Lending rate cut hint bolsters Indian equities
By IANS,
Mumbai : Despite opening weak Tuesday on profit booking, Indian equities markets surged late afternoon and finished in the green after Finance Minister P. Chidambaram announced that state-owned banks had agreed to cut lending rates.
The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 10,631.12, up 293.44 points or 2.84 percent from its previous close Monday at 10,337.68 points.
Highlights of RBI’s third quarter monetary policy review
By IANS
Mumbai : Following are the highlights of the third quarter review of India's monetary and credit policy for fiscal 2007-08 conducted by the Reserve Bank of India (RBI) here Tuesday:
* Bank rate kept unchanged at 6 percent
* Reverse-repurchase rate and repurchase rate kept unchanged at 6 and 7.75 percent, respectively
* Cash reserve ratio unchanged at 7.5 percent
* Economic growth projection for 2007-08 retained at 8.5 percent
* Stated priority of containing inflation close to 5 percent
Indian equities market continues downslide
By IANS
Mumbai : The Indian equities market opened with a negative gap Wednesday and continued its downslide.
The 30-share benchmark sensitive index of the Bombay Stock Exchange, the Sensex, opened with a loss of 74.02 points at 15,512.70. Ten minutes into trading, the Sensex was further down to 15,506.39, a loss of 81.23 points or 0.52 percent from its close Tuesday.
At the same time, the S&P Nifty index of the National Stock Exchange was trading at 4,691.00 points with a loss of 18.65 points compared to its previous close.
Poor global demand leaves thousands jobless in Surat diamond units
By IANS,
Surat : Poor overseas demand due to the global economic meltdown has left thousands jobless in this Gujarat city, India's diamond cutting and polishing hub.
Surat has about 6,000 units that provided jobs to 5.5 million people, most of them from the Saurashtra region of Gujarat, who cut and polish almost 70 percent of the world's rough diamonds.
However, the current slump in global demand for cut and polished diamonds has forced units to lay off about 25 percent of the workforce in the past one month.
India cannot remain immune to global meltdown: Economic advisor
By Rajeev Ranjan Roy, IANS,
New Delhi : India cannot remain immune to meltdown in developed economies, a top economic advisor to the government has warned.
“We cannot remain immune in the event of a major meltdown of the OECD economies, which at the moment appears to be an unlikely proposition,” Arvind Virmani, chief economic advisor (CEA) in the finance ministry, told IANS, referring specifically to the US, the UK, Spain, Switzerland, France, Germany, Italy and Australia.
Airtel signs agreement with Firstsource Solutions
By IANS,
New Delhi : India's largest private telecom provider Bharti Airtel and global BPO services provider Firstsource Solutions have signed a three-year outsourcing agreement.
Firstsource will provide Airtel a range of services covering both voice and back office in areas such as customer accounting, fraud and credit monitoring, customer service, collections and customer retention from its centres in Chennai and Mumbai, it was announced Wednesday.
Trade pact a road to $1-trillion Gulf market for India: Bahrain
By IANS,
New Delhi : The free trade agreement that India and Gulf countries hope to sign will give Indian firms greater access to the $1-trillion market in the Middle East, apart from a cost-competitive route to western economies like the US, a senior executive of Bahrain's Economic Development Board has said.
"The six GCC (Gulf Cooperation Council) countries are a $1-trillion market. This region is going to contribute sizeably to global economic growth," said the board's chief operating officer Kamal Ahmed here Monday.
Japan Airlines cuts flights to Delhi
By IANS,
New Delhi : Japan Airlines Tuesday announced reduction in the number of flights it operates on several international routes, including to Delhi, as part of its strategy to improve profitability by adjusting capacity.
"Till June-end, we will have four flights a week to New Delhi. After that, we will fly only three flights," an airline official based here said.
The airline had earlier this year reduced its daily flights to four a week.
"We expect to fly daily on the New Delhi-Tokyo sector only after October," he added.
Abu Dhabi to host first World Ports and Trade Summit
By IANS/WAM,
Abu Dhabi : The Abu Dhabi Ports Company (ADPC) Monday announced plans to host the inaugural World Ports and Trade Summit in 2011 to discuss issues facing the ports and shipping industries.
The Abu Dhabi Terminals, the Arab Sea Ports Federation and Abu Dhabi Tourism Authority will help the ADPC in organising the event at the Abu Dhabi National Exhibition Centre March 28-30.
Economists, ports authorities, terminal operators, shipping companies, global cargo owners and investors will attend the summit to discuss the issues facing the industry.
Jet, All Nippon tie-up for passenger exchange
By IANS
New Delhi : India's leading private airline Jet Airways and Japan's All Nippon Airways have signed a frequent flier pact which will allow these companies to exchange passengers and benefit under their promotional schemes.
This, according to the airlines' sttatement, would not only facilitate passengers but also help them increase the number of fliers with them.
The deal, first-of-its-kind between an Indian and a Japanese carrier, would be effective from May 21.
‘Nothing will be same ever again,’ say residents of Delhi’s Shiv Vihar three years...
In northeast Delhi's Shiv Vihar area, most of the Muslim residents are yet to recover from the traumatic episodes of violence and the...
Iconet Cellular in JV talks for retail
By IANS>/strong>
Chennai : Iconet Communication Pvt Ltd, Chennai-based mobile phone sales and services company, is negotiating with three foreign companies to partner its chain of retail and servicing outlets.
The three companies - two based in the UK and one in Austria - operate mobile handset sales and servicing chains.
"We will finalise the partner and other details by the end of this year," Iconet director A K Midha told IANS.
Neyveli Lignite workers to strike work
By IANS,
Chennai : Two major unions of the Neyveli Lignite Corp Ltd (NLC) in Tamil Nadu have announced their decision to go on strike from Wednesday night after the failure of wage revision talks.
Around 2,000 police personnel have been deployed near the mines, power plant and the corporate office in a bid to prevent any violence.
The NLC management has told the state government the possibility of power disruption in the event of a strike.
The unions - linked to the PMK and the ruling DMK - represent a majority of the 14,000 permanent workers.
Equity markets start in the red again
By IANS,
Mumbai : Indian equity markets, which opened lower Wednesday, stayed in the red in early trade. Metal, banking, pharma and capital goods stocks were under selling pressure.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a loss of 183.23 points at 14,717.53. Fifteen minutes into trading, it was at 14,779.03 points, 121.73 points or 0.82 percent below its closing figure Tuesday.
Tata Tea net profit dips 8.5 percent in first quarter
By IANS,
Mumbai : Tata Tea Ltd has announced a net profit of Rs.377.1 million during the first quarter this fiscal, compared to Rs.412.3 million in the same period the previous year, reflecting a decrease of 8.5 percent.
For the latest quarter ending June 30, total income was Rs.3.27 billion, as against Rs.2.94 billion in the corresponding quarter last year.
Food crisis may reverse improvements in Africa: Unicef
By DPA,
Tokyo : The United Nations Children Fund (Unicef) Wednesday warned that rising food prices in Africa would reverse some of the improvements the continent has made in decreasing child mortality and providing education to children.
