Pakistan accepts IMF conditions for financial aid: report
By Xinhua,
Islamabad : Pakistan has accepted most of the conditions of the International Monetary Fund (IMF) for aid to overcome its balance of payment crisis.
The IMF had proposed 16 conditions for financial assistance to Pakistan during the talks in Dubai last month, and "11 of them have been accepted with slight changes," The News daily Sunday quoted a finance official as saying.
Is income tax holiday over for natural gas?
By IANS
New Delhi : Is the finance ministry withdrawing the existing seven-year income tax holiday in exploration and production of natural gas? The ministry of petroleum and natural gas wants to know.
The national budget for 2008-09 says the income tax holiday will continue for 'mineral oil', referring to crude oil. There is no reference to natural gas in the relevant document.
Luxury car maker considers moving out of Britain
By IANS,
London : Luxury car firm Lotus is considering to move its car production out of Britain, a step that could threaten 1,200 new British jobs.
Reliance windfall enthuses Maharashtra strawberry farmers
By Shyam Pandharipande, IANS
Pune : It's boom time for strawberry cultivators in western Maharashtra - a bumper harvest and the entry of Reliance in the market with a promise to buy the fruit in bulk at high rates till the season's end.
Strawberry cultivators in Mahabaleshwar, Pachgani and Wai areas in Satara district of Maharashtra have been assured by a cooperative society in Bhilar near Mahabaleshwar that it would buy the fruit from them at a sustained rate till end March, sources said.
Sistema Shyam launches mobile phone services in Tamil Nadu
By IANS,
Chennai : Sistema Shyam Teleservices, the joint venture between India's Shyam group and Russian telecom major Sistema SSA, Thursday launched its CDMA technology-based mobile services in 373 towns of Tamil Nadu.
With an overall investment of $5.5 billion, the company will also move to Kerala by March 30, company president Vsevolod Rozanov told reporters here.
Referring to the Russian government's recent offer to buy about 20 percent stake in his company, Rozanov said: "We are still in discussions. The structure of the deal is still to be worked out."
No new taxes in Jharkhand budget
By IANS
Ranchi : The Jharkhand government has not slapped any new taxes in the Rs.18,989.72-rore (Rs.189.89 billion) budget for 2008-09, which focuses on social sectors.
The budget presented by Finance Minister Stephen Marandi has allocated Rs.9,366.78 crore (Rs.93.66 billion) for non-plan expenditure and the rest for plan expenditure.
The state will generate Rs.8,448.33 crore (Rs.84.48 billion) from its own resources, get Rs.7,333.76 crore (Rs.73.33 billion) as the state's share in central taxes, and the balance will be generated through borrowings.
Range bound Indian equities struggle to stay afloat
By IANS,
Mumbai : With positive cues from their Asian peers, Indian equities opened on a positive note during the penultimate trading week for 2009 beginning Monday, but struggled to remain in the green amid high volatility.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at 10,102.42 points, against Friday's close at 10,099.91 points, but immediately dropped to the negative territory at 10,070.56 points.
Village job scheme to be merged into national employment programme
By IANS
New Delhi : The Indian government has asked the states to merge by the end of the month a six-year-old village job scheme in those districts where the flagship National Rural Employment Guarantee Act (NREGA) scheme is being implemented.
In a letter, the rural development ministry that is guiding the programme said the funds allocated for the Sampoorna Grameen Rozgar Yojana (SGRY) should be immediately transferred to the account created for NREGA works, an official statement said Monday.
Power Grid Corp net up 16.7 percent
By IANS,
Mumbai : Public sector electricity major Power Grid Corp of India Tuesday reported a net profit of Rs.1,690.6 crore for 2008-09 as against Rs.1,448.5 crore recorded the year before, an increase of 16.7 percent.
The company is involved in construction, operation and maintenance of inter-state transmission system and regional power grids.
Power Grid Corp said in a statement that its turnover rose 38.3 percent last fiscal to Rs.7,028.5 crore from Rs.5,081.5 crore in 2007-08.
The company has declared a dividend of 70 paise per equity share of Rs.10.
Markets rise during mid-day trade
By IANS,
Mumbai : Indian equities markets, which opened weak Tuesday, rose during mid-day trading even as rumours built up that the government would reduce fuel prices as early as Thursday.
A key index gained 0.49 percent over Monday's close just before noon but trade remained volatile and analysts expected it to be range bound.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was up 44.77 points or 0.49 percent points little before noon Tuesday and was trading at 9,154.82 points.
The Sensex opened at 9,042.36 Tuesday, lower than its previous close of 9,110.05.
Dismal start to trading week, Sensex dives 3.2 percent
By IANS,
Mumbai : Indian equities markets pulled down shutters in the red Monday as investors started offloading stocks both in Indian and global markets alike. A key index ended trade 3.2 percent below its previous close.
The 30-scrip Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,762.88 points, closed at 8,607.08 points, down 3.2 percent or 284.53 points from Friday's close.
The S&P CNX Nifty of the National Stock Exchange (NSE) was at 2,674.6 points, 3.22 percent lower than its last close of 2,763.65 points.
SIDBI, Bahrain Development Bank ink deal to help small businesses
By IANS,
New Delhi : The government-run Small Industries Development Bank of India (SIDBI) Wednesday signed an agreement with Bahrain Development Bank (BDB) to assist...
Oudh Sugar posts Rs.8.67 crore net profit
By IANS,
Kolkata : K.K. Birla Group company Oudh Sugar Mills Limited's (OSML) profit after tax was Rs.8.67 crore (Rs.86.7 million) for the quarter ended Dec 31, 2009 as against Rs.15.21 crore achieved during the corresponding quarter last fiscal (2008-09).
Markets end in red amid volatility
By IANS
Mumbai : The Indian capital markets opened on a strong note Thursday with the Nifty notching an all time high of 6,000 points, reacting to 25 basis points rate cut by US Federal Reserve, but ending in the red.
The sensitive index of the Bombay Stock Exchange (BSE) closed at 19,724 points, down by 113.64 points or 0.57 percent. The broader S&P CNX Nifty also ended in the red by losing 34.20 points or 0.58 percent and closed at 5,866.
Mobile marketing set to explode in India
By Arjun Sen, IANS,
New Delhi : With a 300-million mobile subscriber base and 100 million additions a year, India is set to see a mobile marketing explosion, experts say.
"The mobile phone will revolutionise business in India," M.V. Kamath, managing director and chief executive officer of ICICI Bank, India's largest private lender, told IANS.
ICICI Bank has already begun to drive growth in a big way through the mobile route.
Kamath, however, was referring not only to the direct reach that cell phones provide but also to how they can help businesses cut costs and hike efficiency.
Indian power company to be year’s biggest Aim float
By IANS,
London : An Indian power project development company has announced plans to raise up to $500 million after a dual-listing on Aim and the Channel Islands Stock Exchange, making it the biggest float on Aim so far this year.
Aim is the London Stock Exchange's international market for smaller growing companies.
Dealings in KSK Emerging Energy Fund Limited (KEF), a subsidiary of KSK Power Ventur, are expected to begin early June.
The Fund will be headed by non-executive director Tanmay Das, while Scott Bayman, a director of KSK, will also be a director of the Fund.
Planning fuel imports to cut costs: Mallya
By IANS,
Mumbai : Cash-strapped Kingfisher Airlines chairman Vijay Mallya Tuesday said they were planning to directly import jet fuel to cut costs.
Microsoft withdraws offer for Yahoo
By DPA,
New York : Software giant Microsoft said it has withdrawn its offer for Yahoo after its higher offer failed to move the internet company.
The collapse of talks between the companies ended Microsoft's hopes of buying the web portal to stiffen its competition with Google for internet advertising and software.
