Norway firm overtakes Indians in Nepal hydropower deals
By Sudeshna Sarkar, IANS
Kathmandu : While over a dozen Indian companies have been waiting for nearly a year now to get the nod from the Nepal government for starting new hydropower projects in the Himalayan nation, a Norwegian joint venture has sailed ahead with two new deals under its belt.
Statkraft Norfund Power Nepal, which entered Nepal's power market last year, has bagged the licence for two hydropower projects - Tamakoshi II and III - which can together generate nearly 600 MW.
Infosys drafts hi-tech plan to check power distribution losses
By IANS,
Bangalore : IT major Infosys Technologies Ltd has drawn a road map to transform power distribution and check losses across India.
The hi-tech plan, commissioned by the power ministry, has been drafted in association with the Bangalore-based Centre for Study of Science, Technology and Policy (CSTEP) to bring about radical changes in power distribution for rapid economic growth and meeting societal needs.
Its focus is on checking aggregate technical and commercial (AT&C) losses in electricity distribution.
Himachal dam project to provide water to Delhi next year
By IANS,
Shimla : There is promise of water for Delhi from a thermal power project being commissioned in Himachal Pradesh next year.
The Rs.22.13 billion (Rs. 2,213 crore) 40 MW Renuka Dam Power Project is to be constructed on the Yamuna river in Sirmaur district of Himachal Pradesh.
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.
Ford names Tata as frontrunner in Jaguar takeover
By IANS
London : Leading Indian automaker Tata Motors Ltd has inched closer to acquiring premium British automobile brands Jaguar and Land Rover, their owner Ford Motor Co saying Thursday it has picked Tata as the preferred bidder for its British units.
"Ford is committed to focused negotiations at a more detailed level with Tata Motors concerning the potential sale of the combined Jaguar and Land Rover business," said Lewis Booth, executive vice-president of Ford's European units, in a statement.
India approves 13 foreign investment proposals
By KUNA,
New Delhi : Indias Finance Minister P Chidambaram Friday approved 13 Foreign Direct Investment (FDI) proposals as part of the governments efforts to boost the countrys economy.
The proposals were recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on June 4, an Indian Finance Ministry statement said here today.
"The proposals are related to Ministries and Departments of Chemicals Petro-chemicals, Industrial Policy Promotion, Information Broadcasting, Urban Development, Tourism and Economic Affairs," the statement added.
Indian equities end lower after five weeks of gains
By IANS
Mumbai : Despite net purchases by both domestic and foreign funds, Indian equities finished lower during the week ended Friday to snap four straight weeks of gains as bears held a firm grip on the market amid sharp volatility.
Market losses drive Delhi businessman to suicide
By IANS,
New Delhi : A city-based businessman, who allegedly lost Rs.3 million in stock markets, Tuesday hanged himself to death in his west Delhi home.
The incident came close on the heels of the arrests of two management students for kidnapping a teenaged boy to make up for their market losses.
Anshumal Mishra, 42, hanged himself from the ceiling fan in his Rajender Nagar house. He was running Educare Coaching Centre in Karol Bagh area.
Mishra is survived by his wife Madhumati, a teenaged son and a three-year-old daughter.
Sensex extends gains, breaches 17,000-point mark
By IANS,
Mumbai : A key Indian equities index built on its morning gains Wednesday and breached the 17,000-point mark around noon.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 16,723.96 points and was ruling at 17,007.48 points, up 315.48 points or 1.89 percent from its previous close at 16,692 points at noon.
Around the same time, at the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 5,081.2 points, against the previous close at 4,985.85 points, a gain of 1.91 percent.
Andhra land for TCS, Cognizant
By IANS
Hyderabad : The Andhra Pradesh government Wednesday allotted 75 acres of land to Tata Consultancy Services (TCS) and 40 acres to Cognizant Technology Solutions to set up office complexes on the outskirts of the state capital.
A cabinet meeting chaired by Chief Minister Y.S. Rajasekhara Reddy ratified the memoranda of understanding (MoUs) signed recently with the two IT majors for the expansion of their operations in the state.
Hyderabad : The Andhra Pradesh government Wednesday allotted 75 acres of land to Tata Consultancy Services (TCS) and 40 acres to Cognizant Technology Solutions to set up office complexes on the outskirts of the state capital.
A cabinet meeting chaired by Chief Minister Y.S. Rajasekhara Reddy ratified the memoranda of understanding (MoUs) signed recently with the two IT majors for the expansion of their operations in the state.
Industrial production up 10.4 percent in August
By IANS,
New Delhi : Further signs of recovery in Indian industry emerged Monday with the latest official data indicating a growth of 10.4 percent in industrial production during August this year - highest in the last 22 months - over the corresponding month last year.
The index for industrial production (IIP) grew 10.4 percent in the month, as per the data released by the Central Statistical Organisation here.
The annual industrial growth rate for July was revised to 7.2 percent from 6.8 percent reported earlier.
Suzuki launches 125-cc scooter
New Delhi, Sep 17 (IANS) Suzuki Motorcycle India Pvt Ltd Monday launched its 125-cc scooter, Access, here Monday. Access marks the foray of the company, a subsidiary of the Suzuki Motor Corp of Japan, into the scooter market in India.
"Access will cater to the needs of an urban Indian family in small, medium and large cities in the country," said Satya Sheel, managing director of Suzuki Motorcycle India Pvt Ltd (SMPL), at the launch. The price of the scooter is yet to be decided.
Reliance Communications’ net profit soars 48.5 percent
By IANS
Mumbai : The Anil Dhirubhai Ambani Group's Reliance Communications, India's second-largest mobile telecom company, Thursday reported a 48.5-percent jump in its net profits for the quarter ended Dec 31.
The jump in net profit to Rs.13.728 billion ($345 million) from Rs.9.244 billion ($230 million) in the last fiscal beat forecasts, and the growth in profits was higher than the 42 percent jump reported by rival Bharti Airtel.
IBM focuses on faculty in its academic initiative
By IANS,
Chennai : Computer giant IBM has launched yet another academic programme, this time to help university faculty instil modern-day skills among students.
IBM hopes the initiative launched in Chennai Friday will soon be taken to five other Indian cities.
IBM India has invested $1.5 million in its academia initiatives in the last two years, imparting training on open standards-based technologies to more than 125,000 students from 575 colleges.
India moves on insurance reform despite opposition
By IANS,
New Delhi : After months of delays and deliberations, India's cabinet has finally approved the tabling of a bill that seeks to raise foreign investment limit in the country's growing insurance business to 49 percent.
The bill, however, may take a while to translate into legislation, as there will be little time in the ensuing parliament session to discuss the matter, Finance Minister P. Chidambaram said.
India currently caps foreign equity limit in insurance at 26 percent.
‘Economy to grow at 8-9 percent, inflation to moderate’
By IANS,
New Delhi : Finance Minister P. Chidambaram Tuesday told heads of industry that the economy would grow eight to nine percent and inflation would start easing from October.
"The finance minister was optimistic of an eight to nine percent growth," Confederation of Indian Industry (CII) president K.V. Kamath told reporters after a meeting with Chidambaram.
