Tata Motors net profit jumps 57.5 percent
By IANS,
Mumbai : Auto major Tata Motors Monday reported 57.5 percent surge in its net profit at Rs.513.7 crore (Rs.107 million) for the quarter ended June 30, as compared to Rs.326.11 crore in the like period last fiscal.
Total income, however, decreased 7 percent to Rs.6,723.9 crore from Rs.7,244 crore, the company said in a regulatory statement.
"Improvement in liquidity, increased reach across the country and introduction of new products and variants improved the company's sales, except in the case of the heavy truck segment," it added.
Reliance Industries net profit drops 6 percent
By IANS,
Mumbai : The net profit of oil-to-petrochemicals major Reliance Industries (RIL) dropped 6.41 percent to Rs.3,852 crore (approximately $815 million) for the quarter ended Sep 30, compared to the Rs.4,116 crore it netted in the corresponding period last fiscal.
In a regulatory statement Thursday, the company said it has registered a turnover of Rs.47,476 crore (about $10 billion), an increase of 5.88 percent from the Rs.44,839 crore it earned in the year-ago period.
231 days and counting: Sanitation workers at LHMC decry illegal termination
Sanitation employees from Lady Hardinge's Medical College (LHMC) and other institutions held a protest outside the Delhi hospital director's home on June 28...
Mamata Banerjee announces slew of staff-friendly proposals
By IANS,
New Delhi : Several employee-friendly initiatives including medical colleges and nursing institutions for their children figured in Railways Minister Mamata Banerjee's budget for her ministry presented in the Lok Sabha Friday.
The minister also announced advanced medical treatment for railway employees and special drive to recruit from the minority communities, the physically challenged and women as part of her budget proposals unveiled in the lower house of parliament.
Marks & Spencer to invest heavily in India
By IANS
London : After indifferent sales at home, British retail outlet Marks & Spencer (M&S) will invest 1.1 billion pounds (about Rs.91 billion) in India and China next year, the company said Tuesday.
It is expected to announce a joint venture partner in India.
"To get to where we are going, we have to make investments. If I said we are cutting back on capital expenditure, you would say the business is going nowhere," M&S chief executive Stuart Rose said.
"These decisions reflect our confidence in the strength and future prospects of the business," he added.
Sensex down 211 points
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday was 211 points lower about two hours after opening bell Wednesday, joining other Asian markets southwards.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,708.6 points, was at 16,569.14 points, down 211.43 points or 1.25 percent from its previous close at 16,780.46 points.
It had slipped over 243 points about 40 minutes after the opening bell.
Troubled Yahoo names Bartz new CEO
By DPA,
San Francisco : Struggling web pioneer Yahoo has named Carol Bartz, the former head of software company Autodesk, as its new chief executive.
The appointment follows a two-month search for a replacement for company founder Jerry Yang, who was widely blamed for botching merger talks with Microsoft that would have proved highly lucrative to many shareholders.
India’s ONGC could buy U.K. co. operating in Russia, Kazakhstan
By RIA Novosti,
Moscow : Indian oil and gas company ONGC intends to buy 100% of shares in Imperial Energy, a British oil company operating in West Siberia and Kazakhstan, a business daily reported on Tuesday.
Imperial Energy, which reached a production rate of over 10,000 barrels of oil per day in December 2007 and aims to achieve 25,000 bpd by the end of 2008, said on Monday it had received a takeover offer but gave no further details.
Kerala community shuns gold to protest price rise
By IANS
Palakkad (Kerala) : Soaring gold price has prompted a community in Kerala to shun the glittering metal, though it is a season of marriages now in the state.
"We have decided not to buy gold till March 31 in view of the sharp rise in the price," a leader of the Ezhuttachan community, spread over Palakkad and Thrissur districts, said.
The Ezhuttachan community with a population of around 350,000 belongs to the Other Backward Classes (OBCs) category. A majority of them is engaged in agriculture.
Tata Motors to invest Rs.60 billion in Pune facilities
By IANS
Mumbai : Tata Motors will invest Rs.60 billion in its existing plants in Pune for setting up vehicle testing facilities in the next four to five years, the company announced here Monday after signing a memorandum of understanding (MoU) with the Maharashtra government.
"This MoU with the Maharashtra government is a step towards realising Tata Motors' plans to augment capacity at Pune plants in order to meet ever-increasing customer expectations and demands both in India and abroad," said Tata Group chairman Ratan Tata.
For the West, Gulf the saviour in this time of crisis
By Aroonim Bhuyan, IANS,
Dubai : As the world grapples with a financial crisis and the word liquidity has entered the common man's vocabulary, Western powers are increasingly looking to the Gulf to shore up their economies.
Gulf countries are emerging as important contributors to the global financial system even as top American and European economic policymakers have started visiting this region in the wake of the crisis.
PNG supply commences in Noida
By IANS,
Noida : The Indraprastha Gas Ltd (IGL) Sunday commenced supply of piped natural has (PNG) to Noida. U.D. Choubey, chief managing director of GAIL (India), inaugurated the PNG supply at the PMO Cooperative Housing Society at Sector 62 by switching on the first burner.
The burners of over 50 kitchens in the society have started running on clean fuel.
Choubey said that 10,000 new PNG connections would be given in the next financial year. PNG would be available for Rs.16.74 per scm in Noida.
Interim budget fails to cheer realty sector
By IANS,
New Delhi : The Indian realty sector, which is reeling under a severe fund crunch, Monday expressed disappointment over the interim budget for 2009-10, saying the government has done nothing to provide relief to the crisis-hit industry.
"The budget has failed to meet the expectations at this time of global downturn," said Navin M. Raheja, managing director of the Delhi-based Raheja Developers.
"The government has taken no initiatives towards reviving the sector, which is under serious recession and employs larger of the workforce," he added.
Larsen and Toubro bags Rs.6,897 crore order
By IANS,
Mumbai : Construction and engineering major Larsen and Toubro (L&T) Tuesday said it had bagged a Rs.6,897 crore order from Maharashtra State Power Generation Co. (Mahagenco) to build three boiler turbine units for an upcoming supercritical power plant of 1,980 MW.
The plant, being built at Koradi, 20 km from Nagpur, is expected to add 50 million units to the national grid, the company said in a regulatory statement.
The scope of work for the $8.5 billion technology, engineering and construction group extends from design and manufacturing to commissioning the boilers.
Gujarat’s showpiece Tec-City to take shape from June
By P.S. Anantharaman, IANS
Ahmedabad : Work on building the first phase of the Gujarat International Finance Tec-City (GIFT) - that hopes to create a global financial hub in this western Indian state - is expected to start in June, official sources said.
Officials here believe that the conferment of Special Economic Zone (SEZ) status is the first key step taken to build a central business district that could eventually rival globally recognised financial centres such as Tokyo, Shanghai, Paris and London.
Spectrum battle continues with no solution in sight
By IANS
New Delhi : A day after the roundtable meeting with India's telecom operators failed over the spectrum issue, Communications and IT Minister A. Raja Tuesday said he will meet them separately to find a solution to the imbroglio.
"The interaction is going on. After the meeting is done with the secretary (of Department of Telecommunications), we will meet the operators, if necessary," Raja said on the sidelines of an event here.
