Indian equities open with an upswing
By IANS,
Mumbai : Indian equities markets opened in the positive zone Wednesday, despite mixed signals from Asian peers.
The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a gain of 31.18 points at 17,404.15.
The S&P Nifty of the National Stock Exchange opened at 5,156.70 with a gain of 12.05 points.
Bharti Telesoft signs deal with Telecom Italia
By IANS,
New Delhi : Bharti Telesoft, part of the Bharati group, has tied up with Telecom Italia Sparkle (TIS) to offer a new service that will enable prepaid users to recharge their accounts while roaming on a third party operator's network.
The prepaid roaming hub value-added solution also provides an international airtime transfer service, which enables migrant workers to top up the talk time of friends and family back home, a company statement said here Tuesday.
The airtime transfer service would be helpful for around 200 million migrant workers worldwide.
Reserve Bank reduces cash reserve ratio to 8.5 percent
By IANS,
New Delhi : The Reserve Bank of India (RBI) Monday reduced the cash reserve ratio by 50 basis points to 8.5 percent, bringing cheer to financial circles.
The central bank said the decision was taken after a “review of current liquidity situation in the context of global and domestic developments”.
The change will be come into effect Oct 11.
According to the RBI's statement, this measure will lead to an injection of about Rs.20,000 crore (Rs.200 billion) into the financial system.
Malaysia’s MMC to invest in Pakistan’s energy sector
By APP,
Kuala Lumpur, Malaysia : Malaysia’s largest investment company MMC has shown interest in investing in Pakistan’s energy sector.
The MMC delegation led by its Chairman Wira Syed Abdul Jabbar bin Syed Hassan called on Prime Minister Yousuf Raza Gilani here Wednesday and expressed interest in carrying out projects in Pakistan’s power sector.
The MMC chairman said his company was preparing feasibility on the 1200 megawatt coal fired power project in Balochistan’s Gadani area.
BSNL to raise Rs.10,000 crore from tower sharing business
By IANS,
New Delhi : State-run telecom operator Bharat Sanchar Nigam Ltd (BSNL) hopes to generate Rs.1,000 crore ($207 million) of revenue in a year from its infrastructure sharing business.
"The master sharing agreement (MSA) for sharing of BSNL towers is in the final stages with some telecom operators and likely to be finalised very soon," the company said in a statement Friday.
BSNL with almost 40,000 towers across the country is aggressively working towards sharing its infrastructure with existing and new telecom operators.
CESC posts Rs.940 mn net profit in first quarter
By IANS,
Kolkata : The city-based power generation and transmission major CESC Ltd has posted a net profit after tax of Rs.940 million in the first quarter of this fiscal (2008-09) as compared to Rs.820 million for the corresponding period last year, it said Monday.
In a regulatory statement, it said its total income has increased to Rs.8.42 billion from Rs.7.5 billion for the periods under review.
Crude prices retreat after setting new intraday high
By Xinhua
New York : Crude futures retreated from a new intraday high Thursday after the U.S. government reported a larger-than-expected decline in crude oil inventories.
Light, sweet crude for February delivery fell 44 cents to settle at 99.18 U.S. dollars a barrel on the New York Mercantile Exchange after hitting a new record high of 100.09 dollars.
The Energy Department's Energy Information Administration said Thursday crude inventories fell by 4 million barrels last week, much more than the 1.7 million barrel decline analysts had expected.
Farmers abandoning opium cultivation in Uttar Pradesh
By IANS
Lucknow : What was once considered a lucrative cash crop, opium cultivation has become a losing proposition in Uttar Pradesh.
Many opium growers, concentrated in parts of Barabanki, Shahjahanpur and Barielly districts, have switched over from opium to other crops.
While Lucknow-based Deputy Narcotics Commissioner Ashok Kumar declined to comment on the issue, official records show a steady fall in opium cultivation and production in the state.
Reliance Jamnagar refinery will cost half that of others
By IANS,
Ahmedabad : The export-oriented Rs.270 billion (over $6.3 billion) refinery that Reliance Petroleum Ltd (RPL) is setting up in Jamnagar will incur half the cost of a similar Greenfield plant anywhere in the world, the company said in its 2007-08 annual report.
The report said the Paris-based International Energy Agency estimated the capital cost for new refinery projects to be "well in excess of $20,000 (per barrel) per day".
Disinvestment norms for public sector eased
By IANS,
New Delhi : The Indian government Wednesday gave its nod to the appointment of merchant bankers and intermediaries to ensure smooth handling of disinvestment in state-run enterprises.
The government has targeted revenues of Rs.40,000 crore from disinvestment in public sector undertakings in fiscal 2010-11.
"The Cabinet Committee on Economic Affairs (CCEA) today (Wednesday)approved the appointment of merchant bankers and other intermediaries to disinvestment transactions involving offer for sale or fresh issue by the company," said an official statement.
‘India may import 25 mn tonnes of steel’
By IANS,
Jamshedpur : India may have to import 25 million tonnes of steel within the next five years if the present demand-supply mismatch continues, Tata Steel managing director B. Muthuraman said here Saturday.
Speaking at the commissioning ceremony of the company's 'H' blast furnace, the largest in the country, Muthuraman said: "Consumption of steel is going up by 8-10 million tonnes per annum. This will continue for several years."
"If this continues, we may have to import 25 million tonnes of steel in the next five years," he added.
L&T, GE Energy to jointly focus on power generation
By IANS,
Mumbai : Engineering and construction major Larsen & Toubro (L&T) Friday said it will explore the potential of the Indian power generation market along with Atlanta headquartered GE Energy.
In a statement issued here, R.N. Mukhija, president (operations) and member of the L&T board, emphasised that GE Energy's power plant automation solutions "were the key issues that we were looking for in order to complete our electrical and automation suite".
GK Industrial Park to woo overseas fabricators
By IANS,
Chennai : Industrial infrastructure developer, GK Industrial Park Pvt plans to woo overseas engineering fabricators wanting to set up shop in India to its 600 acre park being developed near Tiruchirappalli (Trichy).
"We are looking at tying up with overseas engineering fabricating clusters serving oil and energy sectors. With Indian oil and power equipment sector expected to grow, we will be targeting fabricators currently serving the global companies," its director K.G. Muralidharan told IANS.
Online payments: balancing security and convenience
By Sebastian Knoppik, DPA,
Hannover (Germany) : As online shopping grows in popularity, online shoppers simply have to ensure their virtual shopping experience includes a secure payment system.
Shoppers have plenty to choose from and they all have pros and cons. Choices need to be made between security, convenience and speed.
"Convenience is the natural enemy of security," says Alex Kossel, who works for the Hannover-based magazine c't.
Hyundai Motor India hopes to log 16 percent growth
By IANS,
Chennai : The country's second largest car maker, Hyundai Motor India Ltd (HMIL), is hoping to log around 16 percent volume growth this calendar year, a company official said Thursday.
"We will match the industry's growth rate of 15-16 percent. Last year our growth rate was 20.8 percent which is due to the lower comparable base of 2008. Last year we sold around 600,000 units," HMIL Director (sales and marketing) Arvind Saxena told reporters here.
India’s growth will have global effect, says HBS
By IANS,
New Delhi : The Harvard Business School (HBS) says India's economic growth will impact the global market place and Monday announced three India-specific executive programmes.
