Domestic call centre market seen at $6.8 bn by 2013
By IANS,
New Delhi : With around 500 firms sending out promotional messages or calling up for bill payment reminders, the domestic call centre market is seen growing 33 percent per year to top $6.82 billion by 2013, says leading global market research and analytics firm IDC.
This apart, the domestic call centre industry, now estimated at $1.62 billion, will also evolve into a third party outsourcing relationships from the existing model where such work is largely done by companies themselves.
Syamal Gupta retires as Tata BP Solar chairman
By IANS,
New Delhi : Tata group veteran Syamal Gupta has retired as chairman of Tata BP Solar after 53 years with India's largest industrial house. He will be succeeded by the company's chief executive Reyad Fezzani.
Gupta, who started his career with the Jamshedpur-based Tata Steel, went on to become chairman of a number of Tata companies including Tata International, Tata Elxsi, Tata Advanced Materials and TCE Consulting Engineers.
He has also been instrumental in the international forays of several group companies, a statement issued Friday by the group said.
Brazil to achieve uranium self-sufficiency in 2014
By Xinhua
Rio de Janeiro : Brazil will be able to fulfil its domestic demand for enriched uranium by 2014, the chief of Nuclear Industries of Brazil (INB) has said.
INB President Alfredo Tranjan said Tuesday an enrichment plant is currently undergoing tests.
Brazil is expected to be enriching in 2012 the equivalent of 60 percent of the uranium needed by the country's two nuclear power plants Angra I and II, located here, according to the official.
No free trade pact with India for now: US
By Mayank Chhaya, IANS
Chicago : It is "premature" for the US to consider a free trade agreement with India, United States Trade Representative (USTR) Susan C. Schwab said Wednesday.
Schwab said the US looks at trade agreements comprehensively and at this stage it is "difficult" for India to do such an agreement. She specifically mentioned India's "sensitivities" in the agriculture sector and said the US respected those.
Sensex starts week in the green
By IANS,
Mumbai : A benchmark index for Indian equities started the week in the green and was ruling about 40 points higher an hour into trade Monday.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,639.18 points, was ruling at 17,682.87 points, 38.11 points or 0.22 percent higher than its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,295.55 points, a gain of 0.26 percent or 13.55 points from its previous close.
Stock market surges over 500 points in early trade
By IANS
Mumbai : The Indian equities market opened with a huge positive swing Wednesday, piggybacking on a strong show by peers around the globe.
Investors were seen buying stocks in banking, power and consumer durables sectors in early trade, thus boosting the market overall.
The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a gain of 417.99 points at 16,541.14. After 15 minutes of trading, the Sensex had surged to 16,677.59, up 544.44 points compared to its close Tuesday.
Markets reverse losses, Sensex up 1.3 percent
By IANS,
Mumbai : Indian equities markets, which had opened in the red and were trading in negative terrain till around 2 p.m., climbed back into the green about 40 minutes before closing bell Wednesday. A key index was ruling 1.33 percent above its last closing figure.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 10,283.58 points, was trading at 10,674.49 points - a rise of 139.62 points or 1.33 percent from Monday's close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 1.92 percent to rule at 3,320.9 points.
Apple unveils MacBook Air – thinnest, lightest laptop
By IANS,
London : Apple has unveiled the thinnest, lightest laptop ever which combines features from the iPhone and iPad with traditional series of MacBook.
Sensex closes 68 points lower
By IANS,
Mumbai : A benchmark index for Indian equities Monday closed with a 68- point loss in lacklustre trading.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened the day lower at 17,874.16 points, ended the day 68.17 points or 0.38 percent lower at 17,864.97 points against its previous close at 17,933.14 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 5,341.95 points, a loss of 0.37 percent or 19.8 points from its previous close at 5,361.75 points.
Ranbaxy launches bio-generic product for osteoporosis patients
By IANS
Mumbai : Ranbaxy Thursday said it launched the world's first bio-generic product Bonista-Teriparatide injection for the treatment of osteoporosis, a disease that leads to an increased risk of bone fracture.
The product was indigenously researched at Virchow Biotech and developed with aid from the Department of Science and Technology.
Indian equities fall sharply, with losses across sectors
By IANS,
Mumbai : Indian equities markets, which opened lower Tuesday compared to their previous closing figures, fell further as the morning progressed. A key index was trading almost two percent down around noon.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at 9,821.57 points, against Monday's close at 9,928.35 points. It dropped further to rule at 9,743.13 points around two hours into trading.
Sri Lanka seeks India’s expertise in strengthening tourism
By IANS,
New Delhi : Sri Lanka Wednesday sought India's help in strengthening tourism to meet the challenges posed by the global meltdown.
The issue was discussed in a meeting between Tourism Minister Ambika Soni and her Sri Lankan counterpart Milinda Moragoda, who also expressed keenness to participate in the travel marts organised by India, including the Great Indian Travel Bazar to be held in April.
Apex court revives uniform gas pricing order
By IANS
New Delhi : The Supreme Court Wednesday revived a central government notification, mandating state-run oil and natural gas enterprises to work out an average and uniform price for its old and new customers.
A bench of Justice Ashok Bhan and Justice V.S. Sripurkar revived the March 6 notification of the petroleum and natural gas ministry, suspended since July 31 by the Gujarat High Court on petitions by the Gujarat State Petroleum Corporation (GSPC) and its consumer Essar Steel.
Smokers cost Austrian economy 511 million euros per year
By Ivonne Marschal, DPA
Vienna : Austria's economy is burdened by additional costs of 511 million euros (about $808 million), or 0.23 percent of the country's Gross Domestic Product, per year due to smoking, according to a study just released.
If losses in productivity arising from smoking - including health care costs, or early retirement or death because of smoking-related illnesses - were deducted from the income generated by tobacco taxes, the negative economic effects were obvious, the Institute for Higher Studies said.
Orissa power project faces trouble for Maytas link
By IANS,
Bhubaneswar : A proposed power project in Orissa has run into trouble over the promoter company's links with Maytas Infra, a senior official said Wednesday.
The state government has put on hold the process of land acquisition and water allotment for the project and asked the company, KVK Nilachal, a subsidiary of Hyderabad-based KVK Energy, to furnish details of its link with Maytas Infra - controlled by one of the sons of scam-tainted Satyam Computer founder B. Ramalinga Raju.
60 percent Pakistanis buy just one pair of shoes
By IANS,
Islamabad : Around 62 percent of Pakistanis say they purchased just one pair of shoes for personal use during the last one year, according to a survey.
Jaitley signals urgent need for RBI rate cut
New Delhi : Sending a clear signal to the Reserve Bank of India (RBI) to cut interest rates in view of industrial output slipping...
India committed to global trading system: Kamal Nath
By Parveen Chopra, IANS
New York : India is not adopting a tough stand at the global trade talks but seeking corrections in the multilateral pact to remove distortions and help eradicate poverty in the developing world, Commerce Minister Kamal Nath has said.