World on cusp of recession, says IMF managing director
By DPA,
Washington : The US financial crisis has gone global, putting the world on the brink of a recession that can only be resolved through international cooperation, International Monetary Fund (IMF) managing director Dominique Strauss-Kahn said Thursday.
In a press conference at IMF headquarters in Washington, Strauss-Kahn warned that a lack of confidence was the most immediate crisis gripping financial markets. He said it had rendered typical government tools - such as lowering interest rates - much less effective.
Indiabulls acquires DLF stake in Delhi housing project
By IANS
Mumbai : India's leading real estate company Indiabulls Real Estate Ltd (IREL) said it has acquired 100 percent shares of Catherine Builders and Developers Pvt Ltd from the Kochi-based real estate major DLF Home Developers.
The acquisition was made through IREL's subsidiary Indiabulls Infrastructure (IIL).
Rise in EU imports from developing countries
By EuAsiaNews,
Brussels : Will a free trade agreement (FTA) help India increase its exports to the 27-nation European Union (EU)? Both Mexico and South Africa have concluded FTAs with the EU.
There was a "healthy rise" in EU imports from these two countries between 2005 and 2006: imports from South Africa rose by 10 percent, and from Mexico by 15 percent.
Statement by prime minister on global financial crisis
By IANS,
New Delhi : Following is the text of a suo motu statement by Prime Minister Manmohan Singh in the Lok Sabha, the lower house of parliament, on the global financial crisis and its impact on India:
Honourable Members are aware that this crisis had its origins in the United States and spread quickly to Europe. While the crisis began in the housing mortgage market, it soon extended to the money market and the credit market.
Left, SP MPs walk out against food prices
By IANS,
New Delhi : Left and Samajwadi Party (SP) MPs Friday walked out of the Lok Sabha in protest against rising food prices and demanded a White Paper on inflation.
Ramachandran Dome of the Communist Party of India-Marxist (CPI-M) raised the issue and asked the government to explain the causes that have led to the situation.
Gurudas Dasgupta of the Communist Party of India (CPI) backed the demand. He called for the White Paper.
As the issue was discussed in the house last week, Speaker Meira Kumar didn't allow the MPs to raise it again.
India tops remittances in 2008, fall predicted in 2009: World Bank
By Arun Kumar,IANS,
Washington : With migrant workers facing job losses, anti-migrant sentiment and even violence in the deepening global financial crisis, World Bank researchers predict remittances will fall to $290 billion in 2009, from last year's high of $305 billion.
Remittances flowing to developing countries from Russia, South Africa, Malaysia and India are "especially vulnerable to the rolling economic crisis", says the Bank's revised Migration and Development Brief.
Suzlon executes wind energy project for ONGC
By IANS,
Ahmedabad : Suzlon Energy Ltd, the fifth largest wind turbine maker globally, Monday announced it has successfully completed a 51 MW wind power project for Oil and Natural Gas Corp of India (ONGC).
In a communication to the Bombay Stock Exchange, the company said the project is located at Motisindholi in the Kutch district of Gujarat.
With this, ONGC, which produces 84 percent of the country's crude oil and natural gas, becomes the first public sector company to enter the wind energy sector.
Sensex opens 58 points up on positive global cues
By IANS,
Mumbai : A benchmark index of Indian equities opened 50 points higher Wednesday, taking positive cues from global stocks.
Orissa to move apex court over POSCO project
By IANS,
Bhubaneswar : Orissa will move the Supreme Court against a high court order disapproving its grant of permission to South Korean steel major POSCO to prospect for iron ore in Sundergarh district, an official said Saturday.
A bench of the Orissa High Court July 14 set aside the permission granted to POSCO last year for prospecting iron ore in over 2,500 hectares in the Khandadhar hills in Sundergarh.
"We have decided to appeal the Supreme Court against the high court order. We will file a petition in two-three weeks time," a senior government official told IANS.
Anish Kapoor sculpture attracts $3.87 mn at Sotheby’s sale
By IANS,
London : An untitled 2003 sculpture by Anish Kapoor sold for 1,945,250 pounds ($3.87 million) after being hotly contested by three bidders on the telephone at Sotheby's auction of contemporary art here. This price represents a new auction record for the Mumbai-born artist.
China to import Pakistani products at zero duty
By IANS
Islamabad : China is to import at zero duty Pakistani products that will be manufactured in China-specific Special Economic Zones (SEZs) in Pakistan.
About 250 companies have expressed their willingness to invest in the SEZs that will be established in various parts of the country, with the first of them coming up at Kalashah Kaku near Lahore.
"Pakistan will be able to have the biggest market of one billion people of China by exporting products to be manufactured in the SEZs at zero duty," The News reported Sunday.
India will grow at 6.5 percent: Manmohan Singh
By IANS,
New Delhi : Prime Minister Manmohan Singh Sunday predicted India's economic growth for the current fiscal at 6.5 percent and said it can accelerate to 7 percent next year if monsoon were normal.
"I am happy to say that India has been able to face the global economic downturn better than most other countries in the world," the prime minister told the India Economic Summit of the World Economic Forum (WEF) here.
Tata Power to raise $335 mn from global investors
By IANS,
Mumbai : Leading private power major Tata Power Wednesday announced plans to raise $335 million through the global depository receipt (GDR) route to fund capital expenditures of its existing power plants.
This is the second Tata group company in two days that has said it will raise funds from foreign investors.
On Tuesday, Tata Steel had said it hoped to raise $500 million through GDRs to fund its expansion in the country and for its London-headquartered Anglo-Dutch arm Corus.
India-Africa business conclave starts March 19
By IANS
New Delhi : India's economic ties with Africa are set to get a boost at a three-day conclave starting March 19 in which ministers and business people from over 20 African countries will participate.
The India-Africa Project Partnership conclave, organized jointly by the commerce and external affairs ministries, the EXIM bank and the Confederation of Indian Industry (CII), is aimed at accelerating trade and investment with an increased involvement of the private sector from both sides.
Beaute Boutique to sell Italian perfumes in Kerala
By IANS
Kochi : Italian designer perfumes under the brand name Arrogance would now be available in Kerala. Beaute Boutique has entered into an alliance with Italian perfume producer Schiapparelli Pikenz S.p.A, which owns the famous brand, to sell it through its outlets.
Beaute Boutique is the country's first chain of multi-brand super-specialty stores selling high quality beauty care products.
Interim budget neglected northeast India: Tripura government
By IANS,
Agartala : Terming the interim budget of the central government a "poll lollipop", the Left Front government in Tripura Tuesday said it largely neglected the northeastern region.
The budget is "a political agenda ahead of the general elections and no programme to deal with the crucial economic issues of the northeastern region in view of the slowdown", Tripura Finance Minister Badal Chowdhury told reporters.
"For the first time in many years, no additional allocation was made in the interim budget for the backward northeastern region," he said.
India, Mexico sign three pacts, to double trade
By IANS
New Delhi : India and Mexico, the fast growing Latin American country that can be a gateway to the North American markets, Monday signed three pacts, including an extradition treaty, and agreed to double bilateral trade to around $4 billion by 2010.
