Markets begin day with profits
By IANS,
Mumbai : The Indian equities market continued its good run on the back of strong global cues and falling crude oil prices Thursday. Banking, capital goods, realty and telecom stocks were in demand at early trade while technology stocks were facing selling pressure.
The 30-share benchmark sensitive index of Bombay Stock Exchange (BSE) opened with a gain 140.09 points at 15,081.29 points. Ten minutes into the trade, the Sensex was trading at 15,084.66 with a gain of 142.28 points or 0.95 percent.
Seven agreement signed between India, Brazil
By IANS
New Delhi : Following are the seven agreements and memoranda of understanding signed between India and Brazil Monday in areas ranging from space, trade and energy to academic exchanges:
Neyveli Lignite posts $50 mn profit in third quarter
By IANS
New Delhi : State-owned mining and power generating company Neyveli Lignite Corp's (NLC) net profit rose by 33 percent to Rs.2 billion ($50 million) in the third quarter (Oct-Dec) of fiscal 2007-08 compared with the corresponding period last year.
On a year-on-year basis, the company's total income increased by 27 percent to Rs.8.1 billion ($204 million) in the third quarter.
Tata Refractories target Rs.2000 crore turnover by 2012-13
By IANS,
Kolkata: Tata Refractories is targeting a turnover of Rs.2,000 crore by 2012-13 from Rs.950 crore
at present, expecting that exports of the company would double the turnover in three years, a top company official said here Thursday.
"At present export constitute 14 percent of the turnover, which is likely to grow to 25 percent during that period," A.K. Chattopadhyay, managing director of the company told reporters at the sidelines of a seminar organised by CII.
Tata Refractories is a subsidiary of Tata Steel.
Mayawati lambasts centre for food price rise
By IANS,
Lucknow : Uttar Pradesh Chief Minister Mayawati Thursday lambasted the central government for the sharp rise in food prices.
Accusing the Congress-led government of adopting pro-capitalist policies, she said at a press conference here: "the centre is also responsible for the steep hike in the price of sugar that has gone out of the common man's reach".
While condemning the centre for not taking appropriate measures to check the price rise, Mayawati strongly refuted the central government's oft repeated accusation that states were responsible for the rise in prices.
Vegetable prices soar in Jharkhand due to rain
By IANS
Ranchi : Soaring prices of vegetables due to incessant rain here has put housewives in trouble as they struggle to manage their budgets.
Price of green vegetables and onions have jumped more than 50 percent in the past fortnight. Jharkhand has been witnessing non-stop rain for the past two weeks, badly affecting transportation of vegetables.
India-Russia bilateral trade could touch 20 bn usd by 2015: trade body
By KUNA
New Delhi : India Russia trade can cross the targeted 10 billion usd by 2010 and further increase to 20 billion usd by 2015, if trade irritants and procedural hassles are resolved, India's leading trade body said Saturday.
Danish firm eyes Indian market with Bluetooth headsets
By Fakir Balaji
IANSBangalore : A Copenhagen-based global manufacturer of Bluetooth headsets under the Jabra brand has set its sights on India for a greater share of the booming Indian market in mobile, office and enterprise segments.
Divestment for fiscal deficit financing disastrous: CPI-M
By IANS,
Kolkata : The Communist Party of India-Marxist (CPI-M) Saturday cautioned against raising funds through divestment of profitable state-run units to finance the fiscal deficit, terming this disastrous.
"The corporate world is not entirely happy with the proposals in the union budget. Because the government has not gone full steam ahead on the path of economic reforms or disinvestment. It (the corporate world) has become impatient for total reforms," CPI-M's Bengali mouthpiece Ganashakti said in an editorial.
Availed of home loan? Take care of property papers
By IANS
New Delhi : Want a home loan for your dream house? Chances are that banks may misplace your house documents, leaving you high and dry.
Sudhir Bawa had taken a home loan from a multinational bank and repaid it, but when he sought the original sale deed papers back from the bank he was told that his property papers were lost.
No further measures to curb capital inflow: Chidambaram
By IANS
New Delhi : The government will not take any further step to curb capital inflows as the measures taken by the market regulator will help in moderating them, Finance Minister P. Chidambaram said Monday.
"One did not expect instant reaction to the measures announced by SEBI (Securities and Exchange Board of India). I believe the measures taken by SEBI will moderate inflows in the short to medium term," Chidambaram said at the Economic Editors' Conference here.
Nano will be on Indian roads in July
By IANS,
Mumbai : Tata Motors Monday said deliveries of its small car Nano will start in July. The first set of bookings, for some 100,000 cars, will be accepted from April 9 to 25.
The inaugural price of Rs.100,000 ($2,000) at the factory gate, which makes the Nano the world's cheapest car, will be protected for the first set of bookings, top officials of the company said at the Taj Mahal Palace and Towers here.
Singapore firm protests Indian airports management’s ‘bias’
By Vishnu Makhijani, IANS
New Delhi : A Singapore-based firm has accused the state-managed Airports Authority of India (AAI) of bias in a deal for installing common use terminal equipment (CUTE) at 13 airfields across the country, saying its rival was unfairly selected.
Business dries up for Orissa’s dry fish producers
By Hemant Kumar Rout, IANS
Bhubaneswar : Thousands of fishermen in Orissa who once had a flourishing business in dry fish - considered a delicacy in some parts of India - have now fallen upon bad times.
For around 30 years more than 100,000 people from around 50,000 families in the five districts of Balasore, Bhadrak, Jajpur, Jagatsinghpur and Kendrapara were involved in the dry fish business.
Market consolidates day after climbing new peak
By IANS
Mumbai : A key market index opened on a cautious note at 20,903 points Wednesday morning.
The 30-share sensitive index (Sensex) of the Bombay stock Exchange remained range bound between 20,908.38 and 20,790.31 points till mid-morning, a decline of 24 points over Tuesday's close.
The broader 50-shate S&P CNX Nifty of the National Stock Exchange (NSE) opened at 6,287.55 points and hovered between 6,296.75 and 6,240.65 till mid-morning, showing a loss of 46 points from Tuesday's close.
Indian markets start off weak
By IANS,
Mumbai : A benchmark index of Indian equities started trade on a weak note Tuesday, with selling pressure across all markets.
At 9.15 a.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,213.14 points, was at 16,221.27 points, down 15.78 points or 0.1 percent from its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 4,845.95 points, against the previous close at 4,856.4 points, a loss of 0.22 percent or 10.45 points.
India Inc relieved as government wins trust vote
By IANS,
New Delhi/Mumbai/Kolkata : India Inc heaved a sigh of relief Tuesday after the United Progressive Alliance (UPA) government won the trust motion, hoping economic reforms would now get a push as pressures from Left parties would no longer carry the same weight.
"The worst for the Indian economy is still not over. But hopefully the political instability that was adding to the problems and the government's woes now stand hugely diluted," said a leading industrialist.
Poor countries face ‘serious’ damage from financial crisis: IMF
By DPA,
Washington : Developing countries could face the most serious damage from a prolonged global credit crisis as they have fewer resources to prevent their own banks from collapsing, the World Bank and International Monetary Fund (IMF) warned Sunday.
The IMF and World Bank promised to use their "full range of resources" to help countries that cannot manage the spreading financial crisis on their own. Countries promised to maintain aid pledges to poor countries despite the turmoil in their own backyards.
India’s inflation rate zooms to three-year high
By IANS
New Delhi : India's annual rate of inflation shot up to a three-year high of seven percent for the week ended March 22, from 6.68 percent for the week before, due to higher prices of essential items such as vegetables.
The inflation rate based on wholesale price index was ruling at a 13-month high during the previous week, as per data released by the commerce and industry ministry here Friday.
