China to help Tripura boost bamboo resources
By IANS
Agartala : China will provide technology to Tripura for boosting its bamboo-based industries and creating livelihood opportunities for farmers and tribal people, officials said here Wednesday.
"For bilateral cooperation and conservation, development and value addition of bamboo and other forest resources of the north-eastern state, a memorandum of understanding (MoU) has been signed here Wednesday," said Jitendra Chowdhury, Tripura's forest minister.
London’s measures are significant: Government
By DPA,
London : The British government believes that the "decisive action" taken to stabilize leading banks with 37 billion pounds ($65 billion) of new capital will help it to "get through" the current financial turmoil.
Chancellor of the Exchequer Alistair Darling said Monday it was important that other countries followed the British example of injecting cash into ailing banks.
"The steps we have taken are pretty significant," Darling told the BBC. "We have taken a pretty significant step to take us through this."
No sign of US slowdown impacting Wipro’s growth
By IANS
Bangalore : Wipro Technologies' global IT services and products business is yet to feel the impact of slowdown in the US economy or the fallout of sub-prime crisis gripping global financial markets, a top company official said here Friday.
"We have not seen any impact on our business so far though a few segments such as application, development and maintenance are a cause for concern in terms of continuity," Wipro Chairman Azim H. Premji told reporters at a briefing on the company's performance in the third quarter (October-December) of fiscal 2007-08.
Asia should rebound next year: ADB president
By DPA,
Bali : Developing countries in Asia should be able to rebound from the global economic crisis and reach 6 percent growth next year, the president of the Asian Development Bank (ADB), Haruhiko Kuroda, said here Monday.
Growth in the region was expected to fall to 3.4 percent this year from 6.3 percent last year and record growth of 9.5 percent in 2007, Kuroda said.
Industry lobby recommends interest rate cut
By IANS,
New Delhi : Leading industry body Confederation of Indian Industry (CII) Sunday came up with a set of recommendations, including further cut in key interest rates, to help the economy tide over the current financial crisis.
"It is necessary to further reduce repo rate by at least 50 basis points and in CRR (cash reserve ratio) by 150 bps to ensure adequate liquidity and reasonable cost of funding," the chamber said in a statement.
States can allocate hydropower projects without bidding till 2010
By IANS
New Delhi : States can nominate private players to build hydroelectric projects till the end of 2010, without following a tariff-based competitive process, said a power ministry official.
The central government has exempted states from compliance with the stipulated tariff bidding dispensation for development of hydropower projects up to January 2011, the official said.
Central public sector utilities like National Hydroelectric Power Corp and NTPC Ltd are already exempted from bidding for allocation of state hydroelectric projects up to January 2011.
Bharti retail in talks with realty majors for land
By IANS
New Delhi : Bharti Retail, a subsidiary of Bharti Enterprises, Monday said it was holding discussions with major real estate players for setting up its stores.
"As a retailer, it is our job to look for land as we do not have land banks. We are talking to Parsvnath, Unitech, DLF and MGF for land," Rajan Mittal, managing director of Bharti Enterprises, told reporters on the sidelines of a retail conference here organised by the Federation of Indian Chambers of Commerce and Industry (Ficci).
Microsoft kicks off online services
By Xinhua
Los Angeles : Faced with growing competition, Microsoft has kicked off its online services aimed at businesses with more than 5,000 employees.
The programme launched Monday includes a web-based version of Outlook e-mail that is administered by Microsoft, which declined to provide prices.
The move came as the threats to Microsoft's franchises multiply, market analysts said.
Indian Oil net surges 780 percent
By IANS,
New Delhi : India's largest refiner Indian Oil Corp Thursday said its net profit for the quarter ended June 30 surged 780 percent as lower crude oil prices narrowed its revenue losses.
The company reported a net profit of Rs.3,680 crore ($763 million) for the quarter compared to Rs.410 crore in the like period the year before.
The total income for the same period stood at Rs.60,680 crore, down from Rs.89,140 crore a year earlier.
World leaders hold crisis talks on global food prices
By DPA,
Rome : UN Secretary-General Ban Ki-moon was expected to urge world leaders attending a summit in Rome Tuesday to lift trade restrictions, taxes and other price controls that have helped spur food prices to their highest levels in 30 years.
Ban was set to address delegates from some 50 countries at the UN Conference on World Food Security's inaugural ceremony scheduled to begin at 0700 GMT.
Big business spending millions to stop Democrats: WSJ
By Arun Kumar, IANS,
Washington : America's largest business lobby is pouring millions of dollars into an advertising push to prevent Democrats from winning dominance in the Senate, the Wall Street Journal says.
The US Chamber of Commerce says it has raised enough money this year from corporations to spend about $35 million on the election, double its budget for House and Senate races in the 2006 election.
YSR calls for greater investment in agriculture
By IANS
Hyderabad : Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy told the World Agricultural Congress in the US that growth in agriculture could not be sustained without a second green revolution and farmers' welfare.
Delivering the keynote address at the Congress in St. Louis Tuesday, he shared the experience of India, especially Andhra Pradesh, to emphasise that prosperity could be achieved through investments in agriculture.
BlackBerry posts $643 mn profit
By IANS,
Toronto : BlackBerry maker Research In Motion (RIM) has reported a profit of $643 million for the first quarter of the year, compared to $518.3 million posted during the previous quarter.
However, its quarterly revenue was slightly dwon at $3.42 billion from $3.46 billion in the previous quarter. But it is still up 53 percent from $2.24 billion during the same period last year.
BlackBerry added about 3.8 million net new subscribers accounts during the quarter, taking its total subscriber base to nearly 28.5 million.
Sensex slips 870 points as budget disappoints
By IANS,
Mumbai : In its worst performance in recent weeks, a key index of the Indian equities markets ended trade Monday nearly 870 points down from its last closing figure, as investors blamed lack of policy announcements and increase in minimum alternate tax on corporates for the negative reaction.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,962.12 points, closed at 14,043.4 points - 869.65 points or 5.83 percent lower than Friday's close.
At one point, it had slipped by more than 900 points.
India announces Rs.250 bn package to improve liquidity
By IANS,
New Delhi : In a bid to release more funds for credit-starved industry, Finance Minister P. Chidambaram Wednesday announced a Rs.250 billion (Rs 25,000 crores/$5.5 billion) package for lending institutions and doubled the overseas borrowing limit for the corporate sector to $6 billion.
“Our banks are well capitalised. There is no reason to fear,” Chidambaram told reporters here, while adding that the National Bank for Agriculture and Rural Development (Nabard) will get Rs.175 billion, while the rest will go to banks.
Ficci forms joint venture with American Society for Quality
By IANS,
New Delhi : The Federation of Indian Chambers of Commerce and Industry (Ficci), one of the leading industry lobbies in the country, has entered into a joint venture agreement with the American Society for Quality (ASQ), an international body for quality and organisational excellence.
"This joint venture will facilitate the adoption of global best practices in quality, which besides enhancing competitiveness of Indian industries will also help them become truly world class," Ficci secretary general Amit Mitra said.