"India's economic development will have widespread ramifications for the global economy and so it remains a fundamental part of Harvard Business School's global strategy and an exciting place to conduct new research," David Yoffie, senior associate dean of the HBS, which is part of the Harvard University said in a statement.
NTPC net profit up 5.6 percent
By IANS,
New Delhi : State-run power generation firm NTPC Ltd Wednesday reported 5.6 percent increase in its provisional net profit for 2008-09.
NTPC, formerly known as National Thermal Power Corp, posted Rs.7,827.4 crore ($1.5 billion) as profit for 2008-09, compared to Rs.7,414.8 crore the year before, the company said in a statement.
Net sales of the company rose to Rs.42,182.4 crore last fiscal from Rs.36,946.2 crore in 2007-08.
Airtel, HCL joins hands to provide broadband
By IANS
New Delhi : India's largest mobile telecom service provider Bharti Airtel has tied up with computer maker HCL Infosystems in order to scale up its broadband service in the country.
SRF revenues to shrink by up to five percent
By IANS,
New Delhi : Leading textile company SRF Ltd Sunday said its revenues would fall by three to five percent this fiscal due to the current economic downturn.
SRF, which is exporting refrigerant gases apart from textile products to countries like Dubai, Thailand and South Africa, said: "What is affecting us is the shrinking auto sales volume, not the impact on margins."
Empee lines up Rs.15-bn investment for new projects, expansion
By Venkatachari Jagannathan, IANS,
Chennai : The city-based Rs.10-billion Empee group, with business interests in liquor, sugar, hotels and real estate, is on an expansion overdrive on an outlay of Rs.15 billion.
To be funded through a mix of internal accruals and debt, the new projects are expected to treble the group size once these go on stream, senior company officials said.
UAE to get seventh international airport
By IANS,
Dubai : The United Arab Emirates (UAE) is set to have its seventh international airport with the emirate of Ajman planning a new facility spread over 60 million square feet.
The Ajman government has revealed plans of the airport, to be constructed in the Al-Manama area of Ajman, with the capacity to handle at least one million passengers per year and a minimum of 400,000 tonnes of cargo.
A presentation of the proposed Ajman International Airport was given at the court of Ajman ruler and Member of UAE's Supreme Council Sheikh Humaid Bin Rashid Al-Nuaimi.
Islamic Banks in India: issues and constraints
By Prof. M.H. Jawahirullah,
(Following is a summary of the doctoral thesis on ‘Performance Evaluation and Assessment of Service Quality in Islamic Banks: A Study with Special Reference to Bank Islam Malaysia’ by Prof. M.H. Jawahirullah, president of Tamilnadu Muslim Munnetra Kazhagam (TMMK). The thesis was declared as highly commended at the public viva-voce examination held by the University of Madras on 29th April. Prof. M.H. Jawahirullah is faculty member at the Department of Commerce, Islamiah College, Vaniyambadi)
Inflation in India touches 42-month high mark
By IRNA,
New Delhi : Inflation in India today rose to 42-month high of 7.57 per cent for the week ended April 19. It was 7.33 per cent a week ago.
According to reports received here, the rise is mainly on account of higher prices of food articles like rice, milk, tea, vegetables and some manufactured products.
During the reporting week, prices of tea shot up by 17 per cent.
The other food items like milk, rice, vegetables and mutton also became dearer.
IMF predicts ‘very difficult’ new year
Madrid, Dec 15 (DPA) International Monetary Fund (IMF) managing director Dominique Strauss-Kahn said Monday that the global economy will continue "deteriorating", predicting a "very difficult" year 2009.
The forecasts that the IMF will make public in January will be even worse than the current ones, which predict a 2.2 percent global growth next year, Strauss-Kahn said in Madrid, where he was attending a conference.
2008 was good for Indian tea, with exports rising
By Syed Zarir Hussain, IANS,
Guwahati : The beleaguered Indian tea industry is on a comeback trail after nearly a decade-long recession with exports increasing and prices firming up in the weekly auctions, officials here said Wednesday.
"The year 2008 was pretty encouraging for the Indian tea industry with exports increasing by 20 million kilogrammes from 2007 to 200 million kilogrammes," Dhiraj Kakaty, secretary of the Assam chapter of the Indian Tea Association (ITA), told IANS.
India, Brazil must work closer: Industry lobby head
By Nayanima Basu
IANS
New Delhi : India and Brazil must work closer in ensuring that the developing world is able push its demands at the World Trade Organisation (WTO), especially in ensuring that rich nations cut their farm subsidies, the chief of a leading Indo-Brazilian industry lobby has said.
Rs.27.3 mn central aid to beautify Sukhna Lake
By IANS,
Chandigarh : To improve tourism infrastructure at Sukhna Lake, the government has sanctioned Rs.27.3 million for setting up fountains, a tourism information centre and for landscaping, an official said here Tuesday.
"The ministry of tourism has given its nod to the proposal sent by the home secretary of Chandigarh, Ram Niwas, for sanctioning the funds. They have approved the central financial assistance of Rs.27.3 million (Rs.273.31 lakh) for improvement and up-gradation of the facilities at Sukhna Lake," said a spokesperson of the administration.
Pyramid Saimira chairman’s stakes go down to 17 percent
By IANS,
Chennai : The key promoter of city-based entertainment company Pyramid Saimira Theatre Limited, P.S. Saminathan has reduced his stake in the company by six percent to 17.989 percent.
In a notification to the bourses Monday, the company said Saminathan, the chairman, has sold just over 1.707 million shares (6.037 percent) Dec 20-31, 2008, for Rs.64.27 million (Rs.6.42 crore) in an off-market transaction.
US House of Representatives approves economic package
By DPA
Washington : The US House of Representatives overwhelmingly approved an emergency economic stimulus package that includes more than $146 billion in tax relief designed to encourage spending and investment.
The legislation passed 385-35 and is designed to temporarily boost the economy as it undergoes an expected slowdown this year caused by the crisis in the housing market and high energy prices.
India gets little more voting power in IMF
By Arun Kumar, IANS,
Washington : The International Monetary Fund (IMF) has won final approval from its board of governors for a reform package that gives emerging economies like India a little more say in its running.
India's share stands increased to 2.34 percent, up by a mere 0.42 percentage points, while the total voting power of developing nations goes up by just 1.6 points under the changes approved Tuesday by the board made up of finance ministers from the fund's 185 member countries.
Dubai-style island resorts planned on the Thames
By IANS,
London : Gulf property developers are planning to build luxury island resorts in England - complete with yacht marinas, theatres, an opera house and housing - along the lines of the famed artificial palm islands of Dubai, a newspaper reported.
Market slump to hit auto sector, two-wheelers may beat trend
By IANS,
Chennai : The domestic auto sector as a whole will be affected by the slowing down of the economy and stock market crash, but the two-wheeler segment may just beat the trend, say analysts.
The slowdown will affect sectors like heavy commercial vehicles, thanks to tightening of credit by lenders.
However, the two-wheeler segment in contrast is witnessing increased demand as compared to the previous year.
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.
Tata Motors sales up seven percent
By IANS,
Mumbai : Tata Motors has notched a growth of seven percent in its June sales, though its export figures dipped by 37 percent.
