West Bengal looks forward to a state-friendly rail budget
By Aparajita Gupta, IANS,
Kolkata : With 'Didi' Mamata Banerjee in charge of the Railways ministry again, business leaders and commoners in West Bengal are expecting a series of sops for the state when she presents her budget in parliament Friday.
Trinamool Congress chief Banerjee, who has returned as Railways minister after eight years, has left very few in doubt that West Bengal will be a focal area in her budget proposals.
Inflation dips further, drops to 6.38 percent
By IANS,
New Delhi : India's annual rate of inflation dipped further to 6.38 percent for the week ended Dec 20 from 6.61 percent the week before, official data released Thursday said.
The inflation rate was 3.74 percent during the corresponding week of the previous year.
The wholesale price index (WPI) for all commodities declined 0.2 percent to 230.2 from 230.7 the previous week. All the figures in the index are still provisional.
The index for primary articles declined by 0.2 percent to 248.8 from 249.2 the previous week.
Sterlite wins $160 mn power project for northeast
By IANS,
Pune : Fibre-optic cable manufacturer Sterlite Technologies has won a project worth $160 million (Rs.800 crore) for developing a power transmission network in northeastern India, the company said in a regulatory filing Monday.
The project has been awarded to the Sterlite Technologies on Build, Own, Operate and Maintain (BOOM) basis wherein the company would commission the transmission lines within three years and then operate and maintain it for at least 22 years.
The work has been awarded by Power Finance Corporation (PFC) which operates under the ministry of power.
Hearing on Raju’s bail petition adjourned to Friday
By IANS,
Hyderabad : A court here Monday adjourned the hearing on the bail petition of the disgraced former top brass of Satyam Computer Services to Friday.
The court also adjourned the hearing on the petition of the Criminal Investigation Department (CID) seeking their custody and another petition by market regulator Securities and Exchange Board of India (SEBI) seeking permission to question them in connection with a Rs.70 billion ($1.43 billion) fraud.
Worst will soon get over on price rise: PM
By IANS,
Ambala (Haryana) : Prime Minister Manmohan Singh Wednesday said the federal government was fully aware of the difficulties faced by common people because of rising prices but said that the worst was getting over.
"The worst is getting over on price rise. With a good Rabi (winter) crop, we should be able to cope with things," the prime minister said at an election rally at the Gandhi ground in this Haryana city, some 45 km from Chandigarh.
Apple unveils new iPhone
By IANS,
San Francisco : Apple Inc. has unveiled a latest model of the iPhone, thinner in size and which has new features including a front-facing camera.
Steve Jobs, Apple's chief executive officer (CEO), provided details Monday of the new "iPhone 4" at the company's annual Worldwide Developers Conference held in San Francisco.
"We're going to take the biggest leap since the original iPhone," Jobs was quoted as saying by Xinhua.
Economic forum focuses on food crisis
By DPA,
Kuala Lumpur : Business leaders and government ministers called Monday for international action on soaring food prices at an economic forum in Malaysia's capital while governments were blamed for causing most of the hikes.
"It is imperative that issues such as water and food do not become impediments to Asian development," Japanese Prime Minister Yasuo Fukuda said in a video speech to delegates at the World Economic Forum on East Asia, held in Kuala Lumpur.
"I appeal for more agriculture development and the support from governments] to see it through," he said.
Reliance Energy, Tata Power eye Dishergarh Power Supply Corp
By IANS,
Kolkata : Reliance Energy Ltd, CESC Ltd and Tata Power Ltd have expressed interest in buying 57 percent stake in Dishergarh Power Supply Corp (DPSC), said a top official of Andrew Yule Co Ltd (AYC), which has a stake in DPSC.
"Reliance Energy, CESC, Tata Power and other leading power companies have responded to the expression of interest (EoI) floated by AYC for divesting its stake in DPSC," AYC chairman and managing director Kallol Datta told reporters here Thursday.
Mahindra and Mahindra plans tractor plant in Tanzania
Mumbai, March 25 (IANS) Utility vehicle manufacturing leader Mahindra and Mahindra (M&M) is all set to put up a $1 billion tractor assembly plant in Tanzania, says Tanzanian Industries, Trade and Marketing Minister Mary Nagu.
"The talks with the automotive major are at an advanced stage and most of the final modalities are just being given the final touch," said Nagu, a part of the 32-member delegation from the African country led by Tanzanian Vice President Ali Mohammed Shein.
Sensex pares gains, ends flat
By IANS,
Mumbai : A benchmark index for Indian equities gave up its intra-day gains Monday to close on a flat note.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,494.61 points, closed at 16,428.45 points (provisional), 17.16 points or 0.1 percent down from its previous close at 16,445.61 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut shop at 4,928.8 points, down 0.05 percent from its previous close at 4,931.15.
India’s exports to South Korea rise, but lag China
By IANS,
New Delhi : India's share in South Korea's imports has increased four-fold during 2002-07, but is still far behind that of China, according to an industry lobby report.
Even though India's exports to South Korea rose nearly four times from $1.25 billion to $4.62 billion and the country's share in South Korea's total imports improved from 0.8 percent to 1.3 percent in 2002-07, it fell short of China's impressive showing, said the report by the Federation of Indian Chambers of Commerce and Industry (FICCI).
India’s telecom watchdog wants orderly growth of cable TV
By IANS
New Delhi : A consultation paper inviting comments and suggestions to better regulate the cable television service business in the country and help its orderly growth was circulated by the telecom watchdog Tuesday.
"An appropriate regulatory framework to enable the orderly growth of the sector is need of the hour," said the Telecom Regulatory Authority of India (TRAI) that issued the paper among industry stakeholders.
Government approves cruise shipping policy, lifts taxes
By IANS,
New Delhi : The Cabinet Committee on Economic Affairs Thursday approved the Cruise Shipping Policy of India that envisages a zero-tax regime for cruise ship operators.
Under the policy, cruise operators will be exempted from income-tax, excise duty, customs duty, corporate tax and service tax that accounts for almost a third of their total revenues.
A mini-township on the high seas, cruise shipping is one of the most dynamic and fastest growing components of the leisure industry worldwide, fast emerging as a new marketable commodity.
Key equities index ends 700 points in red
By IANS,
Mumbai : As analysts had feared, the bull run lost steam just after two successive sessions and Indian equities markets once again came under a severe bear grip Tuesday with a key share index shedding nearly 700 points at close to finish below the psychologically important 10,000 mark.
This was the largest single day loss in recent weeks, analysts said.
Uttar Pradesh plans public-private model for power distribution
By IANS,
Lucknow : The public-private partnership model will first be implemented in the power sector in Uttar Pradesh, with an input-based franchisee system being proposed to be put in place in nine cities by March-end.
This follows a decision taken by the state cabinet earlier this week.