The statistics further showed that prices of minerals shot up 38 percent in just a week between March 15 and March 22, while vegetables were costlier by as much as 4.9 percent.
ICICI Bank’s Q1 profit up 25 percent
By IANS
New Delhi : India's largest private sector lender ICICI Bank Ltd Saturday posted a net profit of Rs.7.75 billion ($190 million) in the first quarter of the current fiscal (2007-08), a 25 percent rise from Rs.6.20 billion in the same period last fiscal.
The bank, at its board meeting, also reported an increase of 51 percent in its operating profit at Rs.15.24 billion during the period as against Rs.9.65 billion in the corresponding period last year, it said a statement.
Afghanistan invites Indian companies to tap resources
By IRNA,
New Delhi : Afghanistan, sitting on vast reserves of iron, copper, cobalt and gold, has invited Indian companies to tap the nearly USD one trillion worth of minerals discovered in the country as the two nations try to enhance and diversify their trade ties.
Oil price drop will aid economic recovery: Saudi minister
By IANS,
New Delhi : The drop in oil prices will help the global economy to recover, said Saudi Arabian petroleum minister Ali Al-Naimi here Wednesday.
"The price of oil has declined in recent months by more than 70 percent since reaching their highest level in July, a drop that will play a major role in aiding economic recovery," said Al-Naimi in his speech at the Petrotech international oil and gas conferece.
At the same time, he asserted, this drop would also hit the oil sector. "At lower oil prices, we may find it difficult to explore new oilfields," Al-Naimi warned.
Sensex closes 258 points down, below 15,000-mark
By IANS,
Mumbai : Indian equities markets ended trade in the red Monday, with a key index shedding 258 points after volatile trading most of the day.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,287.14 points, ended trade at 14,902.02 points (provisional), down 258.22 points or 1.7 percent.
The Nifty of the National Stock Exchange (NSE), too, shut shop in the red at 4,402.75 points, down 78.65 points.
UAE to export camel milk to Europe
By IANS/WAM,
Dubai : The UAE is planning to export camel milk to Europe next year after the European Commission, the executive body of the 27-member European Union (EU), gives its approval.
"The UAE will be among the first suppliers of this product to the EU," Abdullah Al Janan, executive director for Agricultural and Animal Affairs Department of the Environment and Water Ministry, said.
"We have received a letter of approval from the EU on the UAE plan on safety and quality of camel milk," he told the Arabic daily Al Ittihad published Sunday.
Costa Rica, China begin talks on free trade
By IANS
San Jose : A Chinese business delegation is in Costa Rica to explore the possibilities of a bilateral free trade, EFE news agency reported Thursday.
The two sides held their first meeting Wednesday.
The foreign trade ministry in a statement Wednesday said the Chinese delegates would hold a series of meeting with their counterparts till Friday.
The feasibility study for a bilateral free trade agreement would take at least six months, it said.
Samsung India plans 40 percent turnover growth to clock $5 bn
By IANS,
Kolkata : Digital technology major Samsung Electronics plans a turnover growth of 40 percent for 2011 to clock $5 billion in India this year, a top company executive said Friday.
Emaar-MGF plan $12 bn India investment
By Jaideep Sarin
IANSChandigarh : The joint venture between Dubai-based construction major Emaar and MGF of India, which has announced an integrated township near Chandigarh, are targeting an investment of $12 billion in India over the next five years.
Indian Bank seeks partners for merchant banking and MF business
By IANS,
Chennai: Indian Bank is in the process of inducting partners for its merchant banking and mutual fund arms and merging the housing finance outfit with itself, a top official of the public sector lender said.
"We are talking to both- foreign and domestic- parties to join hands with us for the merchant banking and mutual fund business. By September we will be signing the joint venture deal for the mutual fund business," T.M. Bhasin, chairman and managing director, told reporters here.
He declined to name the companies with which the bank is talking to for partnership.
Kewra water, once a royal favourite, now for common man
By Anil Sharma, IANS
Jaipur : Scented kewra water that used to be served at parties by erstwhile royal families in India would be made available in the market for the common man from March next year.
Ganganagar Sugar Mills (GSM), a Rajasthan government enterprise, is all set to launch packaged kewra water. Kewra is derived from the flowers of pandanus odoratissimus (known as ketaka), a plant that grows in different parts of India .
Bharat Forge notches 6 percent growth in third quarter
By IANS
Mumbai : Bharat Forge Ltd (BFL), the flagship company of the $2.1-billion Kalyani Group and a leading global supplier of forged and machined components, notched a 6 percent growth in revenue, reaching Rs.10.99 billion.
BFL Chairman and Managing Director Baba N. Kalyani said that the last few quarters have been challenging for the Indian auto industry, particularly companies which are large exporters, due to the double effect of Indian market slowdown coupled with the drastic reduction in the US market.
One in four Indo-Canadians send money to India
By IANS,
Toronto : About a quarter of Indian immigrants in Canada start money sending back home about two years after landing here, says Statistics Canada.
More than 30,000 Indians immigrate to Canada each year. Though figures are not available, their remittances must constitute a substantial chunk of the $5 billion that goes out of Canada each year.
In a study released Wednesday, Statistics Canada said one in four Indian immigrants started sending money back home two years after coming here.
RBI unlikely to lower rates as inflation soars: India Inc
By IANS
New Delhi : Indian businessmen have voiced concern that the Reserve Bank of India (RBI) is unlikely lower interest rates as inflation rate soared to a nine-month high of 5.11 percent.
According to a survey by the Associated Chambers of Commerce and Industry of India (Assocham), though the economy started showing early signs of a possible slowdown, the RBI would abstain from cutting the interest rate.
Yes Bank hikes PLR by 50 bps to 17 percent
By IANS,
Mumbai : Private lender Yes Bank has increased its prime lending rate (PLR) by 50 basis points (bps) to 17 percent effective Friday, a company statement Thursday said.
The Mumbai-based bank has also decided to revise deposit rates for tenure of one year to 18 months by 25 bps to 10 percent and for senior citizens by 75 bps to 10.5 percent per annum, the statement said.
Sensex up 507 points, Tuesday’s losers turn gainers
By IANS,
Mumbai : A benchmark index of the Indian equities markets rallied smartly to end 507 points higher Wednesday, recouping the previous day's losses and more.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 15,487.97 points, shut shop at 15,912.13 points, 507.19 points or 3.29 percent above Tuesday's close at 15,404.94 points.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE), too, was in positive terrain at 4,710.8 points, up 3.22 percent or 146.9 points from its last close.
Indian Bank registers 61 percent profit rise in Q3
By IANS
Chennai : Chennai-based Indian Bank registered a 61.44 percent rise in its net profit of Rs.3.07 billion for the third quarter that ended Dec 31, compared to Rs.1.90 billion for the corresponding period last year.
Sensex loses steam, ends 2.33 percent lower
By IANS,
Mumbai, Dec 19 (IANS) Bearish trends seem to be gaining at the Indian equities markets with a benchmark index shedding 2.33 percent in the week and posting its worst weekly performance since October.
The government's announcement in its mid-year fiscal review that the economic growth could exceed 7.75 percent in 2009-10 failed to enthuse investors in the midst of rising inflation and food prices, which could result in the Reserve Bank of Indian raising policy rates soon.
Sensex rises 133 points on opening
By IANS,
Mumbai : A key index of the Indian equities markets soared soon after the opening bell Tuesday, rising over 133 points within 15 minutes.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 14,942.2 points, above Monday's close of 14,840.6. Within 15 minutes, it had risen to 14,974.3 points, 133.7 points or 0.9 percent above the last close.