Mercs and Ludhiana – it’s all in the DNA!
By Jaideep Sarin, IANS
Ludhiana : Many Germans may not have heard of Punjab's biggest industrial city Ludhiana, but ask the marketing guys of automobile giant Daimler-Chrysler and they will say a big 'yes'.
For the ever-increasing elite population of Ludhiana too, the name Stuttgart - the birthplace of modern day Mercedes cars - may not ring a bell, but talk of Mercedes-Benz and their eyes will light up.
Russia’s inflation hits 2.4% in January – statistics
By RIA Novosti,
MOSCOW, February : Consumer prices in Russia grew 2.4% in January, the country's top statistics body said on Thursday.
Food prices grew 1.4% and non-food prices were up 0.7% while the cost of household services increased 6.3% in the reporting period, the State Statistics Service said.
Sugar (11.5%) and fruit and vegetables (4.7%) demonstrated the highest price growth among foodstuffs while it was the cost of pharmaceuticals and fuel (3-3.7%) that showed the biggest rises in the non-food category, the State Statistics Service said.
Rupee dips further to record low of Rs.46.71 a dollar
By IANS,
New Delhi : The Indian rupee continued to weaken Thursday and fell to a record low of Rs.46.71 to a US dollar on increased dollar buying by foreign institutional investors (FIIs), analysts said.
"FIIS are selling heavily in the share markets and since they get their money in rupees they are buying dollars for forward remittance to their respective countries," said Jagannadham Thunuguntla, head of capital markets of India's fourth largest securities brokerage house, the Delhi-based SMC Group.
Sensex closes highest since Feb 2008
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday rose sharply in late trade to close 108 points up at 18,222.98 -- the highest since February 2008.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,115.56 points, was at 18,222.98 points (provisional), 108.15 points or 0.6 percent up from its previous close at 18,114.83 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut 0.56 percent up at 5,469.9 points.
China struggles to revive economy amid market crisis
By Wu Qi, Xinhua,
Beijing : Although China does not celebrate Christmas, Lou Qijun is one of the many Chinese toy and gift manufacturers who anticipates a visit from Santa Claus every year in the form of seasonal orders from Europe and North America.
Not so this year, says Lou, chairman of Yiwu Qiling Toys Co. Ltd., a leading toy producer in east China's Yiwu city of Zhejiang province, after returning from the Canton Fair, the country's biggest trade show which concluded late last week.
Tata Consultancy, government pact on new passport service
By IANS,
New Delhi : A new passport in three days - that's the dream being peddled by the external affairs ministry and software giant Tata Consultancy Services as they Monday announced a major passport services initiative in the country.
TCS and the government Monday signed the master services agreement for the Passport Seva project, perhaps the largest ever e-governance project valued at Rs.1 billion.
GMR group to acquire ONGC stakes in Andhra refinery
By IANS,
New Delhi : State-owned Oil and Natural Gas Corp (ONGC) has decided to withdraw its stake from Kakinada Refinery and Petrochemicals (KRPL) in Andhra Pradesh, paving the way for construction major GMR to acquire the plant.
The company said Monday evening after the final KRPL board meeting that the decision was taken after it found the project non-profitable.
The KRPL project constitutes a 15 million tonne per annum refinery and a 450,000 tonne per annum petrochemical plant.
US furniture chain in SEZs as part of India retail plan
By IANS,
Chennai : Indo Rama Retail Holdings Pvt Ltd, the Indian franchisee of the US-based Office1Superstores, is planning to set up stores inside special economic zones (SEZ) as part of its ambitous plans to set up a chain of stores across the country to cater to the growing demand for quality office stationery.
Indo Rama is the retail venture of the promoters of Indo Rama Synthetics (India) Ltd and is the country franchisee for Office1Superstores, a stationery and furniture retail chain in the US.
India mulls duty cut on several items to tame inflation
By IANS
New Delhi : India is considering a further import duty cut on essential commodities, especially food items, and reducing duties on important food products to zero, Commerce and Industry minister Kamal Nath said.
The cabinet committee on prices will discuss these possibilities at a meet scheduled Monday evening.
The government had been taking several steps for the last two weeks in order to check rising prices leading the inflation rate to hit a 14-month high of 6.68 percent for the week ending March 15 as against 5.92 percent in the preceding week.
General strike disrupts transport services in France
By DPA,
Paris: French teachers, postal employees, train conductors and other workers from the public and private sectors stayed away from their jobs Thursday in a one-day general strike that has disrupted transportation and shut schools across the country.
In addition, hundreds of thousands of people marched in the streets in some 200 cities and towns to express their displeasure with the economic policies of President Nicolas Sarkozy and his government.
Congress wants Sonia to take credit for loan waiver
By IANS
New Delhi : Fearing that the opposition parties will claim credit for the Rs.60,000 crore (Rs.600 billion) loan waiver announced in the budget for farmers in distress, ruling Congress MPs want party president Sonia Gandhi to convey to the people that it was her initiative.
The party MPs met Gandhi Monday and asked her to give instructions to the state leaders to propagate the relief package as her "initiative" and part of the Congress party's agenda to help the millions of farmers who had been reeling under debt.
Properties worth Rs.3,000 crore on show at Fairpro 2010
By IANS,
Chennai : Around Rs.3,000 crore worth of residential properties at a price ranging from Rs.10 lakh to Rs.8 crore will be on the offer at the third edition of a property fair to be held here from Feb 19.
"About 250 residential properties between 550 sq.ft and 5,600 sq.ft from 45 developers will be showcased at Fairpro 2010 that begins on Feb 19 at Chennai Trade Centre," Sandeep Mehta, chairman of Fairpro 2010, told reporters here Thursday.
Nokia Siemens to upgrade BSNL’s network
By IANS
New Delhi : Global mobile telecom equipments major Nokia Siemens Networks Wednesday announced that it had bagged a contract to upgrade the network of India's state-run telecom giant Bharat Sanchar Nigam Limited (BSNL).
Kuwait Amir”s fund initiative is first outcome, icon of WIEF — IDB president
By Eman Al-Awadhi, KUNA,
Kuwait : The initiative announced by His Highness the Amir of Kuwait for establishing a fund for "good living" in Muslim states is the first outcome of the Fourth World Islamic Economic Forum (WIEF) and is considered an icon of the event, said President of the Islamic Development Bank (IDB) Dr. Ahmad Mohammad Ali.
Tata Consultancy posts net profit of Rs.12.5 bn
By IANS,
Mumbai : India's leading software services provider Tata Consultancy Services Ltd (TCS) clocked a net profit of Rs.12.45 billion ($311 million) for the fourth quarter (January-March) of 2007-08, registering a 4.15 percent year-on-year (YoY) growth. However, this represents a 6.17 percent drop in sequential growth.
The IT bellwether said its consolidated revenue for the quarter grew 18.13 percent YoY and 2.95 percent on sequential basis to Rs.60 billion, over the previous fiscal (2006-07) under the Indian accounting practice.