During the month, the company sold 47,245 vehicles, a seven percent growth compared to 44,317 vehicles sold in June 2007.
Similarly, it exported 3,431 vehicles in June this year compared to 5,482 last year, a fall of 37 percent, the company announced here Tuesday evening.
However, the cumulative sales for the company at 131,733 grew by three percent.
Madhya Pradesh gets Rs.6 bn grant
By IANS
Bhopal : Madhya Pradesh has received a central government grant of Rs.6 billion under a package of a committee set up for revival of cooperative credit societies.
"This amount is maximum given to any state in the country and it is so because recommendations of the Vaidyanathan Committee are being implemented most effectively in the state," said Madhya Pradesh Cooperatives Minister Gopal Bhargava in an official statement Friday.
Survey done for monorail project
By IANS,
Patna : An initial survey has been conducted to study the possibility of introducing monorail service in Patna, for the first in the country. It is a dream project of Railway Minister Lalu Prasad.
On the minister's directions, the consultancy arm of Indian Railways, RITES, conducted the survey, said A.K. Chandra, chief public relations officer of East Central Railway.
Chandra said the monorail will be a part of a larger railway project in Patna.
US stocks rise on banking rally
By DPA
New York : Winners outnumbered losers Tuesday on Wall Street amid a broad-based rally led by the battered banking and financial services sectors.
The rally came as two financial services companies, UBS AG and Lehman Brothers Holdings Inc, announced that they would raise a combined $19 billion in fresh capital, sparking optimism about the resolution of the now months-long crisis in credit markets.
Tuesday was the first day of the second quarter, with the session's gains partially erasing steep first-quarter losses on major US stock indices.r
Growers oppose natural rubber import duty cuts
By Lakshmi Krishnakumar, IANS,
New Delhi : Young farmers in northeast India are a concerned lot after the Delhi High Court asked the government to "consider carefully" the user industry's demand to bring down import duty on natural rubber - a move that they feel can disturb peace.
"Bringing down the import duty will adversely affect us farmers. We are small growers and not capitalists. We depend on larger inputs from a small area of cultivation," said John Millik, 26, a farmer from Karbi Anglong district of Assam.
ICICI Bank slashes home loan rates
By IANS,
Mumbai : Two days after the country's central bank lowered key rates, private lender ICICI Bank Friday cut interest rates in new home loans by 25-50 basis points.
For home loans less than Rs.2 million, the lending rate would come down to 9.75 percent from 10 percent, a bank spokesperson said.
Similarly, for loans between Rs.2-3 million, the rate has been reduced to 10 percent from 10.5 percent and for above Rs.3 million, it has been cut to 11.5 percent from 12 percent.
Late surge helps Sensex close 84 points higher
By IANS,
Mumbai : A late buying spree sent a benchmark index of Indian equities soaring in the last hour of trade Monday to close 84 points higher.
Connect rural masses to national mainstream: top banker
By IANS
Mumbai : Connecting rural masses to the national mainstream is required in order to achieve the goal of sustainable value, as the next horizon of growth is rural India, said a top banker here Tuesday.
Managing director and CEO of ICICI Bank K.V. Kamath, who is also vice-president of industry organisation Confederation of Indian Industry (CII), made this statement while addressing chief financial officers (CFO) at their fifth summit organised by CII.
News, political ads…lot in store for FM radio
By Radhika Bhirani, IANS,
New Delhi : For long private radio stations have blared out only music and other entertainment programmes, but now they will also broadcast news. This is among the many new chapters that the Rs.6.2 billion Indian radio industry will write in 2009.
"Broadcasting news would also attract a diverse listener base and FM radio will be taken even more seriously," Harrish M. Bhatia, COO, 94.3 MY FM, told IANS.
He believes the addition of news and current affairs would enhance the content of radio, "lending it credibility and authenticity".
Markets under pressure, Sensex slips 248 points
By IANS,
Mumbai : Indian equities markets were under pressure and fell sharply Monday afternoon, with a key index ruling 239 points 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 11,997.37 points, was ruling 239.66 points or 2.02 percent lower at 11,627.58 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) lost 2.37 percent from the previous close to trade at 3,534.85 points.
Hyundai seeking tax concessions in Tamil Nadu
By IANS
Chennai : India's second largest car manufacturer Hyundai Motor India Ltd. is in talks with the Tamil Nadu government for getting investment concessions.
Earlier this year, the state government announced its Ultra Mega Integrated Automobile Projects policy.
Under the policy, vehicle manufacturers investing over Rs.40 billion over a period of seven years from the date they sign a Memorandum of Understanding (MOU) with the Tamil Nadu government or any other date specified by the government are eligible for incentives.
Six core industries grew at a slow 5.2 percent in April
By IANS,
New Delhi : India's six core industries grew at a slower 5.2 percent in April compared to the previous corresponding period, according to official data released Wednesday.
Jet to cut pay, not to renew expatriate pilots’ contracts
By IANS,
New Delhi : Jet Airways chairman Naresh Goyal is slated to meet pilots and other officials Monday to discuss cost-cutting measures, including salary cut and non-renewal of contractual agreements with expatriate pilots, an airline official said Sunday.
“The Jet chief will meet pilots and other airline officials tomorrow to discuss cost-cutting measures. The decision on salary cuts will be announced after the meeting,” the Jet official told IANS requesting anonymity.
Indian economy can grow 9 percent next fiscal: Ernst and Young
By Sanjay Singh, IANS,
New Delhi : The Indian economy could grow at 9 percent next fiscal, helped by a rise in domestic demand and higher industrial output, even as high fiscal deficit remained an area of concern, said a senior analyst with Ernst and Young.
"If we have a normal monsoon next year, we can expect the economy to grow at 9 percent. We already have a good industrial production and we expect it to be higher during 2010-11," said Ashvin Parekh, national director of Ernst and Young Financial Services.
Tata, Etisalat to jointly provide communication services in UAE
By IANS,
Abu Dhabi : Indian telecom major Tata Communications has entered into a Memorandum of Understanding (MoU) with the United Arab Emirates (UAE) based telecom services provider Etisalat to provide enterprise grade network services in the UAE, WAM news agency reported Wednesday.
Under the MoU announced Tuesday, Tata Communications and Etisalat would align their respective infrastructures to offer dedicated ethernet services and a comprehensive range of network and value-added services to their customers.
Sensex slips further, down 138 points
By IANS,
Mumbai : Indian equities markets went on a correction mode within about an hour of trading Monday morning with a key index shedding 116 points from its last closing figure.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 15,153.21 points, above Friday's close of 15,103.55. About an hour later, it slipped into red to 14,965.2 points, 138.35 points or 0.92 percent lower than Friday's close.
Gov’t earmarks rls 100 billion for FTZs infrastructure
By IRNA
Tehran : The government earmarked rls 100 billion for infrastructure of Iran's Free Trade Zones (FTZs).
The allocation was made by the president's special representative for distribution and announcement of credits for the current expenses and expropriation of infrastructure for the development projects in the context of the annual budget for the 1386 (started on March 21).
Rs.10 bn investment expected from Kerala diaspora meet
By IANS,
Kochi : The two-day diaspora meet "Ente Naadu", billed as a platform for the Kerala diaspora to invest in tourism projects in the state, concluded here Wednesday with an investment of over Rs.10 billion expected to take place in the coming years, a minister said.