Barclays and HDFC to sell stakes in Intelenet to SKR
By IANS
Mumbai : Global finance service provider Barclays Bank Pcl. and top Indian housing finance company Housing Development Finance Corp Ltd. (HDFC) Monday announced that they have agreed to sell their entire shareholding in Internet Global Service Pvt Ltd. (Intelenet) to SKR BPO Service Ltd.
Chandigarh to spend Rs.14 cr for upgrading power sector
By IANS,
Chandigarh : The Chandigarh Administration plans to spend Rs.14 crore this fiscal for upgrading its power infrastructure, a senior official said here Monday.
"Last year we had spent Rs.35 crore and this year we have plans to invest Rs.14 crore to ensure uninterrupted power supply for the city dwellers," Chandigarh's Finance-cum-Engineering Secretary Sanjay Kumar said.
In August, a new 66-KV sub-station was commissioned in Sector 56 to provide electricity to the southern sectors.
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".
Indian equities on upswing, benchmark index crosses 16,000 mark
By IANS
Mumbai : Mirroring strong global cues, Indian stock markets Tuesday clocked their second highest single-day gain as a benchmark index breached the 16,000 mark.
The markets that opened in the green as per international cues continued on an upswing, gaining over 6 percent.
Important sectors like metals, realty, oil and gas and banking scrips found full favour with investors. All other sectoral indices closed in the green.
Markets end in the red after 2 days of gains
By IANS,
Mumbai : After two days of marginal gains, Indian equity markets again ended in the red Wednesday on the back of rising crude oil prices and weak global cues.
Realty, banking, energy and capital goods stocks led the decline.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened firm at 14,563.10 up from the previous close of 14,482.22, touched a low of 14,261.69 points before closing at 14,296.79 points.
It fell by 185.43 points or 1.28 percent by the day's close.
NIIT net profit dips 60 percent
By IANS,
New Delhi : IT training major NIIT Ltd Tuesday reported a net profit of Rs.55 million for the third quarter ending December 31, a 60 percent dip compared to Rs.139 million profit in the same period a year before.
The dip in profits has been attributed to the launch of NIIT Uniqua and increased depreciation due to new school projects that impacted profit after tax (PAT) for the quarter, a company statement said.
The company's net revenues increased 17 percent to Rs.2.78 billion for the third quarter as against Rs.2.38 billion in the same period last year.
Sri Lanka seeks India’s expertise in strengthening tourism
By IANS,
New Delhi : Sri Lanka Wednesday sought India's help in strengthening tourism to meet the challenges posed by the global meltdown.
The issue was discussed in a meeting between Tourism Minister Ambika Soni and her Sri Lankan counterpart Milinda Moragoda, who also expressed keenness to participate in the travel marts organised by India, including the Great Indian Travel Bazar to be held in April.
Chinese SEZ is also land of thousand pianists
By Madhusree Chatterjee, IANS,
Xiamen (China) : In a corner of the crowded Zhongshan Road, one of China's top 10 business streets located in the 12th century port city of Xiamen on the East China sea, 40-year-old Sen Tham Yen Sho plays his electronic piano on a makeshift stage against the backdrop of a Chinese eatery.
Usha Martin opens manufacturing unit with Austrian firm
By IANS
Kolkata : Usha Martin Limited, a leading producer of speciality steel and wire rope, inaugurated its oil tempered wires manufacturing unit at Ranchi in joint venture with Austria-based Joh Pengg AG Thursday.
Joh Pengg AG will hold 60 percent equity in the joint venture while Usha Martin will hold 40 percent.
"We are really happy to partner with Usha Martin Group in India. We are very confident that the combined resources of both the companies will make this venture highly successful," Joh Pengg AG chairman Gottfried Pengg said.
Mobile spectrum issue put to rest till next month
By IANS
New Delhi : As the imbroglio over how the Department of Telecommunications (DoT) allocates the much-needed spectrum to telecom operators continues, both the DoT and the telecom tribunal have postponed a decision on the matter till Nov 13 at least.
Communications and IT Minister A. Raja said DoT would come up with specific guidelines regarding the allocation of spectrum only after Telecom Engineering Centre (TEC), the technical arm of DoT, comes up with a proper framework.
Markets end in red for the fourth straight day
By IANS,
Mumbai : For the fourth consecutive day, the Indian equity markets closed in the red.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 14,432.08 points, touched a low of 13,933.87 points before closing at 14,000.81 points. It went down by 323.48 points or 2.26 percent at the day's close.
The National Stock Exchange (NSE) S & P Nifty, which opened at 4291.60 points, closed at 4228.45 points. It went down by 61.85 points or 1.44 percent.
Railways interim budget envisages investment of Rs.64,305 crore
By IANS,
New Delhi : The interim railway budget presented Wednesday envisages investment of Rs.64,305 crore as against revised estimates of Rs.59,359 crore for 2013-14,...
Sentiments damp at Indian equities markets
By IANS,
Mumbai : Sentiments at Indian equity markets remained damp this week though a key index rose 290 points Friday, after four consecutive losing days.
Chinese markets -- which fell 6.74 percent at the beginning of the week -- primarily contributed to the investor's apprehension, sending bourses across the world southwards.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) fell 233.22 points or 1.46 percent over previous Friday's close and ended trade at 15,689.12 points.
Etihad launches flights to Shanghai
By IANS/WAM,
Abu Dhabi : UAE's national carrier Etihad Airways has launched five weekly direct flights between Abu Dhabi and Shanghai.
ONGC Videsh strikes oil in Egypt
By IANS,
New Delhi : A consortium led by ONGC Videsh (OVL) has struck oil in an Egyptian block, which is estimated to have reserves of 800 barrels of oil per day.
An OVL statement Thursday said the discovery in well North Ramadan-2 (NR-2) is the second oil find in the block.
The first discovery was made in another well, NR-1A ST1, which produced about 3,000 barrels of oil per day during the testing phase.
The second discovery was made after drilling NR-2 at a depth of 11,700 feet.
Russia, Ukraine sign new gas contract
By RIA Novosti,
Moscow : Russia's energy giant Gazprom and Ukraine's energy company Naftogaz Monday signed a new contract on Russian gas supplies to Ukraine.
Russia's Prime Minister Vladimir Putin said Moscow and Kiev had reached agreement on all issues of gas transit and supplies.
He added that there would be no intermediaries in the Russian-Ukrainian gas relations.
Putin said Gazprom had been ordered to restart full natural gas transit to Europe via Ukraine.
Coromandel Fertilisers posts robust growth in 2006-07 fiscal
By IANS
New Delhi : Coromandel Fertilisers Ltd., a company of the $1.6 billion Murugappa Group, has registered robust growth for fiscal 2006-07 with its profit after tax soaring at 20.57 percent over the previous financial year to reach Rs.1 billion.
During 2006-07, the company earned a total income of Rs.20.84 billion, registering a growth of about 11 percent compared to the previous fiscal.
Slovak pipeline stake could be transferred to Russia
By RIA Novosti
Bratislava : Slovakia, who wants to retrieve 49% of its shares in pipeline operator Transpetrol, could subsequently transfer the stake to Russia, a Russian delegate said.