"Under the system, the state power corporation will sell power to the franchisee, which in turn will be free to carry out the distribution at a price prescribed by SERC (State Electricity Regulatory Commission)," the commission's chairman Navneet Sehgal told IANS.
Aviation fuel price likely to come down further
By IANS,
New Delhi : Aviation fuel costs will come down by Rs.6,000 per kilolitre when oil prices are revised Saturday, a top official of an oil major indicated Friday.
"ATF (aviation turbine fuel prices) could come down by Rs.5,000 to Rs.6,000 (a kilolitre)," Indian Oil Corp (IOC) chairman Sarthak Behuria told reporters here.
ATF prices, which have dropped 20 percent over the last two months, are due for a revision Nov 1.
Industry, led by Sunil Mittal, supports Tata’s Nano project
By IANS,
New Delhi : Leading industrialists and industry lobbies Friday rallied behind Tata Motors Chairman Ratan Tata over the political siege laid by the Trinamool Congress to the auto major's Nano small car factory at Singur in West Bengal.
The support comes two days after Reliance Industries chief Mukesh Ambani said the agitation was creating a fear psychosis in the industry.
Sensex ends day almost 100 points down
By IANS,
Mumbai : The Indian equities market closed in the red Wednesday.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 17,479.01 points and touched a high of 17,480.74 before closing at 17,287.31 points. It went down by 91.15 points or 0.52 percent compared to its close Tuesday.
The National Stock Exchange (NSE) S&P Nifty, which opened at 5,198.35 points, closed at 5,165.90. It went down by 29.60 points or 0.57 percent from its previous close.
India ranks 44 as global retail destination
By IANS
New Delhi : India has been ranked 44th on the list of most preferred destinations by global retailers, according to a report by real estate consultant CB Richard Ellis.
The report explores the globalisation of the retail industry and scrutinises retailer presence in relation to market sectors, country of origin, regional trends and other influences.
"Even though the Indian economy is growing at a rapid pace with consumers having more buying power, we are still only at the 44th position," said Anshuman Magazine, chairman and managing director of CB Richard Ellis (South Asia).
India Inc planned investment jumps 52 percent
By IANS,
New Delhi : With easy access to funds, rising domestic demand and a revival of industrial production, planned investment of corporate India soared 52 percent in the second quarter over that registered in the previous three months, says a study by an industry lobby.
The study by Associated Chambers of Commerce and Industry (Assocham) said investment announcements in the quarter ended Sep 30 totaled Rs.440,353 crore, compared to Rs.289,704 crore in the first quarter.
Support price for wheat hiked by Rs.20
By IANS,
New Delhi : The government Thursday hiked the minimum support price (MSP) of wheat by Rs.20, barley by Rs.70 and gram by Rs.30 per quintal for the current rabi crop.
The decision was taken by the Cabinet Committee on Economic Affairs (CCEA), presided over by Prime Minister Manmohan Singh.
Addressing reporters after the CCEA meet, Home Minister P. Chidambaram said the new MSPs have been fixed for rabi crops grown in the current season that will be marketed in 2010-11.
US firm to invest $2 bn in India’s renewable power sector
By IANS,
New Delhi : Renewable energy player Astonfield will invest around $2 billion in India over the next five years to generate about 1,000 MW of power, most of it from solar sources, a top official said Friday.
"We are going to make an announcement in the next 30-60 days. It will be a billion dollar initial investment on photo-valtics," said Ameet Shah, co-chairman of Astonfield Renewable Resources.
Photo-valtics technology is being used to generate solar energy.
Astonfield Renewable is the Indian unit of the US-based infrastructure major Astonfield Management.
Vegetable, fruit stalls to check prices
By IANS
New Delhi : The Delhi government Monday said it was planning to put up its vegetable and fruit stalls to tackle rising prices in the city.
The government will also stop the export of tomatoes whose wholesale price has gone up to Rs. 11.25 per kg.
Chief Minister Sheila Dikshit reviewed the situation in a meeting with Delhi Agricultural Marketing Board (DAMB) chairman Brahm Yadav and other senior government officials.
"If needed, the government will put up vegetable and fruit stalls. There is a slight increase in the wholesale price of bitter gourd," Yadav told IANS.
Indian business team heads for Iran to explore beyond oil
By IANS,
New Delhi : In a bid to look for bilateral economic ties that go beyond the energy sector, a 10-member business delegation is visiting Iran on a three-day mission starting Tuesday, coinciding with the Tehran International Fair.
Vijay R. Kirloskar, chairman and managing director of Kirloskar Electric Co, is heading the delegation under the aegis of the Confederation of Indian Industry (CII) with the larger agenda of pushing trade, economic and investment relations between the two sides.
Regulator asks satellite TV operators to carry out free repairs
By IANS,
New Delhi : India's telecom regulator Thursday asked direct-to-home (DTH) service providers to carry out repairs of equipment during the warranty period free of cost and leave packages unchanged in the first six months of enrolment of a subscriber.
Calcutta airport gets ready for Airbus A380
By IANS,
Kolkata : The Kolkata airport will expand its runway and build a taxiway for the Airbus A380, the world's largest commercial aircraft. The work is to be completed by 2009-end, an official said Saturday.
"We plan to extend the 2,400-metre runway at the Netaji Subhas Chandra Bose International Airport by 840 metres. A taxiway with a minimum width of 23 metres will be built to make room for the wide-bodied aircraft. The taxi shoulders will be around 30 metres wide to avoid damaging the wings of the A380," airport director V.K. Monga told IANS.
Samsung aims to climb mobile handset ladder
By IANS
Chennai : Samsung India Electronics Pvt Ltd is working to become the number two in the Indian mobile phone handset market. It is currently ranked third.
According to Samsung deputy managing director Ravinder Zutshi, the company would soon come out with a range of handsets with multimedia and FM radio features.
"We are focused on selling higher-end handsets," Zutshi told the media here Thursday.
Cuban growth rate falls short of forecast
By IANS
Havana : Cuba registered a growth rate of 7.5 percent against an official forecast of 10 percent with both agriculture and construction sectors badly hit by weather, Economy Minister Jose Luis Rodriguez has said, Spain's EFE agency reported Saturday.
Rodriguez, tabling the economic survey report and budgetary policy at the plenary session of the country's parliament Thursday, said the economy performed well in 2007 despite a nearly 24 percent hike in the cost of imported food and an increase of more than seven percent in oil prices.
Prime Minister holds meeting on rupee, interest rates
By IANS
New Delhi : Prime Minister Manmohan Singh Tuesday chaired a meeting on the impact of the rising rupee on the Indian economy, especially exports, and directed concerned officials to come up with concrete solutions on the matter.
Commerce and Industry Minister Kamal Nath, who was among those who participated at the meeting, said effective steps would be taken soon to address the problem of the rising rupee without impacting inflation and interest rates.
Nair joins commodity exchange as director
By IANS,
Ahmedabad : G.N. Nair, director (finance) of the Central Warehousing Corporation (CWC), was Monday appointed director of the National Multi-Commodity Exchange (NMCE) representing his organisation.
