Malaysian firm buys Japan’s NTT stake in Sri Lanka Telecom
By P. Karunakharan, IANS
Colombo : In a surprise development, Japan's Nippon Telegraph and Telephone (NTT) company Tuesday sold its 35.19 percent shares in the state-owned Sri Lanka Telecom for 32 billion Sri Lankan rupees ($297 million) to a Malaysian company.
"The entire 35.19 percent Sri Lanka Telecom shares held by the NTT was bought by Malaysia's Global Telecommunications Holdings at 50.50 rupees each," a stockbroker, Mohandas V. Thangarajah of the First Guardian Equities told IANS.
FICCI suggestions on Pakistan ‘irresponsible’: Kashmir business lobby
By IANS,
Srinagar/New Delhi : India's top industry lobby recommending hard military and economic counter-actions against Pakistan has drawn flak from a business body in Jammu and Kashmir which says its recommendations are "irresponsible and immature".
OPEC oil price rises beyond $42
By DPA,
Vienna : The price for oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) gained $1.32 at the end of last week, the cartel said Monday.
One barrel (159 litres) of OPEC-produced crude stood at $42.17 Friday, up from $40.85 on the previous day.
The Vienna-based organisation calculates an average price based on 12 brands produced by its members.
India-France relations set to move into high gear
By Claude Arpi, IANS,
Indian Prime Minister Manmohan Singh will reach Paris Sunday after his visit to the United Nations and his encounter with President Bush in Washington to possibly ink a much-awaited agreement for civil nuclear cooperation with France.
Though Indo-French relations have never had the high profile character of the Indo-US, this agreement will mark the culmination of 10 years of a successful strategic partnership.
In January 1998, before reaching New Delhi, then French president Jacques Chirac had declared that he was keen on an "ambitious partnership" with India.
Indian firm in race for $80 million cement factory in Ethiopia
By Groum Abate, IANS,
Addis Ababa : A Indian company is competing against four Chinese firms for an 80-million dollar contract for the construction of the Habesha cement factory that will help to ameliorate some of its chronic shortage in the East African nation.
Nine companies had initially emerged when the company requested expression of interest for engineering, procurement and construction. Then, six companies responded to the bid deadline Feb 22. One company was disqualified after it failed to provide bid security.
Nutritionist fights for lifting ‘absurd ban’ on a dal
By Shyam Pandharipande, IANS
Nagpur : It was banned by the Maharashtra government more than four decades ago as it was thought to cause a kind of paralysis. But now a nutritionist is waging a lonely battle to get the ban lifted on lakhodi dal, a pulse variety, that is consumed by millions daily in the state.
India faces Chinese challenge in building equipment market
By IANS
Bangalore : The fledgling Indian earthmoving and construction equipment (ECE) industry will face a real threat in domestic and export markets from Chinese companies.
A study conducted by the global consulting firm McKinsey & Co has cautioned the industry against complacency, which is currently growing at 30-40 percent a year.
"The ECE industry faces a real challenge from low-cost countries (LCCs) such as Brazil, China, South Korea and Thailand in domestic and export markets.
Bill Gates has full faith in Indian pharma companies
By IANS,
New Delhi : The US Food and Drug Administration (FDA) might doubt some Indian pharmaceutical majors' quality parameters but Microsoft founder and philanthropist Bill Gates has full faith in them and would continue to do business with them.
“The science of Indian pharmaceuticals is quite strong. We will continue our involvement with them. The cheap drugs (sourced from India) are benefiting many countries,” Gates told reporters here Wednesday.
Successful Doha deal ‘unlikely’
By IANS
New Delhi : The Doha round of global trade talks - stalled over the twin issues of farm subsidies and market access - is unlikely to be completed anytime soon, a senior Commerce ministry official said Thursday.
Multiplexes fast gobbling up India’s single hall theatres
By Shweta Thakur, IANS
New Delhi : A decade after the first multiplex opened in India, the magic of its comfort-viewing and Dolby digital sound effects has got most cinema goers hooked and many don't even remember the last time they visited a standalone movie hall.
From one multiplex in Saket, south Delhi, in 1997 their number today has crossed 400 across the country with about 20,000 screens, redefining the way films are viewed.
Volatile week for Indian shares
By IANS
Mumbai : Indian shares witnessed a volatile week with no two days being the same for key indices even as foreign institutional investors (FIIs) were on a profit-making mode by selling during most of the week.
Volkswagen picks up Suzuki stake for $2.5 bn
By IANS,
New Delhi : German auto giant Volkswagen Wednesday picked up a 20 percent stake in Suzuki Motor for about $2.5 billion, while the Japanese auto maker will reciprocate by taking up equity worth half of the proceeds in the European firm.
"Both parties are focused on achieving synergies in the areas of rapidly growing emerging markets as well as in the development and manufacturing of innovative and environmentally friendly compact cars," Volkswagen chief executive Martin Winterkorn said in a release.
Sensex joins Asian rally, breaches 19,000
By IANS,
Mumbai : A benchmark index for Indian equities Monday climbed to a level last seen in January 2008 in afternoon trade, breaching the 19,000-points mark.
Boeing India chief inducted as USIBC director
By Arun Kumar, IANS
Washington : The US-India Business Council, an advocacy group of 250 of the largest US companies investing in India, has announced the appointment of Ian Thomas, president of Boeing India, to its Board of Directors.
"I am honoured to accept this appointment on behalf of The Boeing Company - and to help represent our interests as well as those of US industry on the USIBC Board," said Thomas, who was appointed president of Boeing India in January 2007.
PM concerned over rising steel prices
By IANS,
Bokaro : Prime Minister Manmohan Singh Tuesday voiced concern over rising steel prices after laying the foundation stone of a Rs.110-billion expansion and modernisation project of the Bokaro Steel Plant.
Urging steel traders not to take advantage of the situation, the prime minister said in a brief speech on the occasion: "Our government will take necessary steps to curb the rising prices."
Pay your Chevvy maintenance cost once for three years
By IANS
New Delhi : In a first of its kind in the automobile industry, General Motors (GM) India Friday announced the launch of 'Chevrolet Promise' scheme under which the company would sell maintenance cost packages for its Chevrolet cars for a period of three years.
"This is like a confidence building measure for the company. Buyers can pay the price of maintenance cost at the time of purchase or even in monthly instalments," said Rajeev Chaba, president and managing director GM.
Indian telecom market more liberal than Chinese: AT&T
By Nayanima Basu, IANS
New Delhi : US wireless major AT&T Inc. finds the booming Indian telecom market more liberal than China, even as both the Asian economies remains very important for them to grow.
"India and China markets are very different, but both are important strategically. Whereas India has taken steps to begin liberalising its telecom market, China remains quite tightly controlled," V.S. Gopi Gopinath, vice president, AT&T Asia Pacific, told IANS in an interview.
Sensex down 213 points in afternoon trade
By IANS,
Mumbai : Indian equities markets were trading in the negative terrain Friday afternoon, with a key index ruling 213 points lower than its previous close about an hour before the end of trade.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 15,446.82 points, was trading at 15,198 points - 213.47 points or 1.39 percent lower than Thursday's close.
Like the Sensex, the S&P CNX Nifty of the National Stock Exchange (NSE) too fell, shedding 1.29 percent from its last close to stand at 4,577.8 points.
National Aviation to get $214 mn loan to buy aircraft
By IANS,
Mumbai : The state-owned National Aviation Co of India (NACIL), which runs Air India, announced Tuesday that it has signed a pre-delivery finance loan facility for $214.12 million for purchase of eight aircraft.