"We will play by the rules. We are committed to the World Trade Organisation (WTO)," the minister said at a meeting organised at the Harvard Club Friday by the India-America Chamber of Commerce (IACC) and the Indian consulate here.
China, US to inject $20 bn to boost global commerce
By Xinhua,
Beijing : China and the United States Friday said they would inject $20 billion for trade finance to prop global commerce.
"The two export-import banks (in US and China) will make available an additional $20 billion for trade finance, particularly for creditworthy importers in developing countries," US Treasury Secretary Henry Paulson told reporters here.
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".
Youngistan welcomes ‘aam aadmi’ focus of Indian budget
By IANS,
New Delhi/Bangalore : Students and young professionals Monday hailed Finance Minister Pranab Mukherjee's 'aam admi' focus of the union budget with many rejoicing over tax sops and interest subsidy in education loans.
"Tax exemption is definitely the best news as far as I am concerned. It may not be phenomenal, but it at least takes some load off the shoulder of a salaried employee like me," Jha, who works in a bank in south Delhi, told IANS.
Coal India workers to go on slowdown stir Sep 18-20
Kolkata : Five national trade unions of world's largest coal miner, Coal India Ltd, have threatened to go on a "work to rule" (slowdown)...
Despite double-digit inflation, India’s GDP growth still healthy: Moody’s
By IANS,
New Delhi : Despite double digit inflation, India is expected to record a GDP growth of 'a still-healthy 7.6 percent', the global rating agency Moody's Economy.com said Friday.
“Household consumption and business investment will both moderate this year, but continued government spending on infrastructure development will help to support economic growth. For the financial year 2008-2009, Moody's Economy.com expects India to record GDP growth of a still-healthy 7.6 percent”, said Moody's economist Sherman Chan, based in Sydney.
Sharjah government, crescent petrolium ink major deal
By NNN-WAM
Sharjah : Sheikh Dr Sultan bin Mohamed Al-Qassimi, Supreme Council member and Ruler of Sharjah, has signed an exploration and production agreement with Hamid Jafar, the chairman of the Crescent Petroleum Company.
The major land area covered in the agreement is 1,250 sq km, to the south and south east of the major Sajaa field in the Emirate of Sharjah, and borders all other six Emirates in the United Arab Emirates as well as Oman.
Taiwan stocks open lower after Wall Street tumble
By DPA,
Taipei : Taiwan stocks opened lower Friday following two days of sharp declines on Wall Street.
Shortly after the stock market opened, the benchmark TAIEX index plunged 203.61 points, or 4.34 percent, to 4,490.51 points.
OPEC oil price inches down to $70.85
By DPA,
Vienna : The oil price of the Organization of Petroleum Exporting Countries (OPEC) slid to $70.85 at the end of last week, the group reported Monday.
The average price for OPEC-produced oil shed 58 cents Friday.
The recent downward movement in international oil markets was due to a number of economic factors, including negative demand figures for gas oil and petrol, analysts at J.B.C. Energy wrote in Vienna.
The analysts cited "bearish economic headlines, renewed turbulence in financial markets and a strengthening dollar" as additional factors.
Highlights of infrastructure targets for fiscal 2010-11
By IANS,
New Delhi : Following are the highlights of the annual infrastructure upgradation targets set by the Planning Commission Monday:
-- India to add 20,359 MW to current capacity of power generation
-- Total power generation target set at 830,769 million units, of which 13.8 percent will come from private players
-- 17,500 villages will be electrified, 47 million poor families to get electricity
-- To construct 2,500 km highways in 2010-11 as against 2008.93 km in the previous fiscal
-- Contracts will be awarded for 9,000 km highways in the current fiscal
Cairn India to start drilling in Bihar next year
By IANS
Patna : Cairn India Limited is will begin drilling in Bihar's Gangetic basin for oil and natural gas by early next year as it has already completed seismic surveys and is currently studying the data collected.
"Cairn India plans to start drilling work in Bihar by early next year as we have completed the seismic survey last month," Sunil Bharti, a Cairn India official, said here Wednesday.
Bharti said that the company had completed comprehensive seismic surveys in Samastipur, Darbhanga and Madhubani districts, and the next phase would be the drilling work.
Sensex closes 134 points up
By IANS,
Mumbai : The Indian equity markets closed in green Wednesday.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 14,610.57 points, touched a high of 14,746.20 points before closing at 14,678.23 points. It went up by 134.50 points or 0.92 percent at the day's close.
The National Stock Exchange (NSE) S & P Nifty, which opened at 4,365.45 points, closed at 4,415.75 points. It went up by 47.50 points or 1.09 percent.
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.
Oil sector strike starts, refineries closed
By IANS,
New Delhi : Several refineries, processing plants and installations remained closed Wednesday, the first day of the indefinite strike called by officers of public sector oil firms, even as the Delhi government arrested an employee under the Essential Services Maintenance Act (ESMA).
The 45,000-strong Oil Sector Officers Association (OSOA), representing 14 organisations, called for the strike from 6 a.m. Wednesday, demanding higher wages.
Cognizant Technology buys French IT company
By IANS,
Chennai : Nasdaq listed Cognizant Technology Solutions, a Chennai based IT solutions company, Thursday announced the acquisition of Paris based Galileo Performance, an IT testing and consulting company, for an undisclosed sum.
Galileo offers optimization of business performance to French corporates through IT system measurement, management and testing.
"The acquisition will enable Cognizant to offer testing services to the French market. The addition of French speaking consultants will help us better," Francisco D'Souza, Cognizant's president and CEO said.
India asks Qatar for additional 3 mn tonnes of gas
By IANS,
Doha : India Monday urged Qatar to increase the supply of natural gas by 3 million tonnes to meet immediate requirements.
Timeline on steps taken to bring liquidity to Indian financial system
By IANS,
New Delhi : Following are some of the measures taken since Sep 16 to calm nervous Indian markets amid growing global turmoil and improve domestic liquidity conditions:
* Sep 16: Reserve Bank of India (RBI) raises interest rate ceilings on NRI deposits and provides additional liquidity by (a) permitting banks to avail additional liquidity support under the Liquidity Adjustment Facility (LAF) up to 1 percent of their net demand and time liabilities, and, (b) extending the secondary LAF to a daily basis.
Corporate heads see economic growth sliding to 7.6 percent
By IANS,
New Delhi : Indian business leaders feel economic growth in 2008-09 will not surpass 7.6 percent, a survey report released by an apex Indian industry body Friday said.
Giving the thumbs down to the economic outlook on high inflation and hardening interest rates, as much as 77 percent of the 350 chief executives (CEOs) surveyed by the Assocham Business Barometer (ABB) said they did not expect growth to surpass 7.6 percent, a statement by the Associated Chamber of Commerce and Industry (Assocham) said.
Punjab annual plan pegged at Rs.8,625 crore
By IANS,
Chandigarh : The 2009-10 annual plan outlay for Punjab has been pegged at Rs.8,625 crore, an increase of 39 percent over last year.