Over 500 non-resident Keralites (NRKs) from 42 countries took part in the two-day event.
State Minister for Tourism Kodiyeri Balakrishnan told IANS that the response was fantastic and the delegates were delighted to look into various projects showcased at the meet.
Reliance Power’s Rosa plant starts generation
By IANS,
Rosa (Shahjahanpur) : One of the four 300 MW-capacity units of a thermal power plant developed by Reliance Power here was commissioned here Monday morning.
The second 300 MW-unit will be commissioned by the end of January, and will be followed by the other two 300 MW-units by March 2012. The 1,200-MW plant at Roja, is located about 175 km from Uttar Pradesh capital Lucknow.
Badal rejects wheat MSP enhancement as ‘too meagre’
By IANS,
Chandigarh : Punjab Chief Minister Parkash Singh Badal Thursday rejected the hike of Rs.20 per quintal in the minimum support price (MSP) of wheat announced by the central government, saying it was "too meagre".
MSP for wheat was enhanced to Rs.1,100 per quintal from last year's Rs.1,080 per quintal, but according to Badal, this was "woefully inadequate and unjustified".
The Punjab chief minister said he had recently met Prime Minister Manmohan Singh and Agriculture Minister Sharad Pawar and asked for the MSP to be increased to Rs.1,400 per quintal.
Shortage of 28,000 health centres in India: Economic Survey
By IANS,
New Delhi : There has been an improvement in the health sector but India faces a shortage of over 28,000 health centres, the Economic Survey 2008-09 said Thursday.
"There is a shortage of 20,855 sub centres, 4,833 primary health centres (PHCs) and 2,525 community health centres (CHCs) as per the 2001 population norm," the survey said.
Asia-Pacific ministers warn economic crisis not over
By DPA,
Singapore : Ministers of the Asia-Pacific economies Wednesday warned that the global economic crisis was not yet over, saying the situation was still fragile despite the current upturn.
"The consensus is that this (crisis) is by no means over," said Singapore Foreign Minister George Yeo after hosting a meeting with foreign and trade ministers at the summit of the Asia-Pacific Economic Cooperation (APEC) forum.
"The upturn that we now have is a respite," Yeo said.
"The situation is still fragile, and we should still address the root causes of the problem," he added.
New high for Indian shares as Sensex crosses 16,000
Mumbai, Sep 19 (IANS) Indian shares jumped to a new high Wednesday with the key Sensex index surging past the 16,000 mark, buoyed by a positive global trend.
The 30-share benchmark sensitive index of the Bombay Stock exchange rose 429.85 points or 2.74 percent within minutes in opening trade, crossing the 16,000 mark. It hovered around 16,098.97, bettering its all time high of 15,868.85 on July 24.
It took 53 sessions for the Sensex to cross from the 15,000 mark to 16,000.
At 10.30 a.m. the Sensex was up 425.01 points or 2.71 percent at 16,094.13.
ICICI financial position sound: KV Kamath
Mumbai, Sep 30 (IANS) India's largest private sector lender ICICI Bank Tuesday denied its financial position was weak.
"These rumours are baseless and malicious. We have a strong capital position with net profit of over $10 billion and total assets over $105 billion," according to ICICI Bank CEO and managing director K.V. Kamath.
ICICI Bank UK Plc, the wholly-owned subsidiary of the bank, has zero exposure to US sub-prime credit crisis and zero non-performing loans, Kamath said in a statement.
Novartis to raise stake in Indian unit to 90 percent
By IANS,
New Delhi : Swiss drug maker Novartis Wednesday said it has made an open offer to acquire an additional stake of up to 39 percent in its Indian unit.
The company will acquire the stake from public share holders at Rs.351 per share. Tuesday's closing price for Novartis shares in India was Rs.275.60.
"Successful completion of the offer would raise the company's stake in Novartis India Ltd to nearly 90 percent from the current level of 50.9 percent," the company said in a statement.
The offer represents a total value of around Rs.440 crore ($86 million).
India leads on domestic market-led growth path: UNCTAD head
By Biswajit Choudhury,
New Delhi : India has crucially placed the domestic market as the driver of its economic development, which strategy is also a...
No work at Singur till clarity on deal: Tatas
By IANS,
Kolkata : Tata Motors Monday said it would continue to suspend work on producing little Nano at the Singur car factory as it was unsure of the project's viability and “distressed at the limited clarity" in the deal struck with protesters over the land acquired for the project.
"Tata Motors Limited is distressed at the limited clarity on the outcome of the discussions between the state government of West Bengal and the representatives of the agitators in Singur," the company said in a statement.
Markets begin day with profits
By IANS,
Mumbai : The Indian equities market continued its good run on the back of strong global cues and falling crude oil prices Thursday. Banking, capital goods, realty and telecom stocks were in demand at early trade while technology stocks were facing selling pressure.
The 30-share benchmark sensitive index of Bombay Stock Exchange (BSE) opened with a gain 140.09 points at 15,081.29 points. Ten minutes into the trade, the Sensex was trading at 15,084.66 with a gain of 142.28 points or 0.95 percent.
Pranab Mukherjee begins presenting interim budget for next fiscal
By IANS,
New Delhi : External Affairs Minister Pranab Mukherjee began presenting the interim budget for the next fiscal amid expectations that measures will be announced to cushion the impact of global meltdown on the Indian economy, and help revive consumer demand.
The exercise began with Mukherjee reading out his budget speech in the Lok Sabha, during which he will also seek an approval to finance the government's expenditure, till such time the regular budget is presented by a new government after elections, and passed by parliament.
GAIL, Apollo Tyres ink deal for steam conversion project
By IANS
New Delhi : The government-run Gas Authority of India Ltd. (GAIL) Tuesday signed a 15-year deal with Apollo Tyres for a steam conversion project based on Waste Heat Recovery system from GAIL's gas turbines.
Asean countries, neighbours vow joint efforts on financial crisis
By DPA,
Beijing : Leaders of the Association of Southeast Asian Nations (Asean) and its three neighbours have promised joint efforts to combat the global financial crisis and maintain regional economic stability.
Chinese premier Wen Jiabao chaired the meeting of leaders of the 10-member Asean plus China, Japan and South Korea, often called Asean plus three.
The 13 Asian leaders held an open discussion on "issues of common concern, especially the financial crisis and its influence on East Asia," host nation China said.
Aegis acquires AOL’s India operations
By IANS
Bangalore : Essar Group's Aegis BPO Services was acquiring city-based AOL's (American On-Line) call centre operations for an undisclosed amount, the company said here Monday.
The buyout, to be completed by April, will enable the Mumbai-based Aegis to enhance its voice and non-voice offerings in the tech support space.
"Post-acquisition, AOL's over 1,000 employees will come under our company's fold. We will provide customer service and technical support to AOL customers, worldwide," Aegis CEO Aparup Sengupta said in a statement.
Jharkhand to give 80 percent VAT relief to new industries
By IANS,
Ranchi : The Jharkhand government, which is preparing the draft of a new industrial policy, will give 80 percent Value Added Tax (VAT) relief to those setting up industries in the state while businesses promoting handloom, sericulture and khadi will be given full exemption, an
official said.
The previous industrial policy, which was formulated in 2002, lapsed in 2005.