NMCE board of directors at its meeting accepted the resignation of Ajay Khera as the CWC's nominated director. It also approved renewal of Rajnikant Patel, managing director of the Bombay Stock Exchange (BSE), as professional director of NMCE.
Guidelines for smaller exchanges in December
By IANS,
Chandigarh : India's market regulator will to announce the guidelines and procedures in December for setting up of smaller exchanges that will cater to small and medium enterprises, it announced here Wednesday.
"In the initial phase, three to four licences will be provided to companies who have net worth income of Rs.100 crore (Rs.1 billion)," T.C. Nair, whole time director at the Securities and Exchange Board of India (Sebi) said at a function organised by the Associated Chambers of Commerce and Industry.
Bear grip sends key Indian index below 10,000 again
By IANS,
Mumbai : Bears were again on the rampage in the Indian equities markets Tuesday, just as had feared, the last two sessions' upward rally proving short-lived. A key share index shed nearly 600 points by mid-afternoon to once again go below the psychologically important 10,000 mark.
After recovery, phase out subsidies: IMF to India
By Arun Kumar, IANS,
Washington: The International Monetary Fund (IMF) has asked India to phase out subsidies and introduce market-based pricing for petroleum products following its rapid recovery from the global financial crisis.
"Over time, the subsidies on products consumed predominantly by the poor should be replaced with targeted support," IMF said Wednesday after its Executive Board's Article IV consultation with India last month.
US stocks gain on financial firms
By DPA,
New York : Major US stock indices posted mild gains Tuesday, led by troubled financial firms bailed out by the US government in the past year.
Boeing, General Electric, AT&T and United Technologies also saw their shares rise during the trading day. Boeing's gains came after rivals EADS and Northrop Grumman late Monday pulled out of a bid for a lucrative Air Force contract to build aerial refuellers.
Food and beverages segment poised for growth: survey
By IANS
New Delhi : With a booming retail industry and a strong middle-class with more purchasing power, India's food and beverages (F&B) segment is growing by leaps and bounds, says a survey.
In the current fiscal of 2007-08, the sector is growing at a rate of 8.5 percent, with a major contribution made by branded foods that is growing by about 15-20 percent, according to the Food & Beverages survey conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI).
Kashmir fruit traders to suspend trade across Line of Control
By IANS,
Srinagar : Fruit growers and traders in the Kashmir Valley have decided not to send their consignments across the Line of Control (LoC) Tuesday due to lack of communication, banking arrangements and contact with traders across the border.
"We have no knowledge about what happened to the 7,000 boxes of fruit we have already sent to Muzaffarabad since the LoC trade began Oct 21," Farooq Ahmad Malik, president of the Valley's fruit buyers' association, said here Monday. The LoC divides Kashmir between India and Pakistan.
US to experience near recession: study
By Xinhua
Los Angeles : The US will experience a near recession situation in the final quarter of the year and the beginning of 2008, according to a new study on the country's economy.
The country's economic growth is expected to hover slightly above one percent, said the study released Wednesday.
The study by economists at the University of California in Los Angeles said that in the meantime, however, the unemployment rate would likely reach 5.2 percent by mid-2008, up from the current level of 4.6 percent.
Nissan Motor wants alliances only if cash not involved
By Venkatachari Jagannathan, IANS,
Chennai : Concerned over the continuing uncertainty in the credit market, Japanese auto major Nissan Motor Co has said it will not form new tie-ups with other auto companies for joint ventures that require investments.
Explaining his company's position to IANS here, Colin Dodge, senior vice-president (overseas market operations) of Nissan, said market conditions are unfavourable as a credit crunch continues to shrink the industry's expansion plans.
Nestle to invest Rs.250 crore in Himachal Pradesh
By IANS,
Shimla : Food products major Nestle India has got the approval to set up a Rs.250-crore food and beverages manufacturing facility in Himachal Pradesh.
"Nestle's proposal to set up a food processing unit in Una district has been approved. The unit will provide direct employment to 650 people," said industries director Manoj Kumar.
The state's single-window clearance committee and monitoring authority also gave approval to another 16 industrial proposals Saturday evening, Kumar said.
Marks & Spencer to invest heavily in India
By IANS
London : After indifferent sales at home, British retail outlet Marks & Spencer (M&S) will invest 1.1 billion pounds (about Rs.91 billion) in India and China next year, the company said Tuesday.
It is expected to announce a joint venture partner in India.
"To get to where we are going, we have to make investments. If I said we are cutting back on capital expenditure, you would say the business is going nowhere," M&S chief executive Stuart Rose said.
"These decisions reflect our confidence in the strength and future prospects of the business," he added.
India’s egg production may cross 9,500 crore by 2015: Assocham
By IANS,
Bhubaneswar : Egg production in India is likely to surge from the current level of about 7,500 crore to about 9,500 crore by 2015, an industry body said Friday.
Chemical explosion at IPCL plant kills two, injures 17
By IANS,
Mumbai : A chemical explosion at the Indian Petrochemicals Corp Ltd (IPCL) plant at Nagothane in Maharashtra's Raigad district Friday killed two people and injured 17.
According to an official at the Raigad police control room: "The explosion took place around 11.30 a.m. While details are not available, the preliminary report states that two persons died on the spot and the injured have been shifted to Harkisondas Hospital in Mumbai while those with superficial burns are being treated at Dhirubhai Ambani Hospital inside the IPCL complex."
Two-day Fortune Global Forum commences Tuesday
By IANS
New Delhi : India is all geared up to host for the first time Fortune Magazine's annual forum that brings together global industry leaders, policymakers and economists from across the world.
India, currently regarded as one of the world's fastest growing economies, has become the cynosure of companies across the globe that are bullish to grab a pie of this billion-plus market.
This is going to be Fortune's tenth global forum. It was held in Beijing last year.
National Aluminium slashes price fourth time in October
By IANS,
Bhubaneswar : The state-owned National Aluminium Co Ltd (Nalco), India's second largest aluminium manufacturer, has slashed basic metal prices for the fourth time this month to match international prices, a top company official said Wednesday.
“The standard aluminium prices were slashed last week by about Rs.8,000 a tonne,” Nalco's chairman and managing director C.R. Pradhan told IANS.
There are several other special discounts of about Rs.16,000 to Rs.17,000 a tonne offered to different buyers on different aluminium products, another senior official of the company said.
GTC Industries changes name to Golden Tobacco
By IANS,
New Delhi : Indian tobacco major GTC Industries Ltd has changed its name to Golden Tobacco Ltd, the company said Monday.
Upon approval by the Registrar of Companies, Maharashtra, a fresh certificate of incorporation has been issued, the company said in a regulatory statement.
The shareholders had approved the company's proposal to change the name through a special resolution passed at the annual general meeting held July 14.