The details of the state's annual plan were finalised Friday in New Delhi at a meeting between Planning Commission Deputy Chairman Montek Singh Ahluwalia and Punjab Chief Minister Parkash Singh Badal and senior officials.
A Punjab government spokesman said the new annual plan showed a leap of Rs.2,415 crore over last fiscal, when it was Rs.6,210 crore.
Austrian economy expected to grow
By IANS,
Vienna: The Austrian economy is estimated to grow 1 percent in the year 2013, the state-supported Austrian Institute of Economic Research (WIFO) said.
Amuleek Bijral takes over as RSA’s India manager
By IANS
Mumbai : Leading IT security solution provider RSA Tuesday announced the appointment of Amuleek Bijral as the head of its India operation for EMC Corp's security division that it recently acquired, the company said.
Bijral, who was with EMC-Singapore, will be based out of Bangalore, where RSA has recently set up a development centre, a statement issued by the company said.
Profit booking pulls down Sensex 249 points
By IANS,
Mumbai : Profit booking further pulled down a key index of the Indian equities markets Monday afternoon, with the index ruling 249 points lower about an hour before the closing bell.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 15,153.21 points, was trading at 14,854.35 points - 249.2 points or 1.65 percent lower than Friday's close.
Like the Sensex, the S&P CNX Nifty of the National Stock Exchange (NSE) too fell, shedding 2.39 percent from its last close to stand at 4,477.2 points.
India may sign free trade agreement with ASEAN
By IANS,
Kuala Lumpur : India is likely to sign a free trade agreement (FTA) with the Association of Southeast Asian Nations (ASEAN) during the 14th summit of the bloc slated for February in Thailand.
Thailand's Nation newspaper said that India would submit a letter to the Thai Commerce Ministry later Monday, saying it will sign the long-awaited FTA with ASEAN during next month's summit.
Sensex plummets 169 points
By IANS,
Mumbai : A benchmark index for Indian equities Tuesday extended its losses in afternoon trade and was ruling 169 points lower than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,942.82 points, was ruling at 16,774.65 points, 169.98 points or 1 percent down from its previous close at 16,944.63 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,031.45 points, down 1.08 percent from its previous close.
Go to Himachal Pradesh; stay at home
By Vishal Gulati, IANS,
Shimla : Want to go to Himachal Pradesh for a vacation but bored with hotels and guesthouses? Well, there's good news for you, as the state government has taken the lead in promoting home stay in villages.
Residents of this Himalayan state in northern India are now being encouraged to throw open their doors to both domestic and foreign tourists for home stay in rustic settings, formalising a practice that has anyway been prevalent in the state's scenic Kullu valley for many years.
UB Group launches India’s first multi-grain vodka
By IANS,
New Delhi : United Spirits Ltd (USL), part of Vijay Mallya's UB Group, launched Romanov Red, India's first multi-grain and multi-distilled vodka, here Wednesday.
"This vodka will be a trailblazer in the prestige vodka segment as the consumers will experience the unique blend of multiple grains in a vodka for the first time," USL assistant vice-president (marketing) Debashish Shyam said.
Bollywood actress Shilpa Shetty, who has been associated with the brand since 2006, launched the new product.
Bangladesh considering India’s proposal to use Chittagong port
By IANS
Agartala : Bangladesh is considering an Indian proposal to allow the Chittagong international port to ferry men and materials to and from India's northeast, Indian officials said here Friday.
Chittagong, southeastern commercial town and an important international port in Bangladesh, is only 75 km from Tripura's border town Sabroom, which is 175 km south of state capital Agartala.
Insurance schemes for women, rural poor get Rs.15 bn
By IANS,
New Delhi : The government Thursday released Rs.15 billion for augmenting two schemes of the Life Insurance Corporation (LIC) targeted at women and rural landless households.
Of this, Rs.10 billion will go towards providing an insurance cover to an additional 10 million rural landless households, while Rs.5 billion has been released for a social security fund LIC maintains for women's self-help groups, Information and Broadcasting Minister Priya Ranjan Dasmunsi said.
He was speaking to reporters after a cabinet meeting chaired by Prime Minister Manmohan Singh.
Peacock preening Indian products, but prices a problem
By Fakir Hassen, IANS
Johannesburg : A two-day exhibition of products made by women entrepreneurs from India at the Call of the Peacock Exhibition organised here by the women's wing of the Indian Marketing Chamber (IMC) attracted a lot of attention for its quality, but many local visitors appeared to find the goods on sale quite expensive.
No decision yet on moving court: Airtel
By IANS
New Delhi : Bharti Airtel, India's largest mobile phone service operator, Monday said it has not yet decided on approaching Delhi High Court over the radio spectrum allocation issue.
"No decision yet on approaching the (Delhi) High Court yet," Rajan Mittal, managing director of Bharti Enterprises, told reporters on the sidelines of a retail conference here organised by the Federation of Indian Chambers of Commerce and Industry (Ficci).
After Singur, land tussles now hit Jharkhand industries
By Nityanand Shukla, IANS,
Ranchi : After the ongoing land dispute over global automobiles major Tata Motors' super-cheap Nano car project at Singur in neighbouring West Bengal, Indian industries planning big ticket investments in the east Indian state of Jharkhand are now facing the heat of land acquisition tussles.
The latest incident took place Sep 12 this year when workers of a political party Jharkhand Disom Party (JDP) roughed up employees of cement maker Jupiter Cement in Kharsawa district.
The company's staff had gone to identify land for setting up a cement plant.
Now, pay LIC premium through mobile phone
By IANS,
Mumbai : The Life Insurance Corporation of India (LIC) has tied up with Corporation Bank to enable the bank's debit card holders pay the LIC policy premium using a mobile phone.
Corporation Bank has been offering the LIC premium payment facility through ATMs and net banking since 2003.
Corporation Bank customers wishing to avail the new facility can register their mobile phone numbers through the bank's ATMs.
The new facility was launched here Thursday in the presence of LIC chairman T.S. Vijayan and Corporation Bank chairman-cum-managing director B. Sambamurthy.
PM sets three-point agenda for RBI
By IANS,
Mumbai: Prime Minister Manmohan Singh Thursday set a three-point agenda for the Reserve Bank of India (RBI) to get the Indian economy back on a high growth path and ensure inclusive growth.
Speaking at the Indian central bank's platinum jubilee celebrations here Thursday evening, Singh said: "The RBI needs to keep inflation under check, ensure stability of the financial sector and meet the financial intermediation needs of a rapidly growing economy."
Jaypee lowest bidder for $10-billion Ganga Expressway
By IANS
Lucknow : Leading infrastructure firm Jaypee Industries has emerged as the lowest bidder for the Rs.400-billion ($10 billion) Ganga expressway, slated to connect the eastern parts of Uttar Pradesh to the national capital and to the west of the state.