At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) stood at 4,558.55 points, 28.65 points above its last close.
13-year high inflation at 11.05 percent adds to government woes
By IANS,
New Delhi : India's inflation rate climbed to a 13-high of 11.05 percent for the week ended June 7, compounding the woes of a ruling coalition that is fighting with its back to the wall to salvage a prestige-staking nuclear deal with the US.
The impact of zooming inflation was even felt in the capital market with the Sensex losing 516.7 points, the biggest drop since August 2007.
After GMR, Sutlej lands in legal tussle in Nepal
By Sudeshna Sarkar, IANS
Kathmandu : An Indian public sector undertaking that managed to win a hydropower project in Nepal following in the shoes of a private Indian company now finds itself in the same predicament, having landed in a law suit.
Sutlej Jal Vidyut Nigam, which this year received the nod from the Nepal government to develop the 402 MW Arun III project, soon after Indian construction giant GMR Group bagged the 300 MW Upper Karnali project, has been taken to court less than a month after GMR faced the same trouble.
SRF acquires Thailand-based tyre cord company
By IANS,
Mumbai : Leading tyre cord manufacturing company SRF Limited has acquired Thailand-based Thai Baroda Industries Limited (TBIL) for Rs.1 billion.
TBIL is a tyre cord company having an annual production capacity of approximately 12,000 tonnes of dipped nylon tyre cord fabric, said a statement by the company Tuesday.
Ashish Bharat Ram, managing director SRF Limited, said: "Post financial restructuring and takeover of the company management, we are confident that we will able to turn the company in very short time."
City Union Bank expects 30 percent deposit, credit growth
By IANS,
Kolkata : Tamil Nadu-based City Union Bank is expecting 30 percent growth in credit and deposit this fiscal, a top bank official said here Monday.
The bank has set a business target of Rs.23,000 crore in 2010-11.
"We are expecting 30 percent growth in deposit and credit in this fiscal," S. Balasubramanian, managing director and chief executive officer of the bank told reporters on the sidelines of a banking summit organised by the Indian Chamber of Commerce.
The bank has registered 26 percent growth in deposit and 22 percent growth in advances in 2009-10.
Investments in Gulf projects run over $2 trillion
By IANS
Dubai : Total investments in projects across various sectors in the Gulf region have crossed the $2-trillion mark, according to a report.
The MEED Projects index, which monitors investment within the construction, oil and gas, petrochemicals, power, water and waste sectors across the Gulf region, has risen in value by 40 percent over the past 12 months, despite fears that rising construction costs would lead to significant slowdown in the number of new projects being launched.
Qatar telecom operator cuts mobile broadband rates by 90 percent
By IANS,
Dubai : Qatar's leading telecom provider Qtel has announced reduction by 90 percent on additional data download charges for its mobile broadband service.
Under the new rates, all out-of-bundle charges for mobile broadband services will be reduced by 90 percent, with prices being set at 0.1 Qatari riyal ($0.02) for every additional megabyte (MB) downloaded over the data allowance.
US dollar down, gold up in European morning trading
By SPA
London : The U.S. dollar was lower against other major currencies in European trading Tuesday morning. Gold rose.
The euro traded at US$1.5570, up from US$1.5418 late Monday in New York.
Other dollar rates:
_100.47 Japanese yen, down from 101.01
_1.0118 Swiss francs, down from 1.0213
_1.0161 Canadian dollars, down from 1.0184
The British pound was quoted at US$1.9929, up from $1.9841
Gold traded in London at US$930.65 per troy ounce, up from US$918.30 late Monday in New York.
In Zurich, gold traded at US$931.60 bid per troy ounce.
BSNL 3G service to cover all northeast urban areas by March
By IANS,
Agartala/Shillong : The state-owned telecom operator Bharat Sanchar Nigam Ltd (BSNL) will cover all urban areas in the northeastern region through its third generation (3G) platform, a next generation mobile communications systems, company officials have said.
"For rural areas, WiMAX and WLL EVDO (wireless broadband services) would be introduced very shortly, these services are also more or less similar to 3G," said BSNL general manager of operations Deb Kumar Chakraborty.
State-run firms tie up to secure coal supplies abroad
By IANS,
Mumbai : State-run energy firms have floated a joint venture for overseas acquisition of coal mines and securing cooking and thermal coals supplies.
The new company, International Coal Ventures, would be formed in collaboration with Steel Authority of India (SAIL), Coal India (CIL), Rashtriya Ispat Nigam (RINL), NMDC and NTPC, formerly National Thermal POwer Corp.
Sensex pares early morning losses
By IANS,
Mumbai : A benchmark index of Indian equities pared its early morning losses Wednesday and was flat about half an hour into trade.
At 9.24 a.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,218.68 points, was at 16,279.46 points, still down 6.86 points or 0.04 percent from its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 4,869.25 points, against the previous close at 4,870.05 points, a loss of 0.02 percent.
Market opens on positive note on global cues
By IANS
Mumbai : The Indian equities market opened on a firm note Friday, piggybacking on the gains on the Wall Street overnight. In the initial trade select IT and metal stocks led the rally.
The 30-share benchmark sensitive index opened at 17,610.07, 79 points higher than its previous close. Half an hour into the trade the sensex was trading almost 142 points higher at 17,688.45.
At the National Stock Exchange (NSE), S&P Nifty opened more or less at the same level at 5133.25 against its previous close.
Petrol hiked by 60 paise/litre, diesel by 50 paise
New Delhi : Petrol price was raised Friday by 60 paise a litre, minus taxes, while the diesel rate was hiked by 50 paise...
Haryana insures 125,000 cattle head of farmers, dairy owners
By IANS,
Chandigarh : Haryana Friday became the first state in the country to start an animal insurance scheme, with officials of the animal husbandry and dairy development department saying over 125,000 cattle head of farmers and dairy owners have been insured.
The animal insurance project has been initiated in five of the 21 Haryana districts as a pilot project.
The Haryana government has also extended the facility to dairy owners to get their milch cattle insured. Such animals are insured for Rs 100,000 against sudden death for a marginal premium of Rs 10 per annum.
BHEL Bhopal unit holds Vendor Workshop on Quality Improvement
By Pervez Bari, TwoCircles.net
Bhopal: In Bharat Heavy Electricals Limited, (BHEL), Bhopal unit, the Transportation Group organized a Vendor Workshop on Quality Improvement through process improvement – Heat Treatment Process the other day here at Narmada Bhawan. S. K. Sharma GM (TSD & Quality) inaugurated the workshop while S. Lomash GM (TPTN & CET) presided over the function.
China to raise reserve requirement ratio for 10th time this year
By Xinhua
Beijing : China will raise the reserve requirement ratio by one percentage point for commercial banks in an effort to cool the booming economy, the central bank announced Saturday.
The move, which will take effect on Dec. 25, will push the ratio to a new high of 14.5 percent, after it reached a ten-year high of 13.5 percent on Nov. 26.
Mobile phone tariff to go up in near term after spectrum auction?
By IANS,
New Delhi : The second generation (2G) spectrum auction in 900 MHz and 1,800 MHz airwaves ended Thursday after 68 rounds of bidding...
India banks on its ultra mega power projects
By Noor Mohd, IANS
New Delhi : With electricity shortage threatening to slow down India's robust economic growth, the government is banking on ultra mega power projects which experts say can dramatically improve the situation if implemented properly.
Some 10 such projects with a capacity of around 4,000 megawatts each are in the pipeline, of which Anil Ambani's Reliance Power has secured one at Sasan in Madhya Pradesh and Tata Power has bagged one at Mundra in Gujarat.