SpiceJet among top 10 budget carriers in Asia: Poll
By IANS,
New Delhi : An online travel magazine tracking Asia's hotels, spas and airlines has ranked India's low-cost carrier SpiceJet among the top 10 budget airlines in the continent.
The magazine, Smart Travel Asia, based its finding on a survey between May and July on low-cost carriers (LCC), SpiceJet said in a press statement Monday.
The survey also said the airline has made its mark by maintaining schedules, competent service and extensive route network and access.
Pawar launches subsidised edible oil scheme in Andhra
By IANS,
Hyderabad : Agriculture Minister Sharad Pawar Monday launched a subsidised edible oil distribution scheme of the Andhra Pradesh government here.
Under the scheme, white ration cardholders will get one litre palmolein oil at Rs.45 against the market price of Rs.60 to Rs. 65.
Pawar handed over the oil packets to a few beneficiaries at the state secretariat to formally launch the scheme. He was to inaugurate the same at a public function at Tandur in Ranga Reddy district but his chopper could not take off due to bad weather.
Sensex crawls into green, telecom stocks shine
By IANS,
Mumbai : A benchmark index of the Indian equities markets moved into the green around Thursday noon after opening in the negative.
At 12:20 p.m., the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) that opened at 17,107 points was ruling at 17,155.85 points, up 30.63 points or 0.18 percent from Wednesday's close at 17,125.22 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 5,125.05 points, against the previous close at 5,112 points, a gain of 13.05 points or 0.26 percent.
I’m not worried by criticism over wheat import, says Pawar
By IANS
New Delhi : Food and Agriculture Minister Sharad Pawar said Thursday that he was not worried by criticism from various quarters over the government's plans to import wheat, as his job was to provide food grain to the public at reasonable prices.
"Despite the (estimated) 74.9 million tonnes of wheat output this year, we have to look at imports. And the reason is that our wheat stocks are not up to the mark," he said, speaking at the inaugural session of the National Conference on Emerging Platforms for Agriculture Marketing.
Multi-Commodity Exchange launches new futures series
By IANS,
Ahmedabad : The National Multi-Commodity Exchange (NMCE) has launched new series for futures contract in non-ferrous metals, menthol crystal and raw jute. All the contracts can be traded on NMCE e-platforms from May 2.
The new contracts in the six non-ferrous metals - aluminium ingot, nickel prime, copper, zinc, lead and tin - will mature July 31, 2008. The new contract in menthol crystal will expire Aug 30 and that in raw jute Sep 30, 2008.
GVK achieves financial closure for Uttarkhand electric project
By IANS
Hyderabad : Alakananda Hydro Power Company Limited (AHPCL), a GVK group company, Monday announced that it achieved financial closure for its 330 mw Shrinagar hydro electric project being set up in Uttarakhand at a cost of Rs.20.69 billion.
The project will be funded through a debt equity ratio of 80:20, said a company statement here.
Tata Motors posts Rs.2,240.08 crore net in 2009-10
By IANS,
New Delhi : India's top vehicle manufacturer Tata Motors Thursday said its net profit rose to Rs.2,240.08 crore for the financial year ended March 2010 as compared to Rs.1,001.26 crore in the previous fiscal.
The company's total income increased to Rs.37,446.5 crore in 2009-10 as against Rs.26,555.7 crore in 2008-09.
It posted a net profit of Rs.2,571.06 crore for the year ended March 2010 whereas it had a net loss of Rs.2,505.25 crore a year ago.
Its total income stood at Rs.94,312.37 crore in 2009-10 as against Rs.71,679.91 crore in 2008-09.
Markets lose more ground around midday
By IANS,
Mumbai : Indian equities markets continued their downward movement Tuesday morning on dismal cues from global markets, and around noon a key index was ruling 2.09 percent below its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 9,111.39 points at this time, 2.09 percent or 194.06 points lower than Monday's close. It had opened at 9,213.4 points, lower than its last close of 9,305.45 points.
Bush signs plan to boost US economy
By DPA
Washington : President George W. Bush signed a $152 billion plan to fortify the flagging US economy against a recession with tax incentives for businesses and average Americans.
Passed by Congress with unusual speed after Bush proposed an economic stimulus package last month, the temporary measures are mainly designed to put more spending money in US consumers' pockets.
"You know, I know a lot of Americans are concerned about our economic future," Bush said at a White House signing ceremony Wednesday. "The bill is large enough to have an impact."
OPEC crude prices up
By DPA
Vienna : The price of crude produced by the Organization of the Petroleum Exporting Countries (OPEC) was up at the beginning of the week but the cartel said it had no plan to hike output.
One barrel (159 litres) of crude from OPEC's 13-brand reference basket stood at 101.16 dollars Monday, up 2.53 dollars compared with Friday's price, OPEC said.
The latest hike came as OPEC Secretary General Abdullah al-Badri indicated that there was more than enough oil on the market.
Reliance Industries to start gas production in Oct-end
By IANS,
New Delhi : Production at Reliance Industries Ltd's deepwater gas block in the Krishna-Godavari basin will be delayed, and now start from October-end, said a senior petroleum ministry official Monday.
Petroleum secretary R.S. Pandey told reporters there would be a little bit of delay for “technical reasons” in the D-6 hydrocarbon block in the Krishna-Godavari basin off the coastline in Andra Pradesh.
“What I have been hearing is that there will be a little bit of delay for technical reasons. I have been told that pumping (of gas) will begin by October-end,” he said.
Sensex starts new year on positive note
By IANS,
Mumbai : Kicking off the new trading year on a positive note, a benchmark index of Indian equities Monday rose in morning trade.
Biocon sells unit to Danish firm for $115 mn
By IANS
Bangalore : Biocon Ltd, India's leading biotechnology firm, has decided to divest its enzymes business vertical to Novozymes A/S of Denmark for $115 million (Rs.4.7 billion) in an all-cash deal.
A top Biocon official told IANS here Wednesday that the Danish firm would pay $102 million (Rs.4.13 billion) by October this year and the balance over a period of 10 years.
Nathu La trade sluggish, Sikkim wants more items on trading list
By Syed Zarir Hussain, IANS,
Nathu La (Sikkim) : Bilateral trade between Asian giants India and China through the Nathu La pass on the fabled Silk Route has remained sluggish this year and Sikkim is mounting pressure on New Delhi to expand the list of tradable items to boost business, officials said Wednesday.
"Since trade re-opened on May 19, the two countries did business worth just about Rs.2.6 million," Ujwal Gurung, Sikkim's director of industry and commerce, told IANS.
Wipro IT services revenue to be flat in second quarter
By IANS,
Bangalore : Wipro Ltd projected revenue of $1.03-1.05 billion from its global IT services for the second quarter (July-September) of this fiscal (2009-10).
In a regulatory filing Wednesday, the IT bellwether said the guidance was based on its performance in the first quarter (April-June) when its flagship business division revenue at $1.03 billion showed decline of 1.3 percent sequentially and 3.3 percent year-on-year (YoY).