The 1,000-km eight-lane expressway is the biggest single infrastructure project in the country, touted as the dream undertaking of Uttar Pradesh Chief Minister Mayawati.
The foundation stone for the expressway will be laid Tuesday at a symbolic ceremony at Mayawati's official residence here on her 52nd birthday.
Markets close in the red
By IANS,
Mumbai : Indian equities closed in the red Tuesday, with a key index shedding 2.91 percent over its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 9,213.4 points, fell 270.45 points or 2.91 percent from its Monday close to end at 9,035 points (provisional).
The S&P CNX Nifty index of the National Stock Exchange (NSE) lost 2.52 percent to close at 2,776.65 points.
The BSE midcap index closed 2.31 percent lower, while the BSE smallcap index shed 2.35 percent.
RBI governor calls for diesel deregulation at earliest
Mumbai : The country should take advantage of international oil prices, that have fallen rapidly below the $100 per barrel-mark, to deregulate diesel prices,...
Tech Mahindra, HDFC queue up to recruit Delhi University students
By IANS,
New Delhi, Jan 28 (IANS) Heralding better days ahead for the capital's students, several top notch companies like Tech Mahindra, HDFC and Dell are queuing up at Delhi University (DU) for recruitment and hundreds of scholars have bagged offers in the last few days.
Tax incentives announced for poll-bound Bihar
New Delhi : A day after a Rs.1.25 lakh crore financial package was announced for poll-bound Bihar, the Finance Ministry on Wednesday declared...
Infosys to design informatics for US biotech company
By IANS,
Los Angeles : Infosys Technologies and San Francisco-based Elan Pharmaceuticals Thursday formally announced a partnership agreement under which the Indian software giant will design and implement a new research informatics system (RISe) for the latter.
A joint statement here said the new informatics system will help Elan Pharmaceuticals, a leading biotechnology company, accelerate its research by leveraging Infosys' intellectual property in this field.
No financial details of the deal were announced.
Canada’s youngest lawmaker to help India in oil, farm sectors
By Gurmukh Singh, IANS
Toronto : Canada's youngest legislator Manmeet Bhullar, who was elected to the Alberta state assembly this week, says he will work to deepen ties between India and Canada.
The 27-year-old Calgary-born Bhullar, who is also the first turbaned Sikh to become a lawmaker in Canada, told IANS in an interview that he "would definitely contribute to bringing our two countries closer in various areas. India is my on my radar."
Debate on Constitution in Lok Sabha: PM Modi Pushes for UCC; Rahul Slams BJP...
Staff correspondent, TwoCircles.net
New Delhi: Prime Minister Narendra Modi on Saturday launched a scathing attack on the Congress party during a debate on the Constitution...
Bell Helicopter mulls training academies in India
By IANS,
Hyderabad : Bell Helicopter, a subsidiary of the $13.2-billion multi-industry US major Textron Inc, is looking to set up training academies as well as maintenance, repair and overhaul (MRO) facilities in India, a senior official said here Wednesday.
"We are in multiple discussions with multiple potential partners about the locations," said Bob Fitzpatrick, senior vice president of sales at Bell Helicopter, at a news conference at India Aviation 2008, India's first international conference and exhibition on civil aviation.
Tata receives 203,000 bookings for Nano
By IANS,
Mumbai: Tata Motors Monday said it has received 203,000 bookings with a total booking amount of Rs.2,500 crore ($502 million) for its small car Nano.
"The Tata Nano website recorded an unprecedented 30 million hits from the date of launch of the car (March 23) to the closure of the booking period which was April 25, nearly 1 million hits a day", the company said in a statement.
CCL posts Rs.10 bn profit in 2007-08
By IANS
Ranchi : The Central Coalfield Ltd. (CCL) has posted Rs.10-billion profit in the financial year 2007-2008.
"(The) company has posted profit of Rs 1,000-crore (Rs.10 billion) in 2007-08 financial year," R.P. Ritolia, chairman and managing director of the CCL, told reporters Tuesday.
"This was third successive year that the company has posted a profit of Rs.1,000 crore ."
The Ranchi based CCL is a subsidiary of the central government-run Coal India Ltd.
Mukherjee set to present India’s budget for this fiscal
By IANS,
New Delhi : With a cherry-brown briefcase in hand, Finance Minister Pranab Mukherjee arrived in parliament Monday to present India's budget for this fiscal with hopes high that his proposals will help put the $1.2 trillion economy back on the high growth track.
Dressed in a spotless white bandhgala suit, the 73-year-old politician will have to draw from his experience of having presented three regular budgets as finance minister between January 1982 and December 1984 to find the resources for a host of pre-election promises made by his Congress party.
India poised to grow at 8 percent; inflation worrisome
By Arun Kumar, IANS,
Washington : Recovering rapidly from the global financial crisis, India is poised to grow at 8 percent this year, but inflation and excessive capital flows could pose a challenge, a gathering of world finance ministers was told Saturday.
"Current estimates are that real GDP had grown at 7.2 per cent during the just completed fiscal year 2009-10, up from 6.7 per cent during 2008-09," Reserve Bank of India (RBI) Governor D. Subbarao told the steering committee of the 186-nation International Monetary Fund (IMF).
Government may cut landing, parking charges at airports
By IANS,
New Delhi : In a bid to bail out the aviation industry for losses it is incurring on account of high operational costs, Civil Aviation Minister Praful Patel Tuesday hinted at lowering landing and parking charges for aircraft.
"This would be a form of relief for the loss-making aviation industry," Patel said at a function here, and added his ministry would discuss the issue with the Airports Authority of India (AAI) soon.
"As of now, we have not initiated any talks on this issue with airport authorities. But we are going to look into this issue," Patel said.
Global business now wants to tackle climate change
By Joydeep Gupta, IANS,
Singapore : Business houses around the globe are no longer asking why they should deal with climate change; now they want to know how, UN Global Compact Executive Director Georg Kell said here Wednesday.
Speaking at the concluding session of the B4E (Business for the Environment) global summit, Kell said during the two days of the meeting he had found "momentum growing to tackle climate change, especially in the private sector".
Free software helps Indian techies in many projects
By IANS,
Bangalore : Free software and open source tools are helping a range of Indian entrepreneurs to build software solutions that enhance the potential of computing for millions.
With names like Hindawi, Zmanda and Dhvani or KDE Hindi, these products are helping an entire new generation of software developres.
Hindawi (hindawi.in) is a suite of open source programming languages. It allows people to write computer programmes in languages other than English.
Malaysian firm close to securing contract in India
By IANS
Kuala Lumpur : Malaysian water concessionaire Ranhill Utilities Bhd is part of a consortium that is close to securing a water treatment contract at Haldia in West Bengal.
Chief executive officer Ahmad Zahdi Jamil said the contract entailed building a 15 million gallons-per-day water treatment plant on a lease-cum-build, operate and transfer (BOT) basis in Haldia, a booming industrial port town.
