower Wednesday, a day after the quarterly review of the monetary and credit policy by the Reserve Bank of India (RBI), as sentiments were dampened by the status quo on interest rates.
After losing 60.84 points or 0.34 percent Tuesday, the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 18,120.22 points, compared with the previous day's close at 18,091.94 points.
Indian firm Rolta to buy Canadian company
By IANS
Mumbai : Indian software firm Rolta Friday said it was signing an agreement to acquire the Canadian software firm Orion Technology for an undisclosed amount.
GCC Secretary General reaffirms strength of Gulf Economy
By SPA,
Riyadh : Secretary General of Gulf Cooperation Council (GCC) Abdurrahman Al-Atiyyah reiterated Monday the strength of the gulf economy.
In a statement issued here today, he noted that the economies of the Gulf States do enjoy a remarkable economic growth, adding that the commercial gulf banks have a high rate of liquidity and a distinguished financial status.
Al-Atiyyah confirmed that the central banks in the GCC member states are ready to make the required liquidity available for banks if they need liquidity.
Sensex down 204 points, Asian cues negative
By IANS,
Mumbai : A benchmark index of the Indian equities market Monday was ruling weak amid negative cues from other major Asian markets.
Jay Shree Tea eyes gardens in Kenya, Uganda
By IANS,
Kolkata : Jay Shree Tea and Industries, a BK Birla Group company, is planning to acquire gardens in African countries like Kenya and Uganda, a top official said here Monday.
"We are unable to find much suitable gardens in India, that's why we are looking at African countries like Kenya and Uganda," B.K. Birla, chairman of Jay Shree Tea, told reporters on the sidelines of the annual general meeting.
If the acquisition plans become successful, it would be the Kolkata-based company's first overseas buy.
RBI asks people to stop misusing currency notes
By IANS
Mumbai : The use of currency notes as a display of one's social status or ardour or affection has struck a sour note with the Reserve Bank of India (RBI) which Wednesday appealed to the people not to misuse them.
The central bank urged public not to use banknotes for making garlands, decorating pandals and places of worship or for showering on personalities at social events.
In a tersely worded statement, it asked people to refrain from such actions and not to "deface banknotes and shorten their life".
Russia may cut oil output by 300,000 barrels a day
By RIA Novosti,
Moscow : Russia may cut oil production by up to 300,000 barrels a day if it joins expected output reduction policy of the Organization of Petroleum Exporting Countries (Opec), the chief of the country's largest independent producer, LUKoil, said Monday.
The Opec is set to hold an extraordinary meeting in Algeria Wednesday to decide on further reductions in oil production in the backdrop of falling oil prices. The cartel is expected to reduce production by some two million barrels a day.
India, Africa for greater thrust on economic ties
By IANS
New Delhi : India and a group of African nations Wednesday affirmed greater thrust on strengthening the bilateral economic ties by expanding both export and import to more items.
More than 450 business delegates from over 30 African countries and 50 ministers are on a three-day India visit from Wednesday.
"India believes that expanding trade, and in particular imports, from Africa is part of its strategic engagement with the continent," India's Commerce and Industry Minister Kamal Nath said while inaugurating the Fourth India-Africa Project Partnership 2008.
Medical tourism to grow to $2 bn by 2012
By IANS
New Delhi : India's medical tourism market is growing by 25 percent annually and is expected to become a $2 billion-a-year business opportunity by 2012, the tourism ministry said Monday.
"Medical tourism has gained momentum in India over the past few years, a trend underpinned by India's low-cost advantage and the emergence of new high-quality healthcare service providers," a ministry statement said.
NIIT, CII join hands to help build Africa’s IT capacity
By IANS
Bangalore : NIIT and the Confederation of Indian Industry (CII) will join hands to "help develop ICT (information and communication technology) capacity in the African continent", the Mumbai-based technology training and software solutions company has announced on the eve of the India-Africa Forum Summit.
NIIT and the CII would share "high quality education resources" from India, the company said. They also plan to involve "other appropriate players" from the Indian industry to specifically help Africa develop human capital for the global IT industry.
Japan’s key Nikkei index falls almost 5 percent
By DPA,
Tokyo : Japan markets continued their losing streak Friday with the key Nikkei index dropping more than 4 percent.
In mid-morning traiding the Nikkei 225 Stock Average lost 413.99 points, or 4.89 percent, to 8,046.99.
The broader Topix index of all first-section issues fell 37.92 points, or 4.35 percent, to 833.78.
On currency markets at 9 a.m., the dollar was quoted at 97.58-63 yen, down from Thursday's quote of 97.68-70 yen.