Microsoft had raised its bid for Yahoo to $44.6 billion, or $33 per share, as negotiations between the firms intensified over the weekend, but the increase had failed to win over Yahoo executives who had insisted on a higher price of $37 per share.
Profit booking pushes Sensex down 0.59 percent
By IANS,
Mumbai : Profit booking pushed a key Indian equity index down 0.59 percent Tuesday even as global markets remained firm.
The 30-scrip sensitive index, Sensex, of the Bombay Stock Exchange (BSE), which opened at 17,196.8 points, closed at 17,223.01 points, down 0.59 percent or 103 points over Saturday's close at 17,326.01 points.
The S&P CNX Nifty of the National Stock Exchange (NSE) too closed in the red at 5,114.45 points, down 0.53 percent.
Sensex slips from day’s high, up 94 points
By IANS,
Mumbai : A key index of the Indian equities markets ended trade Friday 94 points higher than its previous close. Till about 30 minutes before shutting shop, it was ruling more than 200 points above Thursday's closing figure.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,040.24 points, ended at 15,103.55 points - 94.87 points or 0.63 percent above its last close.
The S&P CNX Nifty of the National Stock Exchange (NSE) closed at 4,586.9 points, a marginal gain of 0.31 percent.
‘Economy will grow at eight percent this fiscal’
By IANS,
Chennai : The Indian economy is expected to grow at eight percent this fiscal, and inflation would moderate in a year's time, said a top government official here Thursday.
"The inflation rate in a year's time will be in the range of five-six percent and the interest rates will be at seven-eight percent levels," said Arvind Virmani, chief economic advisor to the finance ministry.
US tissue firm offers $10,000 for hanging out at restrooms
By IANS,
New York : A major US toilet tissue company is offering a $10,000 pay to five enthusiastic people willing to hang out at its Times Square restrooms for six weeks as its ambassadors during the holiday season.
The "Charmin Ambassadors" are part of the company's effort to promote the brand through blogging and other social media outlets, the company said as it began auditioning people for the six-week gig at the Hilton Hotel.
The selected "ambassadors" will interact with people and showcase latest news and developments from the toilet paper manufacturer.
Promoters raise stake in Tube Investments
By IANS,
Chennai : Promoters of the city-based Murugappa Group have increased their stake in their flagship company, the Rs.17.62-billion Tube Investments of India Ltd (TI), to a controlling 51.64 percent.
The recently de-listed group outfit Parry Agro Industries also acquired TI shares in the open market to take its stake to 34.67 percent.
Behave responsibly, irate Somnath urges noisy opposition
By IANS
New Delhi : "Is this the concern the house is showing for the farmers?" an irate Lok Sabha Speaker Somnath Chaterjee was moved to remark when the opposition interrupted Finance Minister P. Chidambaram as he announced a loan waiver for farmers while presenting his union budget Friday.
Urging maturity on the part of MPs, Chaterjee said: "This cannot be allowed. This is not responsible behaviour."
Pulling up one of the MPs, he said: "Professor ho ke aisa kam karte ho (Being a professor, why are you behaving like this?"
CyberMedia acquires US-based TDA Group
By IANS
Mumbai : Speciality media house CyberMedia India Ltd Thursday announced that it has acquired all assets of California based marketing communications company and publishing firm TDA Group Inc.
The company informed the Bombay Stock Exchange (BSE) that the move is in synchronisation with its strategic plan to expand the service base.
India can sustain 8 percent growth: PM
By IANS,
New Delhi : India can sustain eight percent growth, Prime Minister Manmohan Singh said here Friday, while expressing confidence that "India can and will survive the global economic crisis".
Speaking at the HT Leadership Summit, the prime minister also talked about the political situation in the country, and said: "Extremist ideologies, political or economic, are harmful."
Manmohan Singh had earlier said that India will be a land of free, knowledge-empowered people. He congratulated the country's scientists who had put the first Indian probe on the moon earlier this month.
Markets take a breather, Sensex still above 18,000
By IANS,
Mumbai : Indian equities markets Tuesday took a breather after rising substantially in the previous sessions, but a key index managed to hold on to the 18,000-level.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,149.9 points, closed at 18,114.83 points, 33.62 points or 0.19 percent up from its previous close at 18,081.21 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended 0.15 percent up at 5,439.55 points.
Despite NSG waiver, equity markets go down
By IANS,
Mumbai : The Indian equity markets had a mixed week as the key indices surged on the first day of trading, thanks to the Nuclear Suppliers' Group (NSG) giving a waiver to India, but then went down in the remaining four seasons due to weak global markets.
The 45-nation NSG Sep 6 lifted a 34-year-old embargo on nuclear trade with India.
Inflation based on the wholesale moderated to 12.1 percent for the week ended Aug 30, compared to 12.34 percent for the week before.
Gujarat Ambuja’s maize processing plant begins production
By IANS
Ahmedabad : Gujarat Ambuja Exports Limited (GAEL), in which George Soros Quantum Fund has a 5.8 percent stake, announced here Monday that its maize processing plant in Uttarakhand has begun commercial production.
With the commissioning of the plant, GAEL has emerged as the second largest manufacturer of maize based products and derivatives, the company said in a statement.
The installation of state of the art effluent treatment equipment in the plant makes GAEL eligible for carbon credits that are expected to generate additional revenues from the project.
Sensex recovering after central bank action led drop
By IANS,
Mumbai : Traders seemed to ease the pressure on the selling pedal at the Indian equities markets Friday with a benchmark index paring some of the losses in the afternoon although it continued to rule about 62 points in the red.
Around 1.34 p.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,253.82 points, was at 16,244.46 points, down 62.41 points or 0.38 percent from its previous close at 16,289.82 points.
L&T Infotech partners Micro Focus for centre of excellence
By IANS,
Mumbai : L&T Infotech, the IT services arm of engineering and construction giant Larsen and Toubro, Monday said it has partnered with Micro Focus of Britain to set up a centre of excellence here.
Micro Focus provides companies with solutions to improve their businesses.
The centre of excellence is expected to help L&T Infotech expand and accelerate the delivery of products and solutions to its customers globally, the company said in a statement.
Asia-Pacific stocks surge for third day
By DPA,
Tokyo : Markets across the Asia-Pacific Thursday saw the roller-coaster ride they have been taking in recent weeks make an upward surge with key markets jumping more than 10 percent on news of an interest rate cut by the US Federal Reserve.
Japan's benchmark Nikkei 225 Stock Average ended trading up nearly 10 percent after the US central bank's rate cut as well as boosted profit prospects for Japan's exporters as the yen weakened against the dollar.
Small airports can help turnaround aviation industry: KPMG
By IANS,
New Delhi : Currently non-operational and low cost airports, if activated, can help turnaround the Indian aviation industry despite the global economic crisis, says a report released Thursday by global consultancy giant KPMG.
Emphasising the need for more investment in such airports, the report said these airports have the potential to provide the next step for growth of the Indian aviation industry.
India-Malaysia bilateral trade to reach $16 bn by 2012
By IANS,
Kolkata : Total bilateral trade between India and Malaysia stood at $4.09 billion from January to May this year against $2.94 billion in the same period last year. The amount is expected to go up to $16 billion by 2012, according to Malaysian High Commissioner to India Ten Seng Sung.
India now imports crude petroleum, palm oil, electrical and electronic products from Malaysia and exports chemicals and chemical products, live animals and refined petroleum products, Sung said after a meeting with West Bengal Chief Minister Buddhadeb Bhattacharjee.