The three Boeing 777-200LRs and five Boeing 777-300ERs will be delivered in 2009 and 2010 respectively, said a statement issued by NACIL.
"The lead arrangers of the facility are Bank of Scotland and Deutsche Bank whereas the co-arrangers are ING Bank and Natixis Transport Finance," the statement said.
Parliament adjourned for the day over price rise issue
By IANS,
New Delhi : Both houses of parliament were adjourned for the day Tuesday as agitated opposition members disrupted the proceedings by protesting against the rising prices of essential commodities.
While the Lok Sabha was adjourned without conducting any business, the newly elected and re-elected Rajya Sabha members took oath before the opposition disrupted the proceedings.
Rajya Sabha Chairman Mohammad Hamid Ansari also announced that former Bharatiya Janata Party (BJP) member Jai Narain Prasad Nishad had been disqualified from the house under the anti-defection law.
Farmers gather in New Delhi to protest sugarcane prices
By IANS,
New Delhi : Holding sugarcane stems and shouting slogans, hordes of farmers from Uttar Pradesh arrived in Delhi Thursday to voice their protest against the new sugarcane pricing policy announced by the central and state governments.
The farmers rally, including protesters from the Rashtriya Lok Dal (RLD), Bhartiya Kisan Union Tikait and Rashtriya Kisan Mazdoor Sangathan, started at the Ramlila ground and will culminate at Jantar Mantar in central Delhi.
Tata rejects pollution fears on $2,500 car
By IANS
London : Tata Group Chairman Ratan Tata Wednesday dismissed fears raised by environmentalists that its Rs.100,000 ($2,500) car would add to pollution woes.
The Times newspaper said Tata is agitated by suggestions that the small car heralds an environmental nightmare.
Indian climate change campaigner R.K. Pachauri was quoted saying recently the car could add to global pollution woes because the sheer numbers of Indians who could end up buying it.
US hopes G20 summit will agree on action plan
By Arun Kumar, IANS,
Washington : As the US prepared to receive Group of Twenty (G20) leaders, including Indian Prime Minister Manmohan Singh, it expressed the hope their weekend summit would evolve common principles for reform to ward off a future financial crisis.
"We expect that leaders will want to come to an agreement on an action plan identifying specific implementation measures," Dan Price, a key aide of President George W. Bush who would be his sherpa at the summit told reporters Wednesday.
Noida firm to invest Rs.1,500 crore on green building project
By IANS,
New Delhi: Noida-based green building developer 3C Company Thursday announced the launch of a Rs.1,550-crore green residential project in the national capital region.
Called Lotus Boulevard, the project will be funded by realty private equity firm Red Fort Capital, which in return will acquire 50 percent stake in the project. Red Fort Capital has already invested Rs.150 crore ($30 million) in the project.
Markets close in green on surprise rally
By IANS,
Mumbai : Indian equities markets closed in the green Wednesday as a late rally sent a key index surging by 2.08 percent from its previous close.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 9,442.3 points, shut shop at 9,667.9 points - a rise of 196.86 points or 2.08 percent.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) closed higher, gaining 1.55 percent from its last close to end trade at 2,984.35 points.
The BSE midcap index ended 0.75 percent higher, while the BSE smallcap index was up 0.32 percent.
Mahindra fourth quarter net up 36.4 percent
By IANS,
Mumbai : Auto major Mahindra and Mahindra (M&M) Saturday reported a 36.4 percent rise in net profit at Rs.570.3 crore for the quarter ended March 31, compared to Rs.418.1 crore in the like period a year ago.
Gross revenues and including other income during January-March quarter increased 40.3 percent at Rs.5,806.7 crore against Rs.4,139.6 crore in the previous corresponding quarter.
Strike over State Bank-associate merger Monday, Wednesday
By IANS,
New Delhi : Public sector bank officers have threatened to go on strike Monday and Wednesday to protest against the merger of State Bank of Saurashtra (SBS) with its parent State Bank of India (SBI).
The employees of the SBI and its seven associate banks will strike Monday while the other public sector bank officers will stop work Aug 20, All-India State Bank Officers Federation president T.N. Goel said here.
According to him, around 80,000 officers of the SBI and its associate banks will strike work in 15,000 branches Monday to protest against the merger.
Sensex breaches 15,000-mark
By IANS,
Mumbai : A key index of the Indian equity markets rose past the 15,000-mark Wednesday morning.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 14,902.62 points and started climbing to breach the 15,000-mark within 10 minutes of opening.
Though it soon slipped back, continued buying interest propped the Sensex up, and it was trading comfortably at 15,036.02 points around 11.00 a.m., 161.11 points or 1.08 percent higher than its previous close.
Mallya foraying into luxury retail segment soon
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).
Bond markets key funds source for Asian economies: ADB
By Xinhua,
Manila : Asia's local currency bond markets have shown great resilience to global credit turmoil and can be a key source of funds for the continent's finance expansionary fiscal policies, the Asian Development Bank (ADB) said Tuesday.
The risks in the emerging Asian economies have tilted towards slower growth, and inflation has eased and monetary policy become more accommodative, the Manila-based bank said its Asia Bond Monitor report.
Sensex goes flat after brief spike
By IANS,
Mumbai : A benchmark index for Indian equities Monday was trading on a flat note in afternoon trade after making modest gains on news that the economy grew at a robust 8.6 percent in the last quarter of 2009-10.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,872.17 points, was ruling at 16,872.9 points, 9.84 points or 0.06 percent up from its previous close at 16,863.06 points.
Bengal’s finances healthy: Outgoing minister
By IANS,
Kolkata: Refuting claims that West Bengal's finances were in poor shape, outgoing Finance Minister Asim Dasgupta Thursday said the reverse was the case.
Tussle over Jharkhand’s Chiria iron ore mines continues
By IANS
Ranchi : The Jharkhand government has asked Steel Authority of India Ltd (SAIL) to provide details of its iron ore requirements from the Chiria mines in the state. The government wants to allot a part of the Chiria mines to ArcelorMittal.
ArcelorMittal requires 600 million tonnes of iron ore in the next 30 years for a 12-million tonne steel plant it wants to set up in the state.
The state government and SAIL are fighting a legal battle in Jharkhand High Court for the past two years over possession of the Chiria mines, located in West Singhbhum district.
Greek banks shut till Thursday
Athens: The Greek government has announced that the bank closures introduced on June 29, will be extended to July 16 (Thursday), a media report...
Ab ki baar… Nifty 8,000
By Vatsal Srivastava,
Kudos to the markets for pricing in not just the direction but also the magnitude of the Modi led BJP sweep across the Indian electorate. The last time a single party won a majority was in 1984 with the Congress winning 414 seats.
EBay reports profits up 11 percent
By DPA,
San Francisco : Online auction leader eBay Wednesday reported an 11-percent rise in quarterly profits, as revenue grew in its core businesses of auctions and its Paypal online payment system.
The Internet pioneer said that it earned $398 million in its fiscal first quarter, compared to earnings of $357 million year ago.
Revenue rose 9 percent to $2.2 billion, an 18-percent rise from last year.
Crude oil price rise matter of concern: Indian FM
By NNN-PTI
New Delhi : Indian Finance Minister P Chidambaram Monday said the surge in international oil prices is a matter of grave concern and it was for the Petroleum Ministry to take a call on retail pricing of petroleum products.