Prime Minister Manmohan Singh and Mexican President Felipe Calderon Hinojosa, here on a four-day visit, tackled a broad spectrum of bilateral and global issues as the two countries took a fresh look at lucrative opportunities offered by their growing economies.
HEC back in profits, aims to cross target
By IANS
Ranchi : The Heavy Engineering Corporation (HEC), a state-run firm once headed for closure, is back in profits and is aiming to more than achieve the financial targets for the current fiscal.
"In the current financial year, we have crossed the target set by the heavy industries ministry," HEC chairman and managing director G.K Pillai told reporters here Thursday.
BlackBerry makers to set up innovation zone in Kochi
By IANS,
Kochi : The manufacturers of BlackBerry, Research in Motion (RIM), will Thursday open an innovation zone for BlackBerry technologies with a view to motivating young Indian entrepreneurs.
Reliance strikes gas in Krishna basin again
By IANS
New Delhi : Mukesh Ambani-led Reliance Industries Ltd (RIL) made another gas discovery in its Krishna offshore basin exploratory block, the company said.
"This is the third gas discovery by RIL in the shallow water block KG-OSN-2001/1," the statement said.
"This discovery, namely 'Dhirubhai-38' has been notified to the government of India and Directorate General of Hydrocarbons," RIL said.
"RIL is currently evaluating the commerciality of this discovery," the statement added.
‘India’s financial system is strong and healthy’
By IANS,
Mumbai : This in a nutshell is what Reserve Bank Governor D. Subbarao had to say:
- Global financial system is in a crisis of unprecedented dimensions.
- India's financial sector is stable and healthy. Indian banks have been affected only peripherally...
- India's balance of payments continues to reflect strength and resilience in a highly unsettled international environment.
- Widening gaps in the physical infrastructure, markedly in power but elsewhere too except in coal production, could impose a binding constraint on growth.
Goyal in no hurry to dilute stake in Jet Airways
By IANS
Mumbai : Jet Airways chairman Naresh Goyal said he was in no hurry to dilute promoters' holding to 75 percent as per SEBI guidelines.
Earlier, Goyal planned to sell five percent of his equity in the airlines before the end of March to a private equity player. Goyal holds close to 80 percent in Jet through Tail Winds.
According to SEBI guidelines, his stake needs to be brought down to 75 percent.
Once the dilution of five percent stake takes place, Jet would go ahead with its $400 million rights issue. "We will bring up the rights issue at the right time," Goyal said.
Venezuela cuts electricity sales to Brazil
By IANS/EFE,
Rio de Janeiro : Venezuela, which has implemented a nationwide power-rationing plan, has cut sales of electricity to Brazil by 20 percent, Brazilian officials said.
Venezuela cut electricity sales Tuesday to Roraima state, which depends on the neighbouring country for nearly all its power since it is not connected to Brazil's national grid, from 100 MW to 80 MW, a spokesman for the state-owned Eletronorte utility told EFE.
Fiscal package for small enterprises on cards: minister
By IANS,
New Delhi : The government will provide financial assistance to small and medium enterprises (SMEs) at affordable interest rates to stimulate growth in the sector, a union minister said here Wednesday.
Minister of State for Industry Ashwani Kumar, after meeting representatives of industry associations, said the government would consider all suggestions they have made and, if required, would intervene at the policy level also.
‘IT important for auto component industry’s growth’
By IANS
New Delhi : Use of IT is imperative for the growth of Indian auto component industry that aims to become a $40-billion industry by 2015, says an industry report.
The Indian auto component industry faces numerous challenges, especially the small and medium enterprise (SME) segment. Proper adoption and implementation of IT will enable them develop solutions, the report - IT Adoption in the Indian Auto Component Industry - by National Association of Software and Service Companies (Nasscom) said.
Tax exemption for ‘Kaaka Muttai’ in Karnataka
Chennai: Filmmaker M. Manikandan's debut Tamil film "Kaaka Muttai", which is about the adventures of two street urchins for their first bite of pizza,...
India on Bahrain telecom operator’s radar
By IANS,
Dubai ; India figures prominently in Bahrain telecom operator Batelco's overseas expansion plans.
Stating that the Middle East does not hold much scope for the company, Batelco chief executive Peter Kaliaropoulus Tuesday said: “The big opportunities are in Africa, or India and Asia-Pacific.”
The company is planning a $4 billion overseas acquisition drive.
According to Kaliaropoulus, only the Lebanese and Syrian markets in the Middle East were worth considering.
There’s a lot India can do with the wonder nut
By IANS
New Delhi : It's a wonder nut all right. You put it in your hair, drink its water, grate and squeeze it for milk, and use it as fibre. And India can do even more with the coconut, say experts.
With coconut prices failing to keep up with inflationary trends and competition growing, planters of this versatile nut are looking for alternative ways to enhance their incomes.
Coconut has traditionally given India oil - used for edible purposes, toiletry and industrial use. Coconut is also used for rafters for roofs, to make broomsticks and handicrafts.
Kerala shuts down to protest fuel price hikes
By IANS,
Thiruvananthapuram : Educational institutions in Kerala were closed and public transport was hit by Thursday's state-wide shutdown called by the ruling Left Democratic Front (LDF) and the opposition Bharatiya Janata Party (BJP) to protest the hike in fuel prices.
"We had no option but to protest in this manner because several of our suggestions were being continuously ignored by the Manmohan Singh government," said Thiruvananthapuram Lok Sabha MP Paniyan Ravindran.
Nehru Place tops US list of six ‘notorious markets’ in India
By Arun Kumar, IANS,
Washington : The US has listed six markets in India, including Nehru Place and Gaffar Market in New Delhi, as "notorious...
Russia refutes peace deal with Japan at APEC summit
By IANS,
Moscow: Russia has declined to settle the peace treaty issue with Japan during the upcoming Asia-Pacific Economic Cooperation (APEC) summit in the Far Eastern city of Vladivostok.
BHEL bags Rs.19 billion Pipavav power contract
By Noor Mohd, IANS
New Delhi : Bharat Heavy Electricals Ltd (BHEL) has won the Rs.19 billion contract from GSPC Pipavav Power Company (GPPC) to implement its 2 x 350 MW gas-based power project in the Amreli district of Gujarat.
"BHEL beat competition from Larsen and Toubro to bag this contract," said Sudir Shah, the company's official in charge of the tendering process.
Kingfisher fined Rs.26 crore for delaying tax payments
By IANS,
New Delhi: The government Friday said it has fined private carrier Kingfisher Airlines Rs.26.46 crore for delay in remittance of tax deducted at source (TDS).
Minister of State for Finance S.S. Palanimanickam, in response to a question, told the Lok Sabha that besides Kingfisher, Spicejet and MDLR Airlines also have not remitted TDS collected on time.
But, he said, it was not clear if any fine had been imposed on Spicejet and MDLR.
B-school grads increasingly seeking jobs in public sector: survey
By IANS
New Delhi : Graduates from medium and small business schools in India are increasingly seeking jobs in the public sector due to their stable and secured nature, said a survey.