The euro was quoted at $1.2897-2902, up from Thursday's 5 p.m. quote of $1.2819-20, and at 125.90-95 yen, up from 125.22-26 yen.
Central bank pegs India’s growth at 8-8.5 percent
By IANS,
Mumbai : The Reserve Bank of India (RBI) Tuesday projected the country's economic growth in the range of 8-8.5 percent for the current fiscal year and said its estimate was realistic and consistent with global developments.
Announcing the monetary policy for the current fiscal, the apex bank said the growth in aggregate deposits would be around 17 percent or Rs.55 billion, consistent with the projected money supply growth.
India’s energy output targets fuel debate
By Noor Mohd, IANS
New Delhi : Is the power ministry's target of adding 78,577 MW of generation capacity during the 11th fiver-year plan (2007-12) realistic? The issue is being hotly discussed even as energy security becomes a key concern for the country.
R.V. Shahi, former secretary at the ministry of power and currently chairman of Energy Infratech, said the target for the current plan, though difficult, is achievable.
Kuljit Singh of consultancy firm Ernst and Young (E&Y) is, however, not so optimistic.
No fresh taxes in Maharashtra budget
By IANS
Mumbai : Maharashtra Finance Minister Jayant Patil, in his record 10th consecutive budget presented Wednesday, focused on social as well as industrial sectors without imposing any additional tax.
In his budget, Patil announced some major proposals, which range from construction of a Haj House in Nagpur to a package for modernization of the state police force.
The new Haj House, which was sanctioned four years ago, will be constructed this year at Nagpur at an estimated cost of Rs.90 million to help Haj pilgrims.
India-China border trade opens a month before schedule
By Syed Zarir Hussain
IANS
Nathu La (Sikkim) : Border trade between India and China has resumed a month earlier than scheduled through the 15,000 feet Nathu La pass, with traders of both countries keen to boost business.
"Trading was earlier scheduled to begin June 1 and last until Sep 30. But the two countries agreed to demands by traders to allow business from May 1 to Nov 30," Sikkim Director of Industry and Commerce Saman Prasad Subba said Thursday.
IOC’s pipeline to be operational soon: official
By IANS
Kolkata : Indian Oil Corporation, the country's largest refiner, Saturday said its 350-km crude oil pipeline from Paradip to Haldia in eastern India will be operational in three to four weeks.
The pipeline costing Rs.11.78 billion will help in pumping crude from vessels anchoring at Paradip in Orissa to Haldia in West Bengal and curtail transportation costs.
Phillips Carbon Black to set up plant in Vietnam
By IANS
Kolkata : Phillips Carbon Black Ltd (PCBL), an RPG Group company, signed an agreement with Vietnam National Chemical Corporation (Vinachem) in the presence of Vietnamese Prime Minister Nguyen Tan Dung here Wednesday.
Britons now find gold tangible investment in crunch times
By IANS,
London : If Britons still have some money left after the credit crunch, they are investing it in the good old yellow metal - just like Indians. Gold has replaced the traditional British investments like property, stocks, shares and expensive cars.
Last year saw an 81 percent increase in UK investment in gold coins, taking the amount bought to 4.5 tonnes. Bullion traders see the demand going up this year too.
Factors which once deterred Britons from buying gold - such bullion not paying interest - are no longer putting savers off.
Orchid Chemicals posts Rs.316 million loss
By IANS,
Chennai : Cephalosporin bulk drug manufacturer Orchid Chemicals and Pharmaceuticals Ltd has posted a net loss of Rs.316.5 million on a total income of Rs.3.06 billion for the period ended June 30, as against a net profit of Rs.513 million and turnover of Rs.2.36 billion posted during the corresponding period of the previous year.
Orchid Chemicals net was weighed down heavily owing to Rs.588 million exchange loss on the foreign currency convertible bonds (FCCB) issued earlier.
It’s populist budget for India INC – opinion poll
By NNN-PTI
New Delhi : The Finance heads of Corporate India has termed the Union budget for 2008-09 as 'populist', with a majority of top executives believing that economic reforms could have been pursued further, according to an opinion poll conducted by a leading global consultancy.
As per the poll conducted by tax and advisory firm Pricewaterhouse Coopers a day after the budget presentation, about 71 per cent of respondents said it would have a positive impact on broadening the indirect tax base.
World National Oil Companies Congress in London
By IRNA
London : The World National Oil Companies Congress 2008 is being held in London this week, looking at the issues and challenges faced by national oil companies (NOCs).
The three-day conference, which starts on Tuesday, is billed as the world's most significant forum on NOCs and features some of the biggest names in the industry, as well as including a full day dedicated to gas/LNG issues.