Slovak Prime Minister Robert Fico announced on Thursday the country planned to buy the stake back from Netherlands-based Yukos Finance B.V., a former overseas asset of bankrupt Russian oil company Yukos.
"Slovakia is buying the stake, which could be transferred to the Russian side on certain conditions. The conditions are being drafted," the Russian delegation source said.
MP Govt. amends Industrial Promotion Policy on eve of Global Investors’ Summit
By Pervez Bari, TwoCircles.net
Bhopal: In a significant initiative on the eve of the Global Investors’ Summit at Indore the Madhya Pradesh Government has amended the Industrial Promotion Policy-2004 to make it more industry friendly. The suggestions from industry and trade sector have been accommodated in these amendments.
Satyam’s new owner likely to be known Monday
By IANS,
Bangalore : India's fourth largest software exporter Satyam Computer will get a new buyer Monday, a little over three months after its founder B. Ramalinga Raju shocked India Inc by admitting massive financial fraud of Rs.7,800 crore (Rs.78 billion).
Satyam's new board of directors, appointed by the central government within a week of Raju's confession Jan 7, will announce the highest bidder for the IT major which employees around 50,000 people and services several major companies across the world, a company spokesperson told IANS.
Sensex closes 173 points lower
By IANS,
Mumbai : A benchmark index for Indian equities provisionally closed 173 points lower Tuesday and below the 16,000-mark amid selling in realty, banking and energy stocks.
Land deals up by 550 percent in UAE
By IANS/WAM,
Abu Dhabi : Land and real estate transactions in the United Arab Emirates (UAE) showed a whopping increase of 550 percent in April 2010 from the corresponding period last year.
Transactions in Abu Dhabi in April 2010 were worth a total of 12.3 billion dirhams ($3.3 billion). Property transactions amounted to 11.9 billion dirhams, while the total sales price topped 241.2 million dirhams.
In March 2009, the transactions were worth only about two billion dirhams, Uwaidha Al Qubaisi, acting executive director of municipal services sector, said.
Housing bank picks up stake in Mahindra subsidiary
By IANS,
New Delhi : The National Housing Bank (NHB) has acquired a minority stake in Mahindra Rural Housing Finance (MRHF), a wholly-owned subsidiary of Mahindra and Mahindra Financial Services, a top bank official said here Tuesday.
The 12.5 percent stake acquisition is an attempt to promote rural housing finance, said NHB chairman and managing director S. Sridhar after signing the agreement with Mahindra here.
As per the agreement, NHB will participate in Mahindra's capital raising programmes for two years.
India’s inflation rises, still minus 0.21 percent
By IANS,
New Delhi : India's annual rate of inflation was minus 0.21 percent for the week ended Aug 22, up from minus 0.95 percent the week before, according to official data released Thursday.
The rate turned negative for the week ended June 6 for the first time since the new wholesale price index (WPI) series started in 1995.
The inflation rate had last turned negative in 1977. Negative inflation implies that the average wholesale price level was lower during a given week, than it was in the corresponding week a year ago. It does not necessarily reflect retail prices.
Equities open lower, key index down 187 points
By IANS,
Mumbai : Indian equities markets opened marginally lower Friday and then slid into negative territory on weak global cues with a key index down 187 points some two hours into trading.
Two hours into trading, the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 9,042.61, down 187.14 points or 2.03 percent from its previous close Thursday at 9,229.75 points.
The Sensex opened some 25 points lower at 9,204.69 points, hit a high of 9,340.69 before slipping to its current value.
Huge growth potential for animation in India: British expert
By IANS
Kolkata : Animation in India is still in the nascent stage but with huge growth potential in the domestic market the discipline has a good future in the country, British author and animation studies teacher Chris Webster has said.
"In India, animation is still in its infancy. There is a lot of scope here, but growth will take time. India needs to make serious efforts in terms of education and setting up of infrastructure," Webster told IANS Thursday.
He appreciated the work going on in India in the field of animation but felt India has a long way to go.
‘Picked up from garbage, dropped in gutter,’ Muslim slum dwellers in Ahmedabad see no...
Local Muslims residing in the ghettos of Vatva and Ajit Mill complained about negligence from government officials and elected representatives.
Aquilur Rahman and Vipul...
BHEL boiler auxiliaries division cuts cost, raises profit
By IANS,
Chennai : Strategic sourcing and value engineering in production have helped Bharat Heavy Electricals Ltd's (BHEL) boiler auxiliaries division at Ranipet near here to cut cost substantially and increase profit.
"Between September - November 2009, the steel prices went down and we bought our annual requirement then. We sourced steel at Rs.26,000-Rs.28,000 per tonne. Our annual steel requirement is around 200,000 tonne. The current steel price ranges between Rs.36,000 - Rs.38,000 per tonne," A. Chandrababu, the unit's general manager, told IANS Monday.
Power sector investments shoot to Rs.1.95 trillion in six months
By IANS,
New Delhi : The Indian power sector has attracted Rs.1.95 trillion in investments in the first half this year - about a third of corporate sector's total investments in this period, according to a report by an industry lobby.
The study by the Associated Chambers of Commerce and Industry of India (Assocham) says that for the first six months of 2008, the power sector attracted 30.9 percent of total investments.
Industrial output to remain steady in 2010-11
By IANS,
New Delhi : India's industrial production will register double-digit growth in the 2010-11 financial year, according to the government.
"Inspite of a calibrated withdrawal in the shape of a partial rollback of incentives, with a view to rein in inflation through fiscal and monetary measures, the performance in the industrial sector is expected to remain steady in 2010-11," says an official note on industrial production.
Rasna plans major expansion in foreign markets
By IANS,
New Delhi : Popular fruit drinks concentrate maker Rasna, which has presence in 40 countries, is planning to expand its operations to Africa and CIS countries.
Speaking on the sidelines of a business meet here, Rasna chairman and managing director Piruz Khambatta said the company would set up joint ventures with local firms to penetrate these markets.
"We are now aiming to enter new markets in the former Soviet region, including Uzbekistan, Kazakhistan, Kyrghyzstan and are also looking for expansion in African continent," Khambatta said.
Malaysia’s AirAsia waives fuel surcharge for all flights
By IANS,
Kuala Lumpur : In a first such move worldwide, Malaysia-based AirAsia and AirAsia X have decided not to charge passengers fuel surcharge for all their local and international flights.
The measure is to fight competition in the aviation sector, which had been under pressure in recent months because of higher fuel prices.
With crude prices coming down, it is now possible to waive the fuel surcharge, AirAsia Bhd group chief executive officer Tony Fernandes told reporters.
Pakistan’s rupee hits record low amid political uncertainties
By DPA,
Karachi : The Pakistani rupee Wednesday weakened to an all-time low of 76 against the US dollar amid political tension and mounting economic uncertainties, traders said.
"The political turmoil and directionless economic situation is creating pressure on the rupee," said Nabeel Iqbal, head of research at Khanani and Kalia, the country's largest private foreign exchange firm.
Iqbal said exporters were also holding on to their proceeds as they feared the rupee would slip some more, further squeezing the dollar supply.
Mumbai equity market opens deep in the red
By IANS,
Mumbai : The equity market here opened deep in the red Friday.
