Economy

By IANS, Mumbai : The Indian equities markets turned flat in early trade Thursday, despite buying interest in metal, realty and banking stocks. The markets had opened in the green mirroring strong markets elsewhere in Asia. The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 140.66 points at 16,666.03. Ten minutes into trading, it went down to 16,575.16, still with a gain of 49.79 points or 0.30 percent from its closing figure Wednesday.

By IANS New Delhi : While the country's leading telecom players are at loggerheads over grabbing radio waves, India added a whopping 5.71 million subscribers under the GSM segment of mobile telephony in October. Bharti Airtel, the country's largest mobile service operator, added 2.03 million new users, taking its number of subscribers to 50.90 million as on Oct 31 and reaching a market share of 31.88 percent, the Cellular Operators Association of India (COAI) said in a release.

By IANS New Delhi : Leading wind power generator MSPL Ltd Thursday announced plans to invest $278 million (Rs.11 billion) over the next three years to produce wind energy. With 191 MW of installed capacity, MSPL Ltd is one of the country's largest independent wind power producers. Unveiling the company's plan, Narendra Kumar Baldota, MSPL chairman, said: "We plan to increase wind power generation capacity to 400 MW by 2010." "This plan is in line with India's rapid march towards energy independence," he added.

New Delhi, Jan 23 (IANS) With the US Federal Reserve announcing an interest rate cut of 75 basis points, Indian industry has demanded similar measures from its central bank with the hope it would arrest a possible industrial slowdown. "With inflation under control and hovering around three percent, it is the right time for RBI (Reserve Bank of India) to cut repurchase (repo) and reverse repo rates," the Confederation of Indian Industry said in a statement Wednesday.

By IANS Mumbai : One of India's largest drug manufacturers, Ranbaxy Laboratories, has approved the de-merger of its new drug research unit, which has been named Ranbaxy Life Science Research. The de-merger will result in cost savings of $25 million in the current year for the company. Ranbaxy shareholders will get one share of face value Re.1 in Ranbaxy Life for every four shares held. The company has invested Rs.2 billion in the R&D arm by subscribing to redeemable preference shares. After the de-merger, the equity capital of Ranbaxy Life will be Rs.126 million.

By IANS New Delhi : The government will meet the power generation capacity addition target envisaged for the 11th Five-Year Plan (2007-12), Power Minister Sushilkumar Shinde said Thursday. He was briefing reporters on the progress of the government's 11th Plan power generation capacity addition programme. The power ministry envisages a capacity addition of 78,577 MW in the current Plan, he said.

By IANS, London : Lakshmi Niwas Mittal, chairman and CEO of ArcelorMittal, said Thursday he expects the world’s largest steelmaker to increase profits this year despite the global economic downturn. "Despite the current financial crisis, the Chinese economic slowdown and the strong destocking taking place on steel markets, we are pleased to expect profitability improvement in the second half of this year,” Mittal said.

By IANS, New Delhi : Stocks of companies associated with the railways increased around noon Wednesday, just before Railway Minister Mallikarjun Kharge started to present...

By IANS, Mumbai : A benchmark index of Indian equities ended 30 points lower Friday, bringing an end to a day that saw low-volume trading with heavyweight stock RIL adding to the drag. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,604.31 points, closed at 17,554.3 points -- down 30.57 points or 0.17 percent from its previous close at 17,584.87 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,252.2 points, against its previous close at 5,259.9 points, a loss of 7.7 points or 0.15 percent.

By IANS, Mumbai : Indian equities markets started in the green on the last trading day of the week with a key index Friday ruling about 185 points higher than its last closing figure. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 11,067.71 points, higher than its 10,947.4-point close Thursday. After about 10 minutes of trading, it was at 11,132.85 points, 1.69 percent or 185.45 points higher than its previous close.

By Sanjay Singh, IANS Chennai : TVS Motor Company Ltd Monday re-launched its 125cc Flame motorcycle with a single spark plug ignition, in a bid to cut losses on account of a patent dispute with Bajaj Auto Ltd over the use of twin spark plug technology. The launch of TVS Flame in August last year triggered a row between the two auto majors, who fought a legal battle on whether TVS Motors had violated a patent that Bajaj holds over the use of twin spark plug technology.

By Vatsal Srivastava For a government that has been voted by a historic majority on the single promise of "ache din" and "vikas", today's agrarian...

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By IANS Jaipur : Rajasthan Chief Minister Vasundhra Raje Saturday inaugurated an animation academy - Raj Kaushal - in collaboration with DQ Entertainment Ltd here, to train students in modern animation for all platforms of TV, films and games. The knowledge sharing partnership with DQ Entertainment is part of the government's youth welfare activities.