Microsoft to press Yahoo bid despite rejections
By DPA
San Francisco : Microsoft has pledged to continue its takeover bid for Yahoo, calling the Internet firm's rejection of the $44 billion offer "unfortunate", but the software giant did not signal what steps it would take to pursue the deal.
In a statement, the world's largest software company said it would "pursue all necessary steps" to get the proposal in front of Yahoo shareholders and "consummate a transaction".
Chinese yuan weakens
Beijing : The central parity rate of the Chinese currency renminbi, or the yuan, weakened by 13 basis points to 6.1149 against the...
Devoid of work, artists of Kathputli colony in Delhi turn to odd labour jobs
As part of India's first in-situ slum redevelopment project in a public-private partnership, Kathputli Colony in Shadipur, Delhi, is being developed as a mall...
Malaysian company to launch “Public Islamic Asia Leaders Equity Fund”
By KUNA,
Kuala Lumpur : A Malaysian company will launch Tuesday the Public Islamic Asia Leaders Equity Fund (PIALEF) which focuses on mid to large caps Shariah compliant companies, trading in both domestic and regional markets.
Public Mutual company said, Monday, that the fund allows investors to capitalize on the growth potential of mid to large caps Shariah compliant companies.
These companies are positioned to benefit from the anticipated recovery in Asian markets due to their financial strength and dominance, Public Mutual chief executive officer Yeoh Kim Hong said.
Chinese team interested in hydropower, infrastructure projects in India
By IANS,
Kolkata : A business delegation from China's Yunnan province, which is here to promote bilateral trade between the two countries, Wednesday expressed interest in hydro power development and infrastructure projects in India.
"We are here to explore the markets and will be interested in various bilateral trade relations," Li Jiashou, leader of the China Council for the Promotion of International Trade (CCPIT) team, said.
Hindustan Construction bags Rs.3.4-bn highway project
By IANS,
Mumbai/New Delhi : Infrastructure firm Hindustan Construction Co. (HCC) has bagged a Rs.3.4-billion project to build an elevated highway over the busy section between the national capital and its industrial satellite city Faridabad in Haryana.
In a statement, HCC said Tuesday it will construct a 4.4.kilometre-long, six-lane elevated highway at Badarpur on National Highway 2 near Delhi for NHAI.
HCC is also building the 4.4.kilometre-long, eight-lane Bandra-Worli sea-link project in Mumbai.
China reduces credit interest rate
By Xinhua,
Beijing : China's central bank said Monday it will reduce the benchmark loan interest rate and the reserve requirement ratio for commercial banks to ensure a steady and rapid economic growth.
The benchmark interest rate for one-year yuan-denominated loans will be adjusted down 0.27 percentage points from Tuesday, while the ratio of deposit that lenders are required to set aside will be down one percentage points from Sep 25, said the People's Bank of China.
However, the country's major lenders will be exempt from the reserve requirement ratio adjustment.
Middle East set for low cost aviation boom
By Aroonim Bhuyan
Dubai, March 23 (IANS) In November last year, during the Dubai Air Show, Emirates ordered $23.4 billion worth of aircraft from Airbus and Boeing, with options for 50 more. Today, experts here say, this "options for 50 more" is what is going to help the Dubai government spread its own version of low cost wings.
Infosys attrition climbs to 16 percent in first quarter
By IANS,
Bangalore : The attrition rate in India's second largest IT bellwether Infosys Technologies shot up to a whopping 16 percent during the first quarter (April-June) of this fiscal (2010-11), the company said Tuesday.
"With the market opening up, attrition has increased this quarter. We have taken several steps, including a compensation hike to reduce it," Board Member T.V. Mohandas Pai said in a statement here.
The global software major's attrition increased to 15.8 percent from 11.1 percent a year ago and sequentially from 13.4 percent a quarter ago.
Hosing sector demand to go up by 30 percent: FICCI
By IANS,
New Delhi : The residential sector will lead the revival of India's reality industry as it will see a surge in demand by 30 percent by 2009-end, according to an industry lobby survey.
"Although the real estate sector has started showing some signs of revival, a majority of the industry experts expect the residential segment to recover by the end of 2009 with a 25-30 percent renewal in demand," said the survey report by the Federation of Indian Chambers of Commerce and Industry (FICCI).
However, the commercial and retail segments will take some more time to recover.
‘Kerala IT companies closely monitor US economic crisis’
By IANS,
Thiruvananthapuram : The IT companies in Kerala, many of which have huge business interests in the US, are closely monitoring the financial crisis in that country, according to a top industry official.
Kerala's joy of crossing the Rs.10 billion ($217.4 million) mark in software exports earlier this year would be short-lived if the US finacial sector did not survive the current crisis, V.K. Mathews, chairman and chief executive of IBS Software Services, a leading IT company in Kerala, told IANS.
Chhattisgarh unveils Rs.3.5 bn housing scheme in Naya Raipur
By IANS
Raipur : The Chhattisgarh State Housing Board (CSHB) has unveiled Rs.3.5 billion ($88.5 million) housing scheme on 150 acres in the state's upcoming capital at Naya Raipur.
"The CSHB has started bookings for 2,536 houses ranging between the lowest price of Rs.250,000 ($6,335) per house to the maximum of Rs.5 million ($126,710) in the upcoming satellite city," Subhash Rao, chairman of the board, told IANS Tuesday.
Citing rising demand in India, China, Bush seeks oil nearer home
By Arun Kumar, IANS,
Washington : Citing increasing demand for oil from India, China and other emerging economies pushing up prices, the White House has asked US Congress to permit drilling for oil in deep water off America's coasts, banned so long for environmental reasons.
"There is no excuse for delay," said President George Bush Wednesday in a White House Rose Garden speech seeking a reversal of a long-held executive position on offshore oil drilling.
BHEL Bhopal unit ED emphasizes on concerted effort for achieving business excellence
By Pervez Bari, TwoCircles.net,
Bhopal: In Bharat Heavy Electricals Limited, (BHEL), Bhopal unit, a meeting chaired by Executive Director R. K. Singh, was held to review excellence initiatives in the Unit the other day. All General Managers, Additional General Managers, Business Excellence Leaders and Quality Circle Steering Committee members attended the programme.
LIC launches Money Plus I scheme
By IANS,
Kolkata : Life India Corporation (LIC) has launched its Unit Linked Endowment Plan, Money Plus 1, which offers both investment and insurance benefits.
The minimum sum assured of this scheme is five times the annual premium and the maximum sum assured can go upto 30 times the premium, which will depend on the age at entry level.
The age at the entry level can be between 0-65 years with the policy term ranging from five to 30 years.
R.R. Dash, zonal manager, LIC said: "We have targeted to get Rs.1,800 (Rs.18 billion) from Money Plus 1 this fiscal."
Ashok Leyland ties up with Finland’s Alteams
By IANS
Chennai : Trucks and bus maker Ashok Leyland, a part of the London-based Hinduja group, Tuesday said it has forged a 50:50 venture with Finland's Alteams Group to make high pressure die casting aluminium products in Tamil Nadu.