"Yes, rising crude prices is a matter of grave concern... it is entirely for the Ministry of Petroleum to propose that (an increase in domestic fuel prices) and seek a view on this," he told PTI here.
Indian equities market ends in green with Asian peers
By IANS
Mumbai : The Indian equities market ended the day in the green Monday on strong Asian cues. As banking, metal and capital goods stocks led the rally, a key index gained more than 2.50 percent.
With strong cues from Asian peers, the equity market here started the day with a positive gap and continued the gaining trend.
The 30-share benchmark of the Bombay Stock Exchange (BSE), the Sensex, opened at 15,390.15 points and notched a high of 15,851.88 before closing at 15,757.08 points. It went up by 413.96 points at the day's close or 2.70 percent.
Chinese president hopes US moves will stabilise market
By Xinhua,
Beijing : Chinese President Hu Jintao Monday spoke to his US counterpart George W. Bush over the phone and expressed his confidence that Washington would overcome the financial market crisis being felt worldwide.
Bush briefed Hu on the latest development of the US financial market, saying his government was well aware of the scope of the problem, and had taken necessary measures to stabilize the domestic and world markets.
‘Tata’s Gujarat deal will strengthen auto industry’
By IANS,
New Delhi : The Indian auto industry has welcomed Tata Motors' decision to set up Nano small car plant in Gujarat, saying the deal has reinforced the confidence of the industry.
"The Gujarat deal has reinforced the confidence that the Indian automobile sector is poised for steady growth and is seen as the next global destination for international automobile manufacturers," Society of Indian Automobile Manufacturers (SIAM) director general Dilip Chenoy said Tuesday.
Rs.100 crore grant to build creches across the country
By IANS,
New Delhi : The government has earmarked Rs.100 crore (Rs.1 billion) in the 2009-10 budget to build day care centres for children of working women, a statement from the women and child development ministry said Thursday.
Of the amount, Rs.10 crore (Rs.100 million) is allocated specifically for more creches to be opened in the northeastern states.
Under the Rajiv Gandhi National Creche Scheme, day care services are provided to children upto the age of six and belonging to economically weaker background, the release.
Wearing slogans on sleeves: Rupali Jadhav designs her activism on T-shirts
33-year-old Rupali Jadhav started designing and selling T-shirts in early 2020, a year after the arrest of six activists of Kabir Kala Manch (KKM).
Riya...
US consumers rank Chinese products high
By Xinhua
Washington : American consumers rank Chinese products next to US and Japanese goods in terms of quality and creativity, a survey says.
The survey by New York-based GfK Roper, a market research firm serving consumer goods companies, found that 26 percent of US consumers believe Chinese-made products have the best value, up from nine percent in a comparable survey in 1996.
About 10 percent of consumers said they think Chinese products offer the highest quality, and 18 percent of those surveyed put Chinese products to be the most imaginative, said the survey.
Delhi to upgrade infrastructure in 13 industrial areas
By IANS,
New Delhi : Civic infrastructure, including roads, storm water drains, street lighting, effluent treatment and parking facilities, in 13 industrial areas of the capital will be upgraded at a cost of Rs.6.8 billion (Rs.680 crore), city Mayor Aarti Mehra said Tuesday.
"The infrastructure available in the industrial areas has been found to be inadequate and therefore there is a need to upgrade the civic infrastructure in these areas, facilitating optimal growth of industrial sector in the capital city," Mehra told reporters.
Britain targeting Punjabi investment
By IANS
Chandigarh : Eager to cash in on the entrepreneurial spirit of Punjabi businessmen, Britain is eyeing investment from Punjab.
To boost its business relations with the business community in Punjab, the British high commission and the UK Trade and Investment are holding meets with the business community in the cities of Chandigarh and Ludhiana on Aug 29 and 30.
Tatas to get Nano land at Rs.900 per sq metre
By IANS,
Gandhinagar : The Gujarat government has decided to charge the market price, Rs.900 per square metre, for the land Tata Motors is acquiring for the Nano car project.
"It has been decided to offer the land at Rs.900 per square metre for the 1,100 acre land that works out to Rs.400-odd crore (Rs.4 billion)," Health Minister and government spokesperson Jaynarayan Vyas told IANS Wednesday.
He said the decision was taken at a cabinet meeting chaired by Chief Minister Narendra Modi on the basis of the recommendation of a land valuation committee of the state government.
Kingfisher likely to buy into SpiceJet
By IANS,
Mumbai : UB Group chairman Vijay Mallya is in talks with two major share holders of New Delhi-based low cost carrier SpiceJet to buy the airline.
According to sources familiar with the development, Mallya is in talks with the Gulf-based investor Istithmar and the Britain-based Kansagra family who hold 13.4 percent and 12.9 percent stake respectively in SpiceJet.
The deal is likely to be valued around $300 million.
9-10 percent growth achievable: Montek Singh Ahluwalia
By IANS,
New Delhi : Planning Commission deputy chairman Montek Singh Ahluwalia Thursday said a 9-10 percent growth rate was achievable by India in the medium term, while the economy would log around 8 percent growth in the current fiscal.
"We are targeting 9 percent growth in the medium term, and getting up to 10 percent," Ahluwalia told reporters on the sidelines of a function here.
Ahluwalia termed the target "quite achievable", saying it “may look ambitious with a slowdown in the global economy, but is achievable in the medium term”.
Reva creator Maini sees power shift for automobiles
By Himank Sharma, IANS,
New Delhi : As the world rues high fuel prices, the man behind India's first battery driven car Chetan Maini says electric cars will overtake their gasoline and diesel-powered counterparts over the next 15 years.
"If the oil prices keep rising at this pace, it could even happen much earlier," Maini, who is now deputy chairman and chief technical officer of Reva Electric Car Co that makes the battery-powered cars, told IANS in an interview.
Godrej ties up with Tyson to tap Indian poultry market
By IANS,
Pune : With an eye on the $3 billion Indian poultry market, Godrej Agrovet Ltd has signed a joint venture with US-based Tyson Foods Incorporated, one of the world's largest meat processors and marketers.
The new company will be called Godrej Tyson Foods and will cater to the growing demand for quality poultry in India with processed and value-added chicken products. The joint venture was signed Monday.
The venture will make use of the processing and product development expertise of Tyson with Godrej's strong supply-chain management in India.
Industrial production grows 11.7 percent
By IANS,
New Delhi : Helped by sustained domestic demand, India's industrial production grew at a better-than-expected 11.7 percent in November compared to 2.5 percent in the corresponding month last year, as per official figures released Tuesday.
Total growth of industrial production during the first eight months this fiscal stood at 7.6 percent, as against 4.1 percent during the like period last year, data released by the Central Statistical Organisation showed.
Sensex gains over 100 points, ignoring inflation tidings
By IANS
Mumbai : Ignoring the record high inflation levels, the Indian equities market closed in the green Friday, with investor confidence boosted by the growth in industrial production, and in tune with markets overseas.
The market had opened in the green as per international cues. Though it fluctuated, it did not touch red during the day.
Banking, FMCG, IT and realty scrips witnessed selling even as oil and gas, power, metals and consumer goods were picked up.
Botswana vice president invites Indian investment
By IANS,
New Delhi : Botswana Vice President Mompati Merafhe Thursday called for increased economic ties with India, adding that his government will facilitate investment by Indian companies in the southern African nation.
"We recognise that trade is still firmly minimal... It is a wakeup call to all of us," he said at an interaction with the Confederation of Indian Industry, adding: "Significance of trade and investment cannot be over emphasised."