Chidambaram, according to Kamath, told a gathering of industry heads that the slowdown in industry was "marginal", and that it could be attributed to the slump in global economy.
Is Bitcoin Shariah Compliant?
By Mansoor Durrani
Islamic finance is not just a business. It is, essentially, a system to ensure economic justice followed by economic growth. This is achieved...
State power firms to start energy efficiency company
By IANS,
New Delhi : Four state-run power firms will make equal contributions to float a new company, Energy Efficiency Services Ltd (EESL), to promote energy saving projects in the country, Power Minister Sushilkumar Shinde said Wednesday.
The four equal equity promoters of the new company are NTPC, Power Finance Corp, Rural Electrificaion Corp and Power Grid Corp.
"The equity of EESL will be Rs.190 crore. The company would be able to leverage a total investment of Rs.700-800 crore," Shinde said at the annual Economic Editors' Conference here.
Single-day land transactions in Dubai touch record $140 mn
By IANS,
Dubai : Land transactions in Dubai in a single day have touched a record 515.61 million dirhams ($140.3 million), with sales totalling 224.77 million dirhams ($61.2 million).
The total value of mortgages during the period was 290.84 million dirhams ($79.2 million), the state-run Emirates News Agency (WAM) reported citing figures released by Dubai's Land Department.
Growing Uncertainty in US Economy
Washington, Jan 8 (Prensa Latina) Uncertainty about the US economy has increased due to market turbulences, although a minimum growth is expected over the next few months, Federal Reserve Chairman Dennos Lockhart said on Monday.
The negative elements in our economy would be gaining ground. I think these circumstances demand that officials be ready to respond pragmatically to the developments that may emerge, Lockhart said in a speech.
Mayawati to acquire new aircraft for personal use
By Rakesh Mohan Chaturvedi, IANS
Lucknow : Uttar Pradesh Chief Minister Mayawati has decided to buy a brand new aircraft for her personal travel and sent off senior officials in her government to the United States to negotiate the deal.
Senior officials, including Principal Secretary to the Chief Minister Shailesh Krishna, have flown to the US Friday to shop for the latest aircraft to add to the fleet.
Markets slip as government presents interim budget
By IANS,
Mumbai : Indian equities dived further Monday as acting finance minister Pranab Mukherjee presented the interim budget. A key index fell 3.29 percent from its previous close, around 12:20 p.m.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading at 9,353.24 points, down 3.29 percent or 316.76 points.
All major sectoral indices on the BSE turned negative.
The broader-based S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,860.45 points, 2.98 percent lower than its last close.
Tamil Nadu fuel crisis spells losses for fishermen, rice growers
By IANS,
Chennai : Tamil Nadu's transporters, fishermen, cold storage operators and vegetable and food grain growers could lose at least Rs.250 million a day because of an acute diesel crisis triggered by an unending electricity shortage.
While green and dry grocers said their cumulative losses would cross at least Rs.100 million, transporters pointed to bigger shortfalls in income.
Transporters from various parts of Tamil Nadu and neighbouring Andhra Pradesh and Karnataka told IANS they would wait for the shortage wave to ebb before sending goods to Chennai.
UAE to have new international logistics city
By IANS,
Dubai : The United Arab Emirates (UAE) will have a new 700,000-square-metre logistics city when a new logistics company is launched this year.
Momentum Logistics, a new third party logistics (3PL) company, will be launched in the fourth quarter of 2008, according to a statement issued by its parent firm Gulftainer Co, an international port management company with transport and logistics expertise.
The new state-of-the-art International Logistics City in the emirate of Sharjah would be Momentum's flagship project, the statement said.
Poor response to Emmar MGF IPO
By IANS
Mumbai : Emmar MGF's third largest IPO issue after Reliance Power and DLF that was to close Wednesday, has been extended by six days due to the poor response it has elicited.
The move has ostensibly been compelled by volatility in markets resulting in poor investor response, analysts said.
According to Bombay Stock Exchange (BSE) statistics, the IPO has been subscribed only by a negligible 0.74 percent.
The UAE-based real estate conglomerate was also forced to lower its price band from Rs.540-630 to Rs.530-630.
IMF forecasts 8 percent growth for India
By IANS,
Washington: In an upbeat assessment of India's growth outlook, the International Monetary Fund (IMF) forecast India's economic growth to accelerate to 8 percent in 2010-11 from 6.75 percent in 2009-10.
However, IMF in its latest Article IV consultation paper issued Wednesday also cautioned India on the need to rein in high inflation and rising fiscal deficit.
"With India's long-term prospects remaining strong and private sector balance sheets sound, we expect growth to be back at potential in 2010-11 even if advance economies grow below trend," it said.
Unrestricted export of wheat and non-basmati rice to continue
By IANS,
New Delhi : The Cabinet Committee on Economic Affairs Thursday approved a proposal for continuing the export of wheat and non-basmati rice without any restrictions.
Rajasthan joins bid to woo Tata’s Nano project
By IANS,
Jaipur : Rajasthan has become the latest to join several others in inviting the Tata Group to relocate to the state their Nano car project from Singur in West Bengal.
Rajasthan Chief Minister Vasundhara Raje, in a statement Sunday evening, said: "We will provide all required support to facilitate setting up of the plant."
"The Honda car plant being set up in Khushkhera, from where cars are expected to roll out next year, stands testimony to the investor friendly climate in the state", Raje added.
Sensex soars in noon trade
By IANS,
Mumbai : A benchmark index of Indian equities Friday soared in noon trade and was ruling 262 points higher. The buying spree spread to broader markets as well.
French companies to continue investing around $1 bn in India
By Rohit Vaid,
New Delhi : Expressing confidence in the Indian economy, French companies that are engaged in India will continue to annually invest nearly...
General Motors launches diesel version of Chevrolet Optra
By IANS
New Delhi : General Motors India Saturday rolled out the first diesel version of its sedan Chevrolet Optra in luxury segment with the company saying it expects to sell more in the current fiscal (2007-08).
Inflation will take time to soften, says government
By IANS
New Delhi : As inflation surged to a three-year high of seven percent for the week ended March 22, the government Friday said measures taken to curb the price-rise will take some time to take full effect.
From the office of Prime Minister Manmohan Singh to Agriculture Minister Sharad Pawar and Finance Minister P. Chidambaram to Commerce Minister Kamal Nath, there was optimism that inflation will be contained, albeit with a time lag.
World Bank $600 million loan to Power Grid
By IANS
New Delhi : The World Bank said Wednesday it will lend $600 million to the Power Grid Corp to fund a project aimed at strengthening India's electricity transmission network.
"The Bank approved a $600 million loan to Power Grid to strengthen the electricity transmission system in order to increase reliable power exchange between regions and states," it said in a statement.
"Repayment of the proposed loan will be guaranteed by the government of India," it added.
Indo-Asian News Service
Global Investors’ Meet at Jabalpur from today
By Pervez Bari, TwoCircles.net
Jabalpur: Stage is all set for the two-day International Investors' Meet starting here at Jabalpur, a historic town in Madhya Pradesh, from tomorrow with a view to attracting industrialists from India as well as abroad to establish industries in the state.