The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a loss at 14,064.26 points, a loss of 291.49 points from its closing figure Thursday.
The S&P CNX Nifty exchange of the National Stock Exchange opened at 4,331.60 points with a loss of 1.35 points from its last close.
India plans to develop new supersonic cruise missile
By Bijaya Kumar Das, IANS
New Delhi : The BrahMos supersonic cruise missile, one of the most successful products of Indo-Russian military collaboration, is about to get a successor.
The new missile in its hypersonic version will fly much faster than BrahMos. After the successful development of BrahMos, both India and Russia will develop the missile jointly.
Indians not secured against contingencies: Survey
By IANS
Kolkata : A whopping 75 percent of Indian households said they would be unable to easily sustain their current lifestyle beyond six months in the event of disability due to an accident, illness or unemployment of the principal bread-earner.
SBI Life Insurance unveiled the findings on the behaviour and expectations in the country, with regard to acquiring and planning credit, at a press conference here Tuesday.
Google launches Android One devices at Rs.6,399
New Delhi : Google Monday launched Android One devices in India for Rs.6,399, Sunder Pichai, senior vice president of Android, Crome and Apps, said...
Uttar Pradesh withdraws letter to RBI on Sahara
By IANS,
Lucknow : The Uttar Pradesh government has withdrawn a letter to the Reserve Bank of India (RBI), seeking to know how the central bank would protect the interests of depositors of the Lucknow-based Sahara India Financial Corporation (SIFC).
The June 4 letter was in response to a ban the RBI had imposed on the non-banking financial company (NBFC) against accepting any public deposits.
Ramco Systems expects revenue to touch $55 mn
By IANS,
Kolkata: Software solutions and service provider Ramco Systems expects its revenue to touch $55 million in the current fiscal (2009-10) up from last fiscal's (2008-09) $50 million, a company official said here Wednesday.
"We are looking at a 15-20 percent growth of our number of orders this year. Last year we received 40 new orders," Balaji Rangachari, practice head-manufacturing and infrastructure, said at a press conference.
Ramco provides solutions in consulting, enterprise solutions and outsourcing services to various companies.
Firms should provide co-creation platform: C.K. Prahalad
By IANS
Chennai : Providing an opportunity for co-creation, creating common interest based communities and acting as a nodal agency in the global supply chain are some of the key innovation drivers in the future, said a top management guru.
"To create such a delivery network, it would require re-configurable capability and intensive investment in information technology (IT). India has an edge in the latter," C.K. Prahalad, a professor at the University of Michigan, US, said here Friday.
Singur imbrolgio resolved, Trinamool withdraws agitation
By IANS,
Kolkata : The deadlock following the farmers' agitation against Tata Motors' Nano small car project in Singur was resolved late Sunday night as the West Bengal government agreed to form a committee to look into the demand and the opposition Trinamool Congress suspended its campaign against it.
Governor Gopalkrishna Gandhi, who mediated the talks between the Left Front government and the Trinamool, told reporters after several rounds of talks and some twists that the imbroglio was resolved.
Advocacy group set up in Kashmir to educate people about Islamic Banking
By Raqib Hameed Naik, TwoCircles.net
Srinagar: Mehboob Makhdoomi, an expert on Islamic Banking and alumnus of Harvard and Pennsylvania University, has...
Radio frequencies may get dearer, telecom operators angry
By IANS
New Delhi : Radio frequencies required to operate mobile phone services in India are expected to become dearer, with the finance ministry wanting a huge price tag of over Rs.50 billion.
The move - still in the discussion stage - has already invited sharp criticism from both new and existing operators as it will add to their infrastructure costs.
The new pricing methodology recommended by the ministry wants new operators such as Datacom and Unitech to pay Rs.58 billion ($1.5 billion) for getting start-up spectrum, officials said.
India, Russia trade can touch $20 billion by 2015: Ficci
By IANS
New Delhi : Trade between India and Russia has the potential to touch $10 billion by 2010 and $20 billion by 2015 if issues such as high credit risk and procedural hassles are addressed, said an industry survey.
Both countries would need to work hard at removing obstacles that hamper trade such as insurance cover, Russia's ban on bulk import of farm items, slow registration process for Indian pharmaceutical products, and low safeguards for investments, said a survey by the Federation of Indian Chambers of Commerce and Industry (Ficci).
RCom to launch television channel by year-end
By IANS,
Ahmedabad/Chennai/New Delhi : The Anil Ambani-headed Reliance Communications (RCom), which ushered in its nationwide direct-to-home service Wednesday, will launch its own television channel before the year-end, a top company official said.
"In the next three months, we'll have our own television channel. We are going into both broadcasting and distribution," RCom group head for brand and marketing Sanjay Behl told reporters in Ahmedabad during the launch of Reliance Big TV, a direct-to-home (DTH) service.
Starbucks brews its first coffee in India
By IANS,
Mumbai : Starbucks opened its first store in India Friday in a joint venture with the Tatas, hoping to redefine the coffee market in the country.
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."
Economic ties likely to take centrestage at Manmohan-Obama summit
By Arun Kumar, IANS,
Washington: Economic ties are expected to form the cornerstone of the new framework that Prime Minister Manmohan Singh and President Barack Obama hope to create to take the India-US relationship to a "new level" at their summit this month.
Over the last few days, officials on both sides have spelt out the broad contours of the new relationship that they hope to see emerge from Manmohan Singh's first state visit hosted by President Obama.
Aviation fuel supply will not be hit by oil staff strike
By IANS,
New Delhi : Airline operators Tuesday said they have a contingency plan with oil companies for uninterrupted supply of aviation fuel to tide over any crisis if oil sector employees go on strike.
The Oil Sector Officers' Association (OSOA), an umbrella organisation representing 45,000 oil sector employees, has threatened strike from Wednesday demanding higher wages.
Uttar Pradesh roadways to add over 2,000 buses
By IANS,
Lucknow : Over 2,000 more buses will run on Uttar Pradesh roads soon, an official said here Saturday.
"In the current fiscal year, UPSRTC (Uttar Pradesh State Road Transport Corporation) will include 2,100 more buses for benefiting the commuters," A.K. Srivastava, UPSRTC chief general manager, told IANS.
The new vehicles would offer both inter-state and inter-districts bus services, he added.
At present, about 7,000 buses of UPSRTC ply in the state, as well as in neighbouring states, including Punjab, Delhi, Haryana, Madhya Pradesh, Rajasthan and Bihar, officials said.
Airline offers free flights on Halloween in Canada
By IANS,
Toronto : At a time when airlines are going out of business because of high operating costs, Canada's low-cost airline WestJet will offer free flights to travelers with the surname of Candy, Orange, Web or Webb, and Sweet on Halloween.
Celebrated Oct 31 each year, Halloween is thought to be the night of ghosts, witches and fairies as per old traditions in the Western world.
Canada's private carrier announced Tuesday that people with these surnames can apply for free flights before midnight Oct 30, 2008, to travel anywhere in Canada on Halloween.
Rs.21 bn tax evasion by lottery distributors detected
By IANS
Bangalore : Two Tamil Nadu-based paper lottery distributors have evaded service tax of about Rs.21 billion ($52.5 million) in the last five years, officials here said after detecting what they described as the county's biggest tax evasion case in recent years.