Indian equities open strong on positive policy signals
By IANS,
Mumbai : Indian equities opened strong Tuesday on top of a strong rally the previous day as investors' sentiments were boosted by interventions from financial sector regulators and pep talks by policy makers.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 11,806.62 points some 30 minutes into trading, with a gain of 497.53 points, or 4.40 percent, over the previous close at 11,309.09 points.
The barometer index had opened strong at 11,781.43 points.
Financial crunch hurting British NRIs
By Kul Bhushan, IANS,
The global financial crisis in Britain is hurting most NRIs but helping the super rich. The rise in inflation following the oil price rise of the last few months has increased grocery bills of most working and middle class Indians, as for everyone else. Coupled with the rise in fuel costs, resulting in higher prices for most goods with a high transportation element, the effect has been devastating.
High food prices make oil sheikhs turn to farming
By Anne-Beatrice Clasmann, DPA,
Istanbul : You cannot eat petrodollars, which is an inconvenient truth for people in the oil-rich Gulf Arab monarchies these days.
Though state coffers bulge in Saudi Arabia, Abu Dhabi, Qatar, and other countries in the region after months of sky-high oil prices, soaring food prices have made many people there poorer than a year ago.
These desert nations have been hit especially hard because they have to import more than 80 percent of the food needed for their rapidly growing populations.
Sun TV launches two more FM stations
By IANS,
Chennai : Launching two more FM radio stations at Gulbarga and Asansol under S-FM brand, the Chennai-based Sun TV Network Ltd has increased its number of FM stations to 40.
In a filing with the National Stock Exchange Tuesday, Sun TV Network said the two stations were launched by the company's subsidiaries Kal Radio Ltd and South Asia FM Ltd respectively. They would cater to all age groups.
With the launch of the Gulbarga station in Karnataka, Kal Radio completes the launch of all its radio stations for which it has licenses.
Sacked Jet employees hold demonstration at Delhi airport
By IANS,
New Delhi : Dozens of Jet Airways employees, who were sacked by the airline, held a demonstration at the Indira Gandhi International Airport here Thursday.
"We are jobless. This is a wrong practice and shows the high-handedness of our employer," said an agitated employee, who joined the demonstration at the domestic 1B terminal at the airport.
India’s wheat yield stagnant due to global warming: minister
By IANS,
New Delhi : India's wheat production has stagnated in the last 10-15 years and scientists have told the government this is due to climate change, Minister of State for Power Jairam Ramesh said here Wednesday.
"The scientists have told us that the mean and maximum temperatures in north India have gone up by 1-1.5 degrees Celsius in February, which is the crucial month for deciding how good the wheat yield will be," Ramesh said.
Wipro to buy US firm Infocrossing for $598 mn
By IANS
Bangalore : Wipro Technologies, the IT bellwether's global services and products division, announced Monday it was acquiring US-based IT solutions and BPO services provider Infocrossing Inc. for $598.4 million (Rs.24.15 billion) in an all-cash deal.
Government flooded with applications for new solar plants
By IANS,
Asansol (West Bengal) : The central government has received several proposals for setting up solar power plants that would generate a total of 2,000 megawatt, new and renewable energy secretary V. Subramanian said here.
"We have got proposals to set up solar power plants across India. Taken together, the proposals add up to 2,000 megawatt capacity. We will forward the proposals to the cabinet committee concerned and carry forward whatever decision they take," Subramanian said.
Reserve Bank had no choice but to sit tight: Moody’s
By IANS,
New Delhi : The Reserve Bank of India (RBI) had no choice but to sit tight during the quarterly monetary policy review released Friday, though it led to the steepest ever fall in Indian stock markets, according to global rating agency Moody's.
In the latest mid term policy review, the central bank left repurchase rate, reverse repurchase rate and the cash reserve ratio unchanged at 8 percent, 6 percent and 6.5 percent, respectively.
Blast kills two at Reliance refinery
By IANS,
Jamnagar (Gujarat) : An accidental explosion at the Reliance refinery here killed two engineers, the company said Thursday, a day after the incident.
The explosion occurred Wednesday while a pipeline was being tested at the hydrogen plant of the newly commissioned refinery at Moti Khavdi.
Around 2.30 a.m. two bodies were taken to the Jamnagar civil hospital, 28 km away, for autopsy. They were identified as those of engineers Akshay Bhanderi of Maharashtra and Nitin Singh of Panipat, Haryana.
European central banks to cut rates to ward off recession
By DPA,
London/Frankfurt : Faced with a looming recession and rapidly falling inflation, Europe's two leading central banks are expected to cut rates this week as monetary authorities around the world step up efforts to slash the cost of money.
Indeed, analysts are predicting that the Bank of England (BoE) and the European Central Bank (ECB) will each announce Thursday at least 50-basis-point reductions in borrowing costs in a fresh bid aimed at shoring up economic confidence in Europe.
Neera, palm tree juice that could go Amul way
By P.S. Anantharaman, IANS,
Ahmedabad : A special filtration technique to enhance the shelf life of Neera, a sweet juice tapped from the palm tree, could help make it available to people all over the country.
The technique, which ensures better distillation of the juice, is dedicated to Gujarat's Neera and Talpadarth Gramodyog Sangh at Kalgam in Valsad district.
Government hikes support prices for grain, pulses
By IANS,
New Delhi : With drought declared in half of India, the government said Thursday it would "respond appropriately" to mitigate the situation and would increase the minimum support price (MSP) of cereals and pulses to help farmers.
"We are taking it step by step. It is an evolving situation and the government will respond appropriately," Home Minister P. Chidambaram said, while announcing that the support price for paddy has been hiked by Rs.100 per quintal and that for pulses by Rs.300 per quintal.
Markets soar on opening
By IANS,
Mumbai : Indian equities markets soared soon after the opening bell Monday, with a key index rising over 244 points within the first 15 minutes of trading.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 14,746.51 points, above Friday's close of 14,625.25. Within 15 minutes, it had risen to 14,870.01 points, 244.76 points or 1.67 percent above the last close.
Better sensors will reduce food wastage
By IANS,
London : Advances in sensing technology will help reduce food wastage, causing a loss of 10 billion pounds ($20 billion) annually in Britain alone, according to a report.
Sensors can detect early indications of food spoilage before visual signs are apparent, identify toxins and monitor water and nutrient concentration within the soil to improve irrigation efficiency.
More Kuwaiti firms take part in Iraq reconstruction
By IANS,
Dubai : An increasing number of Kuwaiti firms are taking part in the massive reconstruction programme being carried out in war-torn Iraq.
Iraq's Minister for Housing and Reconstruction Bayan Dizayee has signed a package of high-profile deals with major Kuwaiti firms to implement reconstruction projects across various Iraqi provinces, reports the state-run Kuwait News Agency (KUNA).
The signed deals involve apartment buildings, infrastructure projects and import of construction materials, the minister was quoted as telling reporters in Kuwait.
Crunchy cattle the answer to credit crunch in Britain
By Venkata Vemuri, IANS,
London : Dexter who? Dexter moo. It's a cow, vintage Irish, the world's smallest, cutest and tastiest and now the answer to rising supermarket prices in Britain.
More and more Britons are finding an answer to price rise in their back yards by turning them into mini-ranches stocking miniature cattle like the Dexter.
Wills Lifestyle again partners FDCI for India Fashion Week
By IANS,
New Delhi : Ending weeks of speculation, the Fashion Design Council of India (FDCI) announced Saturday that ITC's Wills Lifestyle brand will continue to sponsor its premier India Fashion Week business-to-business event. Hence, the event will continue to be called the Wills Lifestyle India Fashion Week (WIFW).
"The partnership, built on a pact inked in 2006, will continue for another three years," FDCI president Sunil Sethi told IANS.