By IANS Jaipur : The 68th annual session of the Indian Roads Congress (IRC) will be held in Jaipur Nov 16-19. The IRC is the premier technical organisation of highway engineers in the country. "Over 2,000 delegates from India and abroad would participate in the IRC," chairman of the organising committee and secretary, public works department, H.L. Meena said. He said that a technical exhibition is also being organised in which over 100 Indian and overseas companies would participate.

By IANS, New Delhi : Israel Aerospace Industries Ltd (IAI) and India's Tata group have inked a framework agreement for cooperation in the development, manufacturing, marketing and support of defence products in India. IAI president and CEO Itzhak Nissan and Tata group chairperson Ratan N. Tata signed the agreement in Tel Aviv, an IAI statement said Tuesday. This follows a memorandum of agreement that was signed Feb 17 in New Delhi during the Defexpo defence show.

By IANS, Gummudipoondi (Tamil Nadu) : Greaves Cotton Ltd (GCL) announced Friday that it would start making diesel engines for four-wheeler goods carriers to cash in on the growing potential of this segment. "The three-wheeler goods carrying segment suffers setbacks because of high interest rates, inflation and lack of credit," P. Sachdev, managing director and CEO of GCL, told reporters here Friday. "To ensure growth, we have to enter other segments like the four-wheeler goods carriers," he said.

By IANS, Bangalore : Amid signs of economic recovery, the Indian IT and IT-enabled services (ITeS) market is projected to grow by 15 percent in 2010 as against a modest growth of 5.4 percent in 2009, a report by market intelligence firm IDC (International Data Corporation) India said Thursday. "As the economy recovers, both consumers and enterprises will demand services and solutions that allow them to do more with less. The structural changes undertaken in 2009 will propel the domestic IT-ITeS market to grow in 2010," IDC India country manager Kapil Dev Singh said.

By DPA New York : After the rapid run-up in the price of gold, leaving shattered records in its wake, investors are trying to figure out where the precious metal is headed next. Gold leapt past $900 for the first time last week, and there is speculation in the commodity pits about the price of a fine ounce (31.1 grams) soaring to $1,000. Beyond rational reasons, there are two base human motives heating up the rush for gold - fear and greed. Investors have taken refuge in gold amid economic jitters, particularly concerns that the United States is slipping into recession.

By IANS Thiruvananthapuram : SunTec Business Solutions, one of Kerala's leading IT companies and a global provider of relationship-based pricing and centralised billing software, announced here Wednesday a sharpened focus on the Middle East market with the setting up of a new office in Dubai. The Dubai office will be the hub for all activities of SunTec in the region, according to a company statement.

By IANS New Delhi : The state-owned rail engineering consultancy firm Rail India Technical and Economic Services Ltd (RITES) will sell 10 million shares as an initial public offering (IPO). The Cabinet Committee on Economic Affairs (CCEA) at its meeting Thursday granted its approval for the RITES to go ahead with the IPO, an official statement said. The RITES has proposed to issue an additional 10 million shares with a face value of Rs.10 each, the statement said.

By IANS, Mumbai : Scrips of oil marketing and exploring companies shot up after the government Friday freed fuel prices and hiked the rates for petrol, diesel, kerosene and cooking gas to boost their revenues. At the Bombay Stock Exchange (BSE), oil marketing firm Bharat Petroleum Corp (BPCL) soared 15.29 percent to touch the intra-day high of Rs.634.85, but closed lower at Rs.616.50. Another downstream company Hindustan Petroleum Corp (HPCL) was up a whopping 18.7 percent in afternoon trade at Rs.411.50, but dipped later to close at Rs.399.75.

Kuala Lumpur : Prime Minister Narendra Mondi on Saturday asked the global investment community to invest in India and draw comfort from its fast...

By DPA, Tokyo : Japan's Nikkei 225 Stock Average extended losses in early trading Friday on prolonged economic concerns and the yen's strength against other currencies. The benchmark index shed 423.18 points, or 4.76 percent, to 8,475.96 in morning trading. The Nikkei lost more than 6 percent in Thursday trading. On currency markets at 9 a.m., the dollar traded at 97.27-32 yen, down from Thursday's 5 p.m. quote of 97.90-93 yen. The euro was quoted at $1.2690-95, down from Thursday's 5 p.m. quote of $1.2860-63, and at 123.42-52 yen, down from 125.92-96 yen.

By IANS Bangalore : Global hospitality major Marriott International will build a luxury resort hotel near the Bengaluru international airport at Devanahalli, about 40 km from the centre of this city. The $13-billion Marriott has tied up with Bangalore-based leading property developer Prestige Group to set up the 300-room hotel on a 275-acre plot on the fringes of the picturesque Nandi Hills.

By Anil Sharma, IANS Jaipur : After the phenomenal success of the first Palace on Wheels, a craze among high spending tourists, another royal train ride is likely to start in Rajasthan by September this year. The new Palace on Wheels will run on the same route but will have more facilities than the existing train. The exclusive adds ons will be a dance floor, a massage centre and conference halls. The train will also have special suites, mini bars, a gym, music and steam bath facilities.