The total turnover of the two lottery distributors, with their main office in Coimbatore and all-India presence, since 2003 would be around Rs.180 billion, a senior official of the Central Excise Intelligence said here.
Pay a transaction fee on each air ticket from Nov 1
By Sanjay Singh, IANS,
New Delhi : Yet another airfare hike is in the offing from Nov 1 as airlines and travel agents have mutually decided to add a new component, transaction fee, which would be a minimum of Rs.350 for domestic and maximum of Rs.10,000 for international tickets, an industry official said here Monday.
The zero-percent commission regime will be replaced by the transaction fee, which will be levied along with the airfare, the official said, adding that this will be reflected as "other charges" on the ticket.
Videocon picks UBS as advisor for Motorola handsets deal
By IANS
New Delhi : Indian consumer electronics giant Videocon has named global financial services firm UBS as its investment banker to strike a deal to acquire Motorola's mobile handsets unit, the group's chief has said.
"I have thrown my hat in the ring. And they will say it is a good hat as it is an Indian hat," Venugopal N. Dhoot, the chairperson and managing director of Videocon, told reporters on the sidelines of a conference on trade pacts here.
International Finance Corp to spend $6 bn in emerging markets
By IANS,
New Delhi : International Finance Corp (IFC), a World Bank member organisation, Tuesday anounced it will spend $6 billion to support the private sector in emerging markets hit by the global financial crisis.
IFC will double the existing global trade finance programme to $3 billion over a three-year period to meet a large increase in demand for short-term trade finance.
Service tax revenue to be flat in 2009-10
By IANS,
New Delhi : India's service tax revenue is estimated to be flat at Rs.65,000 crore ($13.4 billion) this fiscal, Finance Minister Pranab Mukherjee said Monday while presenting the budget for 2009-10 in the Lok Sabha.
The revised estimates of the service tax revenue for 2008-09 stands at Rs.65,000, while the government earned Rs.51,301 crore from the tax in 2007-08.
While Mukherjee brought the law firms/lawyers offering advice to non-individuals under the service tax net, relief has been provided to exporters.
MP exports potatoes, onions, spices worth over Rs. 45.59 cr.
By Pervez Bari, TwoCircles.net Bhopal, June 4: Potatoes, onions, garlic, spices and wheat costing over Rs. 45.59 crore have been exported from Agri Export Zone (AEZ)...
PM’s council lowers India’s growth forecast to 7.1 percent
By IANS,
New Delhi : The Prime Minister's Economic Advisory Council Friday lowered India's growth forecast for the current fiscal to 7.1 percent, against its earlier prediction of 7.7 percent, on account of the impact of the global meltdown.
The council, headed by economist Suresh Tendulkar, also told a press conference here that it expected the country's gross domestic product (GDP) to expand by 7-7.5 percent during the next fiscal,
Now, Chhattisgarh farmers oppose Tata Steel project
By Sujeet Kumar, IANS,
Lohandiguda (Chhattisgarh) : Tata Steel, which ran into land acquisition problems in Orissa's Kalinga Nagar district, now faces farmers' ire over a proposed Rs.100-billion (Rs.10,000-crore) steel plant in Chhattisgarh.
In June 2005, the steel major signed an agreement with the state government to set up the plant, with an annual manufacturing capacity of five million tonnes, in Bastar, one of India's most impoverished districts.
However, four years on, the Chhattisgarh government is yet to complete the land acquisition process.
Circle rates for properties set to increase in Delhi
By IANS,
New Delhi : After increasing the registration fee for properties and road tax for luxury cars, the Delhi cabinet is set to give its nod to a proposal to hike circle rates for sale and purchase of properties in the capital June 7.
The state government has decided to revise the circle rates, introduced in 2007, in a bid to earn additional revenue, an official source told IANS.
The circle rate is the minimum rate for valuation of land for residential use that differs for various categories of colonies.
Tata Power, Norwegian firm sign pact on hydropower projects
By IANS,
New Delhi : Tata Power Friday said it has signed an agreement with Norwegian renewable energy company SN Power to jointly develop hydropower projects in India and Nepal.
This is the first time that the Tata group firm has entered into a partnership with a hydropower company.
"Together, the joint venture aims to add 2,000 MW by 2015, and a total of 4,000 MW by 2020," the company said in a regulatory statement.
Both companies have begun pursuing potential renewable energy project opportunities in the Himalayas.
Strike hits international air passengers in Kerala
By IANS,
Thiruvananthapuram : The nation-wide strike Wednesday called by Left trade unions is taking a heavy toll on both arriving and departing passengers at the three international airports in Kerala.
Chief of Air India H.A.Munaf told IANS that even though their flight operations were on schedule, passengers were finding it difficult to cope with the situation.
"Many had arrived quite early to the airport and some are caught up at the airports because public transport is off the road causing a lot of hardships," said Munaf.
Orissa to buy 2.2 million tonnes of rice
Bhubaneswar, Sep 21 (IANS) The Orissa government has tentatively decided to procure 2.2 million tonnes of rice during the 2007-08 kharif season.
Agriculture Minister Surendra Nath Nayak told IANS that according to preliminary estimates, over 6.6 million tonnes of paddy would be produced in Orissa during that period.
In the last kharif season, the agriculture department had sent a proposal for procurement of two million tonnes of rice, which was revised to 2.2 million tonnes by the cabinet.
MoUs worth Rs. 98,000 cr. likely to be signed at Global Investors Summit; MP...
By Pervez Bari, TwoCircles.net
Bhopal: As many as 36 Memorandums of Understanding (MoUs) worth Rs.98,000 crore are likely to be signed at the Global Investors Summit to be held on October 26-27 at Indore. A MoU for about Rs. 50,000 crore is likely to be signed by Reliance Energy on the first day of the summit.
According to an official Press release the above information was revealed at a meeting here today wherein Madhya Pradesh Chief Minister Shivraj Singh Chouhan reviewed the preparations of the summit.
Inflation will be controlled in six weeks: Kapil Sibal
By IANS,
New Delhi : Minister of Science and Technology Kapil Sibal Wednesday said the United Progressive Alliance (UPA) government will bring down prices in six weeks.
"Economics is not about tomorrow or the day after. A set of complex factors is responsible for price rise, but the government is confident of bringing down prices in six weeks," Sibal told reporters.
Like Prime Minister Manmohan Singh who last month urged the opposition and the Left parties not to extract political mileage from price rise, Sibal said: "The opposition parties are creating an atmosphere of scarcity."
Sensex closes 355 points higher
By IANS,
Mumbai : A benchmark index for Indian equities markets closed 355 points higer Wednesday led by IT and auto stocks.
Deora holds talks with leaders of striking employees
By IANS,
New Delhi : Petroleum Minister Murli Deora held talks with leaders of the agitating employees of public sector oil companies late Thursday evening as petrol pumps across the nation began to run out of stocks on the second day of the strike.
Deora met the leaders of the Oil Sector Officers Association, representing 45,000 PSU oil officers, at the Indian Oil office in Noida.