China, Japan, South Korea summit to talk global meltdown
By Xinhua,
Fukuoka(Japan) : Chinese Premier Wen Jiabao Saturday met South Korean President Lee Myung-bak ahead of a trilateral summit, which would also see Japanese Prime Minister Taro Aso participating, to work out a coordinated strategy against the global financial meltdown.
Wen, who arrived here Saturday morning, said he attached great importance to the trilateral talks exploring how China, Japan and South Korea can work together to overcome the global financial crisis.
US stocks mixed after Chrysler bankruptcy
By DPA,
New York : Two US stock indices retreated but a third was up after the White House announced Thursday that Chrysler, the country's third-largest car maker, was seeking protection from creditors in bankruptcy court and would take a buy-in from Italy's Fiat.
The recession has eaten away more than half of Exxon Mobil's profits, the company said, dropping earnings to $4.6 billion compared to the first quarter of 2008. Revenues dropped 45 percent to $64 billion in the first quarter.
India’s overseas acquisitions set to rise: consultants KPMG
By NNN-PTI,
London : Indian entrepreneurs are set to acquire more companies abroad than foreign firms taking over companies in India, according to a latest assessment.
The study by consultants KPMG, released as part of the Emerging Markets International Acquisition Tracker (EMIAT), shows that acquisitions by Indian firms will soon outnumber those inbound deals involving foreign firms snapping up Indian targets.
Slowdown, inflationary pressures affect automobile sales in August
By IANS,
New Delhi/Chennai: Production losses at Maruti Suzuki, high interest rates and rising fuel prices resulted in lower sales for the auto industry in August.
Veggies from Kolkata whet appetites in Gulf
By IANS
Kolkata : Popular Indian vegetables like lady's finger, French beans and gourds have turned out to be the hottest products being airlifted out of Kolkata in large quantities to countries in the Gulf.
Seasonal fruits like mango, pineapple and jackfruit are also in great demand. While fish like pomfret are exported to Kuwait, Emirates Skycargo is also looking at lifting fresh meat from the city.
Emirates cuts fares on select destinations
By IANS,
New Delhi : To shore up its market share globally, airline major Emirates Wednesday launched a scheme that will reduce fares by 15 percent on select destinations across its network.
Sensex pares losses, closes 28 points down
By IANS,
Mumbai : A benchmark index for Indian equities markets Thursday pared some of its intra-day losses to end 28 points lower.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,013.68 points, shut shop at 16,971.7 points, 28.31 points or 0.17 percent lower than its previous close at 17,000.01 points.
It had slipped more than 100 points earlier in the afternoon trade.
101-carat diamond sells for record $46.2 million
By DPA,
Hong Kong : A 101-carat colourless diamond the size of a squash ball sold for a record $46.2 million at Christie's auction in here, a radio report said Thursday.
The gem, the biggest colourless diamond ever sold in Asia and one of only three colourless diamonds over 100 carats sold to date, was bought by a private buyer Wednesday.
Government-run radio station RTHK said Thursday the buyer's identity was not being revealed but he would have the option to name the diamond, the most expensive single piece of jewellery sold in Asia.
L&T bags ONGC contracts worth over $1 bn
By IANS,
Mumbai : Construction and engineering major Larsen and Toubro (L&T), Monday said it has bagged two offshore contracts from upstream major Oil and Natural Gas Corp (ONGC) worth Rs.5,300 crore ($1.18 billion).
The projects have to be completed within 33 months, the company said in a regulatory statement.
The contract is for the Mumbai High North (MHN) process platform and living quarters, with an additional order for supply of three process gas compression modules to be installed in the same complex.
RBI’s central board meeting begins in Patna
By IANS,
Patna : The Reserve Bank of India's central board meeting began in the Bihar capital Thursday to discuss various economic issues.
RBI Governor D. Subbarao, along with all top officials of the bank, were attending the meeting to discuss various economic issues, officials said.
Subbarao arrived here Wednesday afternoon to attend the meeting.
During his hour-long meeting with Bihar Chief Minister Nitish Kumar Wednesday night, he assured every possible help for the development of the state.
ACC freezes cement prices
By IANS,
Mumbai : India's leading cement manufacturing firm Associated Cement Companies (ACC) has decided to freeze prices for the next two to three months.
The Mumbai-headquartered firm said Friday that the move comes following the central government's concern over the spiralling rise in cement prices across the country.
The company said that despite the price freeze, it would not bring down its production levels; instead steps have been taken "to ensure that production is maintained at peak levels at all of its plants and improve operational efficiencies".
Initial approval for Oman’s Bank of Muscat to operate branch in Kuwait
By NNN-KUNA,
Kuwait : Kuwait's Central Bank Governor Sheikh Salem Abdul-aziz Al-Sabah has said that it initially agreed to grant a licence to Oman's Bank of Muscat to open a branch in Kuwait.
Sheikh Salem said in a press release Sunday the approval is the fifth by the Central Bank within cooperation with central banks in the Gulf Cooperation Council (GCC) states.
The Governor also noted that there are already two branches of UAE and Qatar banks active in the country and listed in the Central Bank's record.
Andhra Pradesh calls for easing cement import conditions
By IANS
Hyderabad : Concerned over the rising cement prices and their impact on various projects, Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy Friday urged the central government to facilitate import of cement immediately without any conditions.
ITC fourth quarter profit up by 13 percent
By IANS,
Kolkata : ITC registered a profit of nearly 13 percent as its profit after tax (PAT) rose to Rs.7.35 billion for the quarter ended March 31, the company said Friday.
Total income has increased from Rs.34.74 billion for the quarter ended March 31, 2007 to Rs.40.98 billion for same period in 2008.
The company has has posted a consolidated net profit of Rs.31.57 billion for the year 2008 compared to Rs.27.55 billion last year.
Power Grid profit jumps 41.61 percent in Q2
By IANS,
Mumbai : State-owned Power Grid Corporation of India Wednesday announced a 41.61 percent increase in its net profit to Rs.651.40 crore for the second quarter of fiscal 2010-11.
Satyam set for a shakeout, takeover: Research firm
By Fakir Balaji, IANS,
Bangalore : Beleaguered Satyam Computer Services is heading for a major shakeout or a takeover following its bid to diversify from its core business into the realty sector, a study by global technology research firm Forrester Research Inc has said.
Hosiery firm expects turnover to cross Rs.280 crore mark
By IANS,
Kolkata : Hosiery company Dollar Industries expects to achieve a turnover of Rs.280 crore this fiscal, a senior official said Tuesday.
"The company's turnover was Rs.218.68 crore in 2008-09. It hopes to achieve Rs.280 crore by 2009-10 and Rs.350 crore by the end of 2010-11. The year-on-year growth in revenue has approximately been 35 percent," company's Managing Director Vinod Kumar Gupta told reporters here.
‘India not fully ready for airline e-ticketing’
By IANS,
Mumbai : India is not yet fully ready for the e-ticketing in all air travel that comes into effect Sunday, feel some tour operators here.
The apex air transport monitoring body International Air Transport Association (IATA), which comprises 94 percent of all airlines, has announced that from Sunday all air ticketing around the world will switch to the electronic mode.
Tata Power, L&T eye stake in Himachal hydro projects
By IANS,
Shimla : Corporate giants Tata Power, Larsen and Toubro (L&T), GMR Infrastructure and DCM Shriram are among companies eyeing a stake in hydro power projects in Himachal Pradesh, a senior official said Tuesday.
Tata Power, the country's largest private sector power utility, and L&T are trying to test waters in this hill state for the first time, and have evinced interest in projects in Lahaul and Spiti district.
DCM Shriram and GMR have already been allotted power projects in Lahaul and Spiti and Chamba districts, respectively.