Interim budget earmarks Rs.10 bn for 2010 Commonwealth Games
By IANS,
New Delhi : An amount of Rs.10 billion has been earmarked in the interim budget for building infrastructure for the 2010 Commonwealth Games, an official statement said here Monday.
"The Delhi government has been allocated an amount of Rs.24.18 billion in the union interim budget 2009-10 presented Monday in parliament by acting Finance Minister Pranab Mukherjee," the statement said.
L&T bags four orders worth over $420 mn
By IANS
Mumbai : Larsen & Toubro Ltd (L&T) has bagged four orders worth $421.6 million (Rs.16.87 billion) from the Rajasthan government, Bhushan Steel-Orissa, SAIL Bokaro Steel Plant and the Damodar Valley Corporation (DVC), the firm said Tuesday.
India Inc. commits Rs.450,000 crore for Modi’s ‘Digital India’
New Delhi : As Prime Minister Narendra Modi launched the "Digital India Week" here on Wednesday, India Inc. committed an investment of Rs.450,000...
Petrol prices cut by Rs.2 a litre
By IANS,
New Delhi : Petrol prices have been cut by Rs.2 per litre effective midnight Friday, state-owned Indian Oil Corp (IOC) announced.
Markets ‘distorted, wrecked’, says Chidambaram
By IANS,
New Delhi : Calling the markets "distorted and wrecked", Finance Minister P. Chidambaram Tuesday promised administrative steps to rein in prices, that has pushed up India's annual inflation rate to a 40-month high.
"The government cannot be seen idle or inactive. To back the financial measures, the government will initiate administrative measures if needed to check inflation," Chidambaram told the annual session of the Confederation of Indian Industry (CII) here.
Assocham calls for lower rates for agro, infra projects
By IANS,
New Delhi : A leading industry lobby Sunday urged the country's central bank to lower prime lending rates (PLR) for agriculture and infrastructure projects to 10 percent from the current 15 percent to help economic expansion.
A list of recommendations sent to the Reserve Bank of India (RBI) governor by the Associated Chambers of Commerce and Industry (Assocham) also called for a further slash of 50 basis points in repo, reverse repo and cash reserve ratios.
CII meet emphasises importance of sustainable development
By IANS,
New Delhi : Well-planned investment is necessary to ensure sustainable development and make current economic practices more socially responsible and environment-friendly, a business convention held here concluded Monday.
The two-day convention on "Large Infrastructure Projects: Sustainable Development and the Law-Emerging Issues and Concerns", organised by the Confederation of Indian Industry (CII) and ITC Centre of Excellence for Sustainable Development, discussed the range of issues from investment to sustainable development.
Sensex extends gains, up 1.31 percent
By IANS,
Mumbai : A key index of the Indian equities market built on its early morning gains around noon Tuesday to rule 1.31 percent higher than its previous close.
At 12.04 p.m., the 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened firm at 15,691.27 points, was at 15,872.58 points -- 205.94 points or 1.31 percent higher than Monday's close.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) too was trading in the positive terrain at 4,722.2 points, up 1.29 percent.
Havells in expansion mode, targets Rs.500 crore from exports
By John Stanly, IANS,
Baddi (Himachal Pradesh) : Electrical and power equipment major Havells India is expanding its switchgear business to take its export earnings from Rs.150 crore to Rs.500 crore in the next three years, a senior company official said here Wednesday.
"We are consolidating our processes in the switchgear segment by almost doubling our installed capacity," company president Sunil Sikka told reporters at the company's flagship manufacturing facility here.
High energy prices push inflation in Germany
By KUNA
Berlin : High power, petrol and food prices have largely pushed inflation in Germany, the German statistic office said here Saturday.
High prices hit 2.8 percent in February, the highest rate in Germany in ten years, according to the office based in the southwestern Wiesbaden City.
One third of high prices in the country is due to soaring energy prices even though people consumed 10 percent less in February than in the same period of last year, it said.
Afghanistan supplying 93 percent of world’s illegal opium
By IANS
New Delhi : Afghanistan supplies about 93 percent of the illicit opiates in the global market and 193,000 hectares of land in the country are devoted to illegal cultivation of opium poppy, the International Narcotics Control Board said in an annual report released here Wednesday.
The board sounded an alarm, saying acetic anhydride was being smuggled into Afghanistan from the Middle East in increasing quantities. This is the main chemical used in the illicit manufacture of heroin.
Another first by Nano: online booking
By Himank Sharma, IANS,
New Delhi : Tata Motors is offering what insiders say is another first in the Indian automobile industry - online booking.
Along with retailing co-branded Nano merchandise such as watches, T-shirts and phones on the Internet, the dedicated website for the "people's car" set up by the $62.5-billion group has a detailed section for applying for the car online, with a secure payments gateway.
Applications will be accepted during April 9-25.
Growth of notebook PC sales surging in India
By IANS
New Delhi : The Indian notebook personal computer (PC) market has grown by around a whopping 85 percent during the third quarter (July-Sep) of 2007, says a report.
The report was released by US-based IDC Ltd's Indian subsidiary IDC India, a global research and market intelligence firm for IT, telecom and consumer technology.
The No.1 slot in terms of units sold was grabbed by Hewlett Packard (HP), commanding a market share of 21.6 percent, followed by HCL (12.3 percent) and Lenovo (10.3 percent).
Markets end in green
By IANS,
Mumbai : The Indian equities market ended Thursday in green.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex) opened at 16,456.04 points touched a high of 16,570.57 before closing at 16,481.20 points. It went up by 237.01 points at the day's close or 1.46 percent.
The National Stock Exchange (NSE) S & P Nifty, which opened at 4890.60 points, closed at 4958.40 points. It went up by 71.01 points or 1.45 percentage point.
GST Bills passage fails to cheer Indian equities
Mumbai, (IANS): The passage of a major tax reform in the country failed to cheer the Indian equity markets on Thursday.
The key indices were...
Karur Vysya Bank posts Rs.2.08 bn net profit
By IANS,
Chennai : The Karur Vysya Bank, one of the oldest private sector banks in the country, has posted a net profit of Rs.2.08 billion ($49.5 million) for 2007-8 against Rs.1.60 billion of the previous fiscal, a growth of 30.2 percent.
The bank announced Friday that it had registered a total income of Rs.12.89 billion in 2007-8 as compared to Rs.9.86 billion in year before, registering a 30.69 percent increase.
The interest income from advances increased by 38.17 percent to Rs.8.58 billion from Rs.6.21 billion. The other income rose to Rs.1.55 billion from Rs.1.19 billion.
Indian passenger traffic through Abu Dhabi airport grows
By IANS,
Dubai : India and the Philippines were significant contributors to Abu Dhabi International Airport's 22.9 percent year-on-year growth in passenger traffic in the month of August.
The Abu Dhabi Airports Company (ADAC) announced that a total of 869,868 passengers used the airport during August this year, compared to 707,671 last year, with the year-to-date figures crossing 5.9 million - up 34.3 percent against last year's 4.4 million over the same period.
Jan Dhan account deposits rise to over Rs 64,000 crore
New Delhi : Aggregate deposits in Jan Dhan accounts have increased to Rs 64,252.15 crore as on the eighth day after the announcement of...
10 foreign equity proposals worth $570 mn approved
By IANS
New Delhi : A proposal from global consultancy Morgan Stanley to invest $465 million was among the 10 applications for foreign direct investment (FDI) approved by Finance Minister P. Chidambaram, an official release said Monday.