Gujarat company’s starch unit goes on stream in Uttarakhand
By IANS,
Ahmedabad : The Ahmedabad-based Riddhi Siddhi Gluco Biols Ltd, the country's largest starch manufacturer, announced Tuesday that its maize grinding project at Uttarakhand has commenced production.
The plant, located in Pantnagar district, has a crushing capacity of 165,000 tonnes a year and has been set up at a cost of Rs.1,200 million. Maize powder has applications in pharmaceuticals, paper, textile and food industries.
There was a delay of nine months in the execution of the project.
BSNL, MTNL sign data roaming pact with Asian operators
By IANS,
New Delhi : State-run telecom operators Bharat Sanchar Nigam and Mahanagar Telephone Nigam Ltd (MNTL) have entered into a pact with a pan-Asia mobile operators alliance to offer pay per day data roaming services to their customers in different countries.
The Asian alliance, Conexus, has 10 member-operators in 12 countries, including NTT-Docomo of Japan, Hutchison Hong Kong and FET Taiwan. It has a subscriber base of over 210 million.
Pakistan imports 225,000 tonnes of Wheat
By SPA
Islamabad : Pakistan has received 225,000 tonnes of imported wheat while another 245,000 tonnes will arrive by the end of the current month, said Ministry of Food and Agriculture.
Tenders will be opened to import additional 610,000 tonnes wheat: 460,000 tonnes red wheat and 150,000 tonnes white wheat. The additional wheat will arrive in Pakistan by the mid of February.
Sensex slips from day’s high, still ends 276 points up
By IANS,
Mumbai : A key index of the Indian equities markets closed lower than the day's highs Friday, shutting shop 276 points higher than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,425.86 points, ended at 15,674.88 points (provisional), up 276.55 points or 1.8 percent.
It had closed Thursday at 15,398.33 points.
The broader-based Nifty of the National Stock Exchange (NSE) followed the Sensex to end at 4,679.2 points, up 1.86 percent.
Railway budget a disappointment for Kerala: Achuthanandan
By IANS,
Thiruvananthapuram : Kerala chief minister V.S. Achuthanandan Friday said he is disappointed with the interim rail budget for 2009-10 presented by Railways Minister Lalu Prasad in parliament.
"Despite the reduction in oil prices, it is unfortunate that he (Lalu Prasad) has not touched the freight charges. We had asked for five new trains and not a single one is there. Likewise, there is nothing for us when it came to new railway lines. On the whole, it is a disappointment for Kerala," he said.
However, he said that reduction in fares is "good".
US economy continues to be slow: Central bank
By IANS/EFE,
Washington: The pace of economic growth slowed last month in eight of the 12 Federal Reserve Districts, the central bank said Wednesday.
British firm to supply speed sensor for Tata Nano
By Dipankar De Sarkar, IANS
London : TT Electronics Plc, a world leader in sensor and electronic components technology, Tuesday said it has secured a contract to supply speed sensors for Nano, Tata Motor's $2,500 car unveiled last month.
The sensors will be manufactured by Padmini TT, a joint venture formed in 2006 between TT Electronics and Padmini VNA Private Ltd in Gurgaon, on the outskirts of New Delhi.
Auto industry needs creative leaders: Kalam
By IANS
New Delhi : President A.P.J. Abdul Kalam Sunday said the automobile industry needs creative leaders who can visualise a change from the traditional role of one who demands respect to one who facilitates self-respect.
Markets rise as trading begins on last day of year
By IANS,
Mumbai : Indian equity markets rose soon after the opening bell on the last day of 2008, with a key index gaining by 0.58 percent about 15 minutes into trade.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at 9,806.64 points against Tuesday's close at 9,716.16 points and was at 9,772.45 points about 15 minutes into trading, 0.58 percent higher than its previous close.
Global markets dive, Europe wrestles over common tactic
By DPA,
New York : A frantic global sell-off sent stock indices haemorrhaging to multiple-year lows and shut down markets in Russia and Brazil as the financial crisis swept from the US across Europe.
European Union (EU) leaders sought a common response to the crisis to send a message of reassurance, but one after another, individual nations went their separate ways with corporate bail-outs and support of bank accounts.
Bihar to set up film city with Bollywood actors’ help
By IANS,
Patna : Bihar will seek the help of Bollywood actors and filmmakers hailing from the state to set up a film city on public-private partnership basis.
Chief minister Nitish Kumar said here Tuesday that the government plans to establish a film city as "part of Bihar's development agenda to attract investments".
He said the government will revive the State Film Corporation to give concrete shape to the plan, adding that officials have been asked to identify places in Patna, Gaya and Rajgir in Nalanda district.