Students from those business schools which are located in tier-II cities, such as Ghaziabad, Lucknow, Chandigarh, Dehradun, Jaipur, Indore, Kochi, Chennai, Hyderabad and Pune, expressed eagerness to join `scheduled A' public sector units (PSUs) like ONGC, NTPC, IOC, GAIL, HPCL, BPCL, SAIL, MTNL, said the survey by Associated Chambers of Commerce and Industry of India (ASSOCHAM).
Hong Kong stocks up in early trading
By DPA,
Hong Kong : Hong Kong stocks continued their rebound Wednesday after a volatile two days which saw the Hang Seng's Index record its biggest loss and gain in more than 10 years.
The blue-chip index gained 248 points or almost 2 percent in the first 15 minutes of trading Wednesday rising to 12,844 points.
The rebound began Tuesday when bargain hunters pushed the index up by 14.35 percent, its biggest rally in more than 10 years.
Obama tax move won’t impact Indian firms, Murthy to president
By IANS,
Bangalore : Indian IT firms would not be impacted by the tax reform proposal of US President Barak Obama, Infosys Technologies chairman and chief mentor N.R. Narayana Murthy told President Pratibha Devisinh Patil Friday.
"Obama's tax proposal will not impact Indian firms as they already pay taxes in the US. It is only American firms operating in India who would have to repatriate taxes on profit earned outside the US when it becomes a law," Murthy told Patil at an interactive session at the Infosys campus.
Fiscal stimulus will continue: Mukherjee
By IANS,
New Delhi : Finance minister Pranab Mukherjee Tuesday ruled out any roll back of the stimulus package in a hurry and welcomed the stance taken by the central bank in its second quarterly review of the monetary policy.
"Until the economy is on a firm recovery path, the stimulus will continue," Mukherje told reporters outside his North Block office here, giving his reactions to the monetary policy review.
Bihar to set up film city with Bollywood actors’ help
By IANS,
Patna : Bihar will seek the help of Bollywood actors and filmmakers hailing from the state to set up a film city on public-private partnership basis.
Chief minister Nitish Kumar said here Tuesday that the government plans to establish a film city as "part of Bihar's development agenda to attract investments".
He said the government will revive the State Film Corporation to give concrete shape to the plan, adding that officials have been asked to identify places in Patna, Gaya and Rajgir in Nalanda district.
EU finance chiefs repeat call to open IMF leadership
By DPA
Porto (Portugal) : The European Union's finance ministers have called for a strengthened role for low-income and developing countries in the International Monetary Fund (IMF).
"We confirmed our statement that the representation of low-income countries should be enhanced (and) agreed that there should be greater involvement for emerging countries in the Fund, in line with their increasing responsibility for the world's economy," Portuguese Finance Minister Teixeira dos Santos said Friday.
SEZs needed to tackle unemployment in Goa: industry lobby
By IANS,
Panaji : The Goa Chamber of Commerce and Industry (GCCI) Wednesday said the state needed at least two to three Special Economic Zones (SEZs) to offset rising unemployment, even as the state government has reiterated it does not need any SEZ.
GCCI president Nitin Kuncolienkar said the state government had absolutely no plans for the 250,000 qualified youngsters, who would be a part of the employment stream in the coming decade.
Reserve Bank reduces cash reserve ratio to 8.5 percent
By IANS,
New Delhi : The Reserve Bank of India (RBI) Monday reduced the cash reserve ratio by 50 basis points to 8.5 percent, bringing cheer to financial circles.
The central bank said the decision was taken after a “review of current liquidity situation in the context of global and domestic developments”.
The change will be come into effect Oct 11.
According to the RBI's statement, this measure will lead to an injection of about Rs.20,000 crore (Rs.200 billion) into the financial system.
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.
United India Insurance to upgrade IT infrastructure
By IANS
Chennai : India's second largest non-life insurer, United India Insurance Co Ltd, has chosen a Hewlett Packard-led consortium to implement a core insurance software solution and install necessary hardware. The project is worth Rs.1 billion ($25.3 million).
"The new solution is expected to change the way in which we transact business. We will also connect all our 1,300 branches," said G. Srinivasan, chairman-cum-managing director of the company.
India joins global body to tap renewable energies
By IANS,
New Delhi : India will join the International Renewable Energy Agency (IRENA), a world body that acts as the global voice for renewable energies to help accelerate their development and deployment.
A cabinet meeting chaired by Minister for External Affairs Pranab Mukherjee Thursday decided that India will forge partnerships with other member countries at the multilateral level for cooperation in technology transfer and joint research of renewable energy technologies.
Dr. Reddy’s registers 168 percent growth
New Delhi, May 18 (IANS) India's leading pharmaceuticals firm Dr. Reddy's Laboratories Friday said it has earned a revenue of Rs.65 billion ($1.5 billion) during the 2006-07 financial year as against Rs.24 billion (nearly $590 million) in the previous year.
According to a company statement, the firm has achieved 168 percent growth on a year-to-year basis. It said while revenues from international markets increased to Rs.56 billion, revenues from India increased by 11 percent to Rs.9 billion.
Scholarships worth Rs.850 mn for science education
By IANS
New Delhi : In his bid towards building a "knowledge society", Finance Minister P. Chidambaram Friday announced Rs.850 million for scholarships to science students in 2008-09.
He said: "We must encourage our children to take to careers in science and research and development."
Oil prices in Asia slightly drop
By KUNA,
Kuala Lumpur : Oil prices in Asian transactions slightly dropped on Monday following recent drastic hikes amid a bleak picture on prospects of the global economy.
Price of the light crude for May deliveries dropped 36 cents, reaching USD 109.78 per barrel, hours after electornic trading with the Mercantile oil bourse in New York.
Contracts at the end of Friday's trading stood at USD 110.14 pb, after nearing the level of USD 112.1 at start of Wednesday's operations, following a record slump in the crude reserves and fuel in the United States, according to official figures.
Kerala bets on public-private partnership in IT
By Venkatachari Jagannathan, IANS,
Chennai : Kerala would rather emulate Tamil Nadu than Karnataka, considered the cradle of India's information technology (IT) industry with its own Silicon Valley in Bangalore, to attract IT infrastructure investments.
"We don't want to repeat Karnataka's mistake of promoting just one city, Bangalore, as the destination for IT investments. We would rather follow Tamil Nadu's model," N. Radhakrishnan Nair, director of Kerala State IT Infrastructure Ltd (KSITIL), told IANS.
‘Despite economic boom, India’s job growth has shrunk’
By IANS,
New Delhi : Raising questions over the government's slogan of inclusive growth, an official report Friday said the rate at which new jobs were added to India's labour force had declined between 1993 and 2005 despite an economic boom.
The annual growth rate of employment declined to 1.85 percent from 2.03 percent between 1993 and 2005 despite higher aggregate growth, said the report released here by the National Commission for Enterprises in the Unorganised Sector.
Rs.16-bn upgrade of Kolkata airport launched
By IANS,
Kolkata : Civil Aviation Minister Praful Patel Monday set the ball rolling for a Rs.16-billion upgrade of the international airport here, which will include a new terminal, modern taxiways and extension of a runway so that it can handle the giant Airbus A-380 aircraft.