French companies to continue investing around $1 bn in India
By Rohit Vaid,
New Delhi : Expressing confidence in the Indian economy, French companies that are engaged in India will continue to annually invest nearly...
Markets start week in the green
By IANS,
Mumbai : Indian equities markets opened higher Monday, with a key index trading about 1.27 percent above its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 10,916.43 points, higher than its 10,803.86 point close Thursday. About five minutes into trade, it was at 10,941.03 points, 1.27 percent or 137.17 points higher than its previous close.
The S&P CNX Nifty of the National Stock Exchange (NSE) was at 3,374.7 points, 0.98 percent higher than its last close of 3,342.05.
Markets continue to slip in afternoon trade
By IANS,
Mumbai : Indian equities markets continued to slip in the afternoon Thursday, with a key index trading 1.25 percent lower than its previous close, about 90 minutes before the closing bell.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 9,559.03 points, was trading at 9,498.26 points, down 1.25 percent or 120.28 points.
Among broader market indices, the BSE midcap index was ruling 0.45 percent higher, while the BSE smallcap was up 0.91 percent.
USIBC supports clean exception for India at NSG
By Arun Kumar, IANS,
Washington : The US-India Business Council (USIBC), representing the largest US companies investing in India, has resolved to push for the approval of the India-US nuclear deal by the Nuclear Suppliers' Group (NSG) and the US Congress.
"We understand that the NSG will require more than one meeting to end India' s nuclear isolation," said USIBC president Ron Somers as the nuclear cartel began a two-day meeting in Vienna Thursday to consider a US proposal to give India a waiver.
"But seizing this moment is essential," he said.
Sensex up 105 points in morning trade
By IANS,
Mumbai : A benchmark index for Indian equities Thursday was ruling 105 points higher than its previous close, about an hour into trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,668.91 points, was ruling at 16,763.82 points, 105.93 points or 0.64 percent up from its previous close at 16,657.89 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,030.15 points, up 0.6 percent from its previous close.
Tata Teleservices launches services in Assam
By IANS,
New Delhi : Leading telecom services provider Tata Teleservices Ltd (TTSL) Tuesday announced it has launched CDMA services in Assam with an initial investment of Rs.1 billion.
“To expand its national footprint, Tata Teleservices has invested over Rs.100 crore (Rs.1 billion) in the Assam circle, establishing a pan-India network with 20 circles,” a company statement said.
During the current stage of launch, TTSL will provide seamless coverage in 31 towns of Assam and will shortly launch services in the northeast region," it added.
Stocks crash in Asia-Pacific, governments cautious
By Xinhua
Hong Kong : Stock markets in the Asia-Pacfic region nosedived Tuesday as investors dumped shares on fears of a possible US economic recession.
In Japan, the benchmark 225-issue Nikkei Stock Average plunged 752.89 points, or 5.65 percent, from Monday to end at 12,573.05, its lowest closing since Sep 8, 2005.
Ford India launches mobile repair service
By IANS
Chennai : To provide value-added after-sales service to customers, Ford India has introduced a mobile vehicle repair service called Ford Service Roadside Assistance (Ford Service RSA).
Starting this month, all new Ford vehicles sold by an authorised dealer will be offered free roadside assistance for a period of one year from the date of sale.
The service is being simultaneously launched in Bangalore, Mumbai, Pune, Delhi and Chennai.
US Federal Reserve sees some signs of economic recovery
By DPA,
Washington : The US economy appears to be contracting at a slower rate than in previous weeks in a sign that it is beginning to stabilise, the US Federal Reserve said Wednesday.
But the Federal Reserve warned that economic activity is likely to remain "weak for a time" and decided to keep the interest rate unchanged at 0-0.25 percent from its last meeting in March.
The Federal Reserve meeting came hours after the US Commerce Department issued its quarterly report showing the economy continued to shrink during the first three months of the year.
Some Pakistani traders await visa to participate at crafts bazaar
By Shilpa Raina,
New Delhi : Political tension between India and Pakistan automatically derails the process of getting a visa. This is what has affected...
‘India’s transformation more rapid, successful than China’s’
By IANS
New Delhi : The reform process that has taken India's economy to new heights has taken place more rapidly and in a more successful manner than in China, said a study.
The study, called Transformation Index, was conducted by German NGO Bertelsmann Foundation. It has ranked 125 countries on the basis of development, management and market economy.
India has been ranked 25, just behind Singapore, Brazil and South Africa, in terms of development as compared to China, which obtained 85th rank.
Sensex ends 108 points up, auto, bank stocks gain
By IANS,
Mumbai : A benchmark index for Indian equities closed 108 points higher Monday, shedding some of its intra-day gains.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,034.92 points, closed at 17,102.6 points - 108.11 points or 0.64 percent higher than its previous close at 16,994.49 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,124 points against the previous close at 5,088.7 points, a gain of 0.69 percent or 35.3 points.
Sify gets new brand identity
By IANS
Chennai : Sify Technologies Ltd, a leader in consumer Internet and enterprise services in India, Monday unveiled a new logo.
The new logo is a reflection of Sify's outlook and nature of business, "a fresh, vibrant and eco-friendly green signalling a new, paper-free world, counterpoised by a business-like, dependable grey," the company said here.
Tech Mahindra announces open offer for Satyam shares
By IANS,
Mumbai : After buying 31 percent of scam-tainted Satyam Computer Services, Tech Mahindra Wednesday announced an "open offer" to acquire a further 20 percent stake so that it can get a controlling stake.
As per the next steps laid out by the Satyam board, Tech Mahindra announced the "open offer" to obtain 20 percent at Rs.58 per share for 199,079,413 shares of Satyam, the company said in a regulatory filing.
The acquisition would be done by Venturebay Consultants, a subsidiary of Tech Mahindra.
The offer will be open June 12-July 1.
Markets slip at opening bell
By IANS,
Mumbai : Indian equities markets opened weak Tuesday with a key index ruling 2.02 percent below its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 9,213.4 points, lower than its 9,305.45 point close Monday. About 10 minutes into trade, it was at 9,117.61 points, 2.02 percent or 187.84 points lower than its previous close.
At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,792.85 points, 1.96 percent lower than its previous close of 2,848.5.
Metro Cash & Carry awaiting licence for Kolkata outlet
By IANS,
Kolkata : Metro Cash & Carry, the wholesale division of the Germany-based Metro AG, which planned to open an outlet here two years ago, said Thursday that it was waiting for a fresh licence from the state government to start operation.
The company said it invested in West Bengal on a pre-requisite that it would be given license to trade agri commodities.
Etihad, Jet Airways in code-share pact
By IANS,
Dubai : Etihad Airways, the national carrier of the United Arab Emirates (UAE), has entered into a code-share agreement with leading Indian private carrier Jet Airways.
Under the deal, which will come into effect July 1, the Abu Dhabi-based airline will place its two-letter 'EY' code on all Jet Airways flights from its own home base to New Delhi and Mumbai.
In turn, Jet Airways will place its '9W' code on the daily services operated by Etihad on the same routes.
HAL choppers going places but unable to meet domestic demand
By Ritu Sharma, IANS,
New Delhi : The Hindustan Aeronautics Ltd (HAL) is eyeing international markets for its Advanced Light Helicopter (ALH) Dhruv but it is struggling to fulfil a surge in domestic demand following the Mumbai terror attack.