Ranbaxy to launch anti-diabetic drug Actos by 2012
By IANS,
Mumbai : Pharma major Ranbaxy Laboratories Friday said it will launch anti-diabetic drug Actos in the US by 2012.
Ranbaxy, majority owned by Japan's Daiichi Sankyo, said it has settled litigation with the country's Takeda Pharmaceutical over a generic equivalent version of the medicine and received a non-exclusive royalty free licence for its US patents covering Actos.
Emerging East Asian economy to maintain strong growth — ADB
TOKYO, Dec 13 (KUNA) -- Economic growth in emerging East Asia will slow to 8.0 percent in 2008 from 8.5 percent this year as expansion in key industrialized nations moderates amid volatility in financial markets and rising oil prices, the Asian Development Bank (ADB) said Thursday.
"Even though growth slows in emerging East Asia, inflation is rearing its head in many economies and that price pressures are likely to remain in 2008," the Manila-based bank said in its latest Asia Economic Monitor report.
Gujarat’s Samana set to become wind power hub
By IANS,
Ahmedabad : Samana in Gujarat's Rajkot district is set to become a major hub of wind power energy in the country as energy companies like China Light Power (CLP) and Tata Power have pledged to invest up to Rs.8.15 billion ($189.5 million) in different projects in the area.
CLP, through its India subsidiary CLP India, is investing close to Rs.5 billion for installing 126 wind turbines in Samana that will generate 100.8 MW power.
Tata Power has installed wind turbines in the same area for generating 50 MW power at a cost of Rs.3.15 billion.
United Bank gets SEBI nod for independent directors’ appointment
By IANS,
Kolkata : Public sector United Bank of India (UBI) has received exemption from the Securities and Exchange Board of India (SEBI) for appointment of independent directors before its initial public offering (IPO) of shares, a senior bank official said here Friday.
"We had explained to SEBI that it might take some time before we fulfill the quota of independent directors and have given an undertaking that we will keep them informed as and when we appoint them," executive director T.M. Bhasin said at a press meet.
Sustainability award for artificial milk firm led by Indians
London: A US-based company founded by a group of Indian-origin entrepreneurs which produces artificial milk has won a Dutch sustainability innovation prize of 200,000...
Islamabad shaken, but Marriott firms resolve to reopen
By Muhammad Najeeb, IANS,
Islamabad : With only nine days to go for Eid, the markets are empty and so are the restaurants with dread clamping down on the festive spirit. But in the proverbial Phoenix that will rise from the ashes of Pakistan's worst terror attack, the Marriott Hotel was Tuesday already beginning the process of getting back on its feet.
In a never say die spirit, Sadruddin Hashwani, owner of the hotel that was reduced to a burnt shell after Saturday's suicide bombing that killed 53 people, has promised that the Marriott would be ready in less than four months.
CII welcomes cash reserve ratio cut
By IANS,
New Delhi : The Confederation of Indian Industry (CII) has welcomed the cut in the cash reserve ratio (CRR) by 100 basis points to 6.5 percent, but urged the central bank to reduce it further to five percent.
The Reserve Bank of India (RBI) Wednesday cut the CRR to release Rs.400 billion into the system.
"The CRR cut by 100 bps was very much needed to infuse additional liquidity into the system and in fact, the CII would like the CRR to go back to five percent level,” CII director general Chandrajit Banerjee said in a statement.
India opens air space for ASEAN countries
By IANS,
New Delhi : India has opened its air space for the Association of Southeast Asian Nations (ASEAN) member-states under an open-sky regime, the government said Friday.
With this, designated airlines from ASEAN members can now to fly into any Indian city, while Indian carriers too can fly to these countries after modalities are worked out. As of now, airlines from these countries can operate only on approved routes within India.
Tanla Solutions to build Buzz for Outcast TV
By IANS
Mumbai : Tanla Mobile, a wholly-owned subsidiary of Hyderabad-based wireless major Tanla Solutions Limited, has signed an agreement with Outcast TV, a content developer for the wireless audience, to build "Buzz", their media personalisation platform.
Tanla Mobile specialises in wireless application development, mobile billing and messaging solutions.
China enters Latin American mineral market with Canada deal
By IANS,
Toronto : After storming Africa, resource-hungry China Monday made a big opening into the Latin American mineral market by inking a $1-billion deal with Canadian copper major Quadra Mining Ltd for a stake in its copper operations in Chile.
Chile accounts for 35 percent of the world's copper output. China has a deep shortage of the metal needed for developing power grids to meet its growing energy demand. It is the biggest stake gained by the Chinese in a Canadian metal resource company.
India-US business on equal terms: Bajaj
By IANS,
Mumbai: Eminent industrialist Rahul Bajaj Saturday said that business between the US and India must be on equal terms and no one party should be subservient to the other.
South-East Asian currencies start to slide
By DPA,
Bangkok : When inflation goes up, currencies tend to come down, economists say.
That rule of thumb has proved true in South-East Asia this month which has seen inflation across the region pushed to the highest levels in a decade by rising fuel and food prices.
Sensex slips from morning high of 18,000 plus
By IANS,
Mumbai : A benchmark index for Indian equities Tuesday slipped from its morning highs with the overall market turning sluggish in afternoon trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,918.43 points, was ruling at 17,968.69 points, 40.27 points or 0.22 percent up from its previous close at 17,928.42 points.
It had earlier breached the 18,000 mark, having gained 111.75 points to touch the intra-day high at 18,040.17 points.
Fixed-line phone market to grow by 22 percent by 2013: Gartner
By IANS,
New Delhi : India's fixed-line telephone market will grow by 22 percent to reach Rs.5,500 crore (Rs.55 billion/$1.1 billion) by 2013, says a report by IT research and advisory firm Gartner.
"The Indian fixed-line market will see growth from broadband and Internet access sectors, which will together grow at the rate of 22 percent to reach Rs.55 billion by 2013," the report released here Monday said.
The communications market is estimated to to grow at an average 2.6 percent annually from Rs.21,100 crore in 2008 to Rs.24,000 crore in 2013, Gartner added.
Indian equities end flat after strong opening
By IANS
Mumbai : After opening on a strong note, the Indian equities market Wednesday closed flat, dampened by disappointing index of industrial production (IIP) figures.
With strong cues emerging from global peers, Indian equities started on a very positive note with a gain of more than 300 points in a benchmark index. But the market was unable to maintain the lead and shifted to the reverse gear by early afternoon. The metal and IT indexes closed the day with a marginal cut.
Tamil Nadu to add 300 MW wind power by March
By IANS
New Delhi : Another 300 MW of wind power generation capacity will be added in Tamil Nadu by March, Minister of State for Renewable Energy Vilas Muttemwar said Monday.
The minister was replying to a question in the Rajya Sabha, the upper house of Indian parliament.
Tamil Nadu already has 3,700 MW of wind power generation capacity in operation.