By DPA, Washington : The US central bank has agreed to bail out the insurance giant American International Group (AIG) with a $85-billion loan in an unprecedented move aimed at propping up a company with worldwide tentacles in the finance industry. Fearing a possible second major Wall Street bankruptcy this week, the Federal Reserve Board engineered an AIG rescue through a two-year loan that gives the government a stake of 79.9 percent in the conglomerate.

By IANS, New Delhi : The jewellery auction market that slumped under the impact of financial meltdown is showing signs of recouping with increasingly discerning and confident buyers bidding for jewellery. The spring online auction of jewellery Wednesday at the Mumbai-based online art auction house, Saffronart, registered an increase of 35 percent over last year's sale.

By IANS, New Delhi : The government will consider opening up the nuclear sector for private players once it completes bilateral civil nuclear cooperation pacts with other countries, Science and Technology Minister Kapil Sibal said here Saturday. Speaking at the 14th Technology Summit and Technology Platform, organised by the Department of Science and Technology and the Confederation of Indian Industry (CII), Sibal said: “Once negotiations with Russia and other countries are over, the government will look at opening up the sector for private players to participate.”

By IANS, New Delhi : In a move to plug distribution leakages the government will start direct transfer of cash subsidy on cooking gas (LPG) in 20 districts from June 1.

By IANS, Thiruvananthapuram : Close to 20,000 employees of the 48 public sector undertakings (PSUs) under the Kerala Industries Department will get higher bonus during this Onam season. Industry Minister Elamaram Kareem told reporters here Tuesday that the decision to pay higher bonus was taken considering the good performance of these employees. Most of the employees in Kerala get either an ex-gratia allowance or bonus during the Onam season. Keralites will celebrate Onam Sep 12 this year.

By IANS, New Delhi : The oil crisis will be brought under control by midnight Friday, Petroleum Minister Murli Deora said here. "The crisis created by the ongoing oil strike should be under control by Friday afternoon or midnight," he told reporters. “The people should be made aware about the losses due to the strike and that they (striking oil sector officers) should withdraw this agitation immediately,” he added.

By IANS, Thiruvananthapuram : Kerala Chief Minister V.S. Achuthanandan Saturday announced that the government would soon start a new company in which non-resident Indians from Kerala can invest. "This is being discussed and soon we will let you know the details," said Achuthanandan interacting to reporters on the eve of his completion of two years in office. The Achuthanandan-led Left Democratic Government was sworn in May 18, 2006.

By IANS, Mumbai : With a view to helping companies like fraud-hit Satyam Computer Services, India's markets watchdog Friday relaxed takeover norms, giving their reconstituted boards the power to lower the target price for open offers. The Securities and Exchange Board of India (SEBI) also said that the exceptional relaxation of takeover norms through open offers will only apply where the central or state governments replace the target company's board.

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).

By IANS, Mumbai : A benchmark index for Indian equities Thursday was trading weak during morning trade, and was ruling 28 points lower than its previous close, about half an hour since opening bell. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,458.51, points, was ruling at 17,422.77 points, 28.25 points or 0.16 percent lower than its previous close at 17,451.02 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,210.5 points, a loss of 0.28 percent or 14.8 points from its previous close.

By IANS, New Delhi : Terming the plea "politically inspired", the Supreme Court Friday declined to issue directions to the government and the Central Board of Direct Taxes to proceed against political parties that have not submitted before the Election Commission all contributions they have received in excess of Rs.20,000 and availed income tax relief on them.

By Andy Goldberg, DPA, San Francisco : It was a perfect American scene: a couple of buddies happily knocking back beers while watching a baseball game on a balmy summer's evening. Except for the fact that the beer they were gulping, the country's best-selling All-American Budweiser beer, is soon to be Belgian following the acceptance by Anheuser-Busch of a $52-billion takeover bid from Flemish brewing giant InBev.

By IANS, Ranchi : Public sector firm Central Coalfield Ltd (CCL) has earned Rs.1.8 billion from e-auction in the first half of the current financial year, an official said. "CCL earned Rs.180 crore (Rs.1.8 billion) from e-auction in the first half of the current financial year which ended Sep 30. During same period last year, the earning was around Rs.53 crore (Rs.530 million)," the CCL official told IANS Wednesday. "Total earnings by the end of the financial year from e-auction sales are likely to be Rs.400 crore (Rs.4 billion)," he added.

New Delhi : Transport fuel prices were hiked effective Friday by Rs.3.96 per litre for petrol and by Rs.2.37 a litre for diesel, including...