The other members of the consortium are Jamshedpur Utilities and Services Co Ltd (JUSCO) and Infrastructure Development Finance Corp (IDFC), with each party holding equal equity.
Allow foreign players in debt market, says survey
By IANS,
New Delhi : The Reserve Bank of India (RBI) should allow participation of institutional players and foreign institutional investors (FIIs) in the country's debt market, said an industry survey released here Monday.
According to the survey report, released a day before the apex bank is scheduled to announce its monetary policy for the current fiscal, 90 percent of the participants said the participation of FIIs in the debt market would help in its stabilisation.
Unseasonal showers did not damage wheat crop: official
By IANS
New Delhi : The central government Wednesday said last week's unseasonal showers had no impact on the wheat crops in the states of Haryana, Punjab, Rajasthan and Uttar Pradesh.
"The reports from these states do not show that the recent showers caused any damage to the wheat crop. Only around four to five percent of the total crop production came under the rain, but the state governments have reported no loss," P.K. Mishra, secretary agriculture, told reporters Wednesday on the sidelines of the Global Agro-Industries Forum-2008 meet.
Sensex ends 1.46 percent higher
By IANS,
Mumbai : A benchmark index for Indian equities markets advanced 1.46 percent Monday, led by good buying support in energy and metal stocks as global crude oil price declined.
MP CM invites Karnataka industrialists for investment in IT, other industries in State
By Pervez Bari, TwoCircles.net
Bhopal: Madhya Pradesh Chief Minister Shivraj Singh Chouhan extended an invitation to the Karnataka leading industrialists to come over to the state with their ventures in key areas of industries specially in the fast emerging IT sector.
General Motors launches new Chevrolet Captiva
By IANS,
New Delhi : Auto major General Motors India (GM) Friday launched the automatic version of its Chevrolet Captiva sports utility vehicle (SUV), priced at Rs.2.03 million (ex-showroom Delhi).
The SUV that was first launched in 2008 comes with a common rail diesel powertrain.
"The new Chevrolet Captiva Automatic+ brings superlative comfort and ease of driving combined with unbeatable value, safety, security and luxury to our customers,” GM president and managing director Karl Slym said.
South Africa, Namibia, India sign engineering export agreement
By Fakir Hassen, IANS
Johannesburg : South Africa, Namibia and India Tuesday became the first countries to sign a memorandum of understanding in an Engineering Export Promotion Council (EEPC) plan for greater cooperation with SADEC (Southern African Development Community).
"We are in discussion with the other countries in the region (Angola, Botswana, Lesotho, Malawi, Mozambique, Swaziland, Tanzania, Zambia and Zimbabwe) and hope to have discussions concluded with them soon," said P.K. Shah, chairman of the EEPC subcommittee on trade with Africa.
Reliance Industries’ Q2 results Oct 18
By IANS
Mumbai : India's most valuable firm Mukesh Ambani-owned Reliance Industries Ltd (RIL) Thursday said that the company's board of directors would meet Oct 18 to consider financial results for the second quarter.
The company has accordingly informed the Bombay Stock Exchange.
RIL, the only private sector company from India to feature in the Fortune Global 500 list, is India's largest private sector company with a turnover of $27.23 billion.
Budget highlights 6 last
* Five Jan Sadharan trains, five premium trains and six AC express trains to be introduced
* Run of 11 trains to be extended
* Special...
Saksoft’s net profit up by 333 percent
By IANS,
Chennai : The city-based software company Saksoft Limited Tuesday declared its 2008-09 net profit was up by 333 percent though its topline remained flat compared to the previous year.
"In spite of tough market conditions, the company closed last fiscal with a turnover of Rs.120.48 crore (Rs.1.20 billion) and a profit of Rs.9.63 crore as against Rs.120.10 crore and Rs.2.22 crore, respectively, in the previous year," managing director Aditya Krishna told reporters here Tuesday.
Markfed Punjab signs pact with Syngenta
By IANS,
Chandigarh : Markfed Punjab signed an agreement with Syngenta a world's leading agri-business company here Friday.
"This collaboration will facilitate the exchange of technical knowledge, educational camps for Punjab's farmers for safe use of agro chemicals, availability of better seeds, fertilisers and pesticides," said G.S. Grewal, managing director, Markfed Punjab.
Grewal said the state government with Syngenta's help will market agri-products in the state. It would open sales-cum-service centres in Punjab, three of them this year.
Sensex closes flat on derivatives expiry, weak European cues
By IANS,
New Delhi: A benchmark index for Indian equities markets Thursday closed flat, adding just 23 points in cautious trading on derivatives expiry and weak European cues.
Tata Steel hopes to save Rs.100 using Dhamra port
By IANS,
Chennai : Tata Steel Ltd is confident of saving at least Rs.100 crore annually once the Dhamra port in Orissa is fully operational, a company official said here Tuesday.
Russia to join top five economies in next decade: Putin
By ANS/RIA Novosti,
Moscow: Russia would become one of the world's top five economies in the next decade, said Russian Prime Minister Vladimir Putin Wednesday.
Abu Dhabi customs to have speedy import clearing system
By IANS,
Abu Dhabi : The Abu Dhabi customs department has signed here a Memorandum of Understanding with logistics company DHL Express for launching an Electronic Data Interface (EDI) system for faster clearance of imported goods, WAM news agency reported Wednesday.
The new system - called the 'Gold Card' programme - allows DHL customers to lodge and complete customs declaration process prior to the arrival of their goods.
Equity markets start in the red once more
By IANS,
Mumbai : Indian equity markets, which opened lower Thursday following weak cues from other Asian markets, were 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 105.28 points at 14,557.33. Twenty minutes into trading, it was at 14,486.77 points, 175.84 points or 1.20 percent below its closing figure Wednesday.
ICICI Bank credit fundamentals sound: Standard & Poor’s
By IANS,
Singapore/Mumbai : Global rating agency Standard and Poor's (S&) Monday said the fundamentals of ICICI Bank continued to be sound even as the country's largest private bank reiterated that it faced no liquidity problem, had zero exposure to the US sub-prime assets and was more than adequately capitalized.
The ratings agency said in a statement that ICICI Bank continued to enjoy investment grade rating of BBB-/stable/A-3 with regard to foreign currency counter-party credit rating and that the bank's credit fundamentals continue to be sound.
Bihar clears investment proposals worth Rs.910 bn in three years
By IANS,
Patna : In a clear sign of the "changing economic environment" in the state, the Bihar government has cleared 156 investment proposals worth Rs.910 billion in the last three years, Industries Minister Dinesh Chandra said Wednesday.
"It's a positive news for the state that all these proposals were approved by the State Investment Promotion Board (SIPB)," Chandra told IANS.
According to him, Chief Minister Nitish Kumar's efforts to make Bihar an investment-friendly state has proved to be a success with more investors now approaching the state for setting up their units.