The wind power plants are mostly located in the state's three mountain passes, Palaghat, Shengottah and Aralvoimozhi, Muttemwar added.
Maruti Suzuki sells over a million vehicles in 2009-10
By IANS,
New Delhi: India's leading car maker Maruti Suzuki India Thursday said it sold 1,018,365 vehicles in the 2009-10 fiscal of which 870,790 units were sold in the country, the highest ever by the company.
"This is the first time in the Indian automobile history that a car company has sold over a million units in a financial year. This includes 870,790 units sold in the domestic market, the highest ever by the company in a fiscal. This feat takes the company into a very select group of global automakers with such volumes," the company said in a regulatory filing.
Dubai Aerospace buys control of Auckland Airport
By DPA
Wellington : Dubai Aerospace Enterprise (DAE) will acquire a controlling interest in Auckland International Airport, New Zealand's biggest aviation hub, under a proposed deal announced Monday.
The directors of Auckland International Airport Limited (AIAL) said they unanimously recommended acceptance of DAE's offer, worth 2.6 billion New Zealand dollars (about $2 billion), which would give it 51 to 60 percent of the company.
ICICI Direct launches futures trading for Gulf Indians
By IANS,
Dubai : With an eye to the vast expatriate Indian population in the Gulf, ICICI Direct, the online trading platform of India's ICICI Securities, has launched its online futures and options (F&O) trading facility for overseas Indians.
The new facility will allow its customers to avail of what ICICI Direct calls 'CallNTrade' service, according to an ICICI Securities statement.
"The GCC (Gulf Cooperation Council) region is home to a large population of non-resident Indians," Anup Bagchi, executive director of ICICI Securities, said in the statement.
Quotes from India Inc that wants strong anti-terror measures
By IANS,
New Delhi : The following are some quotes from captains of Indian industry who have condemned the terror attack in Mumbai since Wednesday night and called for strong anti-terror mechanism and laws:
Ratan N. Tata, chairman, Tata Group: "We must show that we cannot be disabled or destroyed, but that such heinous act will only make us stronger. It is important that we do not allow divisive forces to weaken us."
K.V. Kamath, president, Confederation of Indian Industry: "This is a new type of attack and I am sure the city has to adjust to this attack."
Value-added services content subject to regulation: TRAI
By IANS,
New Delhi : The country's telecom watchdog Friday recommended that the content of value-added services (VAS) should be subject to regulation and should comply with prevailing copyright laws, including digital management rights.
The Telecom Regulatory Authority of India (TRAI), in its recommendations on 'Growth of Value-Added Services and Regulatory Issues' said the VAS market offers great scope of growth for telecom access service and content providers.
Rajasthan commodity traders observe strike
By IANS
Jaipur : Business of over Rs.250 million was hit Wednesday in Rajasthan as commodity traders and commission agents observed a day's strike following a call by the Rajasthan Khadya Padarth Vypar Sangh (RKPVS) against the BJP government's "anti trader" policies.
Sensex crashes nearly 517 points on inflation data
By IANS,
Mumbai : Indian equity markets closed deep in the red Friday following the 11.05 percent inflation rate announced by the government.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 15,168.05 points and touched a low of 14,519.27 before closing at 14,571.29. It went down by 516.70 points or 3.42 percent compared to its closing figure Thursday.
The S&P CNX Nifty index of the National Stock Exchange, which opened at 4,504.20 points, closed at 4,347.55. It went down by 156.70 points or 3.48 percent from its previous close.
YSR calls for greater investment in agriculture
By IANS
Hyderabad : Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy told the World Agricultural Congress in the US that growth in agriculture could not be sustained without a second green revolution and farmers' welfare.
Delivering the keynote address at the Congress in St. Louis Tuesday, he shared the experience of India, especially Andhra Pradesh, to emphasise that prosperity could be achieved through investments in agriculture.
Meeting on affirmative action deferred
By IANS,
New Delhi : The Prime Minister's Office Monday deferred a meeting with apex chambers scheduled here Monday to discuss how the interests of workers from socially backward sections can be protected in the wake of lay-offs by the corporate sector due to economic slowdown.
No reason was assigned for deferring the meeting, scheduled against the backdrop of Labour Minister Oscar Fernandes stating that an estimated 65,000 people lost their jobs between August and October, as India Inc has been hit by the recession in key economies.
GSM operators add 6.5 mn subscribers in September
By IANS,
New Delhi : India's GSM mobile subscribers base grew 1.07 percent in September with the addition of over 6.5 million subscribers. Uninor alone signed 1.92 million users.
Reliance Power shareholders approve bonus issue
By IANS,
Mumbai : Reliance Power has received shareholders' approval to issue 3:5 bonus shares to its shareholders excluding chairman Anil Ambani and other promoters.
"The shareholders through postal ballot have approved the proposals entailing that no allotment of bonus shares will be made to Anil Ambani and other promoters who waived their entitlement to such shares," the company informed the Bombay Stock Exchange Tuesday.
Industrial output down 17.4 percent in Spain
By EFE,
Madrid : Industrial production in Spain fell 17.4 percent in July compared with the same month in 2008, the National Statistics Institute has said.
The 12-month decline in July - the 15th straight month of falling industrial output - was worse than the 16 percent drop registered in June.
Production of capital goods plunged 26.7 percent in July from 12 months earlier, while output of intermediate goods was down 20.8 percent and that of consumer products, 10.7 percent.
Output of consumer durables dropped 31.7 percent from the levels of July 2008, the institute said.
Wall Street tremors turn Toronto bearish
By IANS,
Toronto : The Toronto Stock Exchange (TSX) turned bearish as the Wall Street jitters caused ripples in North America's third largest bourse.
As major Canadian financial firms disclosed their exposure to the failed Lehman Brothers Wednesday, the S&P/TSX composite index lost 349.30 points, closing the day at 11,877.69 and pushing the bourse into a bear market.
It was the lowest end for the bourse in two years.
The composite index, which crossed the historic 15,000 mark for the first time in the 150-year TSX exactly three months ago, has slipped 21.19 percent since then.
Toronto firm celebrates ‘victory’ over Microsoft
By Gurmukh Singh, IANS,
Toronto : A tiny Canadian IT firm, which won a big patent-infringement victory against software giant Microsoft Tuesday, couldnt have wished for a better Christmas gift. They are hoping the global publicity will spell growth in its fortunes.
Toronto-based i4i Inc, which will also get $290 million in damages from Microsoft for stealing its software Word, says its victory is "a war cry for talented inventors whose patents are infringed" by corporate sharks. Tuesday's victory will serve as a springboard for growth, i4i executives told the media Wednesday.
Rail budget should focus on services, amenities: survey
New Delhi : The forthcoming railway budget, to be presented by Railway Minister Suresh Prabhu on February 25, must focus more on passenger services...
Jharkhand to reduce tax on diesel
By IANS
Ranchi : The Jharkhand government will reduce Value Added Tax (VAT) by two percent on diesel from April 1.