Synaptris forays into Australian solutions market
By IANS
Chennai : Synaptris, the software products arm of CSS (Cybernet-SlashSupport) that offers flexible reporting solutions, Thursday announced its expansion plans for the Australian market.
Fragrance in rice originated in Japan, not India
By K.S. Jayaraman, IANS,
Bangalore : Basmati literally means 'mother of all aroma' and Basmati rice has been synonymous with India. But now the results of a study by a team of scientists from Cornell University in the US and International Rice Research Institute (IRRI) in the Philippines may dent this national pride.
The scientists say their research has reconfirmed the finding by previous workers that genetically, Basmati rice does not fall under Indica subgroup of rice varieties grown in southern Asia. It belongs to the Japonica subgroup, grown mostly in Japan.
Kudankoolam n-plant to begin generating power in March
By IANS
Tuticorin (Tamil Nadu) : Ahead of Russian Prime Minister Victor Zubkov's visit to India Feb 12, Anil Kakodkar, chairman of India's Atomic Energy Commission, has said that the Russian-aided Koodankulam nuclear plant in Tamil Nadu will begin power generation in March.
The project is getting delayed because Russia has to take into account Nuclear Supplier Group's concerns, officials said here.
IT arm of Sundaram Finance targets Jordan market
By IANS
Chennai : Chennai-based Sundaram Infotech Solutions Ltd (SISL), the IT arm of Sundaram Finance Ltd, Monday announced a marketing partnership with Jordan's Business Soft to offer ERP solutions in the West Asian country.
Sensex soars in morning trade
By IANS,
Mumbai: A benchmark index for Indian equities Monday shot up into the green soon after opening bell and was ruling 265 points higher than its previous close, about an hour into trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,654.81 points, was ruling at 17,835.35 points, 264.53 points or 1.51 percent up from its previous close at 17,570.82 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,336.7 points, up 1.41 percent from its previous close.
UAE plans $2.8 bn hospitality training hub
By IANS
Ras Al Khaimah (UAE) : The emirate of Ras Al Khaimah in the United Arab Emirates (UAE) and US-based Argentum Development Company are planning a $2.8 billion hospitality training hub, WAM news agency reported Tuesday.
The 350-acre International Hospitality Trade and Training Zone (Ihottz) to be set up in the emirate would host around 16 world-renowned hospitality training institutions.
Brittle materials show flexibility in nanosize
By IANS
Washington : Silica, which is quite brittle, becomes quite flexible and easy to bend at the nano level, opening up the possibility of using it to make versatile nanomachines, says a new study.
Maryland University researchers Pradeep Namboodiri and Doo-In Kim demonstrated that, at the nano level, silica continues to deform beyond its normal breaking point - becoming ductile like gold.
The atoms of ductile substances are able to shuffle around and remain cohesive for much longer than their brittle cousins, which contain faint structural flaws.
Jharkhand industry body quits national association
By IANS
Ranchi : A business chamber in Jharkhand has decided to disassociate itself from the Confederation of Indian Industry (CII), alleging that the national body did not raise problems faced by the state's businesses.
Federation of Jharkhand Chamber of Commerce and Industries (FJCCI) is a leading business body in Jharkhand. More than 1,000 businesses are associated with FJCCI, which was affiliated with CII.
FJCCI has been raising its voice against the worsening law and order situation in the state. It alleges that CII is silent on this serious issue.
Economic crisis could reverse progress on child labour: ILO
By DPA,
Geneva: The global economic crisis has the potential to reverse gains made in recent years in the fight against child labour, the International Labour Organisation (ILO) warned in a new report Saturday.
Between 2004 and 2008, the global number of child labourers declined from 222 million to 215 million, according to ILO data from the report "Accelerating action against child labour."
The small three percent drop was seen by the agency as being slow and uneven across the globe.
Markets in green, Sensex gains 150 points
By IANS,
Mumbai : Indian equities markets ended trade in the green Friday, with a key index gaining 150 points over its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 13,663.54 points, ended at 13,887.15 points - 150.61 points or 1.1 percent above Thursday's close.
The S&P CNX Nifty of the National Stock Exchange (NSE) followed the Sensex to end in the green, moving up 0.53 percent to 4,233.15 points.
Bosch threatens second lockout as workers remain adamant
By IANS,
Bangalore : Automotive components major Bosch Ltd Thursday threatened to declare lockout at its main plant in the city as its agitated workers remained adamant over wage revision and healthcare benefits.
"We have served notice to the employees and their union to either restore normalcy or face lockout even at the Audugodi plant any time," Bosch vice-president Soumitra Bhattacharya told reporters here.
More airwaves for radio broadcasting demanded
By IANS
New Delhi : Indian FM radio stations need additional radio frequency to diversify content and deepen reach, said a leading industry chamber.
The Federation of Indian Chambers of Commerce and Industry (Ficci), in a wish list to the information and broadcasting ministry, also called for allowing the trading of licenses, raising foreign investment limit and providing a level playing field between FM (frequency modulation) and satellite radio.
SBI to pay more interest for domestic term deposits
By IANS,
Mumbai : India's largest bank, the State Bank of India, has raised its interest rate on domestic term deposits with maturity of two years and more by 25-50 basis points, effective from June 1.
Deposits for the period of two to three years will now fetch 8.75 percent compared to the existing eight percent and those for three years to less than five years will get 8.85 percent compared to 8.5 percent now.
Deposits for longer periods of five years to 10 years will fetch nine percent, up from 8.5 percent.
Corporate leaders pledge to make work places smoke free
By IANS,
Mumbai : Corporate leaders from 60 companies came together here Monday, not for a business meet, but to pledge to make work places smoking free.
At least 19 companies signed a commitment to make their work places smoking free in the presence of union Health Minister Anbumani Ramadoss at the 14th World Conference on Tobacco or Health here.
The corporate leaders also participated in a symposium on 'Corporate Leaders Meet on Worksite Wellness Initiatives: Promoting Smoke Free Workplaces in India'.
Reliance Capital to pump Rs.20 bn in insurance arm
By IANS
Mumbai : Reliance Capital will pump in Rs.20 billion (about $490 million) in its life insurance business over the next few years and also launch a consumer business arm in the near future, company chairman Anil Ambani said here Tuesday.
Work on Mundra port project to continue: Adani group
By IANS,
Ahmedabad : The city-based Adani group Wednesday welcomed the Supreme Court order vacating the stay on construction activities at the Rs.74 billion ($1.7 billion) Mundra special economic zone (SEZ).
Commenting on the development, the project developer Adani group said in a statement: "Work in the SEZ will continue as per the plans."
The stock markets greeted the development with an upward rally of shares of Mundra Port and SEZ Ltd by over 15 percent at Rs.525. Adani Enterprise shares also surged by over 10 percent to Rs.727 at intra-day trade.