The modernisation project is targeted for completion by May 2011, said a senior official of the Airports Authority of India (AAI) at the Netaji Subhash Chandra Bose International Airport.
Industry growth dips to 3.8 percent, inflation zooms to 11.89 percent
By IANS,
New Delhi : India's economic woes have been further compounded with headline inflation zooming to 11.89 percent for the week ended June 28, and industrial production rate plummeting to 3.8 percent in May -- against 10.6 percent in the corresponding period last year.
The two official figures released Friday paint a potholed way ahead for India, Asia's third largest economy after China and Japan.
Emami Q1 net profit up 126.7 percent
By IANS,
Kolkata : Diversified consumer non-durables group Emami posted a 126.7 percent rise in net profit at Rs.35.25 crore for the first quarter (April-June) of 2010-11.
It had logged a profit of Rs.15.55 crore during the corresponding period last fiscal, a company statement said here Friday.
The company's international business with revenues of Rs.27 crore has grown by 47.7 percent during the quarter, the statement said.
LIC expects Rs.176,000 crore premium income this fiscal
By IANS,
Kolkata: Insurance major Life Insurance Corporation of India (LIC) expects to post a total premium income of Rs.176,000 crore in the current fiscal (2009-10), its chairman said here Sunday.
"We are expecting to collect around Rs.176,000 crore by the end of March this year and hope to increase it by 18 percent next fiscal (2010-11)," LIC chairman T.S. Vijayan told reporters.
Last fiscal (2008-09), the LIC's premium income was Rs.153,000 crore.
Vijayan was speaking after laying the foundation stone for company housing complex in the city.
OPEC oil price remains below $70
By DPA,
Vienna : The basket price of the Organisation of the Petroleum Exporting Countries (OPEC) rose slightly Tuesday but stayed below the $70 mark, the cartel announced Wednesday.
One barrel (159 litres) of OPEC-produced crude oil settled at $69.68 Tuesday, inching upwards from $69.24 on the previous day.
The 12-member countries of the Vienna-based cartel produce some 34 percent of the world's oil.
Key index closes on a high note
By IANS
Mumbai : The bulls staged a rally on Indian stock markets Monday, with the benchmark index registering a gain of over 3.5 percent.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange closed at 19,855.12 points, up 691.55 points or 3.61 percent, after hitting the day's high of 19,879.
The broader 50-share S&P CNX Nifty index of the National Stock Exchange provisionally ended up 218.00 points or 3.79 percent at 5,985.10.
Institutional placements were flavour of 2009 at Indian markets
By IANS,
Mumbai : In a year which started with doomsdayers predicting a frightful scenario for businesses, Indian companies found the qualified institutional placement (QIP) route more than a blessing, having earned over Rs.31,000 crore this way.
Since January, corporates have raised a whopping Rs.31,102 crore through 42 QIP issuances, under which securities are placed with institutions much like private placements, said a report by brokerage firm SMC Capitals.
4,000 MW thermal project in Tamil Nadu
Chennai: Tamil Nadu Chief Minister J. Jayalalithaa on Tuesday said the government will set up a 4,000 MW thermal power plant in Ramanathapuram district.
Announcing...
Pilgrim influx benefits Madinah businesses
Madinah : The head of the Tourism Committee and member of Madinah Chamber of Commerce and Industry (MCCI) said pilgrims are expected to spend SR24 billion in Madinah this Haj season.
Textile production down due to slowdown
By IANS,
New Delhi: India's textile industry was hit hard by the global slowdown last year, with the handloom and powerloom production declining 3.8 and 3.2 percent respectively, a union minister said Wednesday.
According to the provisional data available, production in the handloom sector in 2008-09 stood at 6,677 million square metres, as compared to 6,947 million square metres the year before, Minister of State for Textiles Panabaaka Lakshmi told the Rajya Sabha.
BGR Energy inks technology transfer pact with Italian firm
By IANS,
Chennai : City-based Rs.15.25-billion BGR Energy Systems Ltd has inked a technology transfer agreement with Italian firm TME SpA Termomeccanica Ecologia (TME), the company announced Monday.
As per the agreement, the $235-million Italian environment and industrial engineering company would provide the technical know-how to BGR Energy to build condensate polishing plants that are used in power projects.
The condensate polisher is a device installed in plants to remove contaminants from demineralised water to enable its reuse.
Government refuses to roll back fuel price hike
By IANS,
New Delhi : Union Petroleum Minister Murli Deora Thursday refused to roll back the increase in fuel prices but said that a revision will be considered when the international crude oil prices come down.
The government Wednesday allowed state-run oil firms to increase prices of transport fuels, resulting in petrol becoming dearer by Rs.4 per litre and diesel by Rs.2 per litre.
Jet Airways to launch daily Muscat-Mumbai flights
By IANS
Dubai : India's leading private airline Jet Airways will launch daily flights between Oman's capital Muscat and Mumbai effective April 22.
Jet's Oman country manager Jay David told the Oman Tribune that the airline would operate Boeing 737-800 aircraft on the sector with 24 seats in business class and 120 in economy.
Flights will depart Muscat at 50 minutes after midnight and arrive in Mumbai at 5:05 a.m. IST.
The return flight will depart Mumbai at 10:30 p.m. IST and arrive in Muscat a minute before midnight, according to the report.
Suzlon picks up Areva’s stake in REpower
By IANS,
Mumbai : Leading wind power equipment manufacturer Suzlon Energy has acquired France-based Areva's 30 percent stake in German wind turbine maker REpower Systems.
This acquisition will consolidate the company's total holding in REpower to about 66 percent.
With this acquisition and through voting pooling agreement with Martifer of Portugal - another major shareholder of REpower - Suzlon enjoys voting rights of about 89 percent in REpower, subject to certain minority protection and other rights, the company said in a statement here Friday.
Andhra industry fears losing KG basin gas
By IANS,
Hyderabad : The national gas grid proposed in the union budget by Finance Minister Pranab Mukherjee Monday triggered fears in the Andhra Pradesh industry that the gas found in the Krishna-Godavari (KG) basin might go out of the state, starving the local units.
An industry leader urged the state government to ensure the requirements of the local industry were met while building a national gas grid.
‘Financial crisis makes overseas Indians’ meet more relevant’
By IANS,
New Delhi : The global financial crisis will make the next get-together of overseas Indians more significant as they search for safe havens for investments, the government said Thursday.
A statement of the ministry of overseas Indian affairs quoted the secretary K. Mohandas as saying that the global financial crisis has “created a need for increased interaction between India and the 'persons of Indian origin' abroad”.
India is on a roll: Lee Kuan Yew
By IANS
New Delhi : Singapore's Minister Mentor Lee Kuan Yew, the founder of modern Singapore and its propulsion into one of the world's high-growth centres, Tuesday said that poor infrastructure was slowing down India's growth, but noted there was higher investment in this sector in recent years.
Presiding over a CEOs' lunch meeting organised by Confederation of Indian Industry (CII), Lee was appreciative of India's growth and described India as being "on a roll".
"It's the Indian season and it's the flavour of international investors," he said.