Finance Minister Stephen Marandi said here Thursday: "We have reduced the VAT on diesel from existing 20 percent to 18 percent. The reduction of VAT will have impact on the state coffers. According to an estimate, the state government will lose Rs.46 crore (Rs.460 million) per annum by reducing VAT."
Bullish foreign investors pump in over $5.5 bn into Indian markets
By IANS,
Mumbai : Overseas investors are continuing to invest in Indian equities markets at a brisk pace with inflows already topping $5.5 billion in under two months of trading of 2012.
OPEC crude oil basket down 34 cents, settles at USD 95.95
By KUNA
Vienna : The Organization of Petroleum Exporting Countries' (OPEC) basket of 12 crudes dropped 34 cents on Wednesday to settle at USD 95.95 per barrel, after being at USD 96.29 the day before.
This drop comes just one day after OPEC agreed to maintain its production ceiling at the current 29.6 million barrels per day, with the exception of Iraq which did not fall within the production quota system.
According to the OPEC bulletin, the average annual price of the basket last year was USD 69.10 per barrel.
Ushdev International announces rights issue
By IANS
Mumbai : Ushdev International Ltd, part of the Ushdev group that deals in imported pig iron, steel scrap and non-ferrous metals, said Tuesday that it has recommended a rights issue in the ratio of one equity share for two already held.
The shares will be issued at a premium of Rs.90 per share, subject to approval by shareholders.
In its communication to the Bombay Stock Exchange, the company said its board of directors took the decision in a meeting held Feb 18.
Sensex closes 104 points lower
By IANS,
Mumbai : A benchmark index for Indian equities Tuesday ended trade with a 104-point loss. Realty and metal scrips added to the overall drag in the markets.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,407.01 points, closed at 18,304.82 points (provisional), 104.53 points or 0.57 percent down from its previous close at 18,409.35 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was 0.73 percent lower at 5,503.25 points.
Sensex ends a dull day with 38 points gain
By IANS,
Mumbai : A benchmark index for Indian equities closed a rather lacklustre day with a 38-point gain over its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,149.9 points Tuesday, closed at 18,119.7 points (provisional), 38.49 points or 0.21 percent up from its previous close at 18,081.21 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended 0.15 percent up at 5,440.05 points.
Markets continue gaining streak, Sensex up 329 points
By IANS,
Mumbai : Indian equities markets continued their upward movement for the third consecutive day Friday, with a key index ending trade over 329 points higher than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 14,319.87 points, rose 329.24 points or 2.2 percent to close at 14,625.25 points.
The S&P CNX Nifty of the National Stock Exchange (NSE) followed the Sensex to end in the green, gaining 2.51 percent to close at 4,446.1 points.
India’s inflation rate slips to 0.13 percent
By IANS,
Mumbai: India's annual rate of inflation fell to 0.13 percent for the week ended May 30 from 0.48 percent in the previous week, official data showed Thursday.
The wholesale price index for all commodities rose 0.1 percent primarily due to a rise in the indices for primary articles and various manufacturing products, as per data released by the commerce and industry ministry.
While the index for primary articles rose 0.4 percent, that for fuel and power and manufactured products remained unchanged.
Eicher Motors growth in June 10 percent
By IANS
New Delhi : Commercial vehicle manufacturer Eicher Motors recorded a growth of 10 percent in sales in June as compared to the same month last year. It sold 2,464 vehicles as against 2,235.
Bihar polls, US data dent markets; Sensex down 76 points
Mumbai: Anxiety over Bihar polls outcome coupled with upcoming US jobs data dented investors' sentiments in the Indian equity markets and plunged a barometer...
Air Arabia offers special fares for Indian passengers
By IANS,
New Delhi : Sharjah-based budget airline Air Arabia Monday announced lucrative packages for its Indian passengers to travel to Greece, Egypt, Jordan and the Gulf region this summer.
Apart from the new competitive return fare of Rs.10,973 between India and the United Arab Emirates (UAE), the airline is also offering discounts for its Indian passengers on their hotel stay in the Gulf country and other perks like car assistance, free baggage up to 30 kg and sightseeing tours.
Convicted former RBI officer granted bail in wealth case
By IANS,
Chennai : Former Reserve Bank of India employee S.R. Baskaran, convicted to five years' imprisonment for amassing wealth disproportionate to his known sources of income, was granted bail Friday by the Madras High Court upon furnishing a bond of Rs.2 million.
Judge K. Mohan Ram accepted the plaintiff's plea of inability to deposit the fine levied upon him in cash and allowed the deposit of a property-based bond for a like amount.
Bharti promises more than just telecom services to Tanzania
By IANS,
New Delhi : India's Bharti Airtel, which acquired the African telecom assets of Kuwait's Zain recently, has committed itself to bringing affordable phone services to Tanzania and becoming a pro-active partner in the country's growth.
"We want to be a partner in Tanzania's growth and will work with the government to take telecom networks deep into small towns and villages to touch the common man," Bharti's global chief executive Manoj Kohli said.
NGOs received Rs.78.77 billion in 2005-06
By IANS
New Delhi : Non-Governmental Organisations (NGOs) received Rs.78.77 billion as foreign contribution during 2005-06, the parliament was informed Tuesday.
In a written reply, Minister of State for Home, Sriprakash Jaiswal told Lok Sabha that during this period, under the Foreign Contribution (Regulation) Act, 1976, 13,574 associations did not submit the statutory annual returns of receipt and utilisation of foreign contribution.
India’s growth to slip to 5 percent in 2009: ADB
By DPA,
Manila : Economic growth in developing Asia was expected to slow to its lowest rate in more than a decade due to the global economic crisis, the Asian Development Bank (ADB) said Tuesday. It predicted India's economic growth would be five percent in 2009.
The Asian Development Outlook, the annual report of the Manila-based ADB, forecasts economic growth in Asia to slide to 3.4 percent, down from 6.3 percent last year and 9.5 percent in 2007.
Hope to implement GST this year: Jaitley
New Delhi : The government will work to introduce the much awaited Goods and Service Tax (GST) this year, Finance Minister Arun Jaitley said,...
Africa next target for Jet Airways with service to Johannesburg
By IANS,
Mumbai: India's largest private carrier Jet Airways is targeting the African market with the launch of a non-stop service between the commercial hubs of Mumbai and Johannesburg daily from April 14.
"The airline will introduce services to the Rainbow Nation using a new state-of-the-art A 330-200 aircraft. The launch of this new route marks the first time Jet Airways is adding destinations to Africa on its international route network," the carrier said in a statement Tuesday.
‘Budget may not check diesel subsidy misuse’
By IANS,
New Delhi : The union budget has failed to take steps to stop the misuse of diesel subsidy by private cars, said advocacy organisation Centre for Science and Environment (CSE) Saturday.