The strike has begun to impact consumers with most petrol pumps running out of petrol and diesel as long queues were reported at the vends that had some stock.
Lobbyists’ magnet: Even fire fighters drawn to Brussels
By DPA
Brussels : If you want to achieve anything in Brussels you need an office in the city. From the candle-makers' association to the union of potato-starch factories, to the association of the crinkled-cardboard industry, there's hardly a pressure group missing from the European Union (EU) capital.
Between 15,000 and 20,000 lobbyists are said to work here for economic and professional bodies. On Tuesday, the German Association of Fire Brigades (DVF) too opened an office in Brussels.
Adani Group seeks removal of Supreme Court bar on Mundra SEZ
By IANS,
Ahmedabad : The Mundra Port and Special Economic Zone Ltd, promoted by the city-based Adani Group, will seek from the Supreme Court vacation of its bar against construction at the proposed SEZ, the group said Wednesday.
In a regulatory communication to the Bombay Stock Exchange, the group said: "We understand from media reports that an ex-parte stay has been granted by the Supreme Court against carrying out construction activities in the SEZ at Mundra. We are awaiting the papers."
Jet Airways targets $3 billion revenue in three years
By IANS
New Delhi : Jet Airways, India's largest private airline, is aiming to achieve $3 billion (Rs.118 billion) in revenue in the next three years, chairman Naresh Goyal said Tuesday.
He also said almost half of this $3 billion would come from its international operations.
"International expansion will help domestic operations make money. Every year, we will increase our domestic revenue by 15 percent," Goyal told reporters on the sidelines of the Fortune Global Forum meet here.
West Bengal shutdown against fuel hike disrupts life
By IANS,
Kolkata : Air, rail and road traffic was disrupted and life came to a standstill in West Bengal Thursday following a 12-hour shutdown called by the ruling Communist Party of India-Marxist (CPI-M)-led Left Front against the petroleum products price hike.
Communist cadres squatted on railway tracks, pulled passengers out of taxis, picketed before railway stations and took out processions waving red flags as the administration remained a mute spectator to the coercive tactics adopted by the ruling party workers.
State Bank to raise interest rates after Diwali
By IANS,
Kolkata : The country's largest lender, State Bank of India (SBI), will raise interest rates by 25 to 100 basis points after Diwali, a top company official said here Monday.
"If there is huge amount of credit growth, which I believe would happen with economic growth picking up, the interest rates will go up," said SBI Chairman O.P. Bhatt.
"I see interest rates going up by 25-100 basis points after Diwali. It all depends on the management of liquidity," Bhatt told reporters on the sidelines of an ongoing banking conference.
Uttar Pradesh to get two 500 megawatt power plants
By IANS,
Lucknow : The Uttar Pradesh Power Generation Corp Ltd will set up two 500 megawatt power plants at Obra in Sonbhadra district, about 500 km from Lucknow, a top company official said Friday.
"The government has just given us the green signal for installing the two units in Obra," company managing director Alok Tandon told IANS.
He said the two power units would cost around Rs.50 billion. About 200 hectares of land has been identified for the project.
Reliance Capital net profit down 55 percent
By IANS,
Mumbai : The Anil Ambani-led Reliance Capital Friday reported a 55.6 percent fall in net profit to Rs.153.29 crore ($33 million) for the quarter ended June 30 as against Rs.345.3 crore in the like period last year.
The company's total income for the first quarter stood at Rs.1,468.12 crore ($316 million), down 3.05 percent from Rs.1,514.40 crore in the corresponding quarter the previous fiscal.
Central Bank net profit down to Rs.593.20 million
By IANS,
Mumbai : The state-owned Central Bank of India announced a net profit of Rs.593.20 million during the first quarter of the current fiscal against Rs.983.50 million for the corresponding period last year.
For the latest quarter ending June, the total income increased to Rs.25.72 billion from Rs.18.74 billion in the corresponding quarter last year.
Market trading with loss at afternoon trade
By IANS,
Mumbai : The Indian equities market extended its loss in the afternoon trade. Banking, capital goods and power stocks were under selling pressure.
At 12:30 p.m., the 30-share BSE Sensex was down by 184.35 points or 1.32 percent at 13,779.91. At the day's low, it touched 13,779.55.
At the same time, the broader-based S&P CNX Nifty was down by 39.45 points or 0.95 percent at 4,117.65
The market breadth was negative. On BSE, 1080 shares advanced compared to 1259 that declined and 81 that remained unchanged.
Sensex falls as government presents Economic Survey
By IANS,
Mumbai : A key index of the Indian equities markets fell sharply Thursday as the government released the Economic Survey for 2008-09. The index fell more than 90 points to move into the red.
Shortly after 12.30 p.m., the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 14,694.31 points, fell to 14,596.37 points - 49.1 points or 0.34 percent below Wednesday's closing figure.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE), too, was ruling in the negative terrain, 0.36 percent down at 4,325.2 points.
Economy may grow close to 8 percent in fourth quarter: Assocham
By IANS,
New Delhi : The Indian economy could grow close to 8 percent in the last quarter of the current fiscal, while the overall growth for the year could be between 7.2-7.4 percent, according to an industry lobby.
"The gross domestic product growth figure could be close to 8 percent for the fourth quarter in view of sustained economic activities in manufacturing, exports showing recoveries and industry intensifying capacity utilization," said the Associated Chambers of Commerce and Industry of India (Assocham).
Facebook grows, makes a profit
By DPA,
San Francisco : Facebook, the world's largest social network on the internet, is finally turning a profit, the privately held company said.
The Silicon Valley, California, company, which was started six years ago by a student at Harvard University, said late Tuesday that it had reached a positive cash flow for the first time and also passed the 300-million user mark.
The stratospheric growth in the site's user base from 150 million at the start of the year, allowed the company to turn a profit earlier than the 2010 date it had previously predicted.
Realty and banking stocks in demand at initial trade
By IANS
Mumbai : The Indian equities market opened in green Wednesday tracking strong Asian markets, which were running higher. Realty and consumer goods counter were witnessing buying interest.
The 30-share benchmark sensitive index of the Bombay Stock Exchange opened with a gain of 54.79 points at 16,823.99. Ten minutes into trade, the Sensex was trading at 16,836.87 with a gain of 53 points or 0.32 percent.
Gujarat textile industry losing sheen
By IANS
Ahmedabad : The textiles industry in Gujarat has lost its pole position as a leading industrial sector. It now ranks sixth in the state with annual production valued at Rs.162.81 billion.
This was revealed in the latest Annual Survey of Industries (ASI) report for 2004-05, the data for which was given in a seminar on textiles underway here.
Markets close in green, Sensex gains 317 points
By IANS,
Mumbai : Buoyed by the government's second stimulus package announced Friday, Indian equities markets closed in the green Monday. A key index ended trade 3.36 percent higher than its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 10,275.6 points (provisional), up 3.19 percent or 317.38 points from its previous close of 9,958.22 points.
The broader S&P CNX Nifty index of the National Stock Exchange (NSE) gained 2.69 percent to close at 3,128.6 points.
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."