Wall Street dips lower on higher oil prices
By DPA,
New York : Major US stock market indices slid Friday to a three-month low, led by consumer and technology companies, as oil prices jumped and analysts said demand for electronics may weaken.
Declines came after Standard & Poor's said it may cut credit ratings on automakers General Motors Corp and Ford Motor Co because of higher fuel costs, sending GM to its lowest level since 1982.
The price of crude oil rose $2.69 to $134.62 per barrel.
Economic crisis will not deter US foreign aid
By DPA,
Washington : President George W. Bush said Tuesday the US must remain committed to providing assistance to developing countries despite economic turmoil at home.
Bush gave the keynote address at the White House's Summit on International Development in Washington, touting his administration's achievements while reminding the gathering that combating poverty abroad is vital to US national security interests.
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.
Financial bids called for Kolkata airport upgrade
By Aparajita Gupta and Sanjay Singh, IANS,
Kolkata/New Delhi : The process to revamp the Kolkata airport was put on the fast track Monday with the state-run Airports Authority of India (AAI) inviting financial bids from eight short-listed parties. The bids will be opened June 23.
The upgrade of the Netaji Subhash Chandra Bose International Airport is expected to cost some $500 million in the first phase and take its passenger handling capacity from 4.9 million to around 25 million per year, officials said.
Turner International enters Hindi entertainment TV segment
By IANS,
New Delhi : Reality shows, dramas and much more - US-based production major Turner International promises to entertain Indian viewers with the launch of their Hindi general entertainment channel REAL.
The channel - REAL - will go on air in March 2009 with four varied shows. While "Sarkaar Ki Duniya" and "Poker Face" are reality shows, "Vicky Ki Taxi" and "Hindi Hai Hum" are dramas.
New deal for rural India in the offing
By IANS,
New Delhi : With two-thirds of India's billion-plus people living in its 650,000 villages, India's new government Thursday outlined a five-year agenda that promises a new deal for rural India, including improved agricultural practices,better roads, modern communication, access to drinking water, housing and overall improvement of its infrastructure.
Special cell to probe ICICI Bank bankruptcy rumours
By IANS,
Mumbai : The Mumbai police Monday formed a special cell to investigate a complaint by ICICI Bank, which claimed that it was a victim of "economic terrorism", a police official said here.
The ICICI Bank has submitted a 22-page complaint to the Mumbai police alleging that some brokers, members of the bear cartel at the Bombay Stock Exchange and some websites were working overtime to bring down its share prices by spreading malicious and baseless rumours.
World Bank comes to Nepal Maoist guerrilla army’s aid
By Sudeshna Sarkar, IANS,
Kathmandu : The World Bank has come to the aid of Nepal's endangered peace process, offering a bounty of Nepali Rs.3.350 billion for the upkeep of the Maoists' once dreaded guerrilla army as well as the rehabilitation of the thousands of people affected by the 10-year communist uprising.
Nepal's peace and reconstruction ministry Tuesday said the World Bank aid would be utilised for the nearly 19,000-strong People's Liberation Army (PLA) of the Maoists, who this month threatened to revolt if the government did not immediately release funds for them.
Inflation rate retreating in some Arab states – Arab economic report
By NNN-KUNA,
Cairo : An Arab economic report has revealed varying rates of inflation in the Arab states in 2007 compared to the previous year, as a remarkable decline was reported in 11 Arab countries including Kuwait, whose inflation rate dipped to 2.8 per cent compared with 3.2 per cent in 2006.
The report, which was prepared by Secretary-General of the Arab Economic Unity Council Dr Ahmed Goweili, said that inflation rates rose in seven Arab countries and stabilized in one country.
The report gave no date on inflation in three Arab countries including Somalia, Iraq and Palestine.
Bangladesh signs pact for apparels duty-free export to India
By IANS
Dhaka : Bangladesh will export eight million apparels to India annually without duty under a memorandum of understanding (MoU) the two countries signed here Sunday.
"I hope Bangladeshi exporters will be able to export to India within one month, after completion of all paperwork," Pinak Ranjnan Chakravarty, Indian high commissioner here, said after the signing ceremony held at the Ministry of Commerce.
The paperwork, he said, would include the Indian government issuing an official notification to the Indian Customs authorities, BDNews24 news agency reported.
Bharti Infratel IPO opens Dec 11 to raise Rs.4,533 crore
By IANS,
New Delhi/Mumbai : Bharti Airtel Friday said the initial public offering (IPO) of its mobile tower subsidiary Bharti Infratel will open next month to raise up to Rs.4,533.60 crore.
Petrochem industry fears free trade with the Gulf
By IANS
New Delhi : A leading industry body has urged the government to keep key petrochemical products outside the purview of the proposed free trade agreement with the Gulf Cooperation Council (GCC), fearing unfair competitive advantage.
Indian manufacturers are at a disadvantage because key inputs like feedstock are available in GCC countries at subsidised prices, the Associated Chambers of Commerce and Industry of India (Assocham) said in a statement issued Friday.
Wipro projects robust IT growth; beats Q2 forecast
By IANS
Bangalore : A raising rupee notwithstanding, Wipro Ltd Friday projected robust growth from its global IT services and products business for the third quarter (Oct-Dec) of this fiscal (2007-08).
According to the IT bellwether's financial statement here, its flagship IT division (Wipro Technologies) is expected to post $905 million (Rs.40 billion) revenue in the third quarter, with $60 million coming from its recent acquisitions such as the US-based Infocrossing.
Bharat Forge to raise Rs.3 billion
By IANS
Mumbai : The board of directors of Bharat Forge Limited, the flagship company of the Kalyani group, Wednesday approved a preferential issue of convertible warrants to its promoters to raise Rs.3 billion.
The proceeds will go to a corpus towards funding its ongoing growth programme in capital goods and non-auto space as well as enhance promoters' stake in the company, according to an announcement Wednesday evening.
Reliance to commission refinery ahead of schedule
By IANS
New Delhi : Reliance Petroleum Ltd (RPL) might commission its 29-million metric tonne per annum (mmtpa) capacity greenfield refining project ahead of the Dec 2008 schedule.
RPL, a subsidiary of Mukesh Ambani-promoted Reliance Industries Ltd, is implementing this project at an investment of Rs.$6.13 billion.
The new refinery is coming up next to the company's existing refinery located in a special economic zone in Jamnagar of Gujarat, where the capacity is being expanded from 33 mmtpa to 60 mmtpa.
Pakistani business community urged to invest in Afghanistan
By NNN-APP
Islamabad : Afghan President Hamid Karzai Thursday urged the Pakistani business community and investors to take full advantage of the trade potential present in Afghanistan to promote bilateral trade.
Addressing a select gathering of Pakistani business community at a function organised jointly by Board of Investment and Islamabad Chamber of Commerce and Industry here at local hotel, the Afghan President said the investors from Pakistan could invest in any field.
Air India to join Star Alliance by March 2011
By Neelam Mathews, IANS,
Sao Paulo (Brazil) : Air India has set March 2011 as the outer deadline to join the Star Alliance, the world's largest commercial pact among carriers, chairman Arvind Jadhav said here late Friday.
This is the first time since an invitation was extended in Beijing in late 2007 that the Indian carrier has set a specific time frame to become a member of Star Alliance, which now has has 27 members with Brazil's TAM Airlines formally joining it Friday.
Chinese, Indian firms to sign contracts worth millions: Minister
By IANS,
New Delhi : Chinese companies will sign trade contracts worth "millions of dollars" with their Indian counterparts here Saturday, a Chinese minister said Friday in what appears to be the first major step by the leadership in Beijing to close the yawning trade gap between the two countries.