Currently the order book of the state-run HAL has swelled to 200 helicopters, the intended purchasers being the home ministry and police forces of various states.
ICCI bank pulled up for using musclemen for loan recovery
By Kanu Sarda, IANS,
New Delhi : Terming the act of sending recovery agents as "uncivilized", a court here has directed ICCI Bank to pay Rs.20,000 in compensation to a consumer for sending musclemen to his home.
The Delhi State Consumer Disputes Redressal Commission asked the bank to pay the compensation and Rs.2,000 as the cost of litigation to Rahul Sharma after he complained of getting threatening calls and having to face musclemen for the recovery of unpaid instalments of a house loan he had taken.
Bangladesh may devalue its currency
By IANS,
Dhaka : Bangladesh may devalue its currency to match the fluctuating exchange rate against the US dollar and boost its exports, finance minister has said.
Finance Minister A.M.A. Muhith Sunday expressed fears that it might not be possible to keep the exchange rate of its currency, taka, against the US dollar at the current level due to the sharp devaluation of the currencies of major trading partners.
"We want to keep the value of taka (at the current level). But, I think, it may not be possible any longer," he told the media, United News of Bangladesh (UNB) reported.
MMTC to set up JVs for gold refining and retail
By IANS
Kolkata : MMTC Ltd, India's largest international trading company, will float two joint ventures for a medallion and gold refinery unit and a jewellery retail chain.
The company, a government of India enterprise, is also planning a special economic zone (SEZ) for jewellery products.
"We have decided to form joint ventures for both of these ventures - to set up a medallion unit with a gold refinery and a national jewellery retailing chain," MMTC chief general manager Asheesh Majumdar told a press conference here Monday.
PMK pushes for caste-based census
By IANS,
New Delhi : The PMK, a Tamil Nadu-based political party, Monday urged the central government to make the population census of 2011 based on caste, which it said, would provide data on the literacy, health and economic status of each community.
At a national seminar, 'The Need for Caste wise Census in India from 2011' here, the PMK said it was necessary to collect household data on caste basis so that the government can have a fair idea of the size of population of each community of India.
PM’s Bihar package delivery on earlier promise: Minister
New Delhi : Responding to criticism of Prime Minister Narendra Modi's financial package for Bihar, Petroleum Minister Dharmendra Pradhan on Wednesday asked the opposition...
Company to channel NRI investment in Kerala
By IANS
Thiruvananathapuram : The first board meeting of the newly reconstituted Roots-Norka company of the government of Kerala, Friday cleared formation of a new subsidiary company to channel investments of non-resident Keralites (NRK).
"This new subsidiary would be formed soon to channelise the investments of those NRKs who wish to invest in various projects that would be formalized by the new company," said Kerala Chief Minister V.S. Achuthanandan, who is also the chairman of Roots-Norka.
ICICI Securities forays into Oman
By IANS,
Dubai : Leading Indian financial services firm ICICI Securities has forayed into Oman offering a range of financial services to the large Indian diaspora in that Gulf nation.
The new branch was opened at Ruwi locality in Oman’s capital Muscat by executive president of Oman’s Capital Market Authority (CMA) Yahya Bin Said Bin Abdullah Al Jabri, India’s Ambassador to Oman Anil Wadhwa, and ICICI Securities executive director Anup Bagchi.
Foreign toy companies eye growing Indian market
By Azera Rahman, IANS,
New Delhi : The Rs.35 billion ($833 million) Indian toy industry accounts for just 0.5 percent of the global pie, but for top global firms like Mattel, Lego and Woolworth, this potentially big market is the one to focus on, stakeholders said at a major international fair here.
Elisa Enoch, the international sales manager of Giochi Preziosi SpA, an Italian toy company, for instance was upbeat about foraying into the Indian market with their "high quality" toys.
Allahabad Bank to hike base rate, BPLR by 25 bps
By IANS,
Kolkata : Public sector Allahabad Bank will raise its Base Rate and Benchmark Prime Lending Rate (BPLR) by 25 basis points (bps) from July 15.
UAE-Vietnam discuss economic relations
By IANS,
By WAM,
Dubai: The United Arab Emirates (UAE) and Vietnam Thursday discussed their relations and ways to strengthen economic cooperation and coordination.
Equities markets end in red on profit booking
By IANS,
Mumbai : Indian equities markets opened strong Wednesday but finished in the red as investors booked profits on the gains of the past three successive trading sessions.
The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) finished at 10,120.01, down 511.11 points or 4.81 percent from its previous close Tuesday at 10,631.12 points.
The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE) also opened strong but closed at 2,994.95, down 147.15 points or 4.68 percent from its previous close at 3,142.10 points.
Tinplate rules out merger with Tata Steel
By IANS,
Kolkata : City-based metal packaging company Tinplate Friday ruled out a merger with Tata Steel anytime soon.
"Any merger or takeover is not something being discussed right now," managing director Tarun Daga said here at a press conference after announcing the quarterly financial results of the company.
Former managing director B.L. Raina had said in December that parent company Tata Steel would consider a merger.
Kingfisher fined Rs.26 crore for delaying tax payments
By IANS,
New Delhi: The government Friday said it has fined private carrier Kingfisher Airlines Rs.26.46 crore for delay in remittance of tax deducted at source (TDS).
Minister of State for Finance S.S. Palanimanickam, in response to a question, told the Lok Sabha that besides Kingfisher, Spicejet and MDLR Airlines also have not remitted TDS collected on time.
But, he said, it was not clear if any fine had been imposed on Spicejet and MDLR.
Oil companies cut aviation fuel prices by 4.3 percent
By IANS,
New Delhi : State-run oil companies Thursday cut aviation fuel prices by 4.3 percent following the government's decision Wednesday to reduce customs duty on fuel to five percent.
According to an official, aviation turbine fuel (ATF) will cost Rs.66,226.66 per kilolitre in Delhi from Thursday. Earlier in May, the ATF prices in Delhi had been hiked to Rs.69,227.08 per kilolitre.
Similarly in Mumbai, the effective price of ATF would come down to Rs.68,626.87 per kilolitre from Rs.71,759.06, said an aviation ministry official here.
TCS to help small businesses scale up operations
By IANS
Mumbai : IT major Tata Consultancy Services Ltd (TCS) has launched a strategic business unit to provide customised business solutions to small and medium business (SMB) units to scale up their operations.
The solution will be a subscription-driven model that will offer need-based solutions to SMBs.
The model will also allow SMBs to take advantage of TCS' existing intellectual property infrastructure. It will provide SMBs with blueprints for business process improvement and deliver integrated end-to-end managed solutions in IT and telecom.
Raipur-Mumbai Kingfisher makes emergency landing in Nagpur
By IANS,
Nagpur : A Kingfisher Airlines flight (IT 3154) from Raipur made an emergency landing at the Babasaheb Ambedkar International Airport here Monday to correct a mid-air technical snag, company officials said.
"The aircraft safely landed at the airport at 12.35 p.m. after the pilot, who noticed an alert on the flight deck, obtained permission from the Air Traffic Control," Prakash Mirpuri, the company’s senior general manager (corporate media relations), told IANS.
The flight had 158 passengers and six crew members on board.
Air India to launch non-stop New York-Delhi flight Feb 8
By Arun Kumar, IANS
Washington : India's national carrier Air India is launching a daily non-stop New York-Delhi service from Feb 8 with a state-of-the-art Boeing 777-200LR aircraft to reduce the travel time between the two cities to 14 hours.