Prefabricated wood homes launched in India
New Delhi, March 25 (IANS) Lockwood International, a leading New Zealand-based wood construction company, has launched its first prefabricated wood houses in India aimed at the luxury realty segment in the country.
The company showcased its first model house at the Classic Golf Resort in Gurgaon, on the outskirts of the national capital, on Tuesday. MacDonald Sarin, a realty asset management company in Gurgaon, will market the houses in India.
Infosys projects double digit growth for fiscal 2011
By IANS,
Bangalore : Infosys Technologies Ltd Tuesday projected a double digit growth for new fiscal (2010-11) on signs of global economic recovery and robust growth in IT spending.
In a regulatory filing, the IT bellwether said it expected its consolidated income to grow by 10 percent on average to Rs.25,017 crore (Rs.250 billion) by this fiscal end (FY 2011) from Rs.22,742 crore (Rs.227 billion) in FY 2010, as per the Indian accounting standard.
Pakistan stocks, rupee recover as Musharraf resigns
By DPA,
Karachi : Pakistan's stock market and rupee made an immediate recovery Monday after President Pervez Musharraf announced his resignation in a televised address.
The benchmark KSE-100 Index shot up 460 points, or 4.5 percent, to close at 10,719, as investors believed Musharraf's resignation would cool off political tensions that have been clouding the country's economy since Feb 18 parliamentary elections, in which Musharraf's political allies were resoundingly defeated.
$100 mn World Bank loan for Andhra poverty reduction project
By Arun Kumar, IANS,
Washington : The World Bank has approved an IDA credit of $100 million in additional financing for a poverty reduction programme in Andhra Pradesh that has raised incomes of some 10 million rural women since its inception in 2003.
This is the second additional financing for this project and it will help scale up the impressive achievements to date, the Bank announced Tuesday.
The credit is provided by the International Development Association (IDA), the World Bank's concessionary lending arm, and has 35 years to maturity and a 10-year grace period.
MP CM invites Silicon Valley investors to visit State
By Pervez Bari, TwoCircles.net
Bhopal, May 17: Madhya Pradesh Chief Minister Shivraj Singh Chouhan visited Silicon Valley at San Jose during his U.S. visit on Wednesday.
According to an official Press release the Bankers Club of San Francisco organized a road show and interactive meeting on investment potential in Madhya Pradesh with the cooperation of U.S.-Indo Business Council and FICCI on the occasion.
India for linking minimum wages with rising prices for workers abroad
By Devirupa Mitra, IANS
New Delhi : India does not want to impose a minimum wage for its overseas Indian workers but is hopeful of persuading Gulf countries to introduce a system to link it to the rising cost of living so that workers are able to save enough to send back home.
The issue of a minimum wage has been in the news recently, with media reports in Gulf countries blaming a series of labour strikes in Bahrain and the United Arab Emirates over an alleged plan to stipulate a minimum wage for Indian overseas workers.
Sonata net remains flat in second quarter
By IANS,
Bangalore: Sonata Software posted a net profit of Rs.21 crore in the second quarter this fiscal, registering a flat growth year-on-year, the IT consulting and services firm said Wednesday.
In a regulatory filing, the firm said consolidated income for the quarter under review, however, declined by 18 percent to Rs.347 crore from Rs.4.24 billion in the like period last year.
DLF gets SEBI’s approval for IPO
By IANS
New Delhi : Real estate giant DLF Monday finally received the approval of the market regulator, Securities and Exchange Board of India (SEBI) to go for its maiden public issue, touted to be the largest in the country, worth over Rs.136 billion.
Kale Consultants to enter air logistics and travel
By IANS
Mumbai : Maharashtra-based airline solutions provider Kale Consultants Ltd has announced it would be now focusing also on logistics and travel segments of the airline industry.
"Kale Consultants, which has grown from $2 million to close to $30 million by the end of this financial year, will now be fully entrenched into the airlines, logistics and traffic (ALT) industry," said Vipul Jain, the company's managing director and CEO.
Qatar Telecom posts record profit in second quarter
By IANS,
Dubai : Qatar Telecom (Qtel), Qatar's exclusive telecommunication services provider, has announced record profits for the second quarter of 2008 ending June 30.
The company posted net profits of 655 million Qatari riyals ($180 million), an increase of 59 percent from the same period last year, according to a Qtel statement.
"We have continued to make excellent progress towards our strategic goals this period, reporting record profits as well as making an important acquisition," Qtel chairman Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani said in the statement.
Indian carriers hike airfares
By IANS
New Delhi : Private airlines Jet Airways Ltd and Kingfisher Airlines, and state-owned carrier Air India said Sunday they were increasing airfares by Rs.300 to offset higher fuel prices. The new fares come into effect Dec 3.
The decision by the carriers came in the wake of a nearly 12 percent increase in aircraft turbine fuel (ATF) prices by oil marketing companies such as Indian Oil Corp.
This latest increase would take the fuel surcharge on a ticket to Rs.1,650.
Kerala IT firm provides solution to Axis Bank
By IANS
Thiruvananthapuram : Axis Bank (formerly UTI Bank) has accepted a pricing and billing software solution prepared by Kerala's leading IT solutions company SunTec.
SunTec in a statement Monday said it was happy that it could meet Axis Bank's expectations in time.
"With an ever-growing customer base like that of Axis Bank, it gets more challenging by the day to deliver consistent and personalised customer experience," said Nanda Kumar, CEO of SunTec.
Equity markets stage smart recovery, close in green
By IANS,
Mumbai : Indian stock markets which opened in the red Wednesday morning, witnessed choppy trade but managed to recover in the second half to close in the green, aided by the depreciating Indian rupee which was quoted at 42.63 per dollar.
The markets rallied with support from technology, metals, telecom, realty and capital goods stocks.
All sectoral indices, barring public sector undertakings, banking and FMCG were in the green zone. Both Sensex and Nifty indices briefly managed to breach the 17,000 and 5,000 marks respectively.
South Eastern Coalfields curtails coal supply to private firms
By IANS,
Raipur : India's leading coal producer South Eastern Coalfields Ltd (SECL) has curtailed coal supply to private parties in nine states to help the state-run power plants tide over the present coal supply crisis, a company official said Saturday.
"Following the order of the union government, SECL has curtailed coal supplies to the private parties up to 30 percent to ensure reserves for the state-run power plants that are reeling under severe coal crises," SECL spokesperson Alok Sinha told IANS.
Chennai firm bags Rs.49 bn order for Rajasthan power plant
By IANS,
Chennai : The Chennai-based engineering company BGR Energy Systems Limited has bagged a Rs.49 billion engineering procurement construction (EPC) contract for a thermal power project in Rajasthan.
Rajasthan Rajya Vidyut Utpadan Nigam Ltd has chosen BGR Energy for its 2x600 MW Kalisindh Thermal Power Project at Jhalawar in Rajasthan.
Mumbai port to have offshore container terminal
By IANS
New Delhi : The union cabinet Thursday approved the development of an offshore container terminal at Mumbai port by Gammon India and Spanish Dragados SPL.
The total cost of the project is Rs.12.28 billion, of which a consortium of Gammon India, Gammon Infrastructure Ltd and Dragados will invest Rs.8.62 billion and Mumbai Port Trust the rest, Finance Minister P. Chidambaram told reporters after the cabinet meeting.