Visa cut will force US firms to outsource, says think tank
By IANS,
New Delhi : The US decision to cut visas to skilled manpower from countries like India would not protect American jobs, but goad American companies to opt for outsourcing, a leading think tank has warned.
In a report released Wednesday, RAND Corp., a non-profit global policy think tank, said curbing the inflow of foreign science and engineering workers would force US firms to outsource research and development or locate new facilities overseas.
Pakistan’s informal sector grows by 20 percent
By IANS
Islamabad : Pakistan's informal sector has grown 20 percent, prompting alarm bells in the government that views it as a means for businessmen to evade taxes.
"The issue has become a matter of great concern, with the government considering a proposal to bring the informal sector in the mainstream through its 'decent work country programme'," Dawn reported Sunday, quoting informed sources.
Chinese cities introduce reforms promoting private business
By Xinhua,
Beijing : Local governments throughout China are updating business regulations to make it easier for the private sector to grow, according to a report released Tuesday.
The report, titled "Doing Business in China 2008", compared the environment for private business in 30 cities by measuring four key indicators, namely, facilities for starting a business, registering property, obtaining credit and enforcing contracts.
Equity markets end in red
By IANS,
Mumbai : The Indian equity markets closed in the red Friday.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 15,327.10 points and touched a low of 15,135.81 before closing at 15,189.62. It went down by 60.58 points or 0.40 percent compared to its closing figure Thursday.
The S&P Nifty index of the National Stock Exchange, which opened at 4,539.50 points, closed at 4,517.10 points, down 22.25 points or 0.49 percent from its previous close.
Indian equities market hit by rising oil price
By IANS,
Mumbai : Rising price of crude oil and spiralling inflation weighed heavily on the Indian equities market, which slumped more than 750 points this week. Of the four trading sessions, three ended in negative.
Inflation based on the wholesale price index rose 7.82 percent in the year through May 10, 2008, marginally lower than the 7.83 percent rise in the previous week, government data released Friday.
The Bombay Stock Exchange (BSE) sensitive index (Sensex) slumped 785.30 points or 4.50 percent to 16,649.64 in the week ended Friday.
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.
Rs.15 bn losses caused by rains in Tamil Nadu
By IANS,
Chennai : It is estimated that losses caused due to the heavy rains that battered parts of Tamil Nadu during the past four days could be as much as Rs.15 billion, an official said Sunday.
A request for relief from the central government funds would be submitted shortly, the official said.
Chief Minister M. Karunanidhi said that the government had done its best under the circumstances. "While the government continues to do its best, the opposition is making false and politically-motivated allegations".
UAE, IEA discuss cooperation on stabilizing global oil markets
By NNN-WAM,
Abu Dhabi : Energy Minister of the United Arab Emirates Mohammed Bin Dhaen Al-Hamili and executive director of the International Energy Agency (IEA) Nobuo Tanaka held discussions here on ways to further bolster existing relations and cooperation on stabilizing the oil markets, reducing volatility and achieving an oil supply-demand balance.
At the meeting Thursday, discussions also covered UAE-IEA relations and collaboration on oil data and policies, reduction of carbon dioxide emissions and other pollutants resulting from petroleum and natural gas.
Bank of Baroda opens two branches in Trinidad in a day
By Paras Ramoutar, IANS,
Port-of-Spain : Bank of Baroda has created history by opening two branches in one country in a day, according to M.D. Mallya, global chairman and managing director.
Mallya underscored this point in an address at the opening of the Bank of Baroda's second branch in Chaguanas, Central Trinidad, Friday. The other one was opened in San Fernando.
Mallya praised the government of Trinidad and Tobago and the central bank for their cooperation in bringing this project to its conclusion.
Food prices will come down in 8-10 days: Pawar
By IANS,
New Delhi : The soaring prices of essential commodities will start coming down in 8-10 days, Agriculture Minister Sharad Pawar said Wednesday, adding that Prime Minister Manmohan Singh had called a meeting of the chief ministers here Jan 27 to discuss the issue.
"With the measures we have taken, the prices of essential commodities are expected to start coming down in eight to 10 days," he told reporters here after a meeting of the cabinet committee on prices chaired by Manmohan Singh.
American Megatrends launches tracking system
By IANS
Chennai : American Megatrends India Pvt Ltd, a fully owned subsidiary of US-based computer solutions firm American Megatrends Inc, has launched a GSM tracking system called Falcon-i.
"Priced around Rs.15,000 per unit, Falcon-i uses GSM technology to track a vehicle round the clock. It could be fixed to taxis and goods carriers," said Jayaram Krishnan, director and CEO of the company.
India, Australian state sign MoU in oil and gas
By IANS,
New Delhi : As Indian firms eye Australian oil assets, India has signed a bilateral agreement with Western Australia for cooperation in the oil and gas sector.
An Australian delegation led by deputy premier of Western Australia, Eric Ripper, met Petroleum and Natural Gas Minister Murli Deora Tuesday and discussed ways of taking forward the cooperation in the oil and gas sector.
“They felt that there is a large potential for cooperation in various activities especially in exploration and production, coal bed methane and LNG,” said an Indian government press release.
Armed escorts for Nepal oil tankers as strike hits supply
By DPA
Kathmandu : Nepal Saturday implemented emergency measures to deal with fuel shortages in much of the country as an indefinite strike called by ethnic groups in the south entered its fourth day crippling the supply system and normal life.
The government said it would provide armed security escorts for oil tankers ferrying petroleum products from collection depots in southern Nepal to other parts of the country.
Farmers happy but cautious over budget bonanza
By IANS
New Delhi : Finance Minister P. Chidambaram's budget bonanza for millions of farmers hit by debts has been hailed nationally but many in the farm sector have their fingers crossed: will the sops really come their way?
Chidambaram's budget proposals, waiving off Rs.60,000 crore of loans given to farmers, have brought smiles on their faces.
"Finally our finance minister has come out of the air conditioned room to do something for the real India," beamed Ram Saran, a national award winner farmer from Barabanki district of Uttar Pradesh.
Mahindra passenger car sales marginally up in February
By IANS,
New Delhi : Indian auto major Mahindra and Mahindra recorded 2.7 percent year-on-year growth in passenger car sales last month, the company said Monday.
Mahindra sold 15,728 passenger cars, including 14,720 utility vehicles and 1,008 Logans - manufactured jointly with Renault - in February 2009 as against 15,313 a year ago.
The company said it sold 2,287 units of its high-end brand Xylo in February, which was launched a month earlier.
Fuel price reduction within a week, Minister Deora tells Lok Sabha (Lower House)
By NNN-PTI,
New Delhi : An announcement on the reduction of fuel prices will be made within a week in the wake of decline in global crude prices, Petroleum Minister Murli Deora told the Lok Sabha today.
"The matter is being examined and an announcement would be made within a week," Deora said during Question Hour in reply to a spate of supplementaries on the issue as Opposition members insisted that the fuel prices be brought down forthwith.