"Tomorrow (Saturday) I and my Indian counterpart will be present at a signing ceremony where contracts worth millions of dollars between Chinese and Indian companies will be signed," Chinese Vice Minister of Commerce Gao Hucheng said.
Tamil Nadu eggs go off Gulf dinner tables
By Radha Venkatesan, IANS
Namakkal (Tamil Nadu) : The Tamil Nadu poultry industry is reeling under the impact of bird flu in far away West Bengal. Eggs worth over Rs.22 million ($560,000) that were being exported from the state to the Gulf countries are lying stranded in the sea.
Income tax refunds of Rs.119,000 crore pending for 3 years
New Delhi : Income tax refunds of over Rs.119,000 crore are pending for the last three fiscals, starting 2012-13, Minister of State for Finance...
Fresh dearness allowance instalment for government employees
By IANS
New Delhi : The cabinet Thursday approved release of an additional instalment of dearness allowance (DA) and dearness relief (DR) to central government employees and pensioners, retrospectively from July 1 - entailing a burden of Rs.32.84 billion on the exchequer.
"The rate of DA from July 1, 2007 will be 41 percent for all central government employees, constituting an increase of six percent over the existing 35 percent," Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters.
India’s second rubber park coming up in Tripura
By Sujit Chakraborty, IANS
Agartala : India's second rubber-based industrial park is being set up in the northeastern state of Tripura to bring about a natural revolution in the elastic polymer industry.
The rubber park, a joint venture between the Tripura Industrial Development Corporation (TIDC) and the Rubber Board, is the second of its kind in the country after the rubber park in Kerala's Irapuram.
The Tripura park is also aimed at boosting rubber-based industries in India.
Infotech earmarks Rs.3 bn for acquisitions
By IANS,
Noida : Infotech Enterprises Ltd, a global information technology consulting firm, has earmarked Rs.3 billion for new acquisitions in the current year, a top company official said here Monday.
"We will close two major deals this year, one is the acquisition of Time to Market, based in Santa Clara, California. The deal will be closed by September 30," said Infotech chairman and managing director B.V.R. Mohan Reddy.
The US company is a leading provider of embedded software to clients in the networking, communications, consumer electronics and semiconductor industries.
Government withdraws affidavit in RIL-RNRL case
By IANS,
Mumbai : The government Thursday withdrew its affidavit in the Bombay High Court in which it had submitted that the Mukesh Ambani-led Reliance Industries Limited (RIL) cannot sell its Krishna-Godavari basin gas to anyone without its approval of the pricing formula.
Additional Solicitor General Mohan Parasaran, who appeared for the government, told the court that the affidavit, filed during the hearings on the dispute between Mukesh Ambani-led RIL and his younger brother Anil Ambani's ADAG group company Reliance Natural Resources Ltd (RNRL), was being withdrawn.
Pharma exports up 29 percent to $9.35 bn
By IANS,
Hyderabad : India's exports of drugs, pharmaceuticals and fine chemicals grew by 29 percent last fiscal to Rs.39,538 crore (around $9.35 billion) compared to the previous fiscal, Commerce and Industry Minister Anand Sharma said Friday.
"In recent times, the Indian pharmaceutical sector has emerged as one of the major contributors to Indian exports with export earnings rising from a negligible amount in early 1990s to Rs.29,139.57 crore by 2007-08," Sharma said while addressing the Indo-Africa Pharma Business Meet here.
FM checks loan waiver ground realities, skips inflation
By IANS,
Chandigarh : Union finance minister P. Chidambaram Friday chose to skip inflation - which rose to a 45-month high of 8.24 per cent - as he visited select areas in Punjab and Haryana to assess the implementation of the Rs.716 billion (Rs.71,600 crore) loan waiver scheme for farmers announced by the government.
Chidambaram refused to take any question from news persons on inflation saying he would only talk of the loan waiver scheme.
Central budget disappoints Tripura
By IANS
Agartala : The Left government in Tripura is disappointed with the budget for 2008-09, saying it has ignored the northeast.
"Where is the package to restore peace by containing militancy in the northeast? Without peace how can development be achieved?" asked Finance Minister Badal Chowdhury.
Global investors Looking at Middle East capital markets
By IANS,
Dubai : The Hedge Funds industry, reeling under the weight of the global financial turmoil, is looking eastwards both for investing and for getting allocations, WAM reported Wednesday quoting a recent survey.
According to the survey conducted by Terrapinn, organiser of Hedge Funds World Middle East Conference, more than half of the international investors are looking to the Middle East based hedge funds for possible investment.
Toni & Guy to set up four hairdressing academies in India
By Shweta Thakur, IANS
New Delhi : Global hairdressing brand Toni & Guy is set to give India's hairstyling institutes a run for their money with its decision to set up four academies in the country by the end of March 2009.
"We want to convert hairstyling into a career option. Hence, we are planning to open four Toni & Guy hairdressing academies in the country," says Rohit Sood, director, sales and marketing, Brushman India Limited. The Delhi-based company distributes, markets and promotes the UK based brand Toni & Guy.
Franchising industry bucking economic slowdown: FICCI
By IANS,
New Delhi : While most sectors face a slump in demand owing to the global slowdown, the franchising industry is scaling up operations and recruiting professionals, an industry lobby survey has said.
"While other industries are constrained to lay off people, franchisors are having a busy time as they are recruiting new franchisees," according to the survey by the Federation of Indian Chambers of Commerce and Industry (FICCI).
Inflation to come down to 7 pc by March, says Montek
By IANS,
Kolkata : The current inflation is a "seasonal spike" and it will come down to 7 percent by March this year, Planning Commission Deputy Chairman Montek Singh Ahluwalia said Friday.
US Fed sees recovery as interest rates kept at 0 percent
By DPA,
Washington : The US Federal Reserve kept interest rates at near 0 percent Wednesday and showed no signs of changing course as it said the US may be emerging from a 20-month recession.
The central bank in a statement said US economic activity was "levelling out" and the financial sector had "continued to improve" in the last few weeks. Household spending, which accounts for about two-thirds of economic output, was also "stabilizing."
Steel Authority names new chairman
By IANS,
New Delhi : Chandra Shekhar Verma has taken over as the chairman of the state-run Steel Authority of India (SAIL), the country's largest producer of the commodity.
Verma, who was earlier working as the director-finance with Bharat Heavy Electricals Limited (BHEL), has taken over from S.K. Roongta who retired last month, the company said in a statement.
The 51-year-old new chairman is a cost accountant and company secretary by training and also has a degree in law and legislatures.
Zero-deficit Kashmir budget promises jobs
By IANS,
Jammu: Announcing job-generation schemes, Jammu and Kashmir Finance Minister Abdul Rahim Rather Monday presented a zero-deficit budget for fiscal 2011-12 in the state assembly.
China’s GDP expands 8.7 percent in 2009
By IANS,
Beijing : China's economy expanded 8.7 percent in 2009 from a year earlier, indicating that China has achieved its full-year growth target of 8 percent for 2009, according to official data.
The gross domestic product (GDP) reached 33.54 trillion yuan ($4.91 trillion) in 2009, Ma Jiantang, director of the National Bureau of Statistics (NBS), said Thursday.
British boardrooms shut out blacks, Asians: research
By IANS,
London : Boardrooms across Britain are keeping their doors firmly shut to black and Asian managers, preventing them from stepping into top executive jobs, according to research published Thursday.
Although a high proportion of 17 percent of students in universities are from ethnic minorities, they appear to face a stubborn exclusion later in life in boardrooms in both public and private sectors, said the charity Business in the Community (BITC).
Indian equities markets open with a loss
By IANS,
Mumbai : The Indian equities markets opened in the negative zone Wednesday, tracking weak markets elsewhere in Asia.