Mukherjee projects 6 percent farm sector growth
By IANS,
New Delhi: Finance Minister Pranab Mukherjee Monday projected farm sector growth of 6 percent and hoped the dip in factory output in November was temporary.
After conflict, confusion holds up Tata Nano project
By IANS,
Kolkata : The Tata Motors' small car plant at Singur in West Bengal remained closed for the eighth day Tuesday as confusing signals continued to emerge over the so-called deal between the state government and the dissatisfied farmers over a part of the land acquired for the project.
A day after the Tata group sought more clarity in the deal and said the factory and its ancillary units cannot be separated, the state government also sought to make it clear that no land will be returned from the project area, some 40 km from the state capital.
India will run super-fast bullet trains
By IANS,
New Delhi : Enthused by an exhilarating ride on a Japanese high-speed train last week during his visit to Japan, Railways Minister Lalu Prasad Monday said India would soon have similar bullet trains on selective routes and that his ministry would start scouting for global consultants.
"The day is not far off when the bullet train will run in the country," Lalu Prasad told reporters here.
Jan Dhan account deposits rise to over Rs 64,000 crore
New Delhi : Aggregate deposits in Jan Dhan accounts have increased to Rs 64,252.15 crore as on the eighth day after the announcement of...
Indian shares bounce back on firm buying
By IANS
Mumbai : Indian shares bounced back on buying of blue-chip stocks by Indian investors with a key index rising 1.53 percent Tuesday, its strongest close in the past two weeks.
3G trials in Delhi by September end
By IANS,
New Delhi : The state-owned telecom operator Mahanagar Telephone Nigam Ltd (MTNL) will conduct trials of third generation (3G) services by the end of this month in Delhi and launch commercially in December, the government announced Thursday.
MTNL's 3G trials will be conducted in and around the capital's Connaught Place area.
“Indoor trial of 3G in Delhi has already been completed,” an official statement said.
“The launch will give people a feel of high speed data, video streaming etc which come as part of the 3G services,” the statement further added.
Indian equities rise after Left pullout of support
By IANS,
Mumbai : Within minutes of Left parties withdrawing support to the United Progressive Alliance (UPA) government, Indian equities rose impressively on major bourses Tuesday, anticipating friendlier policies towards the corporate sector.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which at one point was trading at a loss of 476.03 points over the previous day's close, staged a smart rally, minutes after the Left parties formally announced their withdrawal of support to the Prime Minister Manmohan Singh government.
Sensex starts week in the green
By IANS,
Mumbai : A benchmark index for Indian equities started the week in the green and was ruling about 40 points higher an hour into trade Monday.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,639.18 points, was ruling at 17,682.87 points, 38.11 points or 0.22 percent higher than its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,295.55 points, a gain of 0.26 percent or 13.55 points from its previous close.
TCS plans new centres in Abu Dhabi, Egypt, Oman
By IANS,
Dubai : Leading Indian IT services provider Tata Consultancy Services (TCS) is planning to open new centres in the United Arab Emirates (UAE) capital Abu Dhabi, Egypt and Oman in order to focus more on the Middle East and North Africa (MENA) market.
"MENA has been active in the last couple of years as the infrastructure, energy, utility and alternative sources of energy are showing strong growth and there are robust opportunities for further growth," TCS chief executive and managing director S. Ramadorai told the Gulf News newspaper.
More Highlights of Indian budget (Part 2)
By IANS
Farm growth disappointing at 2.6 percent
Gross budgetary support rises to Rs.380 billion
Education gets 20 percent more to Rs.344 billion from Rs.286.8 billion
Rural infrastructure scheme Bharat Nirman to get Rs.312.8 billion
India-Britain: The year of Tata, Brown Bounce and cricket (Yearender – 22)
By Dipankar De Sarkar, IANS,
London : The paths of India and Britain converged ever closer in 2008, the highs in their mutual ties embracing everything from the fight against recession and terrorism to playing riveting cricket.
Whether it was growing trade and business between the two countries, worrying over the global economy or lauding the shared values of liberal democracy, India and Britain seemed to be singing from the same hymn sheet all the way.
The year began on a high.
‘Tata-backed air-power car within a year’
By IANS
London : A car running on compressed air and backed by the Tata Group will hit the Indian market within a year, says the French engineer who is working on the invention.
Guy Negre's OneCAT will be a five-seater with a glass fibre body, weigh just 350 kg and cost just over 2,500 pounds (about Rs.200,000), the BBC reported.
The project is backed for an undisclosed sum by Tata, which says it may also use the technology for power generation.
Another first by Nano: online booking
By Himank Sharma, IANS,
New Delhi : Tata Motors is offering what insiders say is another first in the Indian automobile industry - online booking.
Along with retailing co-branded Nano merchandise such as watches, T-shirts and phones on the Internet, the dedicated website for the "people's car" set up by the $62.5-billion group has a detailed section for applying for the car online, with a secure payments gateway.
Applications will be accepted during April 9-25.
China to raise reserve requirement ratio for 10th time this year
By Xinhua
Beijing : China will raise the reserve requirement ratio by one percentage point for commercial banks in an effort to cool the booming economy, the central bank announced Saturday.
The move, which will take effect on Dec. 25, will push the ratio to a new high of 14.5 percent, after it reached a ten-year high of 13.5 percent on Nov. 26.
Reliance Cement forays into Bihar
Patna : Reliance Cement Company Monday announced its foray into the Bihar market with its product.
In a statement here, the company, a subsidiary of...
Panel to monitor development of 22 railway stations
By IANS
New Delhi : A core group of railway board officials, has been appointed to monitor public private partnership (PPP) for developing 22 world-class railway stations all over the country.
The railway ministry plans "to develop the New Delhi Railway station after similar stations in the developed western European nations, through public-private partnership to showcase it for the Commonwealth Games, 2010," said a railway ministry announcement Wednesday.
Hindustan Zinc gets LME registration
By IANS
Udaipur : Hindustan Zinc Limited (HZL), a subsidiary of Sterlite Industries India Limited, has received the London Metal Exchange (LME) registration for the lead ingots produced at its lead smelter near here.
The LME registration, recognised worldwide as one of the most demanding standards, signifies highest product quality, uniform physical characteristics and consistency of lead ingots, the company said in a statement Saturday.
Indian firm Rolta to buy Canadian company
By IANS
Mumbai : Indian software firm Rolta Friday said it was signing an agreement to acquire the Canadian software firm Orion Technology for an undisclosed amount.
India to spend $500 mn to boost capacity of drug regulators
Mumbai : As part of efforts to ensure that Indian pharmaceutical products meet international standards, the government is spending about $500 million to build...
Consim Info to launch millionaire matrimony site
By Venkatachari Jagannathan, IANS,
Chennai : India's rich and celebrities will soon get an exclusive matrimony site. Consim Info Pvt Ltd, formerly known as BharatMatrimony group, Monday said it will launch a millionaire matrimony site, www.elitematrimony.com, which would help the "elite" sections find suitable matches.
"The elite, who want to select suitable matches for their wards or for themselves, are willing to pay for special services. It is this segment we would like to cater to with our new offering," Murugavel Janakiraman, founder and chief executive of Consim Info, told IANS.