US FDA accuses Ranbaxy of falsifying drug data
By Arun Kumar, IANS,
Washington : The US Food and Drug Administration (FDA) has halted review of drug applications from Indian drug major Ranbaxy's Himachal Pradesh plant, alleging that it falsified data and test results in approved and pending drug applications.
Announcing the action Wednesday, the FDA said it is continuing to investigate the matter to ensure the safety and efficacy of marketed drugs associated with Ranbaxy's Paonta Sahib site, which has been under an FDA import alert since September 2008.
CPI supports third front call, slams Congress for market crash
By IANS
New Delhi : The Communist Party of India (CPI) has supported the call given by the Communist Party of India-Marxist (CPI-M) for a third alternative force, and held the Congress-led government responsible for the downward spiral in the stock market.
There was a need for a third alternative in an institutionalised form to counter both the Congress and the Bharatiya Janata Party (BJP), CPI general secretary A.B. Bardhan said here Wednesday.
He was briefing mediapersons on the draft resolution for the party's 20th congress to be held in Hyderabad March 23-27.
Castor seed oil demand to remain high
By IANS,
Ahmedabad : Export of Indian castor seed oil would be robust in 2008-09 in spite of increases in shipping freight rates due to high crude oil price, industry leaders said here.
According to Haresh Vyas of Mumbai-based Royal Castor Products Ltd, the demand for castor oil is "huge". "The demand is non-elastic" and hence shipping freight increases will have hardly any impact on exports, he told IANS Friday.
WTO rules against India on wine duties: US
By Arun Kumar, IANS,
Washington : The US says the World Trade Organization (WTO) Appellate Body has ruled in its favour in its challenge against India's additional and extra-additional duties on wine, spirits and other agricultural and manufactured products.
The Appellate Body has reversed a panel's finding that any import charge offsetting an internal tax need only "serve the same function" as the internal tax and need not be equivalent in amount to that internal tax, US Trade Representative (USTR) Susan C. Schwab announced Thursday.
Iran to stop Europe oil exports
By IANS,
Tehran : Iran will stop its oil exports to Europe, Oil Minister Rostam Qasemi said Saturday.
Aroma wonder! 10-foot-long incense sticks
By Prashant K. Nanda, IANS
Mysore (Karnataka) : Now light an incense stick and enjoy its fragrance for over 30 hours. A factory here has started producing incense sticks that are 10 feet long and cost a stiff Rs.3,000 a piece.
"Besides our regular sticks, recently we have started producing sticks as tall as six feet and 10 feet. It takes time to produce them but we have a niche market," said M.R. Suresh, manager operations of Cycle Brand Agarbathies.
Rs.4 per litre subsidy for milk producers in Karnataka
By IANS,
Bangalore : A subsidy of Rs.4 per litre of milk will be given to dairy producers and families across Karnataka, state Chief Minister Siddaramaiah announced here Monday.
Women entrepreneurs establish over 3000 industries in MP
By Pervez Bari, TwoCircles.net
Bhopal: Between April, 2005 to 2007, a period of approximately two and half years, 3175 women have set up industries in Madhya Pradesh. Besides, women have also started 364 other services businesses during eight months of the year 2007-08 till the month of November.
The above information was given by Commerce, Industry, Employment and Housing the Environment Minister Jayant Malaiya while reviewing activities related to industrial development in the state.
Allahabad Bank hikes prime lending rate
By IANS,
New Delhi : Allahabad Bank Friday announced a hike in its benchmark prime lending rate from 13.5 percent to 14 percent, with immediate effect.
In a regulatory statement, the bank said the hike will not be applicable to customers who have already taken housing, personal, education and car loans.
This will also not be applicable to new housing loans up to Rs.3 million.
Foreign investment inflows increase 259 percent in September
By IANS,
New Delhi : Foreign direct investment (FDI) in India increased 259 percent in September to $2.56 billion, compared to the same month last year, with Mauritius being the largest investor.
FDI for the same month last year stood at $713 million.
The FDI inflows during April-September stood at $17.21 billion, a growth of 137 percent over $7.25 billion witnessed in the same period last year, an official statement said.
The services sector attracted the highest foreign investment at $2.34 billion.
More trucks make it to Jammu, Kashmir Valley
By IANS,
New Delhi : More and more trucks are now making it to Jammu and Kashmir carrying food and other essential commodities, the home ministry said Thursday.
On Thursday, until 2 p.m., 970 trucks moved from Jammu to the Kashmir Valley. Of these, 343 transported foodgrain, 128 meat and 188 others fuel and petroleum products, the ministry said in a statement.
Similarly, 1,033 trucks went from Srinagar to Jammu. Of these, 437 carried fruits and 96 vegetables.
Maharashtra to build Mumbai Trans-Harbour Link, Ambanis out
By IANS,
Mumbai : The Maharashtra government Wednesday decided to engage a state-run agency to construct the proposed Mumbai Trans-Harbour Link (MTHL), envisioned as one of the world's longest sea bridges, rather than choose one of the two remaining bidders - Mukesh Ambani and Anil Ambani.
The decision came at a meeting of the Cabinet Sub-Committee on Infrastructure, presided over by Chief Minister Vilasrado Deshmukh.
Unfortunate, says India Inc. about Tata exit from Singur
New Delhi, Oct 3 (IANS) Indian industry and the government were dismayed by the Singur developments, with a cross-section of India Inc describing the situation as unfortunate.
* Commerce Secretary G.K. Pillai: "It is an unfortunate development. But we should not read too much into it. This is an individual, isolated, and an exceptional case. A large number of investments are taking place."
* Associated Chambers of Commerce and Industry of India: "This is the most unfortunate incident of industrial activities in the 21st century."
West Bengal bird flu brings down Orissa poultry prices
By IANS
Bhubaneswar : The prices of poultry products have fallen in several parts of Orissa following the spread of bird flu in neighbouring West Bengal.
The prices have fallen drastically in the coastal district of Balasore, some 250 km from here, due to its proximity to West Bengal.
The price of a dressed chicken in the state used to be Rs.80 per kg. However, in Balasore it is now selling at Rs.40 per kg while in the state capital it is available for Rs.60.
The price of eggs has also come down from Rs.24 to about Rs.15 per dozen.
Ringside view of a debate on economic reforms
By IANS
New Delhi : Economic reforms and robust growth will prove futile unless they benefit larger sections of the society, especially the poor. This was the broad consensus among panellists at a lively debate here.
The occasion was the release of a book authored by former bureaucrat N.K. Singh entitled "The Politics of Change: A Ringside View" with an impressive list of panellists including Finance Minister P. Chidambaram Monday night.
Now Amma Cement for Rs.190 a bag in Tamil Nadu
Chennai : Cementing further the 'Amma' brand in Tamil Nadu, Chief Minister J.Jayalalithaa Friday announced sale of cement bags at a subsidised rate of...
TCS to open global engineering centre in Pune
By IANS
Mumbai : IT major Tata Consultancy Services Ltd (TCS) will set up a global engineering centre in Pune to provide product services to US-based company ArvinMeritor, an auto component supplier.
TCS has signed a five-year multi-million-dollar contract with ArvinMeritor. However, company officials refused to divulge the exact amount.