Maruti launches hatchback Ritz, its 12th compact car
By IANS,
New Delhi : India's largest carmaker Maruti Suzuki Friday rolled out its 12th compact model Ritz, a hatchback, priced between Rs.390,000 and Rs.480,000 for the petrol version.
The diesel variant will cost between Rs.465,000 and Rs.499,000 in the national capital, top officials of the company said here.
Pakistan eyes huge sugar imports from India
By IANS
Islamabad : The import of some 500,000 tonnes of sugar will be high on the agenda as Pakistani and Indian officials hold discussions here Tuesday on bilateral trade across the Wagah land border.
The Pakistani government has decided on the imports to obviate any shortages during November when general elections are likely, The News said Monday.
Equities end marginally red, Sensex down 12 points
By IANS,
Mumbai : Indian equities markets ended with marginal losses Monday after a late afternoon rally with a key index down only 12.09 points or 0.14 percent from its previous close Friday last week.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) finished at 8,903.12, down 12.09 points or 0.14 percent from its close Friday previous week at 8,915.21 points.
The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE), however, finished in the green at 2708.25, up 14.8 points or 0.90 percent from its previous close last Friday at 2,693.45 points.
Indian equities register sharp gains on global cues
By IANS,
New Delhi : Indian equities staged a smart rally Friday and ended with some handsome gains on cues from other markets as also on hopes that the crisis in the global financial system will be softened by central bank interventions with little impact on the country's economy.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) saw one of its sharpest rallies in recent weeks, pushing the 30-share index above the 14,000 mark at 14,042.32 points.
India to review Foreign Trade Policy Friday
By IANS
New Delhi : Commerce Minister Kamal Nath will conduct the annual review of the country's Foreign Trade Policy here Friday with the objective of pushing India's merchandise exports in the backdrop of a global slowdown.
The review, which will be conducted with the representatives of several export promotion organisations and leading industry lobbies, would also set the India's export target for the current fiscal.
Sensex closes 337 points higher on ECB bond buying plan
By IANS,
Mumbai : A benchmark index of Indian equities markets closed 337 points higher Friday in a global rally after the European Central Bank (ECB) unveiled a new bond buying programme.
India a talent house for German corpo giants: book
By IANS
New Delhi : From electrical giant Siemens to SAP, Deutsche Bank, Bosch and many more, German firms are zooming in on Indian talent to design and develop products that meet global standards.
Inflation a matter of concern, admits government
By IANS,
New Delhi : The government Friday said that soaring inflation, which zoomed to a 16-year high to 12.63 percent for the week ended Aug 9, was "a matter of concern".
"The headline inflation measured by WPI (wholesale price index) continues to be a matter of concern. It has touched 12.63 percent for the week ending Aug 9, 2008," the finance ministry said in a statement Friday.
"While the WPI continues to be a matter of concern, efforts are being made to address the problem through monetary steps as well as improving the supply side."
Central coalfields to produce 78 million tonne by 2012
By IANS
Ranchi : Central Coalfield Ltd (CCL) has set a target of producing 78 million tonnes of coal from 44 million tonne currently in the 11th five-year plan (2007-12) by investing Rs.19.9 billion ($493 million).
"We have set a target to produce 78 million tonne coal from existing production of 44 million tonne. Some new projects will come and old projects will be streamlined to increase the coal production," CCL chief managing director R.P. Ritolia told IANS.
Bosch to supply fuel-injection, brake system for Tata’s Nano
By DPA
Stuttgart (Germany) : German car components firm Bosch said it would provide fuel-injection technology for the Tata Nano, billed as the world's cheapest car that was unveiled in India Thursday.
The Stuttgart-based company said it would also supply the braking systems and part of the car electrics for the diesel and petrol-driven versions of the 2,500-dollar vehicle.
A Bosch spokesman said the modern fuel injection technology would enable the five-seater to meet emissions standards comparable with the Euro-IV norm expected to take effect in India in 2010.
Oil sector employees to go ahead with their strike
By IANS,
New Delhi : Oil sector employees will go ahead with their strike as planned from Wednesday despite oil companies moving to initiate legal action against agitating officers, the Oil Sector Officers Association (OSOA) said here Tuesday.
"The strike is going ahead from tomorrow (Wednesday) starting at 0600 hours," OSOA president Amit Kumar told reporters here.
OSOA, representing around 45,000 employees in 14 public sector oil firms, has called the indefinite strike demanding higher wages.
Abu Dhabi among region’s top aviation investors
By NNN-Bernama,
Abu Dhabi : A recent survey on the region's airport construction and the industry's expansion has placed Abu Dhabi International Airport's US$6.8 billion master plan as one of the largest airport developments by investment among the Gulf countries, Jordan, Iraq, India, Sri Lanka and across the African continent, Emirates News Agency (WAM) reported.