The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a loss of 204.07 points at 17,366.05.
The S&P Nifty index of the National Stock Exchange opened at 5,105.70 points.
‘India will continue to see spate of mergers’
By IANS
New Delhi : India will continue to witness a flurry of mergers and acquisitions, valued at $42.92 billion in the first four months of this year, against $35.62 billion for the whole of 2006, experts told a seminar Thursday.
In fact, India has emerged as the second most targeted nation for mergers and acquisitions (M&A) in the Asia-Pacific banking industry with deals worth $10.3 billion in 2007 so far, they told the seminar, organised by Dun and Bradstreet.
UAE maritime firm joins China-India shipping line
By IANS
Dubai : Emirates Shipping Line, a Dubai-based global maritime company, has announced its participation in the North China India Express (NIX) service which links the major ports of China, South Korea, Southeast Asia and India.
Operated by Korea Marine Transport Co. (KMTC) and Taiwan's Cheng Lie Navigation (CNC), NIX offers one of the best transit routes in the industry between North China, South Korea and India, with only 14 days from Pusan in South Korea to Nhava Sheva port in India.
Regulator resumes questioning Ramalinga Raju
By IANS,
Hyderabad : The market regulator Thursday resumed questioning the disgraced Satyam Computer Services founder B. Ramalinga Raju in Chanchalguda Central Jail here over the Rs.70-billion (Rs.7,000-crore/$1.43 billion) accounting fraud at the IT bellwether.
Officials of the Securities and Exchange Board of India (SEBI), led by south zone general manager and investigating authority Sunil Kumar, returned to the jail in the morning to question Raju for the second consecutive day.
Packed flights force Thai Airways to increase frequency to India
By Neelam Mathews, IANS
Bangkok : With demand soaring and seats overbooked between the Thai capital and New Delhi, Thai International Airways is increasing its frequency to 10 flights a week from the summer of 2008, advancing the timeline by six months.
The carrier has applied to India's Director General of Civil Aviation (DGCA) for additional frequencies and, if approved, it will be seeking temporary permission to expedite its case, said the airline's vice president Pridi Boonsue.
India’s industrial sector will continue to improve: Moody’s
By IANS,
New Delhi : The rise in India's industrial production in April points to stabilisation of the industrial sector, which will continue to grow in coming months, says the economic intelligence arm of global rating agency Moody's.
The Index of Industrial Production (IIP) rose 1.4 percent in April as against a decline of 0.75 percent in March, data released here Friday by the government said.
"In coming months, industrial production will likely continue to show signs of improvement," Nikhilesh Bhattacharyya, associate economist with Moody's Economy.com, said.
Quality controller to outsource ISI mark inspection work
By IANS,
Lucknow : The Bureau of Indian Standards (BIS) will outsource its inspection work in order to check illegal usage of its Indian Standards Institute (ISI) mark in Uttar Pradesh, officials here said Tuesday.
The BIS, the national standards agency of India involved in the development of technical standards, product quality and management system certifications and consumer affairs, has invited tenders for outsourcing in all districts of the state and a few districts of Uttarakhand, said BIS director (Lucknow) R.K. Sharma.
Initial public offers before 2005 still in green
By IANS,
New Delhi : Initial public offers (IPOs) made in the last four years are showing negative returns on an aggregate basis, and only those made in 2004 and those made by state-owned units are still in the green, a study shows.
“Only those made in 2004 are still showing positive returns,” said the study prepared by India's fourth largest share brokerage firm, the Delhi-based SMC Group.
Sensex gains 215 points on normal rains outlook
By IANS,
Mumbai : A benchmark index for Indian equities markets gained 215 points in a volatile session this week on forecast of a normal monsoon and positive global cues.
Intel designs new chips for low-cost computers
By IANS
Bangalore : World's leading chipmaker Intel designed the smallest processor with tiny transistors for low-cost personal computers (PCs) and mobile internet devices (MIDs), the company said here Monday.
Known as Intel Atom processor, the new chip is built on a micro-architecture for small devices and low power. Its design can support multiple threads for better performance and quick system response.
India-Nepal power deal dealt another blow by NGO
By Sudeshna Sarkar, IANS
Kathmandu : The fate of the deal between Nepal's biggest hydropower project and Power Trading Corporation (PTC) of India Ltd hangs in balance once again with an NGO moving court, alleging the project would help India at Nepal's expense.
Tata Motors assessing bid for Jaguar and Rover: report
By IANS
London : India's automobile major Tata Motors is in the initial stages of assessing a bid for American automaker Ford's British luxury brands Jaguar and Land Rover, it was reported by the media here Wednesday.
According to The Daily Telegraph, Tata Motors Chairman Ratan Tata is understood to have instructed advisers to begin evaluating the merits of a joint offer for Jaguar and Land Rover, which analysts suggest may fetch about $1.5 billion.
When contacted, Tata Motors, however, declined to comment on the issue.
Market rally continues, Sensex up 77 points
By IANS,
Mumbai : Indian equities continued their rally for the fifth consecutive session Wednesday, with a key index ending 77 points higher than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher on strong Asian cues at 15,763.09 points, ended at 15,765.65 points (provisional), up 77.18 points or 0.49 percent.
Around noon, the index had slipped to a low of 15,695.94 points, but recouped losses and touched an intra day high of 15,831.49 points.
Land of honey but no milk
By IANS
Kozhikode (Kerala) : Milk is in short supply in god's own country. Kerala, a milk surplus state in 1989, today depends on neighbouring states to overcome a severe milk shortage.
The state's largest milk marketing agency, the Kerala Cooperative Milk Marketing Federation (Milma), Tuesday hiked the milk price by Rs.2 to meet the cost of procurement from Karnataka and also provide a better price to dairy farmers. Consumers in Kerala will now pay Rs.19 for a litre of toned milk, marketed in sachets by Milma.
Over 70 million people in EU risk poverty
By EuAsiaNews,
Brussels : On the eve of the International Day for the Eradication of Poverty, European Union ministers were holding a high-level meeting in Marseille, France, Thursday dedicated to fighting poverty and promoting social inclusion.
2010 will be the European Year for Combating Poverty and Social Exclusion and the meeting marks the kick-off for preparations across Europe.
The initiative will have a budget of at least 26 million euro, including 17 million euro of EU funding.
Indian markets open well ignoring weak global cues
By IANS
Mumbai : Fears of a poor opening here Monday were belied and Indian markets ignored weak global cues despite European markets closing on a negative note Friday.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 20,918.23 points, up 0.46 percent and marked a high of 20,985.62. It has, however, come down to 20,750.06 points, down 0.37 percent on early trades.
India is fastest growing market for Bell Helicopter
By Arjun Sen, IANS,
Hyderabad : After taking 52 years to sell its first 100 choppers in India, Bell Helicopter expects to sell its next 100 in less than five years as the country has emerged as an important market for the US company, a top official said.
"India is our fastest growing market in the whole world," said Bell's director of communications Greg Hubbard, who was here for the civil aviation show last week.
"When we started our India office in 1995 we had only four percent of the market share; today we enjoy 52 percent market share," Hubbard told IANS.
Parties ask UP government to slash VAT on diesel
By IANS,
Lucknow : Legislators cutting across party lines Tuesday asked the Uttar Pradesh government to slash Value Added Tax (VAT) on diesel.
Reliance Natural Resources Q3 income up 238 percent
By IANS,
Mumbai : Reliance Natural Resources Ltd (RNRL), part of the Reliance-Anil Dhirubhai Ambani Group, Friday reported 238 percent growth in total income at Rs.1.38 billion (Rs.138 crore/$28.3 million) for the quarter ended Dec 31 as against Rs.407 million a year ago.