According to the deal, TCS will support the localisation and globalisation efforts of ArvinMeritor's engineering capabilities including product development and support for specific product lines in the Asia Pacific region.
Golden Leaf India awards for south Indian teas presented
By Aroonim Bhuyan, IANS
Dubai : Tea gardens under the Kanan Devan Hill Produce (KDHP) cooperative society of Kerala swept all awards in the high range category at the Golden Leaf Awards 2008 ceremony for south Indian teas here.
While Chundavurrai tea estate bagged the award for the best high range orthodox leaf, Madupatty tea estate received the awards for the best high range CTC leaf, fannings and dust at the presentation ceremony here Wednesday, the concluding day of the 2nd Global Dubai Tea Forum 2008.
FAO food price index hits new record low
By IANS,
Rome: The UN Food and Agriculture Organization (FAO) food price index fell to its lowest level since 2010, the Rome-based UN agency said in a statement.
East Asian states move close to foreign exchange swap
By Xinhua,
Madrid : Finance ministers of China, Japan and South Korea Sunday reached an agreement on the key elements of a regional foreign exchange reserve swap.
"We reached an agreement on several key elements of the CMI (the Chiang Mai Initiative) multilateralization," the finance ministers said in a joint statement after they met on the sidelines of an annual Asian Development Bank (ADB) meeting.
NDA government no different in tackling economic crisis: Analysts
New Delhi : The new NDA government has given no indication it is better equipped than its UPA predecessor in tackling the myriad crises...
Court asks automobile dealer to compensate for defective car
By IANS,
New Delhi : A consumer court here has asked an automobile dealer to pay Rs.10,000 as compensation to a customer who was given a defective car and also refund the cost of the vehicle.
Sachin Bhaskar had booked an Opel Corsa car in 2000 and made the payment of Rs.645,478 to Regent Automobiles Ltd in Green Park. When he went to pick up the car from the dealer, he was surprised to discover defects in the car.
GM crops like East India Co, say authorities in Madhya Pradesh
By Sanjay Sharma, IANS,
Bhopal : A Madhya Pradesh minister believes there is no difference between genetically modified (GM) crops and the East India Co, the British firm that began trading with India in 1600 but subsequently came to rule the country till 1858. And many farmers and activists agree with him.
"GM crops are the latest version of the way East India Co colonised India," said Farmer Welfare and Agriculture Development Minister Ramakrishna Kusmariya.
"Commercial cultivation of Bt brinjal (a GM crop) will not be allowed in Madhya Pradesh," Kusmariya told IANS.
Hero Honda CEO downplays Nano impact on two-wheelers
By IANS,
New Delhi : Hero Honda, India's largest two-wheeler manufacturer, Thursday said the launch of the Rs.100,000 Nano will not eat into the two-wheeler market.
"There will be no impact of Nano on the two-wheeler market," Hero Honda managing director and chief executive Pawan Munjal told reporters on the sidelines of the annual conference of the Confederation of Indian Industry (CII).
Colombia announces major oil discovery
By IANS,
Bogota : In what could be its most important hydrocarbons find in 10 years, Colombia has announced the discovery of a huge oil reserve in the eastern plain region, EFE news agency reported Wednesday.
British firm Emerald discovered the the petroleum deposit in the eastern plains region which is home to a number of oil rigs and natural gas extraction plants, Energy Minister Hernan Martinez announced Tuesday.
He told Caracol Radio that the field located in Meta province, 200 km east of Bogota, could contain reserves of about 100 million barrels of heavy crude.
Highlights of interim budget
By IANS,
New Delhi : Following are the highlights of the interim budget presented by Minister for External Affairs Pranab Mukherjee in the Lok Sabha Monday:
* Total expenditure for 2009-10 pegged at Rs.953,231 crore (Rs.9.52 trillion)
* Plan expenditure for 2009-10 at Rs.2,85,149 crore (Rs.2.85 trillion)
* Non-plan expenditure at Rs.668,082 crore (Rs.6.68 trillion)
* Provision for subsidy on food, fertiliser and petroleum at Rs.95,579 crore (Rs.955.79 billion)
* Defence allocation increased to Rs.141,703 crore (Rs.1.417 trillion)
US stocks surge ahead on earnings from Intel, JP Morgan
By DPA,
New York : US stock indices surged to their highest one-day gain in two weeks Wednesday after technology and financial companies both posted earnings that were stronger than expected.
Intel, the world's largest chip maker, reported a 12-percent drop in first-quarter profits but a nine-percent rise in revenue to $9.7 billion, suggesting the US economic downturn did not significantly hurt sales.
MTNL launches 3G services in Mumbai
By IANS,
Mumbai : State-run telecom operator Mahanagar Telephone Nigam Ltd (MTNL) Friday launched third generation (3G) mobile services in Mumbai at an investment of Rs.250 crore.
"Our total investment for the 3G launch in Mumbai is Rs.250 crore and we hope to rope in 100,000 customers by March next year. Connections will be available in about a month's time," MTNL chairman and managing director R.S.P. Sinha said.
MTNL has built up the capacity to provide service to 750,000 subscribers, but due to unavailability of the required spectrum, only 400,000 customers could be served.
China’s inflation eases
By IANS,
Beijing : China's Consumer Price Index (CPI), the main gauge of inflation, grew 1.9 percent year on year in September, the National Bureau of Statistics (NBS) announced Monday.
Banking stocks in demand in early trade
By IANS,
Mumbai : The Indian equities market which opened in the green Friday was trading with a positive gap in the first hour, led by banking stocks.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 272.84 points at 17,560.15. Ten minutes into trading, it reached 17,566.67 with a gain of 279.36 points or 1.62 percent compared to Wednesday's close.
At the same time the S&P Nifty of the National Stock Exchange was trading at 5,232.65 with a gain of 66.75 percent or 1.29 percent compared to its previous close.
Health minister wants more taxes on tobacco products
By IANS
New Delhi : Health Minister Anbumani Ramadoss Sunday urged Finance Minister P. Chidambaram to increase taxes on tobacco products in the budget to be presented to parliament Feb 29.
"We have requested the finance minister to increase the taxes on (tobacco) products so that the alarming figures of its consumption as compared to other countries can come down," Ramadoss told reporters on the sidelines of a conference on microbicides he inaugurated.
Tata’s Jaguar Land Rover plant to close for a week
By Dipankar De Sarkar, IANS,
London : A Tata-owned Jaguar Land Rover plant in Britain is to close for a week, apparently in response to the general economic downturn.
There will be no production Oct 27-31 at the Halewood plant in the central English city of Liverpool, the company said.
It said it would use the time to “evaluate production in line with the market downturn".
"We're taking prudent action to continue matching production to demand," a Jaguar Land Rover spokesperson said, adding that staff at the plant would continue to go to work and get paid.
German brothel offers discounts to green clients
By RIA Novosti,
Berlin : A green-friendly brothel in Berlin is offering discounts to clients who arrive by bicycle or public transport.
The Maison d'Envie said on its website the unique "environmental discount" comes in a bid to reward visitors' "green commitment" amid the difficult financial situation.