Railway budget highlights 4
* Diamond quadrilateral to be launched for high-speed trains; Rs.100 crore allocated for taking project forward
* Trains on select routes to be speeded up...
Jordan’s economists warn of consequences of liberalization of petrol prices
By Xinhua
Amman : The expected liberalization of petroleum prices, coupled with several other factors, will deal a heavy blow to around 45 percent of Jordanians, the Jordan Times said on Monday.
Markets surge with robust buying
By IANS
Mumbai : Indian stock markets opened on a firm note Tuesday with broad-based buying witnessed in early trades.
At 10.54 a.m., the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was up 210.94 points or 1.08 percent at 19,801.72, and the Nifty was up 72.25 points or 1.24 percent at 5919.55.
Abu Dhabi to allow more ownership to foreign investors
By IANS
Dubai : In a bid to encourage foreign investment in Abu Dhabi, the emirate will relax laws to increase foreign ownership of industrial projects.
Jaber Al Khaili, chief executive of Higher Corporation for Specialized Economic Zones (Zones-Corp) has said new foreign investment legislation will be issued in the next few days that will raise foreign investors' share in the ownership in new industrial projects, according to a local newspaper.
Ranbaxy, Orchid join hands
By IANS,
Mumbai : Two Indian pharma majors have entered into an agreement "to leverage the inherent strengths of each other", it was announced Tuesday.
The Gurgaon-based Ranbaxy Laboratories and Chennai's Orchid Chemicals and Pharmaceuticals are to establish a framework for enhanced cooperation, according to information filed with the Bombay Stock Exchange (BSE).
Chandigarh traders threaten strike over checkpoints
By IANS,
Chandigarh : Local traders Monday threatened to go on an indefinite strike from Wednesday if barricades and checkpoints put up at entry points of the vegetables and grain market here are not removed.
Representatives of various market associations also joined the grain market committee Monday to raise slogans against Chandigarh administrator S.F. Rodrigues.
Novartis to raise stake in Indian unit to 90 percent
By IANS,
New Delhi : Swiss drug maker Novartis Wednesday said it has made an open offer to acquire an additional stake of up to 39 percent in its Indian unit.
The company will acquire the stake from public share holders at Rs.351 per share. Tuesday's closing price for Novartis shares in India was Rs.275.60.
"Successful completion of the offer would raise the company's stake in Novartis India Ltd to nearly 90 percent from the current level of 50.9 percent," the company said in a statement.
The offer represents a total value of around Rs.440 crore ($86 million).
SJVNL declares Rs.333.9 crore dividend
By IANS,
Shimla : Power utility Satluj Jal Vidyut Nigam Ltd (SJVNL) declared a total dividend of Rs.333.93 crore for the last fiscal, a company statement said here Tuesday.
Price rise has adversely affected poor: vice-president
By IANS,
New Delhi : Vice-President Mohammad Hamid Ansari Tuesday expressed concern over increasing food prices, which have adversely affected the poor across the world.
“The world is facing an unprecedented hike in the prices of agricultural commodities that has led to an adverse impact on the poor,” Ansari said in his inaugural speech to the ministerial retreat of the Centre on Integrated Rural Development for Asia and the Pacific (CIRDAP) here Tuesday.
Representatives from 14 countries are participating in the three-day CIRDAP meet.
Chidambaram does not expect interest rate hike soon
By IANS,
New Delhi : In what should sound as a pleasant note for India Inc, Finance Minister P. Chidambaram Thursday said he did not see any hike in interest rates by commercial banks after the recent hikes in cash reserve ratio (CRR) announced by the Reserve Bank of India (RBI)
"In the reasonable future, I don't expect any increase in interest rates by the public sector banks,'' Chidambaram said after a meeting with the chief executives of commercial banks here.
Mukesh Ambani has ousted L.N. Mittal as richest Indian: Forbes
By IANS,
New Delhi : Plunging stock and property values because of the global financial crisis has pushed steel tycoon Lakshmi Nivas Mittal to second place behind Mukesh Ambani of petroleum to textiles major Reliance Industries in the list of 40 richest Indians, Forbes Asia said Thursday.
London-based, but India-born Mittal, 58, head of the world's largest steelmaker Arcelor Mittal was the topper of last year's Forbes Asia list of 40 wealthiest Indians. But current asset values have whittled down his net worth by a whopping $30.5 billion to push him down to second place.
More trucks make it to Jammu, Kashmir Valley
By IANS,
New Delhi : More and more trucks are now making it to Jammu and Kashmir carrying food and other essential commodities, the home ministry said Thursday.