The company's net profit increased 2 percent to Rs.240 million for the quarter, compared to Rs.237 million in the corresponding period last year.
As on Dec 31, the net worth of the company increased to Rs.17.91 billion.
Time to give strategic cast to India-Africa ties: Experts
By IANS,
New Delhi: With a growing global interest in India's engagement with Africa and China's surge in the region, experts and officials Wednesday pitched for imparting a strategic vision to the burgeoning economic and diplomatic ties between New Delhi and the resource-rich African continent.
Gurjit Singh, joint secretary in charge of East and South Africa in the external affairs ministry, outlined key features of India's Africa policy that revolves around increased trade and investment, capacity building and training.
Budget highlights-2
By IANS,
* WPI inflation at 5.05 percent in January* Core inflation at 3 percent
* Food grain production in 2013-14 estimated at 263 million tonnes
*...
Global investment in R & D shifting to India, China
By Prasun Sonwalkar, IANS
London : Global investment in research and development is rapidly shifting from North America and Europe to Asian centres such as Bangalore, Hyderabad, Mumbai and Beijing, according to new research.
Researchers at the University of Sheffield and Aston Business School found that the shift was resulting in a small elite club of regions, in both the advanced and developing world, that are dominating the global knowledge economy.
RBI allows Rs 50,000 withdrawal a week from overdraft accounts
Mumbai : Following the demonetisation of high value notes, the RBI on Monday further relaxed cash withdrawal norms, permitting overdraft and cash credit account...
Thai hotel chain Amari to invest $44 mn in India
By IANS,
New Delhi : Thai hotel chain Amari Wednesday said it planned to invest $44.1 million in India by 2010 as part of its Asian growth strategy.
The group, which currently has 11 properties in key destinations across Thailand including Bangkok, Phuket and Pattaya plans to operate 40 more properties in Asia Pacific by 2018.
"The next few years will see many changes both at the brand and property levels, ensuring that we continue to set new standards in modern Asian hospitality," said Amari chief executive Peter Henley.
China’s largest computer maker targets rural market
By Xinhua,
Beijing : Lenovo, China's largest personal computer maker, aims to sell five million computers in rural areas within three years, China Daily reported Friday.
The company plans to establish 700 sales and service outlets in towns, and to cover 320,000 villages across the country through 7,800 sales networks in the next three years.
It will introduce 15 new models specifically designed for the rural market. The retail prices of these models are set at as low as 3,000 yuan (about $440), according to Xia Li, Lenovo's vice president.
Markets open on subdued note ahead of SEBI meet
By IANS
Mumbai : Indian stock markets opened on a subdued note Thursday with the benchmark index of the Bombay Stock Exchange (BSE) opening 34 points on the upside and the broader Nifty index gaining 9.65 points.
Volatility could be the order of the day.
While the Sensex was trading at 18,550, the broader S&P CNP Nifty index of the National Stock Exchange (NSE) opened at 5,504, gaining marginally 9.65 points or 0.18 percent.
Canadian firm denies wrong-doing in Kerala projects
By Gurmukh Singh, IANS,
Toronto : SNC-Lavalin, the Canadian engineering company that is at the centre of the alleged Rs.300 crore ($60 million) bribery scandal in Kerala, has denied any wrong-doing in its business operations in India.
In a chargesheet filed Thursday, India's Central Bureau of Investigation (CBI) has named the Montreal-based company along with the Communist Party of India-Marxist's (CPI-M) Kerala secretary Pinarai Vijayan and others in the alleged bribery scandal.
OPEC oil supply reaches three-year high
Vienna : The Organisation of Petroleum Exporting Countries (OPEC) oil supply recorded a three-year high in July, reaching 31.51 million barrels a day,...
Technopark firm renamed UST Global
By IANS
Thiruvananthapuram : US Technology International Pvt Ltd, a California-based IT firm that has its Indian headquarters in Technopark here, will now be known as UST Global.
In a statement to the press issued here Monday by Dan Gupta, chairman and CEO of UST Global, the company said that this reflects the company's mission to bring new standards of best offshore IT sourcing and delivery services to enterprises throughout the global marketplace.
Middle East’s first common user gas pipeline inaugurated in UAE
By IANS,
Sharjah : The United Arab Emirates (UAE) based natural gas company Dana Gas and Emirates General Petroleum Corporation (Emarat) have announced the completion and inauguration of the Middle East's first common user gas pipeline here, WAM news agency reported Tuesday.
The main pipeline of the project is a 48-inch (122 cm) gas pipeline that connects the Sharjah gas hub at Sajaa to the fast-growing industrial area at Hamriyah, and covers a distance of 32 km, with a transport capacity of one billion cubic feet per day.
Reliance Power to float largest public issue soon
By IANS
Mumbai : Anil Ambani-led Reliance Energy Ltd Sunday said its subsidiary Reliance Power would go for its maiden public issue soon. The initial public offering is expected to be the biggest in India.
"The Reliance Energy board met today and approved an initial public offering for its subsidiary Reliance Power," a senior official of the Anil Dhirubhai Ambani group said, adding the draft prospectus will now be filed with the markets watchdog.
Allahabad Bank posts 18 percent growth in 2008-09
By IANS,
Kolkata : City-based public sector lender Allahabad Bank registered 18 percent growth in deposits and advances in 2008-09 over the year before, a top official said here Tuesday.
"The bank has achieved a total business of Rs.144,000 crore as on March 31, 2009," K.R. Kamath, chairman and managing director of the bank, told reporters.
Of this amount, Rs.84,865 crore is from deposits and Rs.59,177 crore is from advances.
"The bank is aiming to achieve a total business of Rs.175,000 crore by March 2010 and Rs.200,000 crore by 2010-end," Kamath added.
Jet Airways forges pact with Air Canada
By IANS
New Delhi : Jet Airways, India's biggest private carrier, Wednesday announced a pact with Air Canada to offer passengers seamless air travel between the two countries via London on a single ticket.
Following the code share pact, passengers can fly between Mumbai and Heathrow on Jet Airways operated flights and then continue on to Toronto, Vancouver, Calgary, Montreal and Edmonton on flights operated by Air Canada.
India’s central bank hints at tightening monetary policy
By IANS,
Mumbai: India's central bank Thursday set the stage for tightening the monetary policy in the quarterly update due Friday with concerns over rising inflation even as it upgraded the country's growth outlook for this fiscal to 6.9 percent from 6 percent.
"With a stronger recovery in India, the risk of food price inflation causing generalised inflation cannot be ignored," the Reserve Bank of India (RBI) said in its review of the macroeconomic developments for the third quarter.
India Inc wasn’t expecting anything from interim budget
By IANS,
New Delhi : Following are the reactions from some prominent industrialists and economists to the interim budget presented by acting finance minister Pranab Mukherjee here Monday:
Deepak Parekh, chairman, HDFC Bank: Not a disappointment, I did not expect anything in the interim budget. It was never meant to be a giveaway. Interim budget is only an exercise of stating accounts.
Pradeep Jain, chairman of Parasvnath Developers: It's a non-event for the corporate world. The interim budget is merely a populist budget.
Chhattisgarh’s paddy purchases to begin Oct 20
By IANS,
Raipur : The Chhattisgarh government Sunday announced it will start purchasing paddy from farmers Oct 20 at its 1,577 procurement centres.
"The whole procurement system will be totally computerised and the government will pay Rs.850 per quintal for common grade paddy and Rs.880 per quintal for grade-A category paddy," a government statement said.
Officials said the government drive would help about one million farmers earn at least Rs.30 billion by selling four million tonnes of paddy this year despite a poor monsoon in the state.