By Papri Sri Raman, IANS, Chennai : A rare M.F. Husain for just $35,000? Or a 1991 Souza for $35,000 and a 1948 Souza for $50,000 or a recent Raza for $17,500? Yes, and that too, in Chennai and Bangalore. For the inconspicuous but discerning collector, Bangalore-based auction house Bid & Hammer is quietly bringing under the hammer an assorted ensemble of works of some famous Indian painters, beginning with very reasonable prices. Their auction titled "The Enduring Palette" will happen in Bangalore June 15 but was previewed in Chennai this week.

By IANS, Mumbai : Two-wheeler manufacturer Bajaj Auto Tuesday reported a 189.2 percent increase in net profit to Rs.475.14 crore for the quarter ended Dec 31 against Rs.164.27 crore in the corresponding period last fiscal. The company's total income increased to Rs.3,330.68 crore during the quarter under review, compared to Rs.2,140.98 crore in the year-ago period, the company said in a regulatory statement. The total vehicle sales during October-December stood at 493,748 units, a rise of 64 percent compared to the previous period.

By Rajeev Ranjan Roy, IANS, New Delhi : The supply of apples from Jammu and Kashmir, that accounts for 60 percent of the country's apples and 50 percent of its exports, will slow down if normalcy is not restored immediately, say worried industry officials. "Apple production starts in August and peaks by September. The fruit growers and exporters equip themselves accordingly, which is unlikely in view of the current impasse," said a senior official in the Ministry of Agriculture.

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By IANS, Mexico City : Mexico will redouble austerity measures as part of an emergency plan to help families deal with the impact of global food crisis, EFE news agency reported Wednesday. In a nationally broadcast address Tuesday, President Felipe Calderon announced a six-point strategy to guarantee sufficient supply of food products for consumers while promoting agricultural produces and measures to augment income of the poorest section of the population. "This will also require a great budgetary effort and my government will be the first to set an example," Calderon said.

By IANS, Mumbai : Bulls had a free run at Indian equities markets Friday as investors took heart from the strong gains posted by world markets. A key index shut shop almost 5 percent higher than its previous close. The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,480.74 points, rose 412.86 points or 4.95 percent to end at 8,756.61 points. Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 3.89 percent from its last close to end at 2,719.25 points.

Bangalore(IANS) : Indian business mogul Vijay Mallya has set his sights on the booming retail sector, especially the luxury segment, and is planning to sell products of international fashion brands like Louis Vuitton, Gucci, Mont Blanc and Dunhill. The first retail mall will be located in Mallya's UB City complex, coming up in the heart of India's silicon hub, with an upfront investment of Rs.3 billion ($76 million).

By IANS, Mumbai : The Indian rupee breached another psychological level of 56 against a dollar Wednesday, hitting a new low for the sixth session in a row.

By IANS, New Delhi : A government regulatory body Wednesday warned the private airlines against fixing minimum fares for routes. Vinod Dhall, chairman of the Competition Commission of India, a regulatory body under the commerce ministry, said the aviation industry can take up issues concerning increased prices of aviation fuel but cannot fix the minimum air fare that they should charge.

By Sujit Chakraborty Agartala : Power-surplus northeastern India is unable to supply power to the energy-starved states for want of adequate transmission lines, experts here...

Mumbai, March 24 (IANS) The buyback of Reliance Energy's shares will commence from Tuesday. JM Financial Consultants Pvt Ltd, manager to the buyback of Reliance Energy, in a filing with the Bombay Stock Exchange late Monday, said in compliance with the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998, the buyback offer opening has been rescheduled to March 25. It was slated to open March 17 this year. The company announced the buyback in its board meeting held March 5 this year.

By IANS, Gandhinagar : The Gujarat government has sent a list of 11 industrial towns in the state to the central governmemt for their inclusion in the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), an official statement said here Tuesday. The 11 towns, which include Ankleshwar, Jamnagar, Bharuch, Anand and Mehsana, fall within the Delhi-Mumbai dedicated freight corridor. Surat, Rajkot, Ahmedabad, Vadodara and Porbander are already covered under the JNNURM - a central government initiative to promote planned development of cities.

By IANS, Mumbai : A benchmark index of Indian equities markets pared early losses to close 56 points higher Tuesday with robust buying in realty, oil and gas and power stocks.

By IANS Dubai : Qatar is all poised to announce its biggest ever budget for the financial year 2008-09 which starts April 1. According to the Arabic daily Al Sharq, the budgetary estimates are likely to be based on an oil price ranging between $45 and $55. More money would be allocated to public projects, while health and education would continue to receive priority, according to the report.

By IANS Quito : The Ecuadorian government has lifted the state of emergency proclaimed Nov 29 in the oil-rich Orellana province following large-scale agitation for better public amenities, Spanish news agency EFE reported Wednesday. Interior Minister Fernando Bustamante said the emergency rule has been called off after an agreement was reached with human rights organisations and regional leaders.