On Thursday, until 2 p.m., 970 trucks moved from Jammu to the Kashmir Valley. Of these, 343 transported foodgrain, 128 meat and 188 others fuel and petroleum products, the ministry said in a statement.
Similarly, 1,033 trucks went from Srinagar to Jammu. Of these, 437 carried fruits and 96 vegetables.
Opening of Reliance outlets triggers protest in Kerala
By IANS
Kozhikode : Traders and activists of various political parties organized protests on Saturday against the opening of two retail outlets by the Reliance group here.
The protests led to tension in the city as police barricaded the outlets preventing the entry of agitators. The traders also organized shutdowns in two areas in the town where Reliance opened its stores.
Gulf attracts businesses despite inflation: poll
By IANS,
Dubai : The Gulf countries continue to attract businesses and jobs despite soaring inflation across the region, according to a new poll.
The poll, conducted by Leaders Presents, organisers of the Leaders in Dubai Business Forum, found that 83 percent of regional business leaders expected to increase their business in the Gulf Cooperation Council (GCC) countries over the next one year.
Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE) comprise the GCC.
Sintex to acquire auto component business of Bright Brothers
By IANS
Ahmedabad : The Rs.4,500 million Gujarat-based Sintex Industries has announced that it is acquiring the automotive product business of Haryana-based Bright Brothers in an all-cash deal valued at Rs.1.49 billion.
India to join global entertainment business fair in big way
By IANS
Chennai : For the first time, there will be a separate pavilion dedicated to the Indian entertainment industry at the world's biggest entertainment business fair, the NABShow 2008.
The National Association of Broadcasters (NAB) has been showcasing technology for cinema, television and radio for 80 years in the US.
The business fair showcases the industry from 163 countries and has 27,000 foreign participants. It generated revenue of over $51 billion last year.
India-GCC trade likely to touch USD 40 billion over next three three years –...
By NNN-KUNA
New Delhi : India's trade with Gulf Cooperation Council (GCC) countries is expected to touch USD 40 billion during the next three years if the free trade agreement (FTA) between the two entities is operationalised.
Indian economy’s pace unsatisfactory: Chidambaram
New Delhi: Former finance minister P. Chidambaram said on Tuesday the present pace of the Indian economy will neither create any jobs nor it...
Indian equities stagnant in afternoon trade
By IANS,
Mumbai : Indian stocks remained dull Wednesday with a key index trading over 80 points lower than its previous close at 2.45 p.m.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which slid over 100 points in the morning trade, was trading at 9,604.96 points an hour before close, a fall of 81.79 points or 0.84 percent from its previous close of 9,686.75 points.
Broader S&P CNX Nifty of the National Stock Exchange (NSE) followed a similar trend and was ruling at 2,933.9 points, about 34 points or 1.15 percent lower than its previous close.
India targets 10 million tourists in 2010
By IANS
Kolkata : The tourism ministry expects 10 million foreign tourist footfalls in 2010, thanks to the Commonwealth Games to be hosted by India that year, Union Minister for Tourism and Culture Ambika Soni said.
"We are expecting a total of 10 million tourist footfalls in India keeping in mind the Commonwealth Games in 2010," Soni told reporters during the inauguration of the travel and tourism fair (TTF) here Saturday.
Pointing out the emerging prospects of the tourism industry, she said that in the last few years the number of tourists had increased.
Stern action against excise evaders: Chidambaram
By IANS,
New Delhi : Finance minister P. Chidambaram Thursday warned against organised evasion of excise duty and said stern measures would be taken against such malpractice.
"We need to take a very strong action so that there is no organised evasion of excise duty," Chidambaram told reporters on the margins of a conference with officers of the Central Board of Excise and Customs here.
The entire ceramic tile industry, for example, was evading excise duty till it came to the notice of the authorities, he said.
Mathura oil refinery shut down
By IANS,
Agra : All six units of the Indian Oil Corporation's Mathura refinery have been shut down due to the strike by public sector oil company officials, according to a strike leader.
P.S. Rajput, officers association secretary, said late Thursday night that one of the largest refineries in north India had to be shut down because Gas Authority of India Limited had stopped gas supply.
The shutdown is a result of the strike by public sector oil company officials in support of their pay rise demand, pending for the last two years.
Oil firms tell Chennai: We are sorry
By IANS,
Chennai : The state-run oil marketing firms apologised Wednesday to the people in Chennai for fuel shortage as most petrol and diesel outlets here remained closed for the third day.
"We are sorry for the inconvenience caused to the people of Chennai owing to any failing on our part," S. Krishnamurthi, executive director (retail) of Bharat Petroleum Corporation Limited (BPCL), said at a media conference here on behalf of the three oil marketing companies.