Ashok Leyland’s new firm to develop eco-friendly engines
By IANS,
Chennai/Mumbai : Hinduja Group flagship and the country's second largest commercial vehicle manufacturer Ashok Leyland Thursday announced the formation of a new company - Albonair in Dortmund, Germany - that would focus specifically on environment-friendly auto engines.
The new facility will focus on the development, production and sales of environment-friendly diesel engines, technically called 'exhaust after-treatment systems.'
Though the company had announced the strategic investment earlier, the formation of a company took place here Thursday.
Sensex ends flat, gains 0.98 percent during week
By IANS,
Mumbai : A benchmark index for Indian equities closed flat in lacklustre trade while the world eagerly waited for the results of the stress test of 91 European banks due later in the day.
The 30-scrip sensitive index (Sensex) of the Bombay stock Exchange (BSE), which opened at 18,132.29 points Friday, closed at 18,130.98 points, 17.83 points or 0.1 percent up from its previous close at 18,113.15 points.
The Sensex gained 0.98 percent during the week. It had closed last week at 17,955.82 points
Reliance-ADAG shares rally
By IANS,
Mumbai : The share prices of Anil Ambani-led Reliance Group companies rallied Tuesday with the Reliance Communications scrip gaining almost 5 percent.
Sonia Gandhi announces huge farm credit
By IANS
Karaikkudi (Tamil Nadu) : Additional credit worth Rs.280,000 crores (Rs.2.8 trillion) would be made available to farmers during the next fiscal, Congress president Sonia Gandhi announced here Saturday.
Addressing a huge rally in this small town of palaces owned by the prosperous Chettiar community of merchants located 400 km south of Chennai, the Congress leader reeled off statistics to differentiate between the previous National Democratic Alliance (NDA) regime and the United Progressive Alliance (UPA) government's farm policies.
Listing in barred NGOs erroneous: IIT-Kgp
Kolkata: The Indian Institute of Technology-Kharagpur, which was listed among the 4,470 NGOs barred by the central government from receiving foreign funds for not...
Voltas profit up 12 percent
By IANS,
Mumbai : The Tata group promoted Voltas Ltd Thursday announced a profit after tax (PAT) of Rs.2.08 billion ($52.09 million) for the fiscal year 2008, an increase of nearly 12 percent over the last fiscal.
The total income increased to Rs.30.87 billion ($771.88 million), for the year that ended March 31, 2008, from Rs.24.58 billion ($614.65 million) a year ago, a company statement said.
The company has declared a dividend of 135 percent for its shareholders for the 2008 fiscal.
ONGC chairman defends acquisition of Imperial Energy
By IANS,
New Delhi : Defending the acquisition of Imperial Energy, the state-run oil producer Oil and Natural Gas Corp (ONGC) has said the British energy major's potential was "very good".
ONGC recently managed to get approval from 97 percent of the shareholders of Imperial Energy for its offer for acquisition at $1.89 billion (or 12.50 pounds per share).
The Leeds-based Imperial Energy has hydrocarbon assets in Russia and Kazakhstan, especially several blocks in western Siberia.
Markets head south despite Reliance Power bonus offer
By IANS
Mumbai : The Indian equities market declined marginally Monday in choppy trades despite starting the day on a positive note on back of an announcement of bonus share offer by Reliance Power Ltd.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 18,228.21 points and notched a high of 18,256.82. It lost 67.08 points at the day's close to 18,048.17, down 0.37 percent.
Gulf’s, Indian real estate markets to be among best: Survey
By IANS,
Dubai : The real estate markets in the Middle East will outperform all other regions in the world while India and China will be the key drivers of the sector in the Asia-Pacific region, according to a new survey.
The 'Investor Survey Sentiment', conducted by global real estate consultancy Jones Lang LaSalle in association Cityscape 2008, the real estate exhibition currently under way here, found that while the UAE will offer the best performing real estate market in the next couple of years, Saudi Arabia will be the next best performer.
2 lakh Minorities to benefit from employment schemes
By TwoCircles.net staff reporter
New Delhi: More than 2 lakh minorities are expected to benefit from various government employment schemes. This information was given by the Minister of Rural Development (state) Mrs. Suryakanta Patil.
Andhra not to probe land sale to IT firms
By IANS,
Hyderabad : The Andhra Pradesh government Thursday rejected the opposition's demand for a assembly committee to probe alleged irregularities in allotment of land to information technology (IT) companies and special economic zones (SEZs).
Justifying the sale of government land to these sectors, Chief Minister Y.S. Rajasekhara Reddy told the assembly it was necessary to mobilise resources for various welfare schemes like payment of pensions and scholarships.
Short covering, profit booking help Sensex gain 214 points
By IANS,
Mumbai : Buoyed by a good set of corporate earnings, a key index of the Indian equities markets Thursday closed 214 points higher than its last closing figure.
The futures and options contract for July expired Thursday prompting investors to square off their positions.
The 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened lower at 15,169.23 points, shut shop at 15,387.96 points - 214.5 points or 1.41 percent higher than Wednesday's closing figure.
Gilgit leaders ask China not to invest in ‘disputed’ region
By Sarwar Kashani, IANS,
Srinagar : Separatist leaders of Pakistan-ruled Gilgit-Baltistan region Tuesday asked China not to enter into any accord with Islamabad for various projects in the “disputed” region.
“The territory is disputed and doesn't come under the ambit of the Pakistani constitution, and China should not enter into any agreement with Islamabad,” said Manzoor Hussain Parwana, chairman of the Gilgit-Baltistan United Movement (GBUM).
Modernise rapidly, Antony urges defence production companies
By IANS
Ghaziabad : With research and development being the "key engine" for economic growth and development, India's defence production companies should "modernize rapidly" to match the changing threats to national security, Defence Minister A.K. Antony said Saturday.
Markets close marginally up, Sensex gains 0.5 percent
By IANS,
Mumbai : Indian equities markets closed marginally in the green Thursday, with a key index ending trade about 0.57 percent higher than its previous close.
Bleak economic numbers did not have much of an impact on the markets as government data showed that industrial production in February fell 1.2 percent over the same period last year.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 10,876.15 points, higher than its Wednesday close, rose 61.52 points or 0.57 percent to close at 10,803.86 points.
Paddy procurement starts in Punjab
By IANS,
Chandigarh : Procurement of paddy started Monday in 1,622 procurement centres set up across Punjab.
The procurement will be done by five agencies of the Punjab government and the central government's Food Corp of India (FCI).
Punjab aims to procure 12.5 million tonnes of paddy this season. The procurement process will extend till Dec 31.
A state food and supplies spokesman said farmers would get a minimum support price (MSP) of Rs.850 per quintal for the common variety and Rs.880 per quintal for the A-grade variety.
Car sales rise 39.5 percent in April: SIAM
By IANS,
New Delhi : Indicating robust consumer demand despite a rise in prices, car sales in India grew by 39.5 percent to 143,976 units in the first month of this fiscal from 103,227 units sold in April 2009, data released by the Society of Indian Automobile Manufacturers (SIAM) here Monday showed.
Companies exported 37,479 cars in April against 29,307 units in the same month last year - a jump of 27.88 percent.
Don’t allocate spectrum before court verdict: cell operators
By IANS
New Delhi : The Cellular Operators Association of India (COAI) Wednesday said it has asked the Department of Telecommunications (DoT) not to allocate radio frequencies to operators until the case is heard by the Delhi High Court.
COAI is a body representing leading telecom operators offering services under the global system of mobile communication (GSM) technology such as Bharti Airtel, Vodafone, Idea and Spice.
The High Court Monday deferred the case filed by COAI till Jan 3.
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