The flight will depart from New York's JFK International Airport at 4:00 p.m. local time and arrive in Delhi at 4:30 p.m. the next afternoon. Returning flights will depart Delhi at 12:30 a.m. and arrive at JFK at 5:45 a.m. local time the same day.
Global Vectra plans rights issue, fleet expansion
By IANS
Mumbai : Helicopter service firm Global Vectra Helicorp Ltd (GVHL), part of the UK-based $700 million Vectra Group, plans a rights issue of shares by December to fund its expansion, a top official said Thursday.
The company also plans to invest $65 million to augment its fleet from 24 to 29 aircraft by March 2009.
"The rights issue will be used mainly to fund acquisition of new aircraft next year," GVHL CEO Allan Brown told IANS.
Kerala gets Rs.77 bn plan for current year
By IANS
New Delhi : Suggesting that Kerala focus on IT, public sector units and other job-creating sectors, the Planning Commission Wednesday approved a Rs.77-billion annual plan for the state for 2008-09, showing an increase of Rs.7.5 billion over the current fiscal.
"The state will be giving emphasis to IT, tourism and industrial sectors while giving special importance to the agriculture sector during the financial year," Chief Minister V.S. Achuthanandan told reporters after the discussions with the Planning Commission officials here.
No diesel shortage in Madhya Pradesh: Oil ministry
By IANS,
New Delhi : The petroleum ministry Wednesday said there was no shortage of diesel in Madhya Pradesh even though demand has increased by over 50 percent this month.
“The position of HSD (high speed diesel) availability in Madhya Pradesh is normal,” said a ministry statement.
Earlier, the oil marketing companies have told the government that there has been a spurt in demand of 51 percent in the first two weeks in October, compared to the same period last month. The Bhopal division alone has reported an increase in diesel demand by 80 percent during this month.
EIL pays highest so far dividend
By IANS,
New Delhi : Design and engineering consultancy firm Engineers India Limited announced Tuesday it has paid a dividend of Rs.507.65 crore - the highest so far by the public sector company - to the government.
A press release issued by the ministry of petroleum and natural gas said a special interim dividend cheque of Rs.507.65 crore was presented to petroleum minister Murli Deora by EIL chairman and managing director, A.K. Purwaha.
Google to release cell-phone next year
By DPA
San Francisco : Google is to release its own mobile platform next year in a bid to drastically shake up the cell-phone industry and provide mobile users with a host of new applications, the Wall Street Journal reported.
The paper Tuesday said that Google planned to make a formal announcement of its plans in about two weeks.
Wheat, rice cheaper in Pakistan than India
By IANS,
Islamabad : The prices of wheat, rice, chicken and garlic are lower in Pakistan than in India, Bangladesh and Sri Lanka, authorities said.
Chhattisgarh needs over 52,000 acres for industries
By IANS,
Raipur: The mineral-rich Chhattisgarh needs 52,800 acres of land for 102 industrial projects, Chief Minister Raman Singh said Tuesday.
"Chhattisgarh had signed 118 memorandum of understanding (MoUs) with various companies between a period of 2004-09 for setting up industries in the state. 102 MoUs are presently existing after the government had scrapped 16 of them," he informed the state assembly in a written reply to a question of Leader of Opposition Ravindra Choubey.
Venture capitalists, private equities to invest over $8.5 bn in India
By IANS,
New Delhi : Venture capitalists (VCs) and private equities (PEs) are expected to invest over $8.5 billion (Rs.358 billion) in India over the next five years, according to a report released here Monday.
The report, prepared jointly by global consulting giant Deloitte and industry lobby Associated Chambers of Commerce and Industry of India (Assocham), identified five areas that will attract these investments: biotechnology and life sciences, logistics, clean technology, film production and education.
Abu Dhabi airport reports growth in passenger traffic
By IANS,
Abu Dhabi : The Abu Dhabi International Airport saw a 7.3-percent growth in passenger traffic in 2009, with 9.7 million people using the facility, WAM news agency reported.
The Abu Dhabi airport is one of the few airports in the world to have achieved a healthy growth.
A robust growth in Cargo traffic was also recorded during the year, with an increase of 7.0 percent compared to the previous year.
The figures were released by the Abu Dhabi Airports Company (ADAC) Sunday.
Telecom stocks rise day after draft policy
By IANS,
Mumbai : Telecom scrips were on the rise Tuesday, a day after the draft national telecom policy proposed new norms which, among others, will allow companies to share and trade spectrum.
Pressmart forges alliance with Curtis Circulation
By IANS
Hyderabad : Pressmart Media, India's premier digital delivery service provider for publishers, Tuesday said it has forged an alliance with the $1.5 billion American magazine distribution major Curtis Circulation Co.
This alliance opens a big e-publishing business opportunity for Pressmart and will add significant strength to its US magazine digital publishing market expansion initiatives, said a statement issued by the company.
Farmers to get market rates on BSNL mobiles
By IANS,
Lucknow : Uttar Pradesh farmers will now be able to know rates of agriculture commodities in any market in the state on their mobile phones, thanks to a new service launched by the state-run telecom major Bharat Sanchar Nigam Ltd (BSNL).
"BSNL has teamed up with the Uttar Pradesh Agricultural Marketing Board (Mandi Parishad) to launch the 'Mandi on Mobile' service for the farmers," BSNL's state deputy general manager (mobile operations) Mahendra Srivastava told IANS here Saturday.
RIL betting on hydrocarbon asset acquisitions abroad
By IANS,
Mumbai : Oil-to-retail business house Reliance Industries (RIL) Tuesday said it would continue acquiring hydrocarbon assets overseas to ensure better synergy between domestic and international operations.
"Reliance continues to accrue oil and gas properties overseas," RIL chairman and managing director Mukesh Ambani told shareholders at the company's 35th annual general meeting here.
Airlines cannot fix minimum fares: official
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.
US-India Business Council to lead mission to India
By IANS,
Washington : A US-India business lobby seeking stronger commercial ties with New Delhi is leading a three-city mission to India to explore opportunities in agriculture, real estate, retail trade and transportation.
Led by Paul Conway, president of Cargill Asia, the US-India Business Council (USIBC) mission will visit Kolkata, New Delhi and Hyderabad Sep 21-25, the trade group announced here Thursday.
Manpower to cut five percent jobs in India
By IANS,
New Delhi : Employment services major Manpower Inc Monday said it would shed around five percent of its Indian workforce as part of cost-cutting measures in the background of the global economic downturn.
"We may trim five percent jobs in India as almost 15-20 percent of the business has been affected in the country due to the slowdown," Manpower chairman and chief executive officer Jeffrey A. Joerres told reporters here on the sidelines of the World Economic Forum-India Economic Summit.
Manpower currently employs around 21,000 people in India and 35,000 globally.
Verizon to Use New Spectrum for Advanced Wireless Service
By SPA
Washington : Verizon Communications Incorporation said Friday it would use the airwaves it was awarded in a government auction last month for its next generation of high-speed wireless services, expected to begin in 2010.
The company said the $9.36 billion worth of new 700-megahertz spectrum would give Verizon Wireless, the second largest U.S. mobile service, enough resources to build a faster wireless data network.
Pakistan keen to boost trade with Iran
Islamabad : The lifting of economic sanctions on Iran will open "massive trade" opportunities for Pakistan, a senior official said.
Syed Tariq Fatemi, prime minister's...
Middle East telecom giants will eye Asian, European markets
By IANS
Dubai : Telecom giants in the Middle East will seek to acquire small stakes in large players in southeast and central Asia and southern and eastern Europe, according to a new report.