Inflation will come down to 7 percent by March: PM
By IANS,
New Delhi : Prime Minister Manmohan Singh Thursday admitted that high inflation was a "problem" and said he hoped that it will come down to seven percent by March.
Indian equities markets in the green
By IANS,
Mumbai : Indian equities markets were in the green Friday morning, with the key index 330.48 points above the last closing figure shortly before noon.
The 30-share sensitive index of the Bombay Stock Exchange (BSE), the Sensex, opened at 8,446.74, a shade below Thursday's closing figure of 8.451.01. By about 20 minutes before noon, 8,781.49 points, 330.48 points or 3.91 percent above the previous close.
At the same time, the S&P CNX Nifty index of the National Stock Exchange was at 2,656.85 points, 4.06 percent above its previous close at 2,553.15.
US in recession, 25-percent chance world follows: IMF
Washington, April 9 (DPA) The US economy is expected to enter recession in 2008 and there is a 25-percent chance the rest of the world will follow the suit, the International Monetary Fund said Wednesday.
The world's largest economy is forecast to grow at 0.5 percent in 2008, but will contract by 0.7 percent on a fourth-quarter-to-fourth-quarter basis, according to the IMF's semi-annual World Economic Outlook report.
SEZs availed over Rs.83,000 crore tax concessions in six years: CAG
New Delhi : The Special Economic Zones (SEZ) in India had availed tax concessions to the tune of Rs.83,104.76 crore between 2006-07 and 2012-13,...
Decision on 31 SEZ proposals on Thursday
By IANS
New Delhi : The Board of Approvals (BoA) in the commerce ministry is set to decide Thursday on proposals for setting up 31 special economic zones (SEZ) across the country, including 15 dedicated to IT and ITeS.
Under the chairmanship of Commerce Secretary G.K. Pillai, the board will take up proposals by Gujarat Hydrocarban and Energy SEZ Ltd, Welspun Anjar SEZ Ltd, Andhra Pradesh Industrial Infrastructure Corporation Ltd, Tata Consultancy and Cognizant Technology among others.
Three SEZ proposals are for West Bengal and five for Maharashtra.
Kamal Nath urges states to help control inflation
By IANS,
New Delhi : Commerce and Industry Minister Kamal Nath Tuesday asked state governments to become more "proactive" in controlling inflation by taking action against hoarding to tame rising prices of food items and commodities.
"We would like to see the state governments ensure that there is no hoarding, there's no profiteering. The state governments have the mechanism and they must ensure that the supply lines are not dropped," Kamal Nath said on the sidelines of a meeting here.
China to sign new economic agreement with Nepal
By IANS,
Kathmandu : Close on the heels of Indian External Affairs Minister Pranab Mukherjee's visit to Nepal, China is sending its Foreign Minister Yang Jiechi to Kathmandu Tuesday to bolster ties by signing a new agreement.
During his three-day visit, the Chinese minister will pay a courtesy call on Nepal republic's first President Ram Baran Yadav and hold formal talks with the nation's first Maoist Prime Minister Pushpa Kamal Dahal 'Prachanda' as well as Nepali foreign minister Upendra Yadav.
Crude down on strong Dollar
By IRNA,
Sydney : Crude oil futures fell in Asian trading Wednesday as the US dollar hit a 12-month high against the euro on Greece's sovereign debt woes and traders predicted bloated US oil inventories swelled further last week.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in June traded at $82.60 a barrel at 0624 GMT, down 14 cents in the Globex electronic session. June Brent crude on London's ICE Futures exchange was down 1 cent at $85.66 a barrel.
It was balle, balle to lassi at European event
By Alkesh Sharma, IANS,
Chandigarh : Lassi, the popular yoghurt-based household drink of Punjab, has won laurels for India at an international event held in Europe.
Lassi, made by churning yoghurt and water, was adjudged the "best exotic drink" and surpassed other beverages at the "Know Europe-2008" entrepreneurship programme, sponsored last month by the Normandy Business School in France.
According to information about the contest that has only now been received here, Lassi scored over other drinks like exotic beers, alcohols, wines and fancy coffees in cutthroat competition.
Indian markets end week on hefty gains
By IANS
Mumbai : Indian bourses rose in late trade to end their four-day losing streak, with the benchmark index rising over 3 percent on the back of buying in blue-chip scrips led by IT, metal, auto and oil and gas shares.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) vaulted 593.87 points or 3.36 percent to close at 18,242.58.
The Sensex hit a high of 18,312.40 in late trade. At the day's high, it gained 663.69 points and hit a low of 17,534.96 in early afternoon trade. At the day's low, the Sensex lost 113.75 points.
Sensex ends 109 points up; bank stocks shine
Mumbai: A day after recording one of its steepest falls by 350 points, a benchmark index of Indian equities markets Friday provisionally closed the...
Virgin eyes India’s mobile phone, domestic aviation markets
By IANS
New Delhi : Britain's Virgin group will soon enter India's mobile phone market and make animated films, even as it awaits government nod to fly the domestic aviation space, its founder Sir Richard Branson said here Monday.
"In time, India will have to open its aviation market," Sir Richard told a press conference here, referring to the present policy where only domestic companies enjoy ninth freedom rights - that is permission to fly the domestic sector.
Ryanair fined millions for lack of aid to stranded passengers
By DPA,
Rome : Budget airline Ryanair has been hit with a 3-million-euro ($3.7-million) fine for failing to render sufficient aid to passengers stranded in April when a cloud of volcanic ash blocked much of European airspace.
The ruling by Italy's ENAC flight security agency was reported Sunday in the daily La Repubblica.
The newspaper reported at least 178 cases in which Ryanair neglected its duties to passengers stranded at Ciampino airport when a cloud of volcanic ash from the Icelandic volcano Eyjafjallajoekull prevented flights across huge swaths of European airspace.
Sensex moves 1 percent higher backed by RCom gains
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday closed a percent higher in a late surge, led by Reliance Communications (RCom) which gained 11 percent.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,574.79 points, shut shop at 16,741.84 points, 169.81 points or 1.02 percent up from its previous close at 16,572.03 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,019.85 points, up 1 percent from its previous close at 4,970.2 points.
Google announces first mass lay-offs
By DPA
San Francisco : Google has announced its first mass lay-offs with plans to shed some 300 workers in its online advertising unit DoubleClick, which it acquired last month for $2.3 billion.
The cuts represent about a quarter of DoubleClick's 1,200 US employees and a second round of cuts is expected to focus on DoubleClick's overseas offices, the San Francisco Chronicle reported Thursday.
Share index of Shariah-compliant companies launched in New Delhi
By TwoCircles.net staff reporter,
New Delhi: Islamic banking is gaining popularity all over the world including India. This can be judged by the forecast that investments worth $100 billion will be made globally in this system by 2010.
These estimates were revealed by economists and experts of investment banking in a programme organized for the launching of the India Islamic Index at the India Islamic Cultural Centre in New Delhi yesterday.