By IANS, New Delhi : The globally-watched consolidation talks between Anil Ambani-led Reliance Communications, India's second largest private telecom company, and South Africa's MTN were called off late Friday. Citing "legal and regulatory issues", the two companies said they have allowed their exclusive period of negotiations to lapse. The two groups intended to create one of the world's top 10 mobile telecom firms with 116 million subscribers across India, Middle East and Africa.

By IANS, New Delhi : The fuel price hike was inevitable. The government has not forgotten the common man. And the state still bears 90 percent of the burden on account of the global oil shock. This was the message Prime Minister Manmohan Singh sought to convey in his address to the nation Wednesday. "It must be appreciated that what has been done is the bare minimum," the prime minister said in the 20-minute televised address, hours after a meeting of the Cabinet Committee on Political Affairs headed by him allowed a 9.5-11 percent hike in prices of petrol, diesel and cooking gas.

By IANS, Ranchi : Taking a cue from Chhattisgarh, the Jharkhand Bharatiya Janata Party (BJP) Thursday released its manifesto promising rice and wheat at Rs.1 per kg to poor families if voted to power. The manifesto was released Thursday by the state BJP president Raghubar Das in presence of Chhattisgarh Chief Minister Raman Singh who had launched a scheme of rice and wheat at Rs.3 per kg in Chhattisgarh. The BJP manifesto promises salt at 25 paise per kg and wheat and rice at Rs.1 per kg to families living below poverty line (BPL).

By IANS, New Delhi : At least 30 flights were cancelled and six delayed as dense fog engulfed Delhi Monday, an official said. An Air India flight from Muscat was diverted to Jaipur early morning as visibility at the runway here dropped to less than 100 metres, an official at Delhi's Indira Gandhi International Airport (IGIA) said. The Delhi International Airport Ltd, the company that has developed and manages the international airport in the capital, said in a statement that the visibility at the new runway was 75 metres, while it was 100 metres at the main runway at midnight.

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New Delhi : The railway budget for 2014-15 presented Tuesday comes in the face of a huge funds requirements for the Indian Railways that...

By Aroonim Bhuyan, IANS, Riyadh : India's External Affairs Minister Pranab Mukherjee called on Saudi Arabia's King Abdullah Bin Abdul Aziz within a few hours of his arrival here Saturday. The meeting with King Abdullah is the first of a series of high-level meetings the foreign minister is scheduled to have, including with Saudi foreign minister Saud Al-Faisal, during the course of his two-day visit to the Gulf's largest and most influential nation.

By IANS, New Delhi : Despite the economic slowdown that hit merger and acquisition (M&A) deals at global level in the first half of 2008, India has seen "a steady flow of transactions", said a report. Consultancy major KPMG's Global M&A Predictor said Tuesday that the focus of Indian companies has changed from aggressive growth to "consolidation and rationalisation".

By IANS, New Delhi : India's merchandise exports grew a healthy 54 percent in March to $19.9 billion, but the value of the outward shipments dipped 4.7 percent to $176.5 billion for 2009-10 mainly due to the global meltdown, Commerce Minister Anand Sharma said here Thursday. The exports in March 2009 stood at $12.9 billion and in 2008-09 at $185.3 billion. "The fall of 4.7 percent has been mainly due to the global meltdown, but still we have been able to perform well," Sharma told reporters here, releasing the annual trade data.

By DPA, New York : The so-called green economy is booming across the globe and the market for environmental products and services is likely to double by 2020, according to a UN study. Efforts to combat climate change have already created millions of new "green jobs" and opened up fresh sectors for economic growth as countries around the world invest in new technologies, the report said Wednesday. UN officials urged governments to keep going despite a global economic crisis.

By IANS, Mumbai : Buoyed by steady buying, a benchmark index for Indian equities Monday ended 226 points higher than its previous close. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,911.31 points, closed at 18,094.66 points (provisional), 226.37 points or 1.27 percent up from its previous close at 17,868.29 points. It had touched an intra-day high of 18,104.24 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended 1.29 percent up at 5,436.7 points.

By IANS Mumbai : Andhra Pradesh-based builder Nagarjuna Construction Co Ltd said Wednesday it has secured three contracts worth Rs.4.24 billion ($105 million) from various civic bodies that include building a flyover in Mumbai. Announcing this to the Bombay Stock Exchange (BSE), the company said the Indore Municipal Corporation has awarded it a Rs.2.66-billion contract to construct a sewage system. In Mumbai, the company will build a Rs.1.12-billion flyover on Babasaheb Ambedkar Marg, a project of Mumbai Metropolitan Region Development Authority, in 18 months.