Markets hold gains, trade range-bound
By IANS,
Mumbai : The Indian equities markets held on to the gains of Friday's earlier trading sessions in the afternoon with a key index ruling about 1.84 percent higher than its previous close, about 90 minutes before the day's close.
Trade remained range-bound on the sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which was up 1.84 percent or 166.51 points from its previous close and trading at 9,213.25 points mid-afternoon.
The Sensex opened at 9,125.65 points Friday, higher than Thursday's close of 9,046.74.
Finance Bill gets Rajya Sabha nod
By IANS
New Delhi : The Rajya Sabha Friday passed the Finance Bill for the current fiscal (2007-08) by a voice vote as Finance Minister P. Chidambaram assured that a new code for income tax would be introduced in the monsoon session.
India’s IT industry is safe: Nasscom
By IANS,
Chandigarh : India's IT industry does not need to worry about the current economic downturn as "we have a strong knowledge base" and the established market players here would not be affected, a top industry body official said Monday.
"We need not worry about the slowdown in the US economy. It is all a temporary phase and very soon, the US dollar will reach a stable position," said Ganesh Natarajan, chairman of the National Association of Software and Services Companies (Nasscom).
Mango exports rose by 43 percent in 2008-09
By IANS,
New Delhi: India has seen an increase of 43.76 percent in its mango exports in 2008-09 as compared to the year before, a union minister said here Monday.
"There was a drop in mango exports during 2007-08 due to quality deterioration on account of vagaries of weather, but in 2008-09 exports have picked up reflecting an increase of 43.76 percent in quantity terms," Minister of State for Commerce and Industry Jyotiraditya Scindia told the Lok Sabha.
Court to fix final date of hearing on Reliance gas dispute Sep 1
By IANS,
New Delhi : The Supreme Court Thursday said it will fix on Sep 1 the date of final hearing on the dispute over the supply of natural gas between Anil Ambani-led Reliance Natural Resources and his elder brother's Reliance Industries.
A bench headed by Chief Justice K.G. Balakrishnan communicated this when the counsel for Reliance Natural Resources moved a petition seeking early settlement of the dispute. The court said it will hear Sep 1 all the petitions, including one from the government as an intervener on the matter.
Mahindra & Mahindra may co-finance Pan Nalin’s ‘Buddha’
By IANS,
Mumbai : Automobile major Mahindra & Mahindra, which recently created a media fund, may co-finance Indian origin filmmaker Pan Nalin's next movie "Buddha".
"Nalin told a select gathering at the ongoing Cannes Film Festival that the film on Buddha would be financed by Mahindra & Mahindra in partnership with a North America-based distribution firm," a friend said.
The company, however, has not made any formal announcement regarding its association with the Gujarat-born director's latest venture.
French countermine system can clear 150 km a day
By Sahil Makkar, IANS,
Paris : French defence major MBDA has developed a counter-mine system it says can clear up to 150 km of mine fields in a day, enabling the rapid movement of troops in a battle.
Souvim 2 is based on a combination of mine decoying subsystems, company officials say.
"It is designed for clearing all types of mines to permit fast movement of convoys. It can also be deployed for creating safe routes for evacuation of civilians," Patrick de La Reveliere, MBDA vice president for exports, told a group of visiting Indian journalists.
Railway budget highlights 9
By IANS,
* No steep increase in passenger fares; 2 paisa per km for suburban trains; 3 paisa per km for mail and express trains.
Energy projects worth $34 bn planned in Chile
By EFE,
Santiago : Some $34 billion is to be invested in a series of energy projects in Chile through 2015, roughly 35 percent of the total for initiatives across the full range of industrial sectors.
That figure was contained in a report released by the private research outfit Intelligence Unit on Projects and Businesses.
The northern mining regions of Antofagasta, Atacama and Coquimbo will account for $14.5 billion, or roughly 43 percent, of the total investment in the energy sector over the next six years.
Idea slams DoT again over radio frequency allocation
By IANS
New Delhi : Idea Cellular Ltd, a leading telecom firm, Tuesday criticised the Department of Telecommunications (DoT) once again for not allocating radio frequencies or spectrum according to seniority.
In its letter addressed to Siddhartha Behura, secretary of DoT and chairman of Telecom Commission, Idea cited an order by the Delhi High Court that had asked DoT to "take into account the seniority of the petitioner in respect of the application dated 24.08.2007, for grant of UAS (unified access service) license."
90 firms bid for 23 Himachal hydel projects
By IANS
Shimla : Reliance Energy and Brakel Corporation of Netherlands are among 90 firms in the fray for building 23 hydel projects in Himachal Pradesh.
MRF to set up new radial tyre plant
By IANS
Chennai : Automobile tyre manufacturer MRF Ltd has signed a memorandum of understanding (MoU) with the Tamil Nadu government Friday to set up a radial tyre plant in Perambulur district.
The company will also expand its existing radial tyre plant at Arakonam. Both projects will involve an outlay of Rs.9 billion ($225 million).
The new plant will roll out 350,000 car and truck radial tyres in the first phase. The total capacity at the completion of the second phase will be 700,000 units.
Biman Bose condemns assault on Singur plant security guard
By IANS,
Kolkata : Left Front chairman Biman Bose Tuesday condemned the attack on a security guard within Tata Motors' Nano project site in Singur by a group of unidentified men.
"This is highly condemnable," told reporters here.
Bose appealed to Tata Motors to resume operations at the small car plant.
The auto major, which hopes to roll out world's cheapest car priced at Rs 100,000 ($2,500) from the Singur plant, 40 kilometres from here, has suspended work for the third week running.
India’s offsets policy could prove sticky, says French firm
By Vishnu Makhijani, IANS,
Paris : India's offsets policy that mandates the reinvestment in the country of a percentage of all defence deals could prove to be a sticky issue as the country is not fully ready for absorbing the levels of investment or technology that would flow in, French aviation major Dassault says.
"The rules of play are not entirely clear," J.P.H.P. Chabriol, Dassault Aviation's senior vice president for military sales, told a group of visiting Indian journalists at the company's headquarters here.
Loan waiver to benefit half a million Chhattisgarh farmers
By IANS
Raipur : About half a million small farmers of Chattisgarh are expected to benefit from loan waiver for the farming community in the 2008-09 budget.
Officials said at least half a million farmers of the state, mostly from Raipur, Durg, Dhamtari, Mahasamund, Bilaspur and Rajnandgaon districts, have outstanding loans for paddy cultivation worth Rs.48.1 million from various cooperative banks.
The loan waiver for Chhattisgarh farmers will be part of Chidambaram's budget proposals to waive loan of nearly 30 million farmers across the country.
Air India plans to take polar route for long-haul flights
By IANS,
Mumbai : Air India could soon be using the polar routes for long haul operations, a company spokesperson said Friday.
"We are planning to file an application with the Directorate General of Civil Aviation (DGCA) to fly the transpolar route," the spokesperson told IANS.
In July last year, the state-owned carrier became the first Indian airline to fly over the North Pole while ferrying a new Boeing from the Boeing headquarters in Seattle to Delhi.