Infosys’ Nilekani terms poll verdict ‘decisive’ Text
By IANS,
Bangalore : Infosys Technologies co-chairman Nandan M. Nilekani termed the verdict of the 15th Lok Sabha elections "decisive" Saturday and said it was a signal from people to the government to go for "bold reforms".
"It is a decisive verdict. The message from the people is that the new government should go for bold reforms," Nilekani said to a national news channel.
Counting trends available till around noon indicated that the Congress-led United Progressive Alliance (UPA) was heading for victory.
Bharti Airtel launches 4G on mobile with Apple in Bangalore
By IANS,
New Delhi : Telecom service provider Bharti Airtel along with Apple Friday launched India’s first 4G on mobile, a company statement said here...
Vegetables, pulses rise out of common man’s reach
By IANS,
New Delhi : Prices of potatoes, tomatoes and pulses in the national capital have risen to such an extent that some harried families even find meat a cheaper option.
Not just exotic broccoli and mushrooms but the relatively affordable tomatoes, onions and potatoes -- basic ingredients in most Indian meals -- are moving away from the common man's reach as prices continue to soar because of erratic and low rainfall in major pulse- and vegetable-producing states.
Sujana Metal acquires three steel units
By IANS,
Hyderabad : Sujana Metal Products Ltd (SMPL), part of Rs.30 billion Sujana Group of Companies, Friday announced the acquisition of three steel units.
The acquired units - Saritha Steels, Glade Steels and Sree Ganga Steels - are located at Visakhapatnam, Hyderabad and Chennai respectively.
Sujana Group director V.S.R. Murthy told a news conference that SMPL has invested Rs.1.8 billion for these acquisitions and also for modernisation and expansion of their capacities.
Indian equity markets continue falling
By IANS
Mumbai : Indian equity markets Monday continued their downward inclination mirroring the weak global cues and ended the day in red.
The markets started with a sharp fall and continued the downward trend, which witnessed heavy selling across key sectors in the early trade.
However, there was a smart recovery, led by PSU bank, metal, oil stocks towards the end of the day.
India to grow 8-9 percent in next two years: World Bank
By IANS,
New Delhi : India's growth rate over the next couple of years will be 8-9 percent, World Bank president Robert Zoellick said here Friday.
"India's growth rates could over the next one to two years see a return to the 8-9 percent envisaged in the country's 11th (Five-Year) Plan," said Zoellick.
The government has been pegging the economy's growth rate for this fiscal around 6.5-7 percent.
"India has emerged from the economic crisis with a clear vision of what it will take to accelerate back to earlier growth rate and beyond," said Zoellick.
Revenue collection doubles to Rs.6.7 trillion in five years
By IANS,
New Delhi : Gross revenue collection has doubled to Rs.6.7 trillion in the last five years, the government said Monday.
"This is the only government department which earns while the rest spend," Home Minister P. Chidambaram, who till recently was the finance minister, said at the foundation laying ceremony of the revenue department's headquarters in the heart of Lutyen's Delhi.
Train services, power supply disrupted in Northern India
By IANS
New Delhi : A major power outage in the northern parts of India cut electricity supplies to several states, including the national capital, and disrupted train services, before being completely restored by around 10:30 a.m. The failure was attributed to a technical snag because of dense fog.
"The problem began at 2 a.m. with intermittent power failure being reported from the northern grid," Rajeev Saxena, chief public relations officer of Northern Railways, said.
Google’s exit a plot, says China Daily
By IANS,
Beijing : Google's exit from China is a "deliberate plot", a Chinese daily said Thursday, adding that Google's services in India and some other countries were also "under scrutiny".
An article in China Daily stressed that the US company's withdrawal "from the Chinese mainland is a deliberate plot".
"Google's withdrawal is not a purely commercial act. The incident has from the beginning been implicated in Washington's political games with China."
Dhaka seeks closer economic ties with Beijing
By IANS,
Dhaka : Bangladesh hopes to attract Chinese investment in its infrastructure and manufacturing sectors and consolidate its defence ties during the visit of Chief Advisor Fakhruddin Ahmed to China that begins Monday.
Talking to Chinese state news agency Xinhua, Ahmed said he expected closer economic cooperation with China and more Chinese investment in Bangladesh.
"I hope my visit will strengthen economic cooperation in different fields and trade between the two countries, and improve and increase Chinese foreign investment in Bangladesh," Xinhua quoted Fakhruddin as saying.
Octroi tax history in Gujarat from midnight
By IANS
Ahmedabad : At the stroke of midnight Wednesday, octroi duty will stand abolished in areas under seven municipal corporations in Gujarat, which will mean a revenue loss of Rs.18 billion ($458 million) to the state exchequer.
Gujarat government has not decided on alternative sources of revenue that will make good the loss.
Ahmedabad Municipal Corporation, which is the largest of the seven corporations, will stand to lose Rs.4 billion a year. A seven-member committee formed to suggest alternative revenue sources has not submitted its report yet.
Indian giant screens for European football stadiums
By Venkatachari Jagannathan, IANS,
Chennai : An Indian company, Technology Frontiers, is entering European football stadiums with giant and small screens, breaking the hold of European and American digital screen solution outfits on the market.
The Rs.280 million ($7 million) Chennai-based company will shortly install its digital screens at four European football stadiums - two each in Romania and Poland.
Diamond dealers moving to Dubai, says report
By NNN-Bernama
Dubai : A large number of international diamond dealers, led by Indian businessmen, have begun a mass migration of their organisations from Antwerp to Dubai, Emirates Business reported.
The tax-free and friendly business environment of Dubai is credited with luring the diamond traders, it said, adding that some of them have complained of heavy taxes and alleged police raids.
The report quoted an unnamed diamond wholesaler as saying that he moved his business from Antwerp to Dubai due to the "unfriendly" environment for the diamond industry in the European city.
SBI may review rates by May-end
By IANS,
Kolkata : State Bank of India (SBI), the country's largest lender, may review rates by May-end as it has seen a steady rise in deposits last fiscal, a top official said here Friday.
"Our deposits are growing at fantastic rates; we see an excess of supply over demand," SBI chairman O.P. Bhatt told reporters on the sidelines of the inauguration of the bank's inward remittance division.
"We will see if further tweaking of deposit rates is required," he said, adding that in 2008-09 the bank increased its market share of deposits phenomenally.
Punjab, Haryana procure over 8.5 mn tonnes of paddy
By IANS,
Chandigarh: Over 8.5 million tonnes of paddy has been procured by Punjab and Haryana in the first 25 days of the procurement process, officials said here Monday.
NTPC willing to buy gas from Reliance Industries
By IANS,
New Delhi : State-run power company NTPC Ltd is willing to buy gas from the Mukesh Ambani-owned Reliance Industries Ltd (RIL) at $4.2 per million British thermal units, but with exceptions, a top official said here Tuesday.
R.S. Sharma, chairman and managing director of NTPC, formerly National Power Thermal Corp, told reporters here that the company might sign an agreement with RIL to purchase gas at the market price, but not for the plants under dispute in court.
Markets keep tumbling, low inflation number notwithstanding
By IANS,
Mumbai : Indian equities markets took a nosedive Friday around noon with a key index shedding almost two percent over its previous close Wednesday. This, despite the announcement that the annual rate of inflation dropped to 5.91 percent for the week ended Dec 27, from 6.38 percent the previous week.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was down 1.99 percent or 190.41 points to 9,396.47 points, after opening lower than Wednesday's close of 9,586.88 points.