By Gyanendra Kumar Keshri, IANS,

By IANS New Delhi : India's free and open source software (FOSS) thrust is growing bigger. Its annual event, freed.in, has just concluded. And it drew some prominent speakers and serious support from industry. This year's "community event promoting freedom in technology, software and related fields and personal privacy" was held over the past week at the School of Information Technology (SIT) at Jawaharlal Nehru University.

By IANS, Mumbai : The Indian equities market closed the first day of the week with a deep cut on back of heavy selling pressure in capital goods, realty and banking stocks. Fearing tighter monetary policy by the Reserve Bank of India after the rise in inflation, investors continued their selling spree across various sectors. Except IT, all sectoral indices ended the day deep in red.

By IANS, Kolkata : The government is trying to play down the current economic crisis as there seems to be a gap between its perception and other knowledgeable observers' thinking on what would be India's economic growth rate this fiscal, an industry lobby said here Wednesday.

By IANS, Mumbai : Indian equities markets remained on an uptrend most of Friday and closed in the positive terrain, with a key index ending 2.31 percent over its previous close. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 9,161.49 points, gained 209.98 points or 2.31 percent from the previous close to end trade at 9,300.86 points. At the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) closed up 2.27 percent to 2,843.1 points.

By IANS Dubai : Fears of a fresh bird flu outbreak have sent prices of basic goods in the United Arab Emirates (UAE) soaring by up to 50 percent. Suppliers of basic goods have called upon the country's ministry of economy to go for price regulation, according to local media reports.

By IANS, New Delhi : National Aviation Co of India (NACIL), which runs the state-run carrier Air India, will go for a $6.5 billion insurance cover from Monday, the highest insurance coverage by any airline company in Indian sub-continent, said an airline official. All state-owned and private insurance firms are expected to bid for the business while some of them have already started discussions to forge alliances for the year long insurance period that will expire June 30, 2009.

By IANS, Mumbai : Scam-tainted Satyam Computer has been de-listed by the Bombay Stock Exchange (BSE) with effect from Jan 12, the BSE said in a statement Thursday. It has been replaced by Sun Pharmaceutical Industries on the BSE's benchmark index, the Sensex, while GlaxoSmithkline Pharmaceutical nudged it out on the BSE-100 index. On the BSE-200 index, Satyam's slot has been taken by Castrol India, and by Cadilla Healthcare on the BSE-500 index. "Additionally, Satyam, Computers Ltd will also be excluded from BSE-TECH and BSE IT index," the statement added.

By IANS, New York : Microsoft Corp was expected to go for a hostile bid to acquire Yahoo Inc., with an announcement likely Friday, the Wall Street Journal has reported. But the paper cautioned that the situation was fluid as discussions continued at Microsoft. Earlier Thursday, Microsoft chief executive Steve Ballmer declined to indicate the software giant's decision or when the company would announce its decision.

By IANS London : The British trade and investment minister said a controversial government proposal to tax foreigners who live in Britain but earn abroad could threaten London's role as a world finance centre. Lord Digby Jones, who recently led a large business delegation to India, criticised the plans to charge an annual 30,000-pound ($58,453) fee on the so-called non-domiciles, saying it made it harder for him to sell Britain as a destination for skilled foreign workers and inward investment.

By Sudeshna Sarkar, IANS Kathmandu : The Gurgaon-headquartered Ravi Jaipuria group has begun consolidating business in Nepal by launching its first residential project in Kathmandu and announcing plans to bring Pizza Hut and Costa Coffee to Nepal. "Already 50 percent of our luxury condominiums have been booked," said Kamlesh Jain, country manager for Varun Beverages, RJ Corp's bottling agency for Pepsi in Nepal. The group is the sole bottler for Pepsi in the country.

By IANS, Mumbai : The three-day confrontation with terror still loomed large but it was business as usual Monday morning with students packing into schools and colleges and people heading to work, four days after India's financial capital was brought to its knees. Keeping up with their fabled never-say-die spirit, Mumbaikars in the morning left their homes in droves for their offices, schools and other businesses. Shops and other business establishments also opened as roads at some places were jammed with traffic - a normal sign in the crowded city.

By DPA, Vienna : The Organisation of the Petroleum Exporting Countries (OPEC) has scheduled a special meeting in November, as the cartel's crude oil price remained below $80 for the second day in a row Thursday, the group announced Friday. One barrel (159 litres) of OPEC crude stood at $78.25 Thursday, rising $0.87 from $77.38 on the previous day, according to figures released by the cartel Friday.

By IANS, New Delhi : Driven by higher food and fuel prices, India's annual inflation touched double digits at 10.16 percent in May, rising from 9.59 percent in April, the government said Monday. The annual inflation was 1.38 percent during May 2009. Data released by the commerce ministry showed prices of food articles rose 16.49 percent last month, against 16.87 percent in April, while that for fuels increased 13.05 percent in the month under review.