Look beyond past while investing in mutual funds
By Prashant Mukherjee
New Delhi(IANS) : When it comes to mutual funds, which are touted as a useful vehicle for small investors, don't be dazzled by the previous year's high returns that may have occurred because of a surge in the stock markets.
The standard approach is to look at past performance, the risk associated - as indicated by standard deviation - and the rating given by credit rating agencies.
But investors should delve into parameters like beta, portfolio turnover, stock or sector concentration, exposure to illiquid and unlisted stocks etc.
Indians, Pakistanis big buyers in new upscale Dubai addresses
By Aroonim Bhuyan, IANS
Dubai : Indians and Pakistanis are turning out to be big buyers in a series of new upscale neighbourhoods being developed by Emaar Properties in this swanky commercial hub of the United Arab Emirates.
Stimulus package needed next fiscal also: Plan panel
By IANS,
New Delhi : India will need a stimulus economic package in the next fiscal also as the country would continue to face the impact of global slowdown, Planning Commission Deputy Chairman Montek Singh Ahluwalia here said Friday.
"The global slowdown will continue even in the next year and the stimulus package should be extended to the next fiscal also," he told reporters on the sidelines of a function here.
India to edge out Australia in household wealth
By IANS,
London : India will force Australia out of the world's top 10 countries with the highest household wealth within just a decade, according to research published Wednesday.
A global forecast published by Barclays Wealth and the Economist Intelligence Unit (EIU) said China's booming economy will push it up to number three by 2017, behind the US and Japan and just ahead of Britain at number four.
China is currently ranked number seven.
Sonata net remains flat in second quarter
By IANS,
Bangalore: Sonata Software posted a net profit of Rs.21 crore in the second quarter this fiscal, registering a flat growth year-on-year, the IT consulting and services firm said Wednesday.
In a regulatory filing, the firm said consolidated income for the quarter under review, however, declined by 18 percent to Rs.347 crore from Rs.4.24 billion in the like period last year.
Mashreq Bank’s new package to help expatriates in UAE
By IANS,
Dubai : The United Arab Emirates (UAE)-based Mashreq Bank Wednesday launched a new product aimed at helping expatriates coming to this country to settle down quickly.
Called 'On Arrival Package', customers can avail of the product even before their residency visa stamping process is completed, according to a Mashreq Bank statement.
"Through this convenient and innovative package, we are providing financial support and peace of mind to new employees in the UAE," Douglas Beckett, head of retail banking at Mashreq Bank, said in the statement.
Unique tribal fair in Assam where currency is taboo
By Syed Zarir Hussain, IANS,
Jonbeel (Assam) : Thousands of tribal people in India's northeastern state of Assam Saturday did brisk shopping at an exotic bazaar where currency is forbidden.
It was like a gala carnival where more than 10,000 tribal villagers from distant locations gathered at a sprawling roadside meadow near Jonbeel village, about 60 km east of Assam's main city of Guwahati.
EIH posts Rs.22.33 crore net profit
By IANS,
Kolkata : EIH Limited, that runs the Oberoi and Trident chain of hotels, posted a profit after tax of Rs.22.33 crore for the quarter ended Dec 31, 2009, as compared to Rs.33.27 crore in like period of 2008, a company release said Wednesday.
Total income of the company has decreased from Rs.257.29 crore for the quarter ended Dec 31, 2008 to Rs.239.12 crore for the quarter ended Dec 31, 2009.
Rebuilding homes: the life around Delhi’s Bawana slums
A fire that erupted in a slum cluster in New Delhi's Bawana on March 30, 2021, destroyed approximately 60 Jhuggis (a slum dwelling typically...
Brown to talk oil price with producers
By DPA,
London : British Prime Minister Gordon Brown is planning to travel to the Middle East later this month to discuss ways of tackling the soaring price of oil, he said Thursday.
Brown, speaking at a news conference in London, said he would be attending a meeting of leading oil producers and consumers in Jeddah, Saudi Arabia, where he would "help to broker a deal" on oil prices.
Brown said he was "working closely" with the Saudi government to ease the supply pressures.
Sensex closes in green; FMCG, healthcare stocks rally
By IANS,
Mumbai: A benchmark index for Indian equities markets Tuesday closed trade 50 points higher after fast moving consumer goods (FMCG), healthcare and realty stocks rallied.
Crude oil settles at 114.93 dollars
By APP,
New York : Crude oil for May delivery on Wednesday closed at nearly 115 dollars a barrel, the third straight day of records on the New York Mercantile Exchange, reacting to supply concerns.
Crude oil for May delivery rose to an intraday high of 115.07 dollars a barrel in late afternoon trading, before closing up 1.14 dollars, or 1 percent, at 114.93 dollars on the New York Mercantile Exchange, also a new closing record.
Diesel price likely to rise, petrol to go down
By IANS,
New Delhi : Diesel prices may again be hiked by the weekend, sources in state-run Indian Oil Corporation (IOC) said Thursday.
Microsoft threatens Yahoo! with proxy battle
By IANS
New York : Microsoft Corp. has threatened Yahoo! Inc with a hostile takeover of the company if they do not agree to the offered deal within three weeks.
Microsoft chief executive Steven A. Ballmer, in a letter Saturday to Yahoo! board, said that "by choosing not to enter into substantive negotiations with us, you have failed to give due consideration to a transaction that has tremendous benefits for Yahoo!'s shareholders and employees."
Kotak Mahindra Bank hikes term deposit rates
By IANS,
Mumbai : Kotak Mahindra Bank has hiked interest rates on its term deposits to 8.5 percent (271 days to less than 1 year) and 9.25 percent (1 year to less than 5 years).
The bank's head of retail liabilities and branch banking K.V.S. Manian said: "I am confident that this hike in interest rates will benefit the retail customers given the current volatile market situation."
The bank has over 178 branches spread across 107 locations in the country offering both traditional banking products and investment advisory services.
Fidelity Fund Management ties up with Kerala bank
By IANS
Kochi : Fidelity Fund Management Wednesday entered into an agreement with Kerala-headquartered South Indian Bank for the distribution of its mutual fund products.
V.A. Joseph, chairman and CEO of the South Indian Bank, and Ashu Suyash, managing director and country head of Fidelity Fund Management, signed the agreement.
Fidelity Fund Management's full range of mutual funds will now be available at all branches of South Indian Bank.
Punjab wants to allow contractors to import bitumen
By IANS,
Chandigarh : Concerned over the recent hike in prices of bitumen in the domestic market, which is making road construction projects in Punjab financially unviable, the state's public works department (PWD) is contemplating allowing road contractors to import bitumen.
JSW Steel, Japanese firm sign pact
By IANS,
Mumbai : Indian steel major JSW Steel Thursday announced an agreement with Japan's second largest steelmaker JFE Holdings to set up a greenfield project in West Bengal and an automotive steel manufacturing unit in the country.
"JFE and JSW will collaborate on a planned plant in West Bengal," said JSW Steel managing director Sajjan Jindal.