Ahmedabad civic body gets nod to raise Rs.1.5 billion
By IANS
Ahmedabad : The central government has given the Ahmedabad Municipal Corporation (AMC) six more months to raise Rs.1.5 billion through a tax-free bonds issue.
The issue deadline has been extended till September, Municipal Commissioner I.P. Gautam told reporters.
"The issuing of bonds will help generate funds that can go into developmental projects," he said adding: "AMC will enter the market by next week or in April."
AMC had earlier assigned two financial agencies Gujarat State Financial Service (GSFS) and SBI-Cap to conduct a market survey.
Technology Frontiers targets retail chains and malls
By IANS
Chennai : City-based Technology Frontiers (I) Pvt Ltd (TFPL) is targeting growing malls and retail chains for its digital kiosks, said a top official here.
"We have signed deals with Future Group to install our kiosks in their malls," M.S. Muralidharan, managing director of TFPL, told IANS on the sidelines of the press conference after launching a multi-broadcast digital kiosk TOUCHME Tuesday.
Canadian firm denies bribing Kerala politician
By Gurmukh Singh, IANS,
Toronto : Canadian engineering company SNC-Lavalin, at the centre of a $60 million corruption scandal that has created political turmoil in India's Kerala state and divided its ruling Left party, has denied the charges of bribery and termed the accusations "offensive".
In a chargesheet filed Thursday, India's Central Bureau of Investigation (CBI) has named the Montreal-based company along with the Communist Party of India-Marxist's (CPI-M) Kerala secretary Pinarayi Vijayan and others in the alleged bribery scandal.
Genetic testing turning into unethical industry: Researcher
By IANS,
Toronto : Genetic testing to know risks of hereditary diseases and confirm paternity is fast turning into an unethical and greedy industry, a Canadian researcher has warned.
Medical testing companies are exploiting people to make quick bucks, Montreal University professor Bryn Williams-Jones said Tuesday.
Worse still, he added, these tests provide few answers and raise more questions.
Sensex 191 points up early afternoon
By IANS,
Mumbai : Buoyed by the positive weekend numbers on industrial output and cues from the government on its divestment plans, Indian equities continued to trade in the green Monday afternoon, with a key index ruling 191.24 points above its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened higher at 16,893.11 points, against Friday's close at 16,848.83 points, and soon shot up to a high of 17,055.44 points within 15 minutes into the trading session.
No immediate cut in transport fuel prices: PM
By IANS,
New Delhi : Prime Minister Manmohan Singh has ruled out any immediate cut in the prices of transport fuels since state-run petroleum retailers continued to incur losses.
"There are limits to what the government can do on subsidising," the prime minister told reporters onboard Air India One, on his way back from the two-nation Gulf visit late Monday.
"When we see that the Indian oil companies are able to sustain a reduction, that will be the right (time for such a) decision," he said after his maiden visits to Oman and Qatar.
‘Rupee fall due to risk aversion, higher trade deficit’
Chennai : The slide in the Indian rupee, which Tuesday fell to 13 month low to Rs.63.54 per dollar, is due to aversion to...
Tata Consultancy, government to sign passport project deal Monday
By IANS,
New Delhi : Software major Tata Consultancy Services (TCS) will Monday sign a contract for starting the Passport Seva project, a public-private initiative to improve passport services in India.
The formal contract will be signed Oct 13 by Foreign Secretary Shivshankar Menon and TCS chief executive officer and managing director, S. Ramadorai.
The contract will be signed almost three months after the ministry of external affairs had issued the letter of intent to TCS July 23, adjudging it the “best value bidder” for the project, estimated to be worth Rs.10-15 billion.
Indian equities slide further on weak global cues
By IANS,
Mumbai : A day after the mayhem in global stock markets following the bankruptcy filing by Lehman Bros and Merrill Lynch's takeover announcement by Bank of America, equities continued to slide in Indian bourses.
Fears of a much higher impact on future valuations of domestic stocks where the two financial powerhouses have stakes and large scale off-loading by foreign institutional investors contributed to the losses, analysts maintained.
Even the mighty suffer as economic crisis gets to F1 in Monaco
By Sebastian Fest, DPA,
Monte Carlo : Silvery, shiny, really expensive, the bottle of Remy Martin Louis XIII Black Pearl Magnum hurts one's eyes and one's pocket with its mere presence. It costs 50,000 euros ($70,000), and one could say that it is a sign that the crisis has reached even Monaco.
The pricy brandy is on show in a glass box at the Bar Americain, one of the most exclusive places in the principality, in the noble Hotel de Paris. The liquid is actually kept in a hotel safe, and the bottle is just there to lure customers. But the Remy Martin is just not selling.
Government to inject Rs.1 trn to prevent recession: Congress
By IANS,
New Delhi : The Congress party Monday said the government has decided to inject Rs.1 trillion (Rs.100,000 crore) in association with the private sector in the Indian economy to stimulate internal demand to insulate it from the effects of global recession.
"In the next 100 days, the United Progressive Alliance (UPA) government has decided to inject Rs.1 trillion in the Indian economy to stimulate internal demand to keep it insulated from the world recession. This would be done in association with the private sector," Manish Tewari, Congress spokesperson, told reporters.
NSE to explore business opportunities with LSE
By IANS,
Mumbai : India's National Stock Exchange (NSE) Wednesday inked a letter of intent with the London Stock Exchange Group (LSEG) to evaluate business opportunities, including licensing and trading of key benchmark indices on each other's exchange.
"As part of the Letter, both exchanges declared their intent to explore the feasibility of an agreement whereby FTSE Group may licence the FTSE 100 Index to the NSE, and whereby the NSE may licence the S&P CNX Nifty (Nifty 50) to LSEG for the purpose of issuing and trading options and other index contracts," said a NSE statement.
Wockhardt targets $600 million revenue in 2007
By IANS
Kolkata : Wockhardt Ltd, an Indian pharmaceutical, bio-pesticides and agro-based products manufacturing major, has set a target to earn $600 million revenue by 2007.
"We have set a target to earn $600 million revenue by the end of 2007 calendar year. We are trying to generate about 50 percent of the company's total revenue from our operation in Europe," Wockhardt Ltd chairman Habil Khorakiwala told reporters on the sidelines of a seminar organised by Federation of Indian Chambers of Commerce and Industry (FICCI) here Friday.
Sensex pares early losses, rises 213 points
By IANS,
Mumbai : A benchmark index of Indian equities market Friday moved up from a weak start and was ruling 213 points higher in afternoon trade.
Defence ministry nod for Kerala’s Vizhinjam port
By IANS,
Thiruvananthapuram : With the defence ministry giving its clearance for the proposed Rs.53.48 billion port at Vizhinjam near the tourist destination of Kovalam, a major step forward has been taken for a project that has remained on paper for more than a decade.
The clearance, however, has come with a rider: that Indian Navy ships be allowed to berth at the port whenever required and that an officer of the Kochi-based Southern Naval Command be inducted onto the port's board to look after security-related issues.
ADB sanctions $800-mn loan for Himachal Pradesh
By IANS,
Shimla : The Asian Development Bank (ADB) and the Himachal Pradesh government Monday entered into an agreement under which the bank sanctioned a loan of $800 million to strengthen its hydropower potential, the state government said.
The loan package will help finance the construction of four medium to large run-of-river hydropower generating plants that will bring in combined capacity of 808 MW for the hill state, the government said in a statement.
The loan has been sanctioned under Himachal Pradesh Clean Energy Development Investment Programme.
Go Air to cut another 300 flights
By IANS,
Mumbai : Go Air, the Wadia Group-promoted low cost carrier (LCC) is likely to cut another 300 flights from August in the wake of sky-rocketing oil prices.