By IANS, New Delhi : With the outlook for next fiscal appearing “more downbeat”, the government will initiate more measures to support labour intensive sectors with focus on Gandhian economics even as the Indian economy will grow 7 percent this fiscal, External Affairs Minister Pranab Mukherjee said Friday. "When necessary, the government will take further steps to ensure that labour intensive sectors are less adversely affected," Mukherjee, who also holds the finance portfolio, told a seminar organised by a leading think tank here.

By NNN-Bernama, Tokyo : Nissan Motor Co. and its French partner Renault SA held a ground breaking ceremony Friday at a new plant in Chennai, India, with an eye toward starting operations in 2010, the Japanese automaker said. Renault Nissan Automotive India Private Ltd. , a fifty-fifty joint venture, was established with an investment of more than US$1. 1 billion (121.5 billion yen).

By IANS, Dubai/Thiruvananthapuram : Oman's national carrier Oman Air has signed a pact with IBS Software, Indian provider of IT solutions for transport and logistics, to streamline the airline's crew rostering process and fleet management. According to a statement issued by Oman Air Tuesday, the airline will use IBS's Velocity product suite, which includes AvientCrew for crew rostering and tracking, AvientFleet for fleet management and a close integration between the two to help optimize airline processes and resources.

By IANS, Toronto : Financial and energy shares propelled Canadian markets to cross the important 9,000-mark for the first time in two months. After sinking to the lowest level since 2004 early this month, Canadian markets have now posted gains of almost 20 percent. During the trading on the Toronto Stock Exchange, the composite index crossed the important mark - seen only once this year - to close at 8,995.50 points.

By Xinhua, Beijing : Narrowing overseas demand in the wake of global economic slowdown could have a negative impact on the growth prospects of exports-dependent China, country's top banker said Sunday. "Our economy is highly reliant on overseas demand. Slacking exports resulted from the global economic slowdown would have a negative impact on the economy," governor of the country's central bank Zhou Xiaochuan told Chinese parliament, the National People's Congress (NPC).

By IANS, New Delhi/Hyderabad : The Indian government expects a revenue of Rs.15,000 crore ($3.2 billion) from the auction of airwaves for broadband wireless access (BWA) services which kicked off Monday, Communications minister A. Raja said. "I expect the competition will be very high for BWA... as competitive as 3G. I am expecting Rs.15,000 crore from the BWA auction," Raja said in Hyderabad on the sidelines of an international telcom conference.

By IANS,

By IANS, Bangalore : State-run Canara Bank has posted a net profit of Rs. 14.21 billion for fiscal 2006-07, it was announced here Wednesday. The bank registered a marginal growth of 5.8 percent over 2005-06 when it was Rs. 13.43 billion. Even for the fourth quarter (January-March) of the 2007 fiscal, the bank posted a net profit of Rs. 5.05 billion, an increase of 2.35 percent over the corresponding period of the previous fiscal at Rs. 4.93 billion.

By Pervez Bari, TwoCircles.net Bhopal, June 4: Potatoes, onions, garlic, spices and wheat costing over Rs. 45.59 crore have been exported from Agri Export Zone (AEZ)...

By Sarwar Kashani, IANS, Srinagar : Shakeel Ahmed Mir had to return disappointed from a chemist shop here as he couldn't get an insulin injection for his diabetic mother. This was the 12th pharmacist's shop from which he had returned empty-handed. "I don't know what to do," a distressed Mir said, as his mother was fast running out of the stock at home. He has now asked a friend in Delhi to send the drug. Mir's predicament is shared by thousands of patients and their relatives in the Kashmir valley in the wake of shortage of life-saving drugs.

By Arun Kumar, IANS, Washington : India has asked the International Monetary Fund (IMF) to refocus and strengthen its traditional surveillance and lending functions as part of efforts to resolve the global financial crisis with the spotlight on important bigger countries. "The twin crises - in the financial markets and the commodity price increases - bring to the fore the role of the Fund," Finance Minister P. Chidambaram told the International Monetary and Financial Committee Meeting here Saturday.

By IANS, Arun Kumar,

By IANS Bangalore : The state-owned Canara Bank posted net profit of Rs.4.6 billion for the third quarter (October-December) of this fiscal (2007-08), registering 26.4 percent growth over the same period of last fiscal (2006-07) at Rs.3.6 billion. The bank in a statement here Wednesday said its total income for the quarter under review also increased by 26 percent year-on-year (YoY) to Rs.41 billion from Rs.32.5 billion in the same quarter a year ago.

By IANS, New Delhi : The Federation of Indian Chambers of Commerce and Industry (FICCI) will set up a task force to work with the special committee announced by Prime Minister Manmohan Singh to address the current economic crisis. The task force will engage with all regional and other trade organisations, covering small and medium enterprises (SMEs) and exporters, and will apprise the government committee of the challenges of SMEs, exporters and other industry sectors, said a statement released by the FICCI.