Intel rides chip-making strength to push other components
By Himank Sharma, IANS,
New Delhi : Intel Corp intends to ride the fame of its computer chips to push its less-known graphics processor and a memory controller later this year when it launches its latest low-cost processor Pine Trail.
In a move clearly aimed at taking competition head-on, Intel will club its graphics processor and memory controller - the two critical components of a computer that it is not renowned for - into a single unit for netbooks and nettops.
Sensex closes 127 points after seesaw trade
By IANS,
Mumbai : A key index of the Indian equities markets closed on a high Tuesday amid volatile conditions, ending trade almost 127 points up from its last closing figure.
The 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,103.65 points, rose 127.05 points or 0.9 percent to 14,170.45 points.
The Nifty of the National Stock Exchange (NSE) also closed 0.88 percent higher at 4,202.15 points.
Broader market indices ended mixed, with the BSE midcap index up 0.92 percent and the BSE smallcap index trading 0.33 percent lower.
NTPC plans to hedge foreign currency loans
By IANS,
Chennai: With India's electricty regulator permitting power generators to pass on the cost of hedging foreign currency loans to their customers, the National Thermal Power Corporation (NTPC) is working on a comprehensive hedging policy, a top company official said.
RBI eases overseas investment norms for telecom firms
By IANS,
New Delhi: The Reserve Bank of India (RBI) Thursday allowed telecom companies to build and maintain submarine cable systems with global players on a co-ownership basis.
"As a measure of further liberalisation, it has now been decided to allow Indian companies to participate in a consortium with other international operators to construct and maintain submarine cable systems on co-ownership basis under the automatic route," RBI said in a notification.
Iran welcomes foreign investment in oil, gas
By IANS,
Tehran : Iran is seeking foreign investment in a big way for development of the country's oil and gas deposits to ensure its energy security from big power monopoly and regional conflicts, claiming it is the safest route for oil transport.
Addressing the opening session Saturday of an energy conference here that would conclude Sunday, Foreign Minister Manouchehr Mottaki said: "Iran is ready to cooperate with foreign companies and states to ensure its oil supplies against the (political) turmoil in the Caucasus", the official IRNA news agency reported Sunday.
US growth at 1.9 percent in second quarter
US growth at 1.9 percent in second quarter
DPA
Washington, Aug 1 (DPA) The US economy grew at 1.9 percent in the second quarter of 2008, the government said Thursday, shaking off an ongoing credit and housing crisis that had some predicting a recession in the first half of the year.
The gross domestic product (GDP) figure was up from a revised 0.9 percent in the first quarter, but less than the 2.3 percent economists had predicted for the world's largest economy, according to Bloomberg financial news.
Stage set for India’s first civil aviation expo
By Mohammed Shafeeq, IANS,
Hyderabad : The stage is set for India's first international exhibition and conference on civil aviation, India Aviation 2008, which is beginning here Wednesday.
Top honchos of 35 major global aviation companies and ministerial-level delegations from 17 countries will participate in the four-day conference, jointly organised by the ministry of civil aviation and the Federation of Indian Chambers of Commerce and Industry (Ficci), with the US being the partner country.
Madhya Pradesh coop banks top in disbursing agro loans
By IANS
Bhopal : Cooperative banks in Madhya Pradesh have outstripped commercial and rural banks in the state in disbursing agricultural loans and mobilising deposits, state's cooperative minister Gopal Bhargava said here Monday.
Quoting a state-level bankers' committee report, Bhargava in an official release said all banks - commercial, regional rural and cooperative - in Madhya Pradesh were given a target to distribute Rs.89.05 billion in agricultural loans during fiscal 2007-08.
Uttar Pradesh announces steep hike in power tariff
By IANS,
Lucknow : The Uttar Pradesh government Tuesday announced a substantial hike in the power tariff in the state.
An increase of eight percent has been made in the tariff for domestic power consumption, 14 percent in commercial establishments, and a whopping 22 percent for small industries. Rural areas have been exempted from the power rates hike.
Increase in the tariff at this scale has been ordered after a gap of about three and a half years. The last substantial power tariff hike was announced Nov 19, 2004.
Visa Steel posts Rs.12.14 crore net profit
By IANS,
Kolkata : Visa Steel, a part of the Rs.5,000-crore Visa group that is engaged in minerals and metals, posted a net profit of Rs.12.14 crore for the quarter ended Dec 31, compared to a loss of Rs.24.75 crore in the same quarter a year ago.
"Our operational and financial performance during the third quarter of 2009-10 continues to maintain a healthy uptrend," said managing director Vishal Agarwal.