The discount is five euros ($7) off for a 45-minute visit, which normally costs 70 euros ($100).
The brothel's owner said the offer had attracted up to five new customers daily and eased parking congestion in the neighbourhood.
Reliance strikes natural gas off India’s east coast
By IANS
New Delhi : Mukesh Ambani-led Reliance Industries Ltd (RIL) has made its first gas discovery in a deep sea exploratory block off the Krishna River basin on the east coast, the company said Wednesday.
"The company is pleased to announce the first gas discovery in exploratory block KG-DWN-2003/1 (KG-V-D3) of NELP-V," RIL said in a statement.
"The block is located about 50 km from Machalipatnam in Andhra Pradesh in the deep waters of the Krishna Basin in the Bay of Bengal," the company said.
Panasonic begins takeover of Sanyo
By DPA,
Tokyo : The Japanese electronics company Panasonic Corp Thursday began its planned takeover of the battery manufacturer Sanyo Electric Co Ltd.
The world's largest producer of consumer electronics started its bid for the world's largest manufacturer of rechargeable batteries with the aim of acquiring more than 50 percent of Sanyo's shares.
Panasonic is offering 131 yen (98 cents) per share for stock that traded Thursday at 172 yen.
Stock market opens lower
By IANS
Mumbai : The Indian equities market opened lower Tuesday in line with its Asian peers, which were mostly in the red due to weak cue from the US.
The 30-share BSE Sensex was down 98.47 points or 0.53 percent at 18,561.85. The Sensex touched a low of 18,509.54 in initial trade, shedding 150.78 points.
The broader CNX S&P Nifty was down 29.55 points or 0.54 percent at 5,433.95.
The BSE Mid-Cap index was up 0.28 percent at 8,027.28, while the BSE Small-Cap was up 0.63 percent at 10,426.85.
13 coal mines in Jharia to reopen
By IANS
New Delhi : Bharat Coking Coal Ltd (BCCL), a subsidiary of the state-owned Coal India Ltd (CIL), will reopen 13 coal mines in Jharia in Jharkhand. The mines were closed due to local protests over spreading mine fires, CIL Chairman Partha S. Bhattacharyya said here Wednesday.
According to industry sources, these mines are rich in bituminous coal that is used by the steel industry after it is converted into coking coal.
This natural resource is scarcely found in the country.
Mukesh Ambani backs Tatas on Nano project
By IANS,
New Delhi : India's top business tycoon Mukesh Ambani Wednesday came out in support of the Tata Group's Nano project coming up in Singur, West Bengal.
In a statement referring to the beleagured Nano project, the chairman and managing director of Reliance Industries Ltd said that "a fear psychosis was being created to slow-down certain projects of national importance."
"This will be counter-productive for the country's economic growth, its global image as well as our ability to attract investments from across the world," Ambani said.
HDFC Bank offers one share for 29 in Centurion Bank
By IANS
Mumbai : The privately held HDFC Bank said Monday that its board has approved a share swap ratio of one share for every 29 held in Centurion Bank in an all-share deal that would be India's biggest buyout in the financial sector.
The boards of HDFC Bank and Centurion Bank of Punjab Ltd met Saturday to thrash out the merger and made an "in-principle approval".
New Zealand for deeper trade ties with India
By Neena Bhandari, IANS
Sydney : New Zealand Natural Ice Cream and Kiwi wines might have been a big hit with Indians but the country's Trade Minister Philip Goff says agriculture has been the missing link in the growing India-New Zealand bilateral trade and economic relationship.
"A free trade agreement with India would clearly and significantly enhance our trade and economic relationship," Goff said while addressing the India-New Zealand Joint Business Council meeting in Auckland Wednesday.
Sensex jumps 420 points in afternoon
By IANS,
Mumbai : Indian equities markets extended their gains Wednesday afternoon, with a key index ruling 420 points above its previous close about 90 minutes before the close.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was trading at 15,547.5 points, 420.5 points or 2.78 percent higher than Tuesday's close.
The strong uptrend was visible from the morning session as the Sensex, which opened at 15,168.18 points, soared 332 points within minutes of trade.
Indian business models to benefit South Africa telecom
By Fakir Hassen, IANS
Johannesburg : Business models used in India to cut telecom costs by up to a sixteenth of what they were initially will benefit South Africans when the VSNL-led consortium Neotel starts providing services early next year.
Neotel, licensed last year after long delays as South Africa's second network operator, will compete with the former state-owned monopoly Telkom. Consumers will only benefit from this competition next year when products currently under test here and in Pretoria are rolled out nationally.
Mukesh Ambani’s SEZ and 26 others get government nod
By IANS
New Delhi : The government Thursday cleared the way for development of 27 special economic zones (SEZ) in the country, including Mukesh Ambani's multi-product SEZ in Navi Mumbai.
Kolkata firm has new ERP solution for SMEs
By IANS
Kolkata : Coral Soff'wares Ltd, a software firm that has corporate majors like Tata and Lafarge as its clients, is launching an ERP application catering to small and medium enterprises (SMEs).
"This software is very flexible and can be customised to any industry. It can be tailor-made and configured as per needs," Prem Chand Kankaria, managing director and CEO, Coral Soff'wares Ltd, told IANS.
Pune company bags Chrysler order
By IANS,
Pune : Precision Automotive Robotics Inc (PARI), a city-based robotics and automation company, has bagged a Rs.150-million order from American automobile giant Chrysler to develop an automated axle manufacturing system, a top official said here.
The Chrysler account adds to PARI's US customer base that includes automotive and engineering companies such as Caterpillar, American Axle, Honeywell and Dow Corning, joint managing director Ranjit Date told reporters Monday during a plant visit.
Bhubaneswar Institute of Technology ties up with US firm
By IANS,
Bhubaneswar : US chip maker Cypress Semiconductor Corp will set up a design technology laboratory on the campus of the Bhubaneswar Institute of Technology (BIT) and train its students.
"It will be the first programmable system on chip (PSoC) laboratory in the state," BIT chief operating officer and executive director Ashok Mahapatra told IANS.
PSoC devices provide a learning platform for students in embedded design.
Trinamool will protest if petroleum prices are hiked: Mamata
By IANS,
Kolkata : Railways Minister and Trinamool Congress chief Mamata Banerjee has said her party will protest if the United Progressive Alliance (UPA) government increases the prices of petroleum products.
Amidst media reports that the central government is planning to decontrol prices of petroleum products, alliance partner Trinamool said that it should be taken into confidence before such decisions are made.
Top 20 China stocks index launched in Singapore
By DPA,
Singapore : A new tradeable index of the 20 biggest Chinese companies on the Singapore Exchange (SGX) was launched Monday.
The FTSE ST China Top Index was created in partnership with Singapore Press Holdings and the FTSE group "in response to demand from institutional investors and fund managers in China and around the world," said Ignatius Low, money editor of The Straits Times newspaper.
The index will give them "instant exposure to a smaller, readily tradable basket of highly liquid Singapore-listed China stocks," he said.