Nationalisation helped Indian banks withstand crisis: Sonia Gandhi
By IANS,
New Delhi : Taking a dig at Western societies, Congress president Sonia Gandhi Friday said the same countries that had denounced the nationalisation of banks by then prime minister Indira Gandhi long ago were resorting to similar steps now to bail out their financial sector.
“Our prudence has been most marked in the case of the financial sector... Let me take you back to Indira Gandhi's much reviled bank nationalisation of 40 years ago,” Gandhi said at the Hindustan Times Leadership Summit.
India, Kenya to discuss bilateral trade and investment
By IANS,
New Delhi: India and Kenya would evolve new ways and means of strengthening bilateral trade, investment and economic cooperation this week.
Dhaka, Malaysia to sign money laundering pact
By IANS,
Dhaka : Bangladesh is to seal a pact with Malaysia on sharing information over money laundering, a newspaper report here said.
The Bangladesh Bank and Bank Negara Malaysia, the central banks of the two countries, will sign the agreement Monday, the the New Age newspaper reported.
Bangladesh also wants similar agreements with several countries including India.
The central bank is also trying to join the Egmont Group, an organisation of financial intelligence units, to share information on and combat money laundering and terror financing.
Iceland president keen on Indian investment in energy sector
By IANS,
New Delhi: The Icelandic President Olafur Ragnar Grimsson, the longest-serving head of state of the island nation, has met Prime Minister Manmohan Singh and lobbied for Indian investment in the renewable energy sector.
Grimsson, accompanied by his wife Dorrit Moussaieff and a 20-member business delegation, reached Mumbai Jan 11 to begin his seven-day state visit to India. He reached Delhi Jan 13 for the operational part of the visit, and left for Bangalore Friday.
Loan waiver fails to satisfy Kerala farmers
By IANS
Kozhikode : The farmers of Wayanad, which is in the grip of an agrarian crisis, feel that the waiver of agricultural loans announced in the union budget alone will not provide the needed relief to the farmers.
They say that if the government is to waive only agricultural loans it will not have any great impact on the farm sector as only a waiver of all types of loans taken by the farmers would help them.
Gujarat to get 2 new cement projects after 10-year lull
By P.S.Anantharaman, IANS,
Ahmedabad : After a lull of nearly a decade, two large greenfield cement projects are coming up in the western Indian state of Gujarat.
This will be the first major new activity on the cement front in the state after the commissioning of the Hyderabad-based Sanghi Group's cement unit at Abdasa in Kutch district of the state nearly a decade ago.
L&T bags Rs.15.57-bn order from Andhra Power
By IANS,
Mumbai : Engineering and construction major Larsen and Toubro (L&T) has bagged a Rs.15.57-billion order from Andhra Pradesh Power Development Co.
Announcing this here Monday, the company said it would supply a steam turbine generator package to Andhra Power's Sri Damodram Sanjeevaiah thermal power station at Krishnapatnam.
The country's first steam turbine generator package, to be based on super-critical technology, will be developed by a joint venture firm floated last Novermber by L&T and Japan's Mitsubishi Heavy Industries.
Sensex down 75 points, broader markets flat
By IANS,
Mumbai : Indian equities markets were trading weak Monday morning with a benchmark index down about 75 points and broader market indices ruling flat.
Sensex closes 189 points up, joins global bourses’ strong show
By IANS,
Mumbai : A benchmark index for Indian equities closed 189 points higher than its previous close amid a strong global rally.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,228.91 points, closed at 16,415.91 points (provisional), up 189.23 points or 1.17 percent from its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 4,910.75 points, against the previous close at 4,855.75 points, a gain of 1.13 percent or 55 points.
Heavy Engineering Corp bags Rs.7.42 bn order
By IANS,
Ranchi : Indian public sector engineering major Heavy Engineering Corporation (HEC) has bagged a Rs.7.42 billion order, its largest so far, from the public sector Rourkela Steel Plant (RSP), a company statement said here Monday.
HEC has bagged the order through a consortium with Mumbai-based Indian construction and engineering major Shapoorji & Pallonjee Group.
Satyam convenes board meet to buy back shares
By IANS,
Bangalore : India's fourth largest IT bellwether Satyam Computer Services plans to buy back shares, ostensibly to prevent a hostile takeover of the company amidst such rumours in the marketplace.
In a notification to the Bombay Stock Exchange (BSE) Thursday, the Hyderabad-based software exporter said it had convened a board meeting Dec 29 to consider the proposal for buyback of shares.
Gas price hike deferred due to state elections: Pradhan
New Delhi : The cabinet decision to defer an increase in natural gas price till mid-November has been taken in view of next month's...
Indian stock exchanges shut
By IANS,
Mumbai : The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will be closed Thursday in view of the terror attacks...
Tanzania sets out to woo Indian big businesses
By IANS
Mumbai : Indian automobile major Mahindra and Mahindra (M&M) will set up a $1 billion tractor plant in Tanzania while Tata Chemicals is firming up plans for a soda ash manufacturing plant in the African country.
This and more was discussed when a high-level business delegation from Tanzania, led by its Vice President Ali Mohamed Shein, aggressively wooed the Indian corporate world here.
The delegation, which includes several key ministers and government officials, made a brief visit to this financial capital, before leaving for New Delhi late last night.
Indian American Arun Sarin in race for Yahoo CEO job
By IANS,
New York : Indian American Arun Sarin, who recently moved out as the Vodafone Group CEO, is leading the race for the job of CEO for Yahoo, the top internet search engine and website.
Sarin, if selected, would replace Jerry Yang as the Yahoo CEO. Yang, co-founder of Yahoo, had recently announced to quit as CEO.
"Among those being considered is Arun Sarin, who retired as chief executive of Vodafone Group PLC in July, according to people familiar with the matter," The Wall Street Journal said in a news report.
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.
Exporters of soyabean cakes on a high
By IANS
Ahmedabad : Soyabean oil extraction firms are laughing all the way to the bank with the export price of de-oiled cakes (DOC) soaring upwards by 60 percent in dollar terms in the last five months.
DOC is used in the US and Europe as cattle feed.
DOC is selling at Kandla port at $350 (about Rs.13,800) a tonne compared with $220 (about Rs.8,700) per tonne last year.
In addition, the edible oil market is also bullish. The average price of refined soyabean oil has risen sharply to Rs.49,000 per tonne from an average of Rs.44,000 per tonne last year.
Bailed-out bank won’t cut champagne hospitality
By IANS,
London : The Royal Bank of Scotland (RBS), bailed out by billions in British taxpayer money just keeps on spending, with an estimated $500,000 hospitality bill being run up at the Wimbledon tennis championships.
It's business as usual for a company which last year reported the biggest loss in England's corporate history, with valued clients partying like it's 2007.
Lucky VIP guests are being feted with fine dining and champagne. Should they somehow tear themselves away from the trough, there's also tennis on offer.