Essar to explore oil and gas in Vietnam
By IANS
New Delhi : Private petroleum company Essar Oil Ltd said Tuesday that its Mauritius-based subsidiary Essar Exploration and Production (EEPL) has bagged a licence to explore oil and gas off Vietnam's coast.
"EEPL has been awarded an offshore block in Vietnam's prolific Song Hong basin," Essar Oil told the Bombay Stock Exchange.
"The exploration phase is estimated to last five years and the investment for this programme will be approximately $60 million," Essar said.
Indian telecom JV survives fire scare in Nepal
By IANS,
Kathmandu : United Telecom Ltd (UTL), a joint venture between three Indian companies and a Nepali firm, survived a fire scare Friday when a blaze in a building housing its main office here was doused before it could reach the outfit's premises.
Police said a fire broke out at the Triveni complex in the city's busy commercial area, Putali Sadak, early Friday, gutting two offices on the sixth floor and destroying property and documents worth millions of rupees.
Markets head north despite oil price hike
By IANS
Mumbai : Despite the hike in prices of transport fuel, Indian markets Thursday registered their biggest gain since mid-January following a good show by global peers.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 17,265.19 points and notched a high of 17,838.08 points. It gained by 817.49 points at the day's close to 17,766.63, a gain of 4.82 percent.
India to facilitate renewable energy SEZs
By IANS
New Delhi : The ministry of new and renewable energy will provide all help, support and co-operation if special economic zones (SEZs) are set up for the manufacture of renewable energy equipment, Minister of State for Renewable Energy Vilas Muttemwar said here Monday.
The minister was replying to a question in the Rajya Sabha, the upper house of parliament.
States like Maharashtra, Tamil Nadu, Karnataka, Madhya Pradesh and Chhattisgarh have evinced interest in hosting such SEZs, Muttemwar told the house.
Indian equities markets crash on failed expectations
By IANS,
Mumbai : Indian equities markets opened weak Friday and then crashed around noon with a key equities index dipping even below the 9,000 mark immediately after India's central bank, the Reserve Bank of India, announced that it had left all key rates unchanged in its mid-term review of the annual policy for 2008-09.
Indonesia, Philippines ban baby formula from China
By DPA,
Jakarta/Manila : Indonesia and the Philippines have banned the import of baby formula from China following detection of industrial chemical melamine in the Chinese product which killed at least four babies and sickened thousands in China.
"For the time being, the Chinese products are banned from the market" while authorities examine Chinese milk formula sold in Indonesia, health ministry spokeswoman Lily Sulistyowati said Tuesday.
The test results would be known in the next two or three days, the state-run Antara news agency quoted Sulistyowati as saying late Monday.
Aamir Khan is brand ambassador for new Samsung mobile phones
By IANS
New Delhi : Samsung Telecommunications India (STI) Wednesday announced the appointment of Bollywood star Aamir Khan as the brand ambassador for its new range of mobile phones.
The announcement was made at the launch of Samsung's five new sleek and stylish phones that exemplify cutting-edge technology and design innovation in Mumbai. The actor, lauded by all and sundry for making "Taare Zameen Par", was present at the function here.
India-Pakistan trade to decline by 60 percent
By IANS,
New Delhi : India-Pakistan trade is likely to see a 60 percent decline in 2009-10, with the overall trade falling from $2 billion to $900 million in the coming months on account of the current turmoil in the neighbouring country, says an industry lobby.
A quick survey conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI) among exporters and importers doing business with Pakistan reported that they were unwilling to travel across the border to conclude even the firmed-up deals.
Bajaj Allianz crosses 3 mn policies in current fiscal
By IANS
Mumbai : Bajaj Allianz Life Insurance, one of the leading private life insurance companies in India, has issued more than 3 million individual policies in the current fiscal.
With this achievement, the company has become the first private sector life insurance provider to cross this milestone in a financial year.
"Our wide range of value for money, flexible products and services that suit the needs of the emerging middle class have helped us win confidence of the masses," said Kamesh Goyal, Bajaj Allianz's chief executive officer and country manager.
Bharti, Wal-Mart open first joint store in India
By IANS,
Amritsar : India's Bharti group and Wal-Mart, the world's largest retailer, opened their first cash-and-carry joint venture store here Saturday on an investment of $7 million, and are planning to open at least 15 stores in the next three years.
The stores will be run under the brand name of Best Price Modern Wholesale.
Tendulkar takes charge of PM’s Economic Advisory Council
By IANS,
New Delhi : Renowned economist Suresh Tendulkar took over Wednesday as chairman of Prime Minister Manmohan Singh's Economic Advisory Council (EAC).
He along with other members of the EAC - G.K. Chadha, Saumitra Chaudhuri, Satish C. Jha, and M. Govinda Rao - was present on the dais Wednesday when his predecessor C. Rangarajan presented the 'Economic Outlook for 2008-09'.
EAC has predicted a 7.7 percent growth in gross domestic product (GDP) in the current fiscal, against the 9 percent growth achieved in 2007-08.
Sensex breaches 10,000-mark, closes a bit lower
By IANS,
Mumbai : Indian equities markets closed in the green Thursday even as a key index breached the psychologically important 10,000-mark before falling to settle a tad lower.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 9,739.93 points, ended at 9,936.96 - a rise of 269.06 points or 2.78 percent from its previous close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 2.43 percent from its last close to rule at 3,056.75 points.
Delhi traders to shut shops over rising prices
By IANS,
New Delhi : Traders will shut shops in Delhi Saturday to protest the rise in prices of diesel and other items.
The Confederation of All India Traders (CAIT) Friday called for shutdown, saying traders were unhappy with the Delhi government's decision to increase in Value Added Tax (VAT) slabs.
"Traders will hold protest marches and shops will remain shut across the capital," CAIT secretary general Praveen Khandelwal said.
Equity markets hover around previous closing figures
By IANS,
Mumbai : A key index of the Indian stock exchange opened marginally lower Thursday than its previous close but rose soon after.
The 30-share Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) opened at 9,710.20 points, lower than Wednesday's closing figure of 9,715.29 points.
However, about half an hour into trading, the Sensex was ruling at 9,736.53, up 26.33 points from the opening figure.
Bharti Airtel, IFFCO enter into strategic partnership
By IANS,
New Delhi : Bharti Airtel, India's leading mobile phone service provider, Friday entered into a strategic partnership with state-run Indian Farmers Fertiliser Cooperative Ltd (IFFCO) to offer telephony services to farmers in the country's hinterland.
The new entity that has been formed after the joint venture - IFFCO Kisan Sanchar Ltd (IKSL) - would provide products and services, specifically designed for farmers, through IFFCO societies in villages.
Industry fears Rs.20-bn loss on first day of truckers’ strike
By IANS,
New Delhi : The truckers' strike to protest rising taxes and fuel costs will further increase inflation and has caused industry to lose Rs.20 billion Wednesday, the first day of the agitation, industry lobbies here said.
Urging transporters to sort out the issue with the authorities and resume services, the Federation of Indian Chambers of Commerce and Industry (Ficci) said the strike would push up inflation further.
"It will also result in large-scale disruption in industrial activity following the suspension of cargo handling and transportation activities," it said.