Last month, the airline had halved its operations to 800 flights and served pink slips to over 150 employees, a Go Air executive said.
In spite of repeated attempts, Go Air vice president Neeraj Kapoor could not be contacted.
According to an analyst from a leading brokerage firm, LCCs are finding the going tough on account of high operational costs and high fuel prices.
No petrol-diesel vehicles for NDA shutdown
By IANS,
Mumbai : The May 31 Bharat Bandh (shutdown) announced by National Democratic Alliance (NDA) partners may not feature any petrol or diesel vehicles, the BJP said Friday.
Small Vietnamese tanker spills oil, 14 crew missing
By APP
Hanoi : A small Vietnamese oil tanker capsized off the south-central coast, spilling fuel oil and
leaving 14 crew missing, provincial officials said on Thursday, according to Reuters.
The officials in Binh Thuan province said the tanker Duc Tri was carrying 1,700 tonnes of fuel oil, about 30 tonnes of which have leaked 50 km (32 miles) off the popular beach resort
of Mui Ne on March 2.
Khargone riots aftermath: Why a Muslim businessman’s shop was demolished?
Following riots in Khargone district of Madhya Pradesh in April this year, a local bakery owner has alleged that he has been targetted by...
Emaar MGF to invest $400 mn in four hotels
By IANS
New Delhi : Real estate major Emaar MGF (EMGF) has tied up with global hospitality giant Marriott International to develop its Luxury brand hotels JW Marriott in India. The deal was signed in Mumbai Tuesday.
EMGF will develop Marriott hotels in New Delhi, Hyderabad, Kolkata and an upper-moderate price-sector Courtyard by Marriott hotel in Amritsar, entailing investments of over $400 million. The projects are likely to be completed by 2010.
Indo-Canadian minister on mission to woo Tatas, Wipro
By Gurmukh Singh, IANS
Toronto : Harinder Takhar, the first Indo-Canadian cabinet minister in Canada's biggest province of Ontario, has left for India to hold talks with Indian car makers for collaboration in the automobile sector.
Ontario, where Takhar is minister for small business and entrepreneurship, is the leader in the automobile sector in North America.
However, the ongoing downturn in the US economy has hit this sector in Canada, with car manufacturers announcing cuts in jobs.
Economic regulatory body for airports soon
By IANS,
New Delhi : India will soon have an economic regulatory body to regulate tariff structure for aeronautical services and fuel supply infrastructure at airports.
The government Friday approved amendments in the Airports Economic Regulatory Authority of India Bill, 2007.
The cabinet meeting, chaired by Prime Minister Manmohan Singh, approved the amendments following the recommendations of a parliamentary committee.
Eastern India focal point of my development plan: Modi
Balasore (Odisha) : Prime Minister Narendra Modi on Thursday said eastern India has remained economically backward but his government has focussed its development plan...
HCL eyes significant growth, opens Greater Noida facility
By IANS
Noida : Indian IT bellwether HCL Technologies Ltd. Thursday said it is aiming to achieve 30 percent sales growth every year over a period of five years.
HCL Tecnologies, part of $4.4 billion HCL Enterprise, is also targeting software exports to the tune of $1 billion within the next five years from its new facility in Greater Noida, near New Delhi, which was inaugurated Thursday.
"We are targeting 30 percent growth in revenues in the next five years," Shiv Nadar, founder of HCL, told reporters here.
Haryana to invest over Rs.1,200 crore in industrial land
By IANS,
Chandigarh: The Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) proposes to invest over Rs.1,200 crore on land acquisition and development of industrial infrastructure during the next financial year of 2010-11, officials said here Sunday.
"The HSIIDC will invest over Rs.1,200 crore in 2010-11 in Haryana. A multi-modal logistic hub, an exhibition-cum-convention centre and a mass rapid transport system from Gurgaon to Bawal had been identified as the early bird projects which will be developed during 2010-11," a HSIIDC spokesman said.
Modi’s moves fail to revive diamond polishing units
By IANS,
Surat : Gujarat Chief Minister Narendra Modi's Dec 26 assurance that diamond workers' livelihood would be secured has not instilled confidence among them. Not all closed diamond polishing units have resumed operations, and eight workers have committed suicide in less than a week since then.
Tamil Nadu cuts sales tax on diesel by 2 percent
By IANS,
Chennai : In order to provide some cushion against the drastic increase in the fuel prices, the Tamil Nadu government Thursday decided to cut the sales tax on diesel by 2 percent to 21.43 percent.
In a statement issued here, Chief Minister M. Karunanidhi said the tax reduction would result in the state losing a revenue of Rs.2.6 billion annually.
In 2006, the government had reduced the sales tax on diesel by 1.57 percent to 23.43 percent resulting in a revenue loss of around Rs.2 billion.
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.
Hiking oil supplies to the international market ruled out — leading expert
By Abdelwaheb Al-Gueyed, KUNA
Vienna : Member states of the Organization of Petroleum Exporting Countries (OPEC) will unlikely alter the ceiling of the crude output during their scheduled meeting here on Friday, according to a ranking expert.
Hindustan Motors looks at components business for revival
By Arjun Sen and Himank Sharma, IANS,
New Delhi : Hindustan Motors, maker of the Ambassador, for long the iconic Indian car, is moving ahead to become more of an automobile component manufacturer than developer of new models, according to a top company official.
"The key to our revival will be our components business comprising forgings, castings and stampings produced at our Uttarpara factory near Kolkata," company Chairman C.K. Birla told IANS.
Himachal to produce 7.2 lakh tonnes of foodgrains
By IANS,
Shimla : Himachal Pradesh has set a target of producing 7.2 lakh tonnes of foodgrains in the current rabi (winter) season under the agriculture production programme, an official said Monday.
Director of agriculture department J.C. Rana said: "Besides 7.2 lakh tonnes of foodgrains, 3.45 thousand tonnes of oilseeds, 27,000 tonnes of potatoes and 4.66 lakh tonnes of vegetables are expected to be produced in the rabi season."
According to him, agriculture insurance scheme would continue for wheat and barley this season.
“Was greeted with hearts full of love, not grenades,” Rahul Gandhi on concluding Bharat...
Gandhi said he did not take this Yatra for Congress or himself but for the country's people.
Afnan Habib | TwoCircles.net
SRINAGAR (JAMMU & KASHMIR) — Amid heavy...
I’ll not disclose any date for small car rollout: Tata
By IANS
Kolkata : Tata Group chairman Ratan Tata Friday said he will not disclose a date for the Tata Motors small car roll-out from the Singur plant in West Bengal, saying "vested interests" were trying to kill the project.
"I would not like to give a date many vested interests are (against it). But we hope there will be no overrun," Ratan Tata told reporters on the sidelines of Tata Tea's annual general meeting here.
He said although the car project in Singur was getting delayed because of unrest against it, the company was hopeful of making up for lost time.
Infosys declares 400 percent special dividend
By IANS,
Bangalore : Infosys Technologies Ltd has declared a whopping special dividend of Rs.20 per share (400 percent on par value of Rs.5 per share) for fiscal 2007-08.
In a notification to the stock exchanges here Tuesday, the IT bellwether said the special dividend was being offered to celebrate achieving $1.12 billion (Rs.46.2 billion) net profit for the fiscal (FY 2008) under review.
Chidambaram asks banks to give artisans cheap loans
By IANS,
Bangalore : Finance minister P. Chidambaram Friday suggested that the public sector banks should offer loans of Rs.5,000 at four percent interest rate to people engaged in small businesses.
"When you can write off Rs.120 billion ($3 billion) owed by the steel industry, can't you extend a small loan of Rs.5,000 at four percent interest to cobblers, barbers, gold smiths, fishermen, shepherds and potters?" he asked the banks while addressing a function organised by the Federation of Karnataka Chambers of Commerce and Industry here.