Second stimulus package this week, says Kamal Nath
By IANS,
New Delhi : In a bid to help the economy tackle the global financial meltdown, the government is expected to come out with its second stimulus package within the next three days, commerce Minister Kamal Nath said here Wednesday.
"We are looking at financial, some liquidity issues, export, and something to stimulate demand and realty also," Kamal Nath told reporters. He also hinted at possible duty cuts for more goods to encourage demand in the economy.
Tata AutoComp GY launches inverter batteries
By IANS
Chennai : Automotive battery manufacturer Tata AutoComp GY (TAGY) Batteries Pvt Ltd Tuesday launched its inverter batteries targeting households and small shops.
An equal joint venture between Tata Autocomp Systems Ltd and GS Yuasa, Japan, TAGY is foraying into a segment dominated by unorganised players.
Addressing the media here, Rajeev Malik, head (marketing), said: "With the introduction of inverter batteries, TAGY will now address the household and small enterprise consumer market suffering from erratic power supplies."
British students learn about emerging economies in India
By IANS,
New Delhi : Enterprising British youngsters are utilising their school holidays to gain first-hand knowledge of the impact of globalisation. At least 30 are learning Indian business processes at leading multinational companies, acquiring basic knowledge of Indian culture as lodgers with Indian families and familiarising themselves with the education environment at schools in India.
Sensex closes 22 points higher in a volatile session
By IANS,
Mumbai : A benchmark index for Indian equities closed 22 points higher in volatile trade Wednesday, with negative Asian cues dampening sentiments at the markets.
Top corporate executive goes missing, search on
By IANS
Mumbai : Ashwani Kumar Bhat, president of pharmaceutical major Nicholas Piramal India Limited, has gone missing in Madhya Pradesh. Police launched a search Saturday while his abandoned car was found from Rajasthan.
Piramal group chairman Ajay Piramal said it was a matter of concern. "We are taking all steps and working in all directions to trace Bhat," Piramal told IANS late Saturday evening.
Asian markets jump after rescue plans unveiled
By DPA,
Tokyo : Asia's stock markets surged Tuesday after the governments of the world's leading industrial nations announced plans to fight the global financial crisis.
Tokyo's stocks rocketed Tuesday with the benchmark Nikkei 225 Stock Average rising 13 percent in morning trading after Wall Street's overnight surge.
After being closed for a holiday Monday, the Nikkei rose more than 1,000 points to cross the important 9,000 barrier. Other markets in Asia also posted substantial gains.
Control and Switchgear announces JV with Portuguese firm
By IANS
New Delhi : India's leading power equipment exporter Controls and Switchgear Group (C&S) and Portugal-based multinational company EFACE Group will jointly manufacture medium voltage switchgear in India.
The two companies have set up a joint venture (JV) to manage this business.
"C&S and EFACE are pleased to announce the formation of a JV," R.N. Khanna, chairman of C&S Group told reporters here Thursday.
"The JV will set up its manufacturing facility at Noida, Uttar Pradesh with an initial investment of Rs.350 million ($8.9 million)," said Khanna.
Kerala sees supply crunch on third day of oil strike
By IANS,
Thiruvananthapuram : With the officials of public sector oil firms starting the third day of their strike for higher wages, Kerala Friday saw a supply crunch as long winding queues were seen in a few petrol pumps while many went dry.
"Close to 80 percent of the nearly 2,000 petrol pumps in the state are dry," president of Kerala State Federation of Petroleum Traders Alex Valakalil told IANS.
He said the fuel available in a few petrol pumps would be over by noon Friday.
Wipro seeks 50 acres near Bangalore airport for IT park
By IANS,
Bangalore : Global software major Wipro has applied for 50 acres of land near the Bangalore international airport for setting up an IT park, an official said Friday.
"Wipro has applied for 50 acres of land in the new industrial belt coming up near the new airport. The state high-level committee will consider it soon," state principal industry secretary V.P. Baligar told reporters here.
IMF lowers India growth projection for 2009 to 6.3 percent
By Arun Kumar,IANS,
Washington : India's growth is likely to slow down to 6.3 percent in 2009 with the International Monetary Fund (IMF) forecasting growth contraction in advanced economies and an appreciably slower growth in emerging economies.
The latest IMF forecast for world economic growth, released ahead of next week's G20 summit here on global financial crisis has cut world growth by 0.75 percentage point to 2.2 percent with output in advanced economies forecast to contract on a full-year basis for the first time since World War II.
India to showcase its products in Saudi Arabia
Riyadh : India will organise a multi-product Indian catalogue exhibition in a Saudi Arabian city to boost Indian businesses in various sectors in the...
No solution to Singur impasse in sight
By IANS,
Kolkata : Nineteen days have passed since Tata Motors suspended work at its Nano plant at Singur in West Bengal but no solution to the deadlock seems in sight.
Operations were suspended Sep 2 following an indefinite siege that was kicked off Aug 24 by the opposition Trinamool Congress party in front of the factory gate at Singur, about 40 kilometres from Kolkata.
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.
Tata Steel studying impact of inflation on projects
By IANS,
Kolkata : Tata Steel is studying how spiralling construction material prices are impacting its proposed steel projects, a top company official said here Wednesday.
"We have just started studying the impact of inflation on all our new projects," chief operating officer H.M. Nerurkar said:
"Steel manufacturing costs have risen by $250 a tonne, which is not being realised from the domestic market yet," he added.
The steel major has already started preliminary work at its projects in Orissa, Chhattisgarh and Jharkhand.
Sterlite bags contracts worth Rs.600 crore
By IANS,
New Delhi : Optical fibre cable maker Sterlite Technologies Tuesday said it has bagged contracts worth Rs.600 crore ($130 million) in India and Africa.
In a regulatory statement, the company said it received contracts for its telecom and power products.
Following the announcement, the company's scrip hit a 52-week high at Rs.334.90 on the Bombay Stock Exchange during the day, but settled lower at Rs.328, up 5 percent over its previous close.
Computer sales in India up 24 percent in July-September quarter
By IANS,
New Delhi : In another sign of recovery in Indian industry, the sales of personal computers in the country were up 24 percent in the quarter ended Sep 30 and touched 2.19 million units, according to leading market research firm IDC.
"The July-September quarter experienced strong boost from new found consumer confidence that reflected in increased demand during the festive season," said Kapil Dev Singh, country manager of IDC India.
US stocks rise amid shaky US car sales
By DPA,
New York : Major US stock indices gained Tuesday after automakers reported steep declines in monthly US sales that were still less severe than expected.
June sales slid 19 percent from the year-earlier period at General Motors, largest US-based automaker, but the drop was less than feared, and GM shares rose to a two-week high.
Ford Motor Company reported an even steeper decline of 28 percent, while Toyota saw sales fall 21 percent. All blamed surging petrol prices for the downturn.
India, Russia re-negotiating aircraft carrier cost
By IANS,
New Delhi : India and Russia are re-negotiating the cost of the aircraft carrier Admiral Gorshkov amidst reports that Moscow has demanded an additional $2 billion over and above the $1.5 billion that the ship has been contracted.