This comes in the wake of consolidation in the Middle East and Africa (MEA) region last year, the report by Dubai-based telecoms advisory and investment firm Delta Partners said.
M&M’s November sales rise 18 percent
By IANS,
New Delhi: Leading sports utility vehicle (SUV) manufacturer Mahindra and Mahindra's total sales in November rose 18 percent year-on-year to 48,143 units.
Will G20 take us out of the woods?
By Andrei Fedyashin, RIA Novosti,
Moscow : The Washington summit of the Group of 20 (G20) industrialised and emerging economies last week arrived at a general agreement on how to cooperate in key areas to strengthen economic growth, deal with the financial crisis, and to avoid similar crises in the future.
The G20 represents 19 of the world's 25 largest national economies, plus the European Union (EU). It comprises 90 percent of global gross national product, 80 percent of world trade (including EU intra-trade) and two-thirds of the world population.
OPEC set to keep oil output unchanged
By RIA Novosti
Abu Dhabi : OPEC ministers will opt to keep crude output unchanged at their meeting in Vienna on Wednesday, the Saudi oil minister told a national newspaper.
The U.S., the world's largest oil importer, has called for a production rise to ease its economic difficulties.
Al-Hayat quoted Ali al-Naimi, the most influential minister in the cartel, as saying: "The situation on the oil market is stable. There is no need to interfere with the market."
OPEC crude price drops more than $3
By DPA,
Vienna : The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) dropped more than $3 Tuesday, according to data released by OPEC Wednesday.
One barrel (159 litres) of OPEC-produced crude stood at $135.21 - $3.23 lower compared with $138.44 on the previous day.
Crude oil fell more than $5 to $136.04 per barrel in New York Tuesday.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.
Global bearish market casts shadow on India
By IANS
Mumbai : The Indian equities market continued its volatile trend as the effect of global bearish market was clearly felt by the bourses this week.
Two major Initial Public Offers (IPOs) open for subscription - Wockhardt Hospitals and Emaar MGF - were compelled to retreat when their issues elicited unexpectedly poor response from investors. Uncertainty in the secondary market hit new IPOs hard.
The market suffered losses for the fourth straight week as selling pressure continued for index pivotals. Out of the five trading session three ended in the red.
Area under food crop cultivation goes up
By IANS,
New Delhi : Faced with a 14-year high inflation of 11.42 percent, India is set to grow kharif or summer food crops in more areas this season.
As per the data compiled by the ministry of agriculture, the area under cultivation of India's staple food crop - rice - has increased to over three million hectares from 2.84 million hectares in the past one year.
More people to benefit from old age pension for poor
By IANS
New Delhi : The government is considering making available old age pension to the poor from the age of 60 years, instead of the present 65.
Rural Development Minister Raghuvansh Prasad Singh said Tuesday that the United Progressive Alliance (UPA) government was "seriously considering" expanding the ambit of the scheme.
"The finance ministry and the Planning Commission have positively responded to the move. Most likely a formal announcement would be made in the budget session," Singh told the 8th Social Editors' Conference here.
US stocks down despite interest rate cut
By DPA,
New York : Key Wall Street stock indices slipped Wednesday despite the Federal Reserve's decision to slash the benchmark interest rate to its lowest level in more than four years.
The Federal Reserve announced the second rate cut this month in an effort to make loans cheaper and stimulate the struggling economy, but it did not encourage investors, one day after the blue-chip Dow Jones Industrial Average scored its second-largest point gain in history.
Equities markets end with a loss for the second day running
By IANS,
Mumbai : The Indian equities markets ended in the red for the second consecutive day Tuesday, with banking, capital goods, technology and telecom stocks leading the pack of losers.
The markets started with a huge cut, tracking weak markets elsewhere in Asia. They remained volatile much of the day before making a smart recovery in late trade. But the recovery was not enough to make up for all the loss.
Kumar Mangalam to head Kesoram after B.K. Birla
By IANS,
Kolkata : Kumar Mangalam Birla will succeed his grandfather Basant Kumar Birla as chairman of Kesoram Industries.
The 88-year old B.K. Birla made the disclosure while addressing shareholders at the 90th Annual General Meeting of the company here Friday.
However, he did not mention any time frame.
"After me, Kumar Mangalam will take charge of this company," the senior Birla said..
"I had been asking Kumar to take charge of the companies (B.K. Birla group) in the next two to three years, but he is not listening to me."
Wipro starts operations in Poland
By Surender Bhutani, IANS,
Warsaw : Indian IT giant Wipro has started its operations in Poland from the city of Wroclaw, close to the German border, officials said.
The Bangalore-based IT company, which had a turnover of $5 billion in 2007, has employed more than 200 technicians to expand its business not only in Poland but all of Europe. The operations will be carried out in both English and German.
Poland is one of the favourite destinations of Indian IT companies. Tata Consultancy Services (TCS) and Zanser have already made inroads into the European country.
India’s key market index tops 17,000-point mark
By IANS
Mumbai : Taking barely a week to jump 1,000 points, a key Indian share market index crossed the 17,000-point level for the first time Wednesday, taking cues from global developments and buying interest among foreign funds.
Amid buying interest in energy, banking and tech stocks, the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) shot up to 17,073.987 points during intra-day trading - the highest ever level for the index.
India releases Rs.250 bn more to improve liquidity
By IANS,
New Delhi : Lending institutions will immediately get Rs.25,000 crore (Rs.250 billion or $5.5 billion) to give as credit to the fund-starved industry even as the cap on foreign funds in the corporate bond market was being doubled to $6 billion to address liquidity concerns, Finance Minister P. Chidambaram said Wednesday.
"The Reserve Bank of India (RBI) has already issued an advisory to banks to enable smooth flow of credit to the borrowers of term loans as well as working capital," Chidambaram told a hurriedly convened press conference here.
IT sector layoffs unrelated to economic slowdown: CEOs
By IANS
Mumbai : IT companies worldwide have institutionalised the tradition of weeding out inefficiencies and non-performance and there was nothing new with layoffs in this key sector in India, top IT CEOs have said.
However, the slowdown in the US and the rising rupee have turned the spotlight on layoffs in software services companies, they said.
This view emerged on the issue of layoffs hitting the Indian IT sector in recent months at the Nasscom Leadership Summit 2008 currently underway here.
Mumbai to host international communications meet
By IANS
Mumbai : The sixth international conference on communications convergence here next month will focus on wireless communication in today's age and how the telecom revolution could be taken to the remote rural areas.
"Leaders from the telecom industry and business will participate as speakers and will deliberate upon various policy matters and future directions of wireless communication," Niraj Bajaj, president of the Indian Merchant's Chamber (IMC), told IANS. The IMC is organising the March 6-7 event.
Markets end week green, liquidity steps brighten outlook
By IANS,
Mumbai : With Indian equities markets worshipping Lakshmi, the goddess of wealth, during Diwali this week, some wealth seems to have come back to the battered markets with a key share index ending the week with a gain of 12.5 percent after losing nearly 35 percent in the first three weeks of Oct.
The measures taken Saturday by India's central bank, the Reserve Bank of India (RBI), will also help to boost liquidity and may brighten investor sentiments when markets reopen next week, analysts said.
Visa, biggest barrier in Indo-Pak relations: Business
New Delhi : The biggest barrier to normalising relations between India and Pakistan is the issue of visa, business leaders from both sides said...