Diamond trader puts association in a spot
By IANS
Ahmedabad : C.P. Vanani, president of Surat Diamond Association (SDA), has been caught in a piquant situation since Tuesday. An Ahmedabad diamond trader has couriered him some valuables and disappeared.
Vanani's office received a packet couriered from Ahmedabad. It contained gold jewellery, rough and polished diamonds and papers relating to a residential property, all valued between Rs.5 million and Rs.8 million.
The packet also contained a note from the sender, identified as Amrut Teja Prajapati, asking Vanani to settle Prajapati's debts among 27 debtors.
State Bank of India launches debit card in Canada
By Gurmukh Singh, IANS,
Toronto : State Bank of India (SBI) has launched its first debit card in Canada to raise its client profile here.
SBI is also looking at 84 locations globally to increase its association with international business, chairman O.P. Bhatt said Wednesday while launching the card here.
With seven branches across Canada, the State Bank of India-Canada (SBIC) - SBI's 100 percent-owned subsidiary - claims to have captured 65 percent of the trade conducted between that country and India.
Retail can be a huge success in India: minister
By IANS
New Delhi : Organised retail can be a huge hit in India provided big retailers do not follow the western model, and instead establish a model suitable to Indian conditions, Minister of State for Food Processing Industries Subodh Kant Sahai said Monday.
Union Bank of India to expand operations
By IANS
Chennai : Mumbai-headquartered Union Bank of India (UBI) is on a network expansion spree, a top official of the bank said here Friday.
"The bank will be adding around 600 more outlets to our existing 2,516 branches during 2008-09. The bank will also recruit around 4,000 employees in different cadres," P.Y. Nagar, general manager of UBI, told the media here after launching the reverse mortgage product, Union Reverse Mortgage (URM).
He said UBI has not closed down any of its branches since the day reforms in the banking industry started.
Arson at Essar Steel plant in Trinidad suspected
By Paras Ramoutar, IANS
Port-of-Spain : Foundation work on a new $1.7 billion steel plant to be set up in Trinidad and Tobago by India's Essar group has been delayed following a suspected case of arson over the weekend.
Two vehicles worth $320,000 used for construction work at the plant's site in Claxton Bay, 50 km from here, were destroyed in what police have confirmed as sabotage Saturday.
Police confirmed that arson was the motive as a gasoline tank, two cutlasses and a pair of sneakers were found at the scene.
‘Organised, unorganised retailers can co-exist in India’
By Rajeev Ranjan Roy, IANS,
New Delhi : India's organised and unorganised retail sectors can co-exist and thrive, says a top government official, who foresees bright prospects for the retail industry in the country.
"It is quite possible for both the organised and unorganised sector retailers to co-exist and flourish," said Rakesh Kacker, additional secretary, Department of Consumer Affairs, Ministry of Consumer Affairs, Food and Public Distribution.
China plans to build new oil reserve base in southwest
By Xinhua
Chengdu (China) : China will build a new strategic petroleum reserve in Wanzhou, a district in Chongqing municipality in the southwest, chief of Sichuan Bureau of Material Reserve Liu Shuxin said Thursday.
Wanzhou district government and the Sichuan Bureau of Material Reserve signed an investment agreement last Friday over launching a joint venture for building a new oil reserve base in Wanzhou, about 300 km away from Chongqing.
City Union Bank plans to raise Rs.1,000 crore
By IANS,
Chennai : Private sector City Union Bank has started discussions with institutional investors to raise Rs.1,000 crore for its business growth, a top bank official said Wednesday.
"As per our plans we need around Rs.1,000 crore incremental capital over the next two or three years. We are in discussion with various institutional investors. We will go with the investors whose risk appetite is similar to ours," Executive Director N. Kamakoti told reporters here.
He said the bank will get the shareholders approval for the issue at the ensuing annual general meeting.
RPP Infra bags Rs.1,500 crore housing project in Africa
By IANS,
New Delhi : RPP Infra Projects Limited Monday said it has bagged a mass housing contract worth Rs.1,500 crore from the south-western African country of Gabon.
Market slips into red after positive start
By IANS
Mumbai : The Indian equities market Monday opened positive but soon slipped into the red in volatile early trade. Heavy selling was witnessed in banking and metals scrips in initial trade.
The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a gain of 174.74 points at 17,523.81.
With 20 minutes into the trade the Sensex was trading at 17,293.92 points with a loss of nearly 55 points compared to its previous close.
At the same time the S&P Nifty of National Stock Exchange was down 6.55 percent at 5,104.20 from its previous close.
Delhi to upgrade infrastructure in 13 industrial areas
By IANS,
New Delhi : Civic infrastructure, including roads, storm water drains, street lighting, effluent treatment and parking facilities, in 13 industrial areas of the capital will be upgraded at a cost of Rs.6.8 billion (Rs.680 crore), city Mayor Aarti Mehra said Tuesday.
"The infrastructure available in the industrial areas has been found to be inadequate and therefore there is a need to upgrade the civic infrastructure in these areas, facilitating optimal growth of industrial sector in the capital city," Mehra told reporters.
Stocks crash, but Pakistanis begin process of revival
By Muhammad Najeeb, IANS
Islamabad : Pakistan stocks crashed Monday as markets opened after three days, just as hopes of stability in the country had plummeted with the assassination of former prime minister Benazir Bhutto. But peace of sorts returned to the streets.
Long queues of vehicles were seen at petrol and gas stations that also opened Monday morning. Many vehicles were being pushed to the stations as they had run out of fuel during the three-day closure.
Haryana industry development firm earns Rs.60 cr
By IANS,
Chandigarh : The Haryana State Industrial and Infrastructure Development Corp posted an earning of over Rs.60 crore in 2008-09, Chief Minister Bhupinder Singh Hooda announced here Monday.
This was 38 percent over the previous year, when it registered revenues of Rs.43 crore, Hooda said here.
The corporation allotted 647 plots to entrepreneurs who have committed investments of Rs.9,225 crore.
These included a 700-acre plot to Maruti Suzuki for setting up a Rs.1,000-crore research and development facility at Rohtak.
Emerging economies gain unprecedented clout on global stage
By DPA,
Washington : The world's emerging economic powers came out of an historic financial summit Saturday emboldened by their new role in fixing the global economy.
The Washington summit marked the first-ever meeting of leaders from the Group of 20 (G20) nations, a bloc that brings together the world's leading industrial nations and some of the top developing economies including China, India and Brazil.
Ashok Leyland half-yearly net falls 18 percent
By IANS,
Chennai : Commercial vehicle manufacturer Ashok Leyland Friday said its profits in the first half this fiscal fell 18 percent to Rs.96 crore, as compared to Rs.117 crore earned in the corresponding period last fiscal.
In the period under review, the company posted sales of Rs.2,490 crore, a fall of 34 percent from the Rs.3,758 crore it made in the first six months of the last financial year.