"The negotiations are on. It would be hard to say when they will be concluded," a defence ministry official said, speaking on condition of anonymity.
He also discounted suggestions that the Russians were arm-twisting India into paying the additional cost, which was initially placed at $1.2 billion.
Indian shares log second-steepest fall on US cues
By IANS
Mumbai : With no respite from worrying news from the US, Indian shares crashed Monday in tune with the global market bloodbath, resulting in a key index registering its second-steepest fall till date.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 15,326.93 points and notched a high of 15,326.93 before closing at 14,809.49 points to log a loss of 951.03 points, or 6.03 percent, at the day's close.
It was the steepest fall for the Sensex - now at the lowest level since Aug 24, last year - after the 1,408-point drop on Jan 21.
D Subba Rao to be next RBI governor
By IANS,
New Delhi : Finance Secretary D. Subba Rao will take charge Sep 5 as the next Reserve Bank of India Governor, Finance Minister...
Call for strike at Haldia Petrochemicals withdrawn
By IANS
Kolkata : The Centre of Indian Trade Unions (CITU) has withdrawn its call for a 24-hour strike April 8 at Haldia Petrochemicals, West Bengal's largest petrochemical hub. The CITU is the state labour arm of the Communist Party of India-Marxist (CPI-M).
The call for the strike was given Tuesday to press demand for permanent employment for 183 out of 1,500 casual workers. Since its inception in 2001, the $1.2 billion investment jewel of the state has not witnessed a strike.
International law firm sets up India office in Singapore
By Nirmala George, IANS,
Singapore : With foreign law firms unable to set up shop in India, an international law firm has established an office of lawyers in Singapore to focus primarily on capital market transactions in the Indian market.
The Britain-based law firm, Clifford Chance, which works closely with numerous Indian law firms, has set up the office in Singapore due to the extensive business ties that the city-state shares with companies in India.
Indian candy brand Sweet World to open 100 new outlets
By Shweta Thakur, IANS
New Delhi : Riding high on its sweet success, Mumbai-based candy store chain Sweet World is set to invest at least Rs.48 million in the domestic market and open 100 new stores across the country by the end of 2008.
Sweet World, one of the pioneers of the international concept of pick-and-mix candies in India, is a market leader with 40 stores across the country.
Rupee fall, foreign fund outflows depress equity markets
Mumbai : Rupee depreciation, foreign fund outflows and lower global crude oil prices depressed the Indian equity markets on Tuesday.
The two key indices of...
Wall Street continues to shed value on US bailout uncertainty
By DPA,
Washington : US stocks dropped by more than one per cent, in the worst two-day slump in six years on concern that Congress would not act fast enough to adopt the government's $700-billion bank rescue plan that the central bank head says is direly needed to avoid a recession.
Hardest hit companies included General Motors Corp., department store chain Dillard's Inc. and Regions Financial Corp., which tumbled more than seven percent. Members of the Senate banking committee Tuesday were sceptical over US Treasury Secretary Henry Paulson's plan.
Reliance slashes roaming rates by 70 percent
By IANS
New Delhi : Reliance Communications (RCOM) Tuesday announced 70 percent reduction of roaming rates for its mobile subscribers.
Special economic zones secured Rs.657 bn investment
By IANS
New Delhi : Investments of Rs.673 billion ($16 billion) have been made in the newly notified special economic zones (SEZs), which provide jobs to 61,015 people, Minister of State for Commerce Jairam Ramesh told parliament Wednesday.
"As per studies, indirect employment is estimated to be two-three times of the direct employment," he told the Rajya Sabha, the upper house, adding out of the 439 proposals that were formally approved, 150 were for labour intensive areas.
Siemens operating profit up 125 percent
By IANS,
Mumbai : Industry and infrastructure solutions provider Siemens Friday reported a 125 percent rise in operating profits at Rs.342 crore for the quarter ended Dec 31, 2009 compared to Rs.152 crore in the like period last fiscal.
The company's accounting period is October-September.
New orders during the period under review rose 161 percent to Rs.5,168 crore while net sales increased 13 percent to Rs.1,834 crore.
HT Media forms joint venture with UK firm
By IANS,
New Delhi : HT Media Ltd Friday announced the creation of a new joint venture company for mobile marketing in collaboration with Velti Plc, a Britain-based provider of software platforms, applications and services.
Velti provides its services and products to advertising agencies, mobile operators and media companies.
Firefly e-Ventures will also have a stake in the joint venture, which will use Velti's mobile marketing platform (MMP) to execute mobile marketing and advertising activity to target the rapidly expanding population of mobile users in India.
Go for gas pipeline and now, Iran tells India
By IANS,
Tehran : Iranian President Mahmoud Ahmadinejad has asked India to go for the proposed gas pipeline involving Tehran, New Delhi and Islamabad "as soon as possible".
The president made the observations while talking to India's National Security Adviser M.K. Narayanan here Tuesday, Iranian news agency IRNA reported.
Ahmadinejad said: "Iran insists the gas pipeline be laid among the three countries as this will be to the benefit of (the) regional nations.
Difficult to do business in India: Vodafone India
New Delhi : The Indian chief executive of a leading global telecom service provider has said it was difficult for foreign companies to do...
‘India’s renewable energy capacity to grow eight-fold’
By IANS
New Delhi : India's renewable energy capacity will grow eight-fold to touch 80,000 MW by 2032 and will account for 10 percent of the country's total electricity generation capacity, Renewable Energy Minister Vilas Muttemwar said Thursday.
"We are working for facilitating the implementation of a broad spectrum programme covering the entire range of new and renewable sources," the minister said in a paper submitted at a seminar on renewable energy organised by PHD Chamber of Commerce and Industry here.
Piramal Healthcare net up 45 percent
By IANS,
Mumbai : Piramal Healthcare's net profit in the first quarter this fiscal has risen 45.5 percent to Rs.74 crore, compared to the Rs.51 crore notched up in the corresponding period last year.
The total income increased 16.4 percent to Rs.569.76 crore from Rs.489 crore earned in the year-ago period, the company said in a regulatory statement Wednesday.
The group's consolidated profit rose 25 percent to Rs.85 crore for the quarter under review, as against Rs.68 crore posted in the like period a year ago.
Climate friendly policies pay off: Study
By IANS,
New Delhi : Climate-friendly policies not only reduce greenhouse gas emissions and bring environmental benefits, they also boost and diversify the economy, reveals a recent study analysing some 100 climate policies of G20 countries.
Carried out by think tanks Ecofys and Germanwatch for global NGOs WWF and E3G, the study evaluates climate policies of countries accounting for around three-quarters of global greenhouse gas emissions, identifying best and worst examples and lessons learned.
Modern slavery: Adivasi labourers in Gujarat’s sugarcane fields
Every year more than two lakh Adivasis from the Maharashtra-Gujarat border region immigrate to work in sugar mills as sugarcane harvesters—but without any...
New Zealand to investigate oil companies
By DPA,
Wellington : The New Zealand government has launched an investigation into petrol pump prices to see whether oil companies are operating an illegal anti-competitive cartel, Commerce Minister Lianne Dalziel said Monday.
But Dalziel warned drivers, angry at two big increases last week, that the country had the fifth lowest pump prices in the 30-member Organization for Economic Cooperation and Development (OECD) and urged them to be realistic about the outcome of the inquiry.