Toyota Kirloskar cuts prices on all models
By IANS,
New Delhi : Automobile manufacturer Toyota Kirloskar Motor Monday said it would pass on the entire benefit of recently announced duty cuts to customers, and that prices of all its models will be reduced with immediate effect.
The company in a statement said the price of its popular multi-purpose vehicle would be reduced by up to Rs.32,780, while high-end models like Corolla would be cheaper by Rs.40,750.
IFCI open for seat on Maytas Infra board
By IANS,
Chennai : As the government moves to reconstitute the board of Maytas Infra Ltd, an associate firm of fraud-hit Satyam Computer Services, financial institution IFCI Limited says it is ready to accept a seat on it.
"It is right on the part of the Indian government to approach the Company Law Board (CLB) to reconstitute the Maytas Infra board. Maytas Infra has to severe its connections with the Satyam Computers so that it does not suffer from a crisis of confidence," IFCI chairman and managing director Atul Kumar Rai told reporters Thursday.
Rising rupee to hit Infosys by Rs.20 billion
By IANS
Bangalore : The Infosys Technologies Ltd will suffer a loss of Rs.20 billion in revenue this fiscal (2007-08) due to rupee appreciation, a top company official said here Thursday.
"We have factored in a loss of Rs.20 billion in consolidated income and Rs.2.5 billion in net profit due to rupee appreciation for the entire fiscal at the current rate of Rs.39.50 per US dollar," Infosys chief financial officer (CFO) V Balakrishnan told IANS.
Corporate India reeling under continuous attrition: survey
New Delhi, Aug 19 (IANS) Even as corporate India spreads its wings abroad more and more, the services sectors continue to face large-scale attrition of skilled manpower resulting in manpower shortage, says a survey.
Sectors such as IT and IT-enabled services, civil aviation, financial services, retail and engineering are all facing huge manpower shortage due to increasing attrition, said the survey done by the Associated Chambers of Commerce and Industry of India (Assocham).
Subhash Chandra to say bye to Zee in couple of years
By IANS,
Hong Kong : Zee group chairman Subhash Chandra Tuesday said he will retire from business in a couple of years and let Generation Next take over and possibly expand his family's media empire and other enterprises.
"I can't say about them but I will definitely retire in one or two years' time," Chandra told a two-day broadcast entertainment convention here, referring to two industry veterans -- media mogul Rupert Murdoch and Viacom's Sumner Redstone.
Hyundai to increase car prices from January
By IANS,
New Delhi : Automobile major Hyundai Motor Wednesday said it will hike prices by 1.5 percent to two percent across models from January 2012.
Reliance Power allots shares to 4.2 million
By IANS
Mumbai : Reliance Power Friday announced it had allotted shares to 4.2 million investors but over 450,000 retail investors who bid for less than 225 shares got none.
Following its record breaking initial public offer (IPO), Reliance Power, part of Reliance Anil Dhirubhai Ambani Group, completed the allotment of shares across the country and overseas.
Over 4.17 million successful bidders in the retail category will get around 15 shares each, based on the criteria followed by the company.
Myanmar tops natural gas production in Asia
By Xinhua
Yangon : Myanmar is the biggest producer of natural gas in Asia and has the potential to ascend higher globally because many gas projects remain to be implemented, Yangon Times reported Wednesday.
Currently, the country ranks 10th at the world level with its gas sale, up from 11th previously, while it represents the first in Asia, Yangon Times quoted the World Energy magazine as saying.
Profit booking pulls down Sensex 158 points
By IANS,
Mumbai : Profit booking and a crash at the Chinese bourses pulled down a key index of Indian equities markets 158 points into the red Wednesday.
The 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened lower at 15,293.19 points, shut shop at 15,173.46 points -- 158.48 points or 1.03 percent lower than Tuesday's closing figure.
It had slipped more than 443 points around noon after Chinese bourses tanked, but bounced back later. However, selling of shares of metal, realty, power and capital goods resulted in the Sensex closing lower.
World Bank reluctant to involve India in helping Africa
By IANS
New Delhi : The World Bank appears reluctant to involve India in the International Development Association (IDA) in helping out countries like Libera in Africa.
"On the one hand I welcome the participation of developing countries like India. But then there are nearly the same number of poor people in Africa as in India," World Bank President Robert B. Zoellick told reporters after meeting Prime Minister Manmohan Singh Saturday.
He had been asked about India's role in helping out poorer nations of Africa.
China’s inflation eases, but target still elusive
By Xinhua,
Beijing : Inflationary pressure in China continues to ease, thanks to falling farm prices, but the target of containing inflation to 4.8 percent looks elusive, market analysts said Sunday.
The consumer price index (CPI), which hit 8.7 percent for February and 8.3 percent for March, would probably be around 8 percent for April over the same month last year, said Chen Jijun, an analyst with state-owned investment company Citic Securities.
Markets trading with loss at early trade
By IANS,
Mumbai : The Indian equities market, which opened with a sharp cut following weak cues from Asian markets, was trading with loss at early trade. Selling pressure was witnessed in capital goods, metals and realty stocks.
The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a loss of 148.24 points at 14,423.05 points. Ten minutes into trade, the sensex was trading at 14,391.12 with a loss of 180.17 points or 1.24 percent.
Leicester-Mumbai video conference to promote business link
By IANS,
London : In an attempt to facilitate investment from India to Britain's Midlands region, a video conference will be held June 20 between business heads in Mumbai and investment facilitators in Leicester.
Law firm Nelsons and global banking institution HSBC will play host to the session on trade and investment, the Leicester Mercury reported.
BlackBerry shut out of bidding for Nortel arm
By IANS,
Toronto : Dying telecom firm Nortel, which auctions its wireless business this week, has said Blackberry maker Research In Motion (RIM) was shut out of the bidding process for failing to sign non-disclosure agreements.
Toronto-headquartered Nortel, which has been operating under bankruptcy protection since January after posting losses of $5 billion last year, is auctioning its various divisions to liquidate itself.
Need to keep check on international economic developments: BJP
By IANS,
New Delhi : Expressing concern over the Wall Street crisis, the Bharatiya Janata Party (BJP) Thursday said the government must keep a watch on the international economic developments because they could have a huge impact on India as well.
"Nervous sentiments in the capital market may add fuel to the fire and the government must take immediate necessary steps to ensure security against this," BJP spokesperson Prakash Javadekar told media persons here.
Mamata’s rail budget disappoints Mumbaikars
By IANS,
Mumbai : Many Mumbaikars Wednesday said they felt let down by Railways Minister Mamata Banerjee's 2009-10 budget as she made no mention of this financial capital's lifeline - the suburban trains.
"It is shocking that there is not even a mention of the Mumbai suburban section, which has been a profitable unit independently over the past so many years," said daily commuter Mangesh Sawant.
India registers 6.1 percent growth April-June
By IANS,
New Delhi : India registered a 6.1 percent economic growth during the first quarter of this fiscal (April-June), even as the manufacturing sector's output expanded by a relatively lower rate of 3.4 percent, official statistics said Monday.
The farm sector registered a 2.4 percent growth during the period under review, while services industries logged the maximum expansion of over 8 percent, showed the data on national income released by the Central Statistical Organisation (CSO).