"With forward integration of the steel melt shop and bar and wire rod mill and additional power generation, operating profit is expected to improve further."
Poor feedback forces postponement of job scheme revamp
By Rajeev Ranjan Roy, IANS,
New Delhi : Poor feedback from the field has forced a postponement in the revamp of India's largest job guarantee scheme that is the flagship of the ruling United Progressive Alliance government.
The rural development ministry had set a June 15 deadline for national level monitors (NLMs) to deliver their reports on the implementation of the National Rural Employment Guarantee Scheme (NREGS) that assures 100 days of work every year to one family member of every household in each of India's 604 districts.
The deadline has now been extended to June 30.
Imports from China surge 35 percent
By IANS,
New Delhi : Imports from China rose 35 percent to Rs.147,605 crore ($31.8 billion) in 2008-09 from Rs.109,116 crore ($23.5 billion) the previous year, said Minister of State for Commerce and Industry Jyotiraditya M. Scindia Wednesday.
Imports stood at Rs.79,008 crore ($17 billion) in 2006-07, he said in a written reply in the Rajya Sabha.
India imports mainly electrical machinery, organic chemicals, organic chemicals, iron and steel from China.
Punjab National Bank slashes rates by 50 basis points
By IANS
Mumbai : Following the latest trend in the public banking sector, the Punjab National Bank (PNB) announced Monday that it has reduced the benchmark prime lending rate (BPLR) by 50 basis points (bps) from the existing level of 13 percent to 12.50 percent per annum.
In a filing with the Bombay Stock Exchange (BSE), the bank said the revised interest rate would come into effect from March 1, 2008.
Kerala launches coconut procurement scheme
Kozhikode (Kerala)(IANS) : In a bid to ensure a fair price for the farmers in the state, the Kerala government Saturday launched a scheme to buy nearly 40 million coconuts from farmers.
The government will procure de-husked and split coconuts at a rate of Rs.11 per kg from farmers in the districts of Kozhikode, Kannur, Malappuram, Alappuzha and Kollam.
Coconut is an important component of Kerala's agrarian economy. Coconut farmers numbering around 3 million have been facing a severe crash in prices.
Honda to recall over 8,500 old City sedans in India
By IANS,
New Delhi : Japanese auto major Honda has decided to recall 8,532 "City" sedans manufactured in 2007 from the Indian market for preventive part replacement of power window switches that have the potential to catch fire.
"The third generation City currently sold in India is not affected and does not require any part replacement," a company spokesperson said Saturday, a day after 646,000 "Jazz" hatchbacks were recalled from the global markets.
G20 pledges ‘growth-friendly’ policies, cut deficit
By DPA,
Toronto : The world's 20 most powerful developed and developing economies at a summit Sunday promised to slash their budget deficits in a manner that fosters growth.
The promise of "growth-friendly fiscal consolidation" for rich countries marked a key compromise between the United States, which has pushed for more public spending, and Europe, which has already announced austerity measures in the wake of Greece's debt crisis.
New finance commission to look at tax sharing
By IANS
New Delhi : The government Wednesday constituted the 13th Finance Commission with former finance secretary and economist Vijay L. Kelkar as its chairperson, to primarily suggest how taxes should be distributed between the central and state governments.
The commission's recommendations will govern how grants and aid are given to states out of the consolidated fund of India towards administrative expenses.
The commission's suggestions - expected by Oct 31, 2009 - will cover a five-year period from April 1, 2010 to March 31 2015, an official statement said.
RBI governor calls for diesel deregulation at earliest
Mumbai : The country should take advantage of international oil prices, that have fallen rapidly below the $100 per barrel-mark, to deregulate diesel prices,...
Consumer forum makes ICICI Lombard pay its dues
By IANS,
Chandigarh : ICICI Lombard general insurance company here has been asked by a consumer forum to pay Rs.263,750 to a customer who had taken a policy for his vehicle that was subsequently damaged in an accident.
Coming to the rescue of the customer, the district consumer disputes redressal forum Thursday directed the insurance company to pay the sum to G.L. Kaushal, who got his vehicle insured from the company Aug 18, 2007 with a cover of Rs.689,296.
The insurance cover was valid up to Aug 17, 2008.
New regulator for airports in place by March 31
By IANS,
New Delhi : A new aviation regulator - the Airports Economic Regulatory Authority (AERA) - will come into effect by March 31 this year, according to a ministry official.
"AERA has been notified in the gazette. It has to be in place by March 31," the official told IANS Friday. Once AERA becomes operational, Indian airports will have a tariff regulator in line with international practices.
The AERA Bill 2007 received the cabinet nod in May 2007, but was cleared by parliament only in October 2008. It was given clearance by the president late last month.