Railway budget highlights 2
* Receipts in 2014-15 estimated at Rs.164,374 crore, expenditure at Rs.149,176 crore
* Fare revision will bring in Rs.8,000 crore; need another Rs.9,000 crore for...
India-EU to double bilateral trade to 100 bn euros: Kamal Nath
By Manish Chand, IANS,
Marseilles : India and the 27-nation European Union (EU) are set to clinch a landmark trade and investment agreement next year, and will double their bilateral commerce to 100 billion euros or $145 billion, Commerce Minister Kamal Nath said Monday.
“We are planning to double India-EU trade to 100 billion euros in another five years,” Kamal Nath told IANS.
The trade between India and the EU is currently estimated at around 50 billion euros.
Upset with rail budget, Orissa protestors hold up trains
By IANS
Bhubaneswar : Train services across Orissa were disrupted for three hours Wednesday by workers of the ruling Biju Janata Dal (BJD), its ally the Bharatiya Janata Party (BJP) and Kalinga Sena, who said that the railway budget had neglected the state.
Hundreds of activists, including members of the BJP Yuva Morcha - the youth wing of the party - staged protests across the state and sat on railway lines, preventing the movement of trains, M.D. Sahu, an official of the south eastern railway, told IANS.
Sensex slips 75 points, Infosys, ICICI bank drag
By IANS,
Mumbai : A benchmark index of the Indian equities markets closed 75 points down with bluechip stocks such as Infosys, HDFC and ICICI bank acting as drag.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,603.87 points and ended at 17,540.29 points, closed 75.43 points or 0.43 percent down from its previous close at 17,615.72 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 5,244.75 points, against the previous close at 5,263.1 points, a loss of 0.35 percent.
Yahoo! board finds Microsoft takeover price too low
By IANS
New York : Yahoo! plans to reject Microsoft's $44.6-billion takeover bid after concluding that the unsolicited offer undervalues the troubled Internet giant.
Yahoo!'s board believes the offer of $31 per share also does not account for the risk that a deal could be blocked by regulators, the Wall Street Journal newspaper reported Saturday, citing a source familiar with the situation.
The source said that the company is unlikely to consider any bid below $40 per share. Such a premium would increase the value of the takeover offer by $12 billion.
Dynamism in agriculture must be enhanced: PM
By IANS
New Delhi : Prime Minister Manmohan Singh Thursday urged that the current "dynamism" in agricultural growth, that averaged four percent in the last two years, must be maintained and methods must be worked out to ensure that this rate of growth is enhanced.
Trade association alleges scam in Goa’s purchase of software
By IANS,
Panaji: A trade organisation Monday alleged a Rs.5 crore scam in the procurement of Microsoft Windows software by the state education department for a scheme under which college students are given computers free of cost.
The Goa IT Business Association (GIBA), comprising 70 leading computer dealers, alleged at a press conference here that the state education department was pandering to a cartel of computer traders which, it said, had �fixed' tenders.
Hyundai Motor raises wages of factory workers
By IANS,
Chennai: The country's second largest car maker Hyundai Motor India Thursday announced 21-24 percent wage hike for workers at its plant near here.
The three-year wage agreement is effective from April 1 this year, the company said.
It will benefit all permanent workers at the factory, numbering over 1,600.
The company claims Hyundai Motors workers are the highest paid in the Indian automobile sector.
DLF-Hilton announce seven new hotel projects in India
By IANS
New Delhi : DLF and Hilton Hotels Corporation in India announced Tuesday that they have signed management agreements involving seven new hotel developments in the pipeline.
This marks the second stage in the DLF-Hilton Joint Venture company's overall strategic development plan to build and develop 75 hotels in India in the next five to seven years adding 1,450 rooms.
India’s economic growth to slip to PC: PM’s eco panel chief
By NNN-PTI,
New Delhi : India's economic growth may slip to about 7 per cent in the current fiscal in the wake of global financial meltdown, Chairman of Prime Minister's Economic Advisory Council Suresh Tendulkar said .
"My gut feeling is that it (economic growth rate) may come down to seven per cent...We will take another look in January taking into account the data which are coming," Tendulkar told reporters on Saturday at the sidelines of a meeting called by the Planning Commission to review the implications of global economic slowdown.
2007 growth can “even exceed 6 pct,” says Nor Mohamed
By IRNA-Bernama
Kuala Lumpur : 2007 was a very good year for the Malaysian economy, with its pace "even exceeding" the government's targeted 6 percent, Second Finance Minister Nor Mohamed Yakcop said Friday.
And he foresaw this momentum being maintained this year to meet the government's expectation of 6.5 percent gross domestic product (GDP) growth for 2008.
He noted that the impressive growth kicked off in the third quarter of last year at 6.7 percent and this "strong momentum" continued into the fourth quarter for an overall growth rate of at least 6.0 percent.
Punjab wheat procurement hits all-time high at 10m tonnes
By IANS,
Chandigarh : Wheat procurement in Punjab has touched an all-time high - higher than the target of 10.05 million tonnes set by the government agencies this year, the chief minister's office said here Wednesday.
A record 10.06 million tonnes of wheat was procured by Punjab and central government procurement agencies till Tuesday evening, officials said.
The wheat procurement till May 5 last year was around 9.6 million tonnes.
US central bank cuts interest rates by 0.75 percent
By DPA
Washington : The US Federal Reserve cut its benchmark interest rate by 0.75 points to 2.25 percent Tuesday, the latest of a series of dramatic attempts to boost the sagging US economy and temper volatility in global financial markets.
"Recent information indicates that the outlook for economic activity has weakened further," the Fed said in a statement explaining its decision. "Growth in consumer spending has slowed and labour markets have softened."
Abu Dhabi among region’s top aviation investors
By NNN-Bernama,
Abu Dhabi : A recent survey on the region's airport construction and the industry's expansion has placed Abu Dhabi International Airport's US$6.8 billion master plan as one of the largest airport developments by investment among the Gulf countries, Jordan, Iraq, India, Sri Lanka and across the African continent, Emirates News Agency (WAM) reported.
India gains as Pakistan loses Iranian rice market
By IANS
Karachi : Pakistani rice exporters are up in arms against the government, as India has emerged as the preferred exporter of the commodity to Iran due to heavy tariff on imports through land routes.
Pakistani exporters of the cash crop are blaming Islamabad's lack of coordination, weak foreign policy and apathy of their apex body, the Rice Exporters' Association of Pakistan, for the predicament.
Infotech awarded contract by Australian firm
By IANS,
Hyderabad : Infotech Enterprises Ltd Friday announced that it has been awarded a three year contract to provide solutions in geographic information services (GIS) and data management services by Powercor Australia Ltd, one of the largest electricity distribution companies in Australia.
"This reflects Powercor Australia's continued confidence in Infotech's abilities to deliver high-quality database management services. The company has been consistently meeting the aggressive performance criteria set down by Powercor Australia," said a statement by Hyderabad-based Infotech.
Industrial production grows 16.7 percent in January
By IANS,
New Delhi : India's industrial production rose 16.7 percent in January from one percent a year earlier, official data showed Friday.
The output was a better-than-expected 16.8 percent in December 2009. In January 2009, the figure stood at just 1 percent.
The index of industrial production (IIP), which measures the country's factory output, stood at 9.6 percent during the first 10 months (April-January 2009-10) this fiscal as against 3.3 percent in the like period of 2009, data released by the Central Statistical Organisation showed.