US stocks fall over concerns of deepening recession
By DPA,
Washington : US stocks dropped Monday after US banking giant Citigroup announced a massive job cut, extending a steady decline over the last two weeks amid concerns of a deepening recession.
Citigroup said Monday that it was eliminating about 53,000 jobs from its international workforce and cutting costs by 20 percent after suffering huge losses in the global financial crisis.
Indian economy performed best but concerns remain: PM
By IANS,
New Delhi : Even as high inflation remains a major concern, India's economic performance has been the best in the world and every effort will be made to step up growth and tame rising prices, Prime Minister Manmohan Singh said Tuesday.
"In the current financial year, the economy is expected to grow at 8.5 percent," he said, while releasing a 68-page report card on the first year of the United Progressive Alliance (UPA) government's second tenure.
Tata Steel to spend Rs.2,000 crore on environment in Chhattisgarh
By IANS,
Raipur : India's largest private sector steel maker, Tata Steel, will invest Rs.2,000 crore on environment conservation at its Rs.19,500-crore plant coming up in Chhattisgarh's militancy-hit Bastar district.
"Tata Steel officials made a presentation at a public hearing on Monday for environmental clearance and committed to invest Rs.2,000 crore on environment conservation," Bastar district collector M.S. Paraste, who presided over the meeting, told IANS.
Kingfisher flights axed due to engineers strike
By IANS,
Mumbai : Kingfisher Airlines faced fresh turbulence with about two dozen flights being cancelled following a strike by maintenance engineers, an airport official said Monday.
Foreign trade policy to cut duties, generate employment
By IANS
New Delhi : The annual review of the foreign trade policy (FTP) for 2008-09 would seek to further reduce import duties on essential items and generate employment, Commerce and Industry Minister Kamal Nath said Monday.
"We are looking at sectors (in the FTP) where there can be a quantum jump. The FTP would also seek to generate employment," Kamal Nath said on the sidelines of a book launch here.
India may soon fix gold prices for global market
By IANS,
Mumbai : India, one of the leading gold consumers in the world, may soon manage to move from being a mere "price taker" to a "price maker" in the world of royal metal.
Tired of the wild fluctuations of gold price in the London Bullion Market and its impact on Indian market, Bombay Bullion Association (BBA), in collaboration with Bombay Stock Exchange (BSE), National Multi-Commodity Exchange (NMCE), IT People (India) Ltd and Reliance Money Ltd, has decided to set up its own trading platform for gold.
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.
Regulator eases solvency norms for life insurers
By IANS,
Chennai : India's insurance watchdog Friday offered life insurers, and more particularly the private life insurers, a mega New Year gift by easing solvency norms for the third time in recent days.
Solvency margin is the excess of assets that a life insurer has to maintain over its liabilities.
With capital becoming scarce, the latest move by the Insurance Regulatory and Development Authority (IRDA) will help insurers to conserve precious cash.
ADB-funded USD 800 million paln for Indian Railways under consideration
By NNN-PTI
New Delhi : Indian Railways, one of the largest rail networks in the world, is likely to become even larger as the country is considering an ambitious programme of around 800 million dollar, to be co-funded by the multilateral agency, Asian Development Bank (ADB).
The Railway Investment Programme, to be funded by the Japan Special Fund, ADB and India, will include doubling of the existing tracks on critical routes traversing the states of Maharashtra, Karnataka, Andhra Pradesh, Orissa and Chhattisgarh.
Nine new trains for Tamil Nadu
By IANS,
New Delhi : Tamil Nadu gets nine new trains out of the 72 announced by Railway Minister Mallikarjun Kharge in the interim budget...
Wal-Mart finally enters India riding on Bharti
By IANS
New Delhi : Wal-Mart, the world's largest retailer with presence in 13 countries, is finally entering India but only as a wholesaler.
India's Bharti Enterprises, that has interests from telecom to retail, and Wal-Mart Stores, Inc. Monday announced the establishment of their joint venture Bharti Wal-Mart Private Ltd. for wholesale cash-and-carry and back-end supply chain management operations in India.
Chennai arrest report ‘inaccurate’: QuestNet India says
By IANS,
Kuala Lumpur : The Quest India Group of Companies has termed as 'inaccurate' reports from Chennai about the arrest of one of its woman employee and seizure of goods.
A lawyer for the firm said the group would fully cooperate with the authorities in resolving any issues, The Star newspaper said Wednesday.
Muhammad Shafee Abdullah, whose legal firm is acting on behalf of QI Group of Companies, issued a statement here Tuesday saying the products seized from QuestNet India's office in Chennai were for distribution.
India ratifies anti-terror treaty with Cyprus
By IANS
New Delhi : The Union cabinet Monday ratified an anti-terror treaty with Cyprus besides approving some changes in an air service agreement with Jordan.
Prime Minister Manmohan Singh headed the cabinet meeting, said an official spokesperson.
The ex-post facto approval that the cabinet gave to the anti-terror treaty with Cyprus related to cooperation on combating international terrorism, organised crime and illicit drug trafficking.
India’s forex reserves decline by $1.02 bn
By IANS,
Mumbai: India's foreign exchange (forex) reserves decreased by $1.02 billion to $293.51 billion for the week ended Feb 15, according to data released by the central bank.
Andhra Pradesh to sign public transport deal with US
By IANS,
Hyderabad : The Federal Transit Administration (FTA) of the US will soon sign a memorandum of cooperation (MoC) with the Andhra Pradesh government for strengthening the public transport system in Hyderabad and other major cities in the state.
Under the agreement, the FTA will share its knowledge in public transportation science and technologies with the state government, FTA administrator James S. Simpson said here Saturday after his talks with transport and civic officials of the city.
The FTA has already signed an MoC with the union ministry of urban development.
Talks on Iran-Pakistan-India gas pipeline project by month end
By NNN-PTI
Coimbatore : India and Pakistan are likely to resolve the contentious issue of transit fee for the India- Pakistan-Iran gas pipeline during the ministerial level talks by this month end or early next month, Petroleum Secretary M S Srinivasan said Saturday.
"All the major issues have been resolved. Only fixing of transit fee remains to be solved," Srinivasan told a press conference here.
Air India, Kingfisher airlines aircraft in near collision at Mumbai airport
By IANS,
Mumbai : Nearly 244 passengers had a miraculous escape when two aircraft came face to face on the taxi way at Chhatrapati Shivaji International Airport late Thursday night, an airport official said.
A kingfisher airlines aircraft with 117 people on board was about to take off when an Air India Nagpur-Mumbai flight with 127 passengers landed and was speeding on the same runway.
However, since the distance between the two aircraft was considerable, both managed to stop and a potential disaster was averted.
No further details of the incident were immediately available.
Funds for minority welfare up by 74 percent
By IANS,
New Delhi : The budget has increased the outlay for the minority affairs ministry from Rs.1,000 crore last fiscal to Rs.1,740 crore with a focus on educational schemes.
The funds have been hiked to implement projects for the welfare of the minorities, Finance Minister Pranab Mukherjee announced while presenting the union budget Monday.
"The plan outlay for the Ministry of Minority Affairs has been enhanced from Rs.1,000 crore in 2008-09 to Rs.1,740 crore for 2009-10, registering an increase of 74 percent," he said.