Industrial production growth slowed to three percent in March
By IANS,
New Delhi : India's industrial production growth slowed to just three percent in March 2008, compared to a 14.8 percent growth in March 2007, according to government data released here Monday.
The Central Statistical Organisation (CSO) released the index for industrial production (IIP) for the month of March 2008, and for the period April-March 2007-08, depicting a major slowdown in industrial production growth.
As per the CSO data, the overall industrial production growth in fiscal 2007-08 was 8.1 percent, compared to an 11.6 percent growth in 2006-07.
Jet-Kingfisher announce mega alliance
By IANS,
Mumbai : India's biggest private carriers Jet Airways and Kingfisher Airlines late Monday night announced an alliance of wide-ranging proportions that will help both carriers reduce costs, synergise operations and improve services.
RIL betting on hydrocarbon asset acquisitions abroad
By IANS,
Mumbai : Oil-to-retail business house Reliance Industries (RIL) Tuesday said it would continue acquiring hydrocarbon assets overseas to ensure better synergy between domestic and international operations.
"Reliance continues to accrue oil and gas properties overseas," RIL chairman and managing director Mukesh Ambani told shareholders at the company's 35th annual general meeting here.
India’s telecom subscriber base crosses 479 mn
By IANS,
New Delhi : India's telecom subscriber base increased to 479.07 million at the end of July from 464.82 million a month before, according to official data released here Thursday.
The data released by the sectoral watchdog, Telecom Regulatory Authority of India (TRAI), said the overall teledensity in the country reached 41.08 percent in the period under review.
Wireless subscriber base increased from 427.28 million to 441.66 million, registering a growth of 3.36 percent, while wireless teledensity stood at 37.87.
Markets open in the green
By IANS,
Mumbai : Indian equities markets opened in the green Monday, with a key index ruling 0.19 percent higher than its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 8,793.89 points, higher than its 8,756.61 point close Friday. About 15 minutes into trade, it was at 8,772.70 points, 0.19 percent or 16.38 points higher than its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,723.25 points, 0.15 percent up from its last close of 2,719.25.
Boost to agribusiness will benefit farmers: experts
By IANS
Lucknow : The boost to agribusiness with the entry of large business houses would eventually benefit the Indian farmer in a major way, participants at an international conference say.
The three-day conference on Agribusiness and Food Industry in Developing Countries that concluded Sunday was hosted by the Indian Institute of Management, Lucknow (IIM-L) in collaboration with Tennessee State University and South Carolina University of the US.
Tata Sky demands five-year tax holiday for satellite TV industry
By IANS,
New Delhi : Leading direct-to-home (DTH) services provider Tata Sky Tuesday urged the government to give a five-year tax holiday to the industry, which is fast connecting the masses with digital television.
"Right now the consumer has to pay service tax to the central government and entertainment tax to state governments, which is leading to double taxation and a burdensome tax structure for consumers," Tata Sky managing director and chief executive Vikram Kaushik told reporters here.
Hindustan Construction eyes $6 bn worth of projects
By IANS,
New Delhi : Elated by the successful execution of India's first sea link in Mumbai, Hindustan Construction Corp (HCC) is eyeing some Rs.30,000 crore (Rs.300 billion/$6 billion) worth of projects in three years, a top company official said here Tuesday.
"Our target for next three years is to get an order-book of Rs.30,000 crore and we are hopeful that we will achieve it," said HCC chairman and managing director Ajit Gulabchand.
The company had an order book of Rs.16,500 crore till March.
Economy will grow between 6.1-6.5 percent: CII
By IANS,
New Delhi : The Indian economy is expected to grow by 6.1-6.5 percent during 2009-10 owing to high growth in key sectors like agriculture and services, according to an industry lobby study.
"We are factoring in GDP (gross domestic product) growth of 6.1-6.5 percent in 2009-10, based on sectoral growth rates of 2.8-3 percent, 5-5.5 percent and 7.5-8 percent, respectively for agriculture, industry and services," the report by the Confederation of Indian Industry (CII) said.
‘Balco mishap Chhattisgarh’s biggest industrial tragedy’
By IANS,
Raipur : The Chhattisgarh government Friday termed the Sep 23 Bharat Aluminium Company Limited (Balco) power plant chimney crash, at Korba town, the biggest-ever industrial tragedy in the state's history.
Andhra Pradesh seeks ‘due share’ of Reliance gas
By IANS,
Hyderabad : Even as the two Ambani brothers are locked in a legal battle over supply and price of gas from the Krishna-Godavari basin, the Andhra Pradesh government has sought its "due share" of the hydrocarbon asset.
In a meeting here with members of 13th Finance Commission, Chief Minister Y.S. Rajasekhara Reddy said they must intervene in the matter as the people of the state were also entitled to reap the benefits of the natural resource, found off the state's coast.
Ministerial panel on Reliance gas meets Wednesday
By IANS
New Delhi : A high-powered ministerial panel under External Affairs Minister Pranab Mukherjee is slated to meet here Wednesday to take a decision on the controversial pricing formula suggested by Reliance Industries for natural gas discovered in the Krishna-Godavari basin.
The panel will essentially examine in detail two sets of recommendations - one by the Prime Minister's Economic Advisory council headed by C. Rangarajan and the other by a group of bureaucrats under Cabinet Secretary K.M. Chandrasekhar, officials said.
Arcelor Mittal to participate in Jharkhand trade fair
By IANS
Ranchi : Steel baron L.M. Mittal's firm Arcelor Mittal will participate in a trade fair organised by the Jharkhand government later this month.
"Arcelor Mittal is among the big companies that are participating in the trade fair this year," Sudhir Mahto, deputy chief minister in charge of the industries department, told reporters here Saturday.
"The other big companies that will participate are Tata Steel, VSNL, Jindal and others," he said.
India tops in remittances from migrants
By Arun Kumar, IANS
Washington : With Indians at the top, migrants working in industrialised countries sent home more than $300 billion in 2006 -- nearly three times the $104 billion given in foreign aid to developing countries.
India with $24.5 billion took in more remittance than any other nation. It was followed by Mexico ($24.2 billion), China ($21 billion), the Philippines ($14.6 billion) and Russia ($13.7 billion), according to a new UN study.
Food inflation creeps up after two weeks of decline
By IANS,
New Delhi : India's annual food inflation rose 16.44 percent for the week ended May 1, reversing two consecutive weeks of decline, official data released Thursday showed.
The food inflation stood at 16.04 percent the previous week having declined from 16.61 percent during the week-ended April 17 against 17.65 percent of week-ended April 10.
Data on the wholesale price index (WPI) released by the commerce and industry ministry showed the index for food articles rose by 0.6 percent during the week under review.
Reliance Communications slams legal notice on government
By IANS
New Delhi : Even as GSM players turned around and accepted the government's decision, CDMA major Reliance Communications (RCOM) Thursday slapped a legal notice on the government to stop it from allocating additional radio frequencies to GSM operators.
Jet Airways’ market share 26.1 percent in February
By IANS,
New Delhi : Leading private airline Jet Airways Wednesday reported a consolidated market share of 26.1 percent in the domestic segment in February.