Unicef puts Gaza economic losses at $1.9 bn
By Xinhua,
Cairo : Gaza sustained economic losses to the tune of $1.9 billion, the UN Children's Fund (Unicef) said Saturday.
Extensive destruction was caused to homes and public infrastructure across the salient, with many families losing their entire possessions. The total economic losses amounted to over $1.9 billion, the statement released in Jordan's capital Amman, said.
The Israeli offensive on Gaza destroyed over 4,000 houses, while 17,000 buildings were partially damaged, the Unicef said, quoting figures from the Palestinian Central Bureau of Statistics (PCBS).
ONGC in talks with global majors for oil asset deals
By IANS
New Delhi : State-run Oil and Natural Gas Corp (ONGC) Monday said it was in talks with global majors to swap hydrocarbon assets in other countries even as it announced an 8.4 percent growth in profits for the fiscal 2006-07.
Corruption in business journalism: a worrying malaise
By Sushma Ramachandran, IANS,
The startling order of the markets watchdog recently on the Pyramid Saimira stock manipulation case over the alleged involvement of a business journalist from a leading financial daily should make the media sit up and think hard about the issue of corruption.
It is certainly not a new issue in business journalism. It has been widely whispered and speculated over for years, even though there are few cases of business journalists having actually been caught for accepting remuneration or incentive for writing or broadcasting slanted and biased information.
India, China should play role in global financial system: Expert
By IANS,
Chennai, Sep 19 (IANS) With the collapse of two major US financial institutions sending global markets into a tailspin, it is time the Indian and Chinese central bankers demand a greater say in global financial systems, an economic expert says.
"The two big Asian economies are not part of the global financial regulatory system, now a preserve of the G10 countries. Sufficient importance and weightage should be given to this region in the global financial regulatory system," Ian Harper, a senior consultant with Melbourne's Access Economics, said at a seminar here Friday.
Tata plans to set up power plant in Bangladesh
By IANS,
Dhaka : Nitol-Niloy, the Bangladesh partner of Indian conglomerate Tata Group, plans to set up a 1,000MW power plant in a joint venture that will be the largest in the country.
"We will conduct a feasibility study and report to Tata management," said Abdul Matlub Ahmad, chairman of Nitol-Niloy Group.
Ahmad said he discussed the project with Shyamal Gupta, adviser to chairman of Tata Group Ratan Tata, when the latter visited here recently with a business delegation.
Bangladesh raises petroleum prices
By IANS,
Dhaka : The Bangladesh government Sunday night raised prices of all petroleum products by five to eight taka per litre, the energy ministry said.
‘India reaping boom in global art investment’
By Madhusree Chatterjee, IANS,
New Delhi : Investment in art continues to be robust globally despite the credit crisis in other financial sectors. And India is reaping the benefits of the boom as it tries to emerge as a mature market, says art investment guru Phillip Hoffman.
"The art market continues to perform strongly, exhibiting long-term growth year after year," Hoffman, who is in his mid 40s, told IANS in an exclusive e-mail interview from London.
Ispat plans Rs.1700 crore capital expenditure
By IANS,
Kolkata : Ispat Industries has planned capital expenditure of Rs.1,700 crore for mining, a power plant and a coke oven plant in Maharashtra, a top company official said here Saturday.
Of the Rs.1,700 crore, Rs.120 crore would go for mining (iron ore, coal, limestone, dolomite), Rs.1,100 for the coke oven plant, Rs.490 crore for a 110 MW power plant.
The company manufactures sponge iron, hot and cold rolled galvanised steel coils, and galvanised and colour-coated steel sheets.
Delhi airport gets third, and India’s longest, runway
By IANS,
New Delhi : A third runway at the Indira Gandhi International Airport was inaugurated here Thursday, with fire tenders extending a traditional water cannon salute to an Air India Boeing-777 aircraft - the first to land on the 4,430-metre strip, also the longest in India.
The 75-metre-wide runway, which the developers GRM Group says has been readied some six months ahead of schedule, is christened “11-29” and is also among the longest in Asia, with the capacity to handle new generation aircraft like the Airbus A380.
Drought-hit Bundelkhand gets funds
By IANS,
Bhopal : Madhya Pradesh's Bundelkhand region is facing severe drought for the fourth consecutive year - acres of land lie barren, starved of water.
The drought has forced villagers of the region to migrate to towns far away in search of food and employment.
The state government has allocated over Rs.10 million to the nine districts that fall in the region, an official statement said Thursday.
Each tehsil (sub-district block) would be provided Rs.40,000 to be used for emergency assistance.
Chinese auto company keen to invest in West Bengal
By IANS,
Kolkata : Officials of Chinese auto major First Automobile Works (FAW) have visited three plots in West Bengal, including Tata Motors' abandoned land in Singur, for setting up a manufacturing facility, a senior government official said here Wednesday.
"They have seen plots in Singur, Kharagpur and Haldia," Commerce and Industries Principal Secretary Sabyasachi Sen told reporters on the sidelines of a programme.
FAW has teamed up with Ural India, an Indo-Russian joint venture, and is scouting for 600 acres in any of these places to set up its plant.
Industry to grow 7.5-8 percent this fiscal: Rangarajan
By IANS,
New Delhi: India's industrial recovery is well on track and the manufacturing output would expand by 7.5-8 percent this fiscal, a key economic adviser of the government said here Monday.
"I think that the industrial production number clearly indicates that industrial recovery is well on the way," Prime Minister's Economic Advisory Committee Chairman C. Rangarajan told reporters on the sidelines of a conference.
Government withdraws affidavit in RIL-RNRL case
By IANS,
Mumbai : The government Thursday withdrew its affidavit in the Bombay High Court in which it had submitted that the Mukesh Ambani-led Reliance Industries Limited (RIL) cannot sell its Krishna-Godavari basin gas to anyone without its approval of the pricing formula.
Additional Solicitor General Mohan Parasaran, who appeared for the government, told the court that the affidavit, filed during the hearings on the dispute between Mukesh Ambani-led RIL and his younger brother Anil Ambani's ADAG group company Reliance Natural Resources Ltd (RNRL), was being withdrawn.
Indonesia, Philippines ban baby formula from China
By DPA,
Jakarta/Manila : Indonesia and the Philippines have banned the import of baby formula from China following detection of industrial chemical melamine in the Chinese product which killed at least four babies and sickened thousands in China.
"For the time being, the Chinese products are banned from the market" while authorities examine Chinese milk formula sold in Indonesia, health ministry spokeswoman Lily Sulistyowati said Tuesday.
The test results would be known in the next two or three days, the state-run Antara news agency quoted Sulistyowati as saying late Monday.
Decision on spectrum soon: minister
By IANS
New Delhi : External Affairs Minister Pranab Mukherjee Tuesday said a group of ministers (GoM) headed by him will soon take a call on releasing the much-awaited radio frequencies held by the defence ministry.
"No time frame has been set... as you know there are some court cases coming up either tomorrow or very soon. This is engaging our attention and we will take a decision as soon as possible," he told reporters on the sidelines of the Sustainability Summit organised by the Confederation of Indian Industry here.
West Bengal forms expert committee on chemical hub
By IANS
Kolkata : The West Bengal government Wednesday formed an environmental expert committee to monitor all activities in East Midnapore's Nayachar Island for locating there a chemical hub after Nandigram was abandoned for the project in the face of stiff resistance from villagers.
EU declares MasterCard’s fees system illegal
By DPA
Brussels : The EU Commission Wednesday ruled that MasterCard has violated the bloc's competition rules by applying unnecessary fees on cross-border payment card transactions.
In a statement, the EU executive said such charges, levied on each payment at a retail outlet when the payment is processed, "inflated the cost of card acceptance by retailers without leading to proven efficiencies".