By IANS Kolkata : Usha Martin Limited, a leading producer of speciality steel and one of the world's largest wire rope manufacturers, has acquired the business of a Netherlands-based distribution company through its wholly-owned subsidiary unit Usha Martin International Limited, UK. It acquired the business of DE Ruiter Staalkabel B.V., a distribution company having warehouse and rigging facility in Netherlands. "The total value of the acquisition is worth around 3 million euro," Usha Martin senior vice president Subhash Somani said here Monday.

By IANS Mumbai : It has been a historic week for the Indian stock market as it peaked to an all-time high above the 19,000 mark and managed to sustain that level. Stocks rallied after market watchdog Securities and Exchange Board of India (SEBI) dispelled confusion on curbs on overseas investors to participate in Indian equities. The benchmark index of the Bombay Stock Exchange (BSE) finally closed Friday with a gain of 472 points at 19,243 -- near its all-time high of 19,276 -- while the broader S&P CNX Nifty ended the session by adding 133 point at 5,702 on Friday.

By IANS, Mumbai : Indian equities markets rose in tandem with global bourses in the week gone by, with a benchmark index rising almost 3 percent from its previous weekly close as investors across the globe continued to buy on hopes that there would not be another full-blown financial crisis, this time triggered by Europe. The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) rose 2.96 percent or 505.87 points to end at 17,570.82 points Friday. The sensex the week before had closed at 17,064.95 points.

By Manish Chand, IANS, New Delhi : Veteran Congress politician Pranab Mukherjee is the archetypal multi-tasker and role-player. In the morning, he presents the interim budget, does a spot of number-crunching and tom-toms myriad achievements of the poll-bound UPA government. A few hours later, he is cosseted with US special envoy Richard Holbrooke, discussing Mumbai, Pakistan and Afghanistan. What next?

By Dipankar De Sarkar, IANS London : Indian businesses should head for London rather than New York because of the current financial crisis in the US, say business 'ambassadors' accompanying the mayor of London on an upcoming visit to woo India. And the mayor himself wants more and more medium and small-size businesses to invest in London.

By IANS,

By IANS, Thiruvananthapuram : The organisers of a five-day food and agro biodiversity event, to be held here Dec 27-31, Saturday said they would start a campaign against multinational food companies once the event is over. Named 'Annam', the national food and agro biodiversity festival is being organised by the city-based Centre for Innovation in Science and Social Action (CISSA) along with the support of various state government departments.

By Manik Mehta, IANS, Frankfurt : Despite uncertainties that still plague the world's home-textile industry with low demand and high unemployment in many traditional markets, India dominated the ongoing four-day Heimtextil fair in Frankfurt - the world's largest fair for home textiles and furnishing products - by presenting the world's biggest exhibitor contingent.

By IANS, Havana : Cuba is moving to restructure the system for marketing food products to revitalize the farm sector, Spain's EFE news agency reported Wednesday. "We are working hard on the idea of restructuring the marketing of agricultural products," said Orlando Lugo, chief of National Association of Small Farmers (ANAP) Tuesday. The current system "has many problems, has many catches, we lose a lot of resources that are produced by the producers", Lugo said in a television programme.

By Arun Kumar, IANS Washington : Calling corruption a "cancer" and vowing to clean it out globally in concert with developed and developing nations, the World Bank has debarred two Indian firms for alleged collusive practices in the Bank-financed Reproductive and Child Health Project in the country. The two firms, New Delhi-based Nestor Pharmaceuticals Ltd. and Mumbai-based Pure Pharma Ltd., were debarred for a period of three years and one year respectively after a sanctions hearing in fiscal year 2007, according to a new Bank report.

By DPA, Brdo (Slovenia) : The European Union and the United States agreed to tighten the squeeze on Iran's financial links to disrupt its alleged support of terrorism and nuclear proliferation, according to a draft statement at an EU-US summit Tuesday. US President George W. Bush and top EU officials renewed a demand for Iran to suspend uranium enrichment, warning that "we are ready to supplement (UN) sanctions with additional measures," the document said.

By IANS, Bangalore : Visiting Turkish Prime Minister Recep Tayyip Erdogan Monday offered to supply crude oil and liquefied natural gas (LNG) to India via Israel in a bid to boost bilateral trade between the two countries. "To meet India's growing energy requirements, we are ready to ship oil and gas via Israel. We are planning an undersea pipeline between Turkey and Israel through the Mediterranean Sea. Supertankers will be able to carry the supplies to India over the high seas from the Ashkelong port in Israel," Erdogan said at a business luncheon meeting here.

By IANS

New Delhi : Over nine million subscribers of Tata Teleservices' (TTSL) prepaid mobile phone service will be able to enjoy unlimited calls to any local TTSL user for free with its new calling card.