India to host global conference on farm industries
By IANS
New Delhi : India will host the first global conference on farm industries being organised by various UN organisations here April 8-11, to promote the sector as the major means to end poverty and push development.
Some 500 senior experts from the agro-industry, governments, civil society, UN agencies and funding institutions will discuss the potential of agro-industries and the challenges they face in the future, the organisers said.
Ahead of monetary policy, Sensex in green
By IANS,
Mumbai : Ahead of the annual policy statement by India's central bank, a key equities index Tuesday started trade in the green and was ruling about 58 points higher than its previous close about 90 minutes into trade.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,394.68 points, was ruling at 17,459.11 points, up 58.43 points or 0.34 percent from its previous close at 17,400.68 points.
Petrol, diesel rates cut by over Rs.2 per litre
New Delhi : Petrol and diesel prices were cut Friday by over Rs.2 per litre each, effective minight, IndianOil Corp announced.
While petrol will be...
Montek optimistic about power situation in 11th plan
By IANS
New Delhi : Improving the financial health of state electricity boards (SEBs) will be crucial to adding generation capacity in tandem with the country's fast-growing electricity demand, Planning Commission Deputy Chairman Montek Singh Ahluwalia said Wednesday.
He was briefing mediapersons on the deliberations in the meeting of the National Development Council (NDC) to approve the central government's 11th Five-Year Plan (2007-2012) document.
India to grow at eight percent amid global slowdown: IMF
By Arun Kumar, IANS,
Washington : The International Monetary Fund (IMF) has lowered India's growth forecast from 9.3 percent in 2007 to 8 percent in 2008-09 as it predicted the world economy now "in a tough spot" would grow by 4.1 percent this year.
The global economy has weathered the impact of the credit crunch better than first feared, the IMF said Thursday as it issued a downbeat forecast for the second half of 2008, amid concerns about inflation, particularly in emerging markets.
Apeda gets powers to protect Basmati patent rights
By IANS,
New Delhi : India Thursday decided to empower Agricultural and Processed Food Products Development Authority (Apeda) to protect patent rights for basmati, India's super quality rice, among other similar rights.
A Cabinet meeting, chaired by Prime Minister Manmohan Singh Thursday, approved the necessary amendment in existing laws to vest Apeda with statutory powers to deal with registration and protection of intellectual
property rights (IPRs).
Bharat Coking Coal ties up with Chinese firm
By IANS,
Kolkata : China's Zhengzhou Coal Mining Machinery Co (ZMJ) will partner Bharat Coking Coal Ltd (BCCL) in redeveloping its Moonidih colliery in Jharkhand, it was announced here Tuesday.
The Chinese company would provide the latest technology in the field - powered support long wall (PSLW) mining for the giant coking coal extraction project in the colliery, Coal India Ltd chairman Partha Bhattacharyya said.
Ruia Group acquires British auto component firm
By IANS,
Kolkata : The Kolkata-based Ruia Group, which has a controlling interest in tyre maker Dunlop India, has acquired British auto component manufacturer Schlegel Automotive Europe, according to group chairman Pawan Kumar Ruia.
He, however, did not disclose the amount invested for the acquisition, but said it comprised a $12-million bank loan and internal accruals.
"Keeping in mind the growing demand in the automotive sector, we are planning to set up a Schlegel manufacturing unit in India. We will invest $15 million for expansion in India," Ruia said here Wednesday.
How and why to organize workers for a democratic and secular India
By Kashif-ul-Huda, TwoCircles.net
Cambridge, Massachusetts: Thousands of miles from Bihar, Kamayani Swami and Ashish Ranjan of Jan Jagaran Shakti Sangathan (JJSS) talked about their...
Stocks plumb further as sentiments remain low
By Lalit K Jha, IANS,
New York : With investors showing little sign of confidence in the market, stocks plumbed further this week as major US companies resorted to further job cuts, mulled filing for bankruptcy and posted big quarterly losses.
Wall Street reported another low at the closing of business Friday, a few hours before the world leaders from top 20 economies, including India, sat down in Washington to discuss the current financial meltdown over a dinner at White House.
No decision on fuel price hike: Deora
By IANS
New Delhi : The government has not taken any decision to hike prices of transport fuels but will soon hold talks with oil companies on how to tackle the crisis triggered by high global crude prices, Petroleum Minister Murli Deora said Wednesday.
Markets off to a negative start
By IANS,
Mumbai : Indian equities markets opened on a negative note Monday with a key index losing more than 139 points in about five minutes of trade.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened lower at 15,195.83 points was ruling at 15,114.96 points, 122.98 points or 0.81 percent below Friday's close.
The S&P CNX Nifty of the National Stock Exchange (NSE) too slipped, moving down 1.24 percent to rule at 4,526.45 points around the same time.
Chavez assures Paraguay to meet all its oil need
By IANS,
San Pedro de Ycuamandiyu (Paraguay) : In a bid to strengthen bilateral ties, Venezuelan President Hugo Chavez has assured Paraguay to supply it all the oil it needs to meet its crude shortages, EFE news agency reported Sunday.
"We have signed the first commitment to supply Paraguay with all the oil it needs, right down to the last drop," pledged Chavez Saturday during an event held in the town of San Pedro de Ycuamandiyu, about 318 km north of Asuncion, where he signed several cooperation agreements with his new Paraguayan counterpart Fernando Lugo.
Infosys net up 9.2 percent in fourth quarter
By IANS,
Bangalore : Infosys Technologies Ltd. posted a net profit of Rs.12.5 billion for the fourth quarter (January-March) of fiscal 2007-08, registering a year-on-year (YoY) growth of 9.2 percent over the previous fiscal under the Indian accounting practice.
In a notification to the stock exchanges Tuesday, the IT bellwether said its consolidated revenue for the quarter under review (Q4) grew by 20 percent YoY to Rs.45.42 billion over the previous fiscal (2006-07) under the Indian accounting practice.
Pushing trade pact high on India-EU summit agenda
By IANS
New Delhi : India and the European Union (EU) will start talks here Thursday to speed up bilateral trade with an eye to inking the much-awaited free trade agreement that has been facing several hurdles in the past.
The two sides will also seek to increase investments and address common concerns on issues such as climate change, public-private partnership, and infrastructure and logistics, officials said ahead of the 8th India-EU Business Summit.
Parliament adjourned, MPs accused of ‘finishing democracy’
By IANS
New Delhi : Shortly before Finance Minister P. Chidambaram was to table the Economic Survey for this fiscal in the Lok Sabha Thursday, both houses were adjourned until noon as opposition MPs disrupted the proceedings, much to the anguish of the chair.
Doomsday predicted for British entrepreneurs
By IANS,
London : The end of the era of entrepreneurs in England and Wales is near, a new business study by Barclays has warned.
The stock of small businesses could drop by as much as 150,000 by early 2010, according to Barclays, blowing the froth off Britain's enterprise culture.
As it is, the enthusiasm of would-be entrepreneurs has already been damped by tighter credit and tougher trading conditions, the bank reports.
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