With housing sales dropping, brokers eye rental market
By Anuradha Shukla, IANS,
New Delhi : With property sales plummeting by around 50 percent, real estate brokers have begun looking at the rental market to stay afloat.
"Eventually, we are depending on the rental market to keep our business going," said Atul Khanna of brokerage firm Khanna Properties, who joined the business in 2004 when the realty business was in full swing.
"Last year we used to have at least 10 bookings a week, but now it's a big deal if we manage 10 bookings a month," Khanna added, explaining the current focus on rentals.
City of millionaires has billions stashed in banks
By Jaideep Sarin, IANS
Chandigarh : Chandigarh, the city with the highest per capita income in India, is on another high. Its banks are full to the brim with deposits of nearly Rs.242 billion ($6.15 billion).
The income tax department has listed over 1,800 millionaires here on the basis of tax returns filed last year (2006-07). Data collected by the Chandigarh administration on its over 1.1 million residents have revealed this interesting fact.
Pandit to take $1 salary, no bonus until Citi turns corner
By Arun Kumar, IANS,
Washington : Stung by criticism about use of billions of dollars in government aid, Citigroup's Indian American CEO, Vikram Pandit has vowed to take a token salary of $1 and no bonus until the ailing banking giant returns to profitability
"I get the new reality and I will make sure Citi gets it as well," Pandit said Wednesday as lawmakers grilled top executives from eight of America's largest financial institutions about their apparent lack of willingness to lend despite collectively receiving $165 billion in capital.
Strong companies kept hiring during slowdown: Genpact CEO
By IANS,
New Delhi : Back office service provider Genpact Monday said the companies that kept hiring during the economic slowdown were viewed as "strong" firms and would benefit from this perception when the economy begins recovering.
"People know that you (hiring companies) would look after them. You would not do a knee-jerk reaction, and I think that is very good," Genpact India chief executive Pramod Bhasin told IANS here on the sidelines of the India Economic Summit of the World Economic Forum.
Growth to be considered before monetary policy changes: Apex bank
By IANS,
Bangalore : The Reserve Bank of India (RBI) is closely monitoring the spiralling inflation but would keep in mind the need to encourage growth before making changes to monetary policy, a senior functionary of the central bank has said.
"RBI has already started the first phase of exit in its October policy, though primarily in terms of signalling the stance rather than affecting the liquidity conditions or the interest rate," said deputy governor Shyamala Gopinath in Bangalore.
OPEC crude continues record-breaking climb
By DPA,
Vienna : The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) climbed to a new high above $137 Wednesday, a statement by OPEC said Thursday.
One barrel, or 159 litres, of OPEC-produced crude stood at $137.73 Wednesday, up 0.79 dollars from $136.94 on the previous day.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.
Vehicle buyers reject models due to longer delivery period
By IANS,
New Delhi : A large number of new vehicle buyers in India reject a model they initially considered due to the longer waiting time for delivery and buy another, said a survey Friday.
Exide ties up with British research firm
By IANS
Kolkata : Exide Industries Limited, India's leading manufacturer of lead acid storage batteries, Wednesday announced its collaboration with Britain-based research organisation Atraverda Limited to jointly develop bipolar technology to make batteries smaller and more eco-friendly.
"If successful, this would make lead acid batteries smaller, lighter and more environment-friendly. This joint research will enable Exide to develop bipolar lead acid batteries for a range of power storage applications," Exide managing director & CEO T.V. Ramanathan said here.
Customs duties on luxury goods may be cut: Kamal Nath
By IANS
New Delhi : India will seek to rationalise its high customs duty on luxury goods but maintain a high tariff on imported wines and spirits due to "discrimination" against Indian liquor, union Commerce Minister Kamal Nath has said.
"We have chosen not to reduce tax on imported wines and spirits because of the discrimination against selling Indian whisky in Europe on the basis that it was made from molasses and not malt," the commerce minister said.
Sensex closes 148 points down
By IANS,
Mumbai: A benchmark index for Indian equities markets closed 148 points lower Monday due to a sell-off in metal, power and automobile stocks.
India can hit and sustain 10 percent growth: OECD
By Dipankar De Sarkar and Arvind Padmanabhan, IANS
Paris/New Delhi : Warning of a fall in India's economic growth to eight percent in 2008, an alliance of the world's wealthiest nations Tuesday said the country could sustain a 10-percent expansion if it pursues economic reforms.
"Reforms have led to a spectacular improvement in economic performance," the 30-nation Organisation for Economic Cooperation and Development (OECD) said in its first Economic Survey of India released globally Tuesday.
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.
Crops worth Rs.12 bn lost in Uttar Pradesh floods
By IANS
Lucknow : Crops worth Rs.12 billion have been destroyed in the floods in Uttar Pradesh with overall economic losses estimated at a whopping Rs.22 billion.
"Of the overall flood losses touching Rs.22 billion, agriculture alone has suffered damage to the tune of Rs.12.19 billion," Uttar Pradesh Relief Commissioner Umesh Sinha told IANS.
"As much as 279,316 hectares of agriculture was inundated by the floodwaters of Ghagra, Saryu, Rapti and Rohin rivers across parts of eastern Uttar Pradesh," he said.
New board to monitor power projects soon: power minister
By IANS
New Delhi : In an effort to ensure timely implementation of power projects in the country, a national board will be set up soon that will monitor their progress at all levels, Power Minister Sushilkumar Shinde said Thursday.
"With 50,000 MW of power projects already under implementation, and the balance orders for 28,000 MW expected to be placed by year end, the target for next five years does not seem over-ambitious," Shinde told a power conference here.
Battery driven autos, cars with Australian knowhow
By IANS
Ahmedabad : Australia-based Farnow Technologies has tied up with Gujarat's FieldMarshal group to invest nearly Rs.10 billion ($250 million) for assembling battery-powered three-wheel rickshaws and cars in India.
"We intend to assemble at least 50,000 cars a year, besides the three-wheelers. We also have plans for electric buses later," said Chandrakant Patel, managing director of FieldMarshal Group.
"But the investment for the bus project will be separate," Patel told IANS.
World’s tallest hotel with 118 floors to open in Hong Kong
By DPA,
Hong Kong : Luxury hotel chain Ritz-Carlton is to open the world's tallest hotel in Hong Kong in 2010 with its top floor on the 118th storey, a news report said Wednesday.
The six-star hotel will occupy the top 17 floors of Hong Kong's tallest building, the 484-metre International Commerce Centre (ICC), the South China Morning Post reported.
The hotel, with 312 guest rooms, will look out over Hong Kong's Victoria Harbour from Kowloon where the ICC building is being completed.
Mexican multiplex chain forays into India
By IANS,
New Delhi : At a time when Indian multiplexes are going through a dry spell following a tussle with film producers, the world's fifth largest multiplex chain has announced its foray into India with 110 screens across eight cities.
Cinepolis, the largest multiplex chain outside the US, will build the first set of theatres in India in the second half of 2009. The facilities will have more than 14 screens at one location, a senior company official said.