BPO exports grow 21.4 percent
By IANS,
New Delhi : India's third party business process outsourcing (BPO) services exports in 2007-08 grew 21.4 percent to Rs.264.23 billion, up from Rs.217.60 billion in the previous fiscal, according to a new study.
In dollar terms, the growth was even more impressive at 36.6 percent to $6.6 billion, up from $4.8 billion last fiscal, said the study by Dataquest, the flagship publication of the CyberMedia group.
Reliance Industries net profit drops 6 percent
By IANS,
Mumbai : The net profit of oil-to-petrochemicals major Reliance Industries (RIL) dropped 6.41 percent to Rs.3,852 crore (approximately $815 million) for the quarter ended Sep 30, compared to the Rs.4,116 crore it netted in the corresponding period last fiscal.
In a regulatory statement Thursday, the company said it has registered a turnover of Rs.47,476 crore (about $10 billion), an increase of 5.88 percent from the Rs.44,839 crore it earned in the year-ago period.
Kerala legislators trade charges over failed crop
By IANS
Thiruvananthapuram : Unexpected summer showers have ruined paddy harvest in Kuttanad region in Kerala but the political parties are busy trading charges with one another.
The issue rocked the state assembly Monday when the speaker refused to let an adjournment motion be tabled when Congress member Babu Prasad raised the issue of failed crop.
Several opposition members were seen waving bunches of paddy plants as both treasury and opposition benches traded charges with one another.
Indian equities end higher on positive signals
By IANS,
Mumbai/New Delhi : Indian equities ended on a positive note for the second straight day Tuesday, after the central bank decided to release Rs.200 billion ($4.18 billion) to help the mutual fund industry and Finance Minister P. Chidambaram hoped optimism will continue to prevail among investors.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended the day at 11,483.40m points, with a gain of 174.31 points, or 1.54 percent over the previous close.
Sterling sails into shipping with Norwegian acquisition
By IANS
Chennai : Serial entrepreneur C. Sivasankaran, promoter of the $2-billion Sterling Infotech Group, has now set his sails in the shipping industry by acquiring Norwegian shipping company J.B. Ugland Shipping AS (JBUS) for Rs.12 billion ($300 million).
Kerala assembly to discuss rail price hike’s ‘negative impact’
Thiruvananthapuram : Both the treasury benches and the Left opposition in the Kerala assembly Monday agreed that the recent hike in rail passenger and...
Territorial Army deployed to deal with oil strike
By IANS,
New Delhi : With the strike by employees of public sector oil companies crippling oil supply across the country, the Territorial Army Friday deployed three battalions at the Hazira terminal in Gujarat, Palam airport in Delhi and the Nawashava port in Mumbai.
"On the request of the petroleum ministry, three battalions (nearly 3,000 men) of the Territorial Army were deployed at Hazira, Palam and Nawashava for assisting in non-technical jobs," a senior defence ministry official said.
Inflation rises to 12.14 percent
By IANS,
New Delhi : After three successive weeks of decline, India's annual rate of inflation moved up marginally to 12.14 percent for the week ended Sep 6 from to 12.1 percent for the week before, fresh data showed Thursday.
The inflation rate, based on the official wholesale price index (WPI), stood at 3.51 percent for the corresponding week last year.
The WPI data released by the ministry of commerce and industry showed an increase of one percent in the index for primary articles such as fruits and groundnut seeds over the past week.
Malaysian auto major Proton looking for Indian partners
By IANS
Kuala Lumpur : Malaysian auto major Proton Holdings Bhd is looking for partners for manufacture and distribution of its cars in India.
Proton is focusing its sights on India, which is seen as another high growth market for its products, having successfully made inroads into Iran, China, Indonesia and recently, Thailand.
The firm was planning to finalise its strategy for exports to India in the first half of this year, said Syed Zainal Abidin Syed Mohamed Tahir, managing director of Proton.
Noida firm to invest Rs.1,500 crore on green building project
By IANS,
New Delhi: Noida-based green building developer 3C Company Thursday announced the launch of a Rs.1,550-crore green residential project in the national capital region.
Called Lotus Boulevard, the project will be funded by realty private equity firm Red Fort Capital, which in return will acquire 50 percent stake in the project. Red Fort Capital has already invested Rs.150 crore ($30 million) in the project.
Cuba may seek foreign investment in strategic sectors
By IANS
Havana : Cuba is considering bolstering the participation of foreign investors in sectors crucial to the island's economic development.
India’s economic upturn to begin October: Chidambaram
By IANS,
New Delhi : India's economic downturn is "temporary" and the upturn will begin from October as the country's economy and business are resilient enough to adapt to the changing times of global meltdown, said Home Minister P.Chidamabaram Tuesday.
"India stood out as a shining example of resilient economy and we owe this to the resilience of the Indian businesses and Indian economy, which quickly adjusted to the changing times. This (meltdown) is a temporary phase," said Chidambaram while giving away the annual National Tourism Awards.
Islamic system of banking should be encouraged in India: Former SEBI Chairman
By Md.Ali, TwoCircles.net,
New Delhi: Ethical investment should be promoted in the country. This view was expressed by D.R. Mehta, former Chairman of Securities and Exchange Board of India (SEBI) and deputy Chairman of Reserve Bank of India(RBI) .
“Ethical investment goes on to develop the society. It can help in promoting the interests of the underprivileged people in the community”
He was speaking in a seminar titled ‘Emergence of Ethical Investment: Issues and Practices’. which was held at India Islamic Cultural Centre in New Delhi on 14th of June.
Reduce taxes on petroleum products: Uma Bharati
By IANS,
Bhopal : The Bharatiya Janshakti (BJS) party Wednesday appealed to the Madhya Pradesh government to reduce its share of taxes on petroleum products to provide relief to the people.
BJS leader Uma Bharati told newspersons that the Congress-led United Progressive Alliance government has no right to stay in power since the common man has suffered the most in the past four years of its rule.
India airs concern at fertiliser smuggling into Nepal, Bangladesh
By IANS,
New Delhi : Chemicals and Fertiliser Minister Ram Vilas Paswan Sunday expressed concern over the smuggling of fertilisers into Bangladesh and Nepal from West Bengal and Bihar, two of India's eastern states.
"The illegal entry of fertiliser into Bangladesh and Nepal is a matter of concern. We have raised the issue with the ministry for home affairs to increase vigil and check such practices," Paswan told reporter after chairing a meeting of the fertiliser advisory forum (FAM), his ministry's arm to monitor the availability of the commodity and other related issues.
Hunger strike launched against Coca Cola unit in Kerala
By IANS,
Palakkad (Kerala) : A group of agitators launched a relay hunger strike Tuesday to mark the completion of six years of agitation against the Coca Cola plant at Plachimada in Palakkad district of Kerala.
The plant has not been operating for the last four years because of objections from authorities and court cases.
"Though, the plant remains closed, it is only because of technical reasons. We want permanent closure of the plant," said Vilayodi Venugopal, chairman of the Cola Virudha Samara Samithi (Anti-Cola Agitation Council).