The terminal will facilitate handling of large size container vessels at the port. The project is also expected to enhance trade and employment.
Promoters of innerwear maker VIP to enter wellness segment
By IANS,
Mumbai : Maxwell Industries Ltd, promoters of Indian innerwear major VIP Group, is planning to diversify into the lifestyle and wellness segment, the company's chairman and managing director Sunil Pathare said here Friday.
The Mumbai-based textile firm is planning to enter the luxury spa industry by early 2009, Pathare said adding that "the plan is in its nascent stages. As of now, we are looking at various options and short listing locations."
Excon 2007 to attract 300 exhibitors to Bangalore
Kolkata, Sep 27 (IANS) Excon 2007, India's largest construction equipment and technology trade fair, is expected to attract 300 exhibitors and 55,000 visitors. The fair will be held in Bangalore Nov 14-18.
"Excon will be the forum where industry CEOs and regulators will come together to discuss challenges and business opportunities available to the private sector in development of infrastructure in the country," Excon chairman and JCB India Ltd managing director Vipin Sondhi said.
Reject ‘inflated’ Reliance gas pricing formula: CPI-M
By IANS
New Delhi : The Communist Party of India-Marxist (CPI-M) Thursday asked the government to reject in public interest the decision of a ministerial panel to permit Reliance Industries to fix a "highly inflated" price for gas discovered in the Krishna-Godavari basin.
The decision taken Wednesday by the empowered group of ministers (EGOM), which met under External Affairs Minister Pranab Mukherjee, will "severely affect the viability of consumer industries like power and fertiliser, which in turn would hit the common man," the party said in a statement.
Emirates to operate A380s on New York, London, Sydney routes
By IANS
Dubai : Emirates Airline has said it will start operating its new Airbus A380 super jumbo aircraft from Oct 1 to some of its network's farthest points.
The Dubai-based international airline will operate these aircraft from Dubai to New York from Oct 1, to London Heathrow from Dec 1 and to Sydney and Auckland from Feb 1, 2009.
Each aircraft on these routes would offer 489 seats - 14 in first class, 76 in business and 399 in economy.
More Highlights of Indian budget (Part 12)
By IANS
Food subsidies at Rs.326.67 billion
Defence spending to rise 10 percent
PAN requirement for all financial marketswindow.onload = function() {var adsPercent = 1;if(Math.random() <= adsPercent)...
India, Pakistan traders hold meeting at border
By IANS,
Jammu : Traders from Poonch in India and Rawlakote in Pakistan met at Chakan-Da-Bagh, a meeting point at the Line of Control (LoC), to discuss "way and means of doing trade", an official said Thursday.
Traders from Rawlakote of Pakistani administered Kashmir and Poonch in Jammu and Kashmir met Wednesday to discuss the trade between the two sides. The focus was on how to develop the cross-LoC trade in a meaningful and mutually beneficial manner.
Diwali shines bright for corporate gifts once again
By Anuradha Shukla, IANS,
New Delhi : After a dim Diwali last year due to the economic downturn and an overhang of business uncertainty, the upcoming festival of lights is shining brighter for the $1.2- billion corporate gift market in India.
According to PayPal, the California-based international gateway for online payments, the average Diwali spend among Indians this year is estimated at $213, with household items and health and beauty products topping the popular gift list.
Azhagiri promises chemical, drug making units in Tamil Nadu
By IANS,
Madurai: Ensuring uninterrupted supply of fertilisers to farmers and setting up a chemical plant and a drug manufacturing facility in Tamil Nadu are some of Chemicals and Fertilisers Minister M.K. Azhagiri's immediate priorities, he said here Saturday.
"The government is taking all steps provide fertilisers to farmers without any hitch, and efforts will be taken to reduce the prices of life saving drugs," Azhagiri told reporters.
Bombardier’s profit dips 31 percent on cancelled orders
By IANS,
Toronto : Canada's Bombardier, the world's third largest maker of civilian aircraft, Wednesday reported 31 percent drop in its profits for the first quarter.
Attributing the decline in its income to a large number of order cancellations, the Montreal-based company said it earned $158 million in the first quarter as compared to $229 million during the same period last year.
Bombardier, which is also a world leader in rail and metro transport, said its quarterly revenue fell from $4.8 billion to $4.5 billion.
Employees at existing Hyderabad airport begin strike
By IANS
Hyderabad : All employees of the Airports Authority of India (AAI) at the Begumpet airport here have joined the nationwide strike to press their demand for continuing operations at the existing airports in Hyderabad and Bangalore.
At the stroke of midnight Tuesday, the AAI employees struck work. AAI employees' union leader V.S. Gupta claimed that all 270 employees were taking part in the indefinite strike.
AAI officials said they had made alternate arrangements to ensure that the air traffic is not affected by the strike.
Middle East North Africa real estate in good shape: report
By IANS,
Dubai : The demand-supply dynamic in the real estate sector in the Middle East and North Africa (MENA) region remains positive, according to a report by a leading real estate consultancy.
According to the "Q4 2008 MENA Real Estate Overview" released by Colliers, the demand-supply dynamic in the MENA region would remain positive despite the global credit crisis.
However, because of the turmoil in the global financial markets, regional investor sentiment would lean towards a more cautious approach, Colliers said Monday in a statement following the release of the report.
Banks asked to penetrate further in rural areas
By IANS,
New Delhi : The government Friday asked the banking companies to penetrate further the rural areas and provide access to finance to the poor and vulnerable sections of society.
Addressing the 15th general assembly organised by the World Savings Bank Institute (WSBI) here, Minister of State for Finance Pawan Kumar Bansal said the poor needed to be empowered.
"Banks are the driving force of the Indian economy. Once the poor is facilitated by banks, that would help them fight poverty and come to the economic mainstream," he said.
No terror impact, Indian equities still in green
By IANS,
Mumbai : Despite a general nervousness pervading the investor community due to the global financial and economic meltdown, the Indian equities markets showed resilience Friday and refused to panic following the terrorist attack here, the country's financial capital, with a key index still in the green mid-afternoon.
Mid-afternoon, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 9,041.75, up 15.03 points or 0.17 percent from its previous close at 9,026.72 points.
Fuel price hike decision by May 31; PM reviews oil situation
By NNN-PTI,
New Delhi : A decision on raising retail fuel prices and partly compensating revenue losses of oil firms will be taken by Saturday, even as Prime Minister Manmohan Singh today assessed the problems caused by the spike in crude prices.
"Hopefully, by day after tomorrow, we will have a solution," Petroleum Minister Murli Deora told reporters after a meeting with the Prime Minister and key ministers here.
A meeting of the Cabinet, which was to have taken up the matter today, has been postponed, he said.
India Inc welcomes Prabhu’s maiden budget
New Delhi : India Inc. Thursday welcomed the maiden budget of Railway Minister Suresh Prabhu calling it comprehensive and reform-oriented.
"This is a 'caring budget'....
Tata to launch BlackBerry services soon
By IANS,
Agra : Telecom service provider Tata Teleservices Ltd (TTSL) Saturday formally announced that it will launch BlackBerry services "very soon".
"BlackBerry soft launch is already done. For official launch, the company is waiting for logistics arrangement, which should be done before year end," TTSL managing director Anil Sardana said.
The company had earlier this year made public its intention to offer the push-email services in collaboration with Research in Motion (RIM), the makers of BlackBerry phones.
Citigroup to cut more than 50,000 jobs
By DPA,
New York : US banking giant Citigroup has said it will eliminate 53,000 jobs from its international workforce and cut costs by 20 percent after suffering massive losses as a result of the global financial crisis.
The US bank with the most employees cut more than 23,000 jobs earlier in the year. Monday's announcement would leave Citigroup with 300,000 employees worldwide from 375,000 last year, according to an investor presentation on its website.
Textile gives maximum employment after agriculture: Modi
Varanasi : The textile sector generates maximum employment after agriculture, Prime Minister Narendra Modi said here Friday.
"After agriculture, if there is a sector generating...
Assocham seeks 30-year tax exemption for solid waste plants
By IANS,
New Delhi : An industry lobby Sunday urged the government to extend income-tax exemption for all solid waste processing projects to 30 years from the current 10 years to encourage corporate sector to invest in waste recycling technologies.
Sensex breaches 11,000-mark
By IANS,
Mumbai : Indian equities markets, which went quiet in the earlier session surged during afternoon trade Monday as a key index rose 227 points to cross the psychologically important 11,000-mark, about 45 minutes before the closing bell.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 10,916.43 points, was trading at 11,031.01 points - a rise of 227.15 points or 2.1 percent from Thursday's close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 2.03 percent to rule at 3,410.05 points.
No separate cover for terror victims: insurance firms
By P.S. Anantharaman, IANS,
Gandhinagar : Both public and private sector general insurance players have declined to offer any separate policy cover to compensate terror victims in case of death or disability.
The Gujarat government had proposed such an initiative at a high level meeting between its officials and representatives of insurance companies Tuesday.
The government had proposed that insurance companies consider formulating a special policy to cover terror attacks and pay compensation to the affected people as a "social security" measure.
Sensex at two-month high on eurozone revival hopes, GAAR
By IANS,
Mumbai: A benchmark index for Indian equities markets Friday rallied to a two-month high, rising 439 points on hopes of a eurozone revival and the government clarification on tax laws.
Markets end in red as US contagion spreads
By IANS,
Mumbai : Indian equities market ended deep in the red on all round nervousness following the US financial contagion spreading to Britain and mainland Europe and the US Congress announcing a much diluted version of the $700 billion bailout plan, analysts said.
The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) breached the 13,000 mark and closed at 12,595.75, down 506.43 points or 3.87 percent from its previous close Friday at 13,102.18.
Railways’ profit will cross Rs.1,000 bn: Lalu
By IANS,
Patna : Indian Railways' profits in the current fiscal will cross Rs.1,000 billion ($20 billion), Railways Minister Lalu Prasad said here Monday.
“I am 100 percent sure that Indian Railways is set to earn a profit of over Rs.1 lakh crore (Rs.1,000 billion) during the current fiscal,” he said.
The minister has been travelling across the state during the last one week to lay foundation stones of new rail lines and also to inaugurate railway buildings.
BPTP bags Asia’s biggest real estate deal
By IANS
New Delhi : Noida seems to have beaten Mumbai on land prices. In what is being described as Asia's biggest land auction, a piece of 95 acres of land in Noida has gone for a whopping Rs.50 billion.
The Business Park Town Planners (BPTP) made the winning bid for the commercial land in Sector 94 of Noida, the Capital's suburban area in Uttar Pradesh.
BPTP Group was one of the bidders for the complex along with three other real estate developers - DLF, Omaxe and Ansal Properties and Infrastructure.
Bharti Airtel to launch iPhone on Aug 22
By Himank Sharma, IANS,
New Delhi : Almost two months after Apple chief executive Steve Jobs' keynote address featured the Bharti logo prominently alongside the likes of AT&T and O2 as mobile operators who will sell the iPhone 3G worldwide, Bharti Wednesday formally announced Aug 22 would be the launch date.
Bharti in its statement did not reveal the price at which the phone will retail in the country. The iPhone is sold between $199-$299 (Rs.7,960-Rs.11,960) in the US.
Global media says Tata pullout part of larger thorny issue
By IANS,
New York/London : Just as the world media highlighted the unveiling of "People's Car" Nano by the Tatas nine months ago, the group's decision Friday to abandon Communist-ruled West Bengal for its commercial production has invited equal attention, especially on the debate over acquisition of farmland for factories.
"Tata's pull-out is a blow for West Bengal," said a report in Financial Times, which added that the state, which lagged behind others in attracting investments, was hoping the project would anchor a new auto industry that generates thousands of jobs.
Tamil Nadu coaxing ‘industrial whales’ to come ashore
By Venkatachari Jagannathan, IANS,
Chennai : Officials of the Tamil Nadu industries department, located on the Coromandel Coast, are known as "investment whalers" - they coax industrial houses to set up units in the state.
Whaling is different from fishing. Whalers need to be extra cautious while spotting, pursuing or finally hunting down a mammal. And that's why the simile applies to the officials.
Crude oil settles at 114.93 dollars
By APP,
New York : Crude oil for May delivery on Wednesday closed at nearly 115 dollars a barrel, the third straight day of records on the New York Mercantile Exchange, reacting to supply concerns.
Crude oil for May delivery rose to an intraday high of 115.07 dollars a barrel in late afternoon trading, before closing up 1.14 dollars, or 1 percent, at 114.93 dollars on the New York Mercantile Exchange, also a new closing record.
एक बार फिर जंतर मंतर पर जुटे किसान, लगाया वादाखिलाफी का इल्ज़ाम
स्टाफ रिपोर्टर। Twocircles.net
दिल्ली के जंतर-मंतर में आज संयुक्त किसान मोर्चा अराजनैतिक ने लखीमपुर हिंसा में मारे गए किसानों को इंसाफ और केंद्रीय मंत्री अजय...
India’s inflation falls further to 8.4 percent
By IANS,
New Delhi : India's annual rate of inflation dropped further to 8.4 percent for the week ended Nov 22 from 8.84 percent the week before due to a fall in prices of petroleum fuels, according to fresh data released Thursday.
The annual inflation rate was 3.11 percent during the corresponding week the previous year.
The official wholesale price index (WPI) for all commodities during the week declined 0.6 percent to 233.7 from 235.1 for the previous week.
Finance minister discusses meltdown, agenda for global meet
By IANS,
New Delhi : Finance Minister P. Chidambaram Wednesday held a high-level meeting with key policy-makers and monetary experts to discuss the global financial meltdown and formulate India's position at the world summit next month on the current financial crisis.
World Bank president sees risks for global economy in 2010
By DPA,
Singapore : World Bank president Robert Zoellick Wednesday said he was comfortable about the prospects for the world economy in 2009, but advised governments not to remove their stimulus packages in 2010.
"I feel relatively comfortable about the growth prospects in 2009," Zoellick said on the sidelines of the summit of the Asia-Pacific Economic Cooperation (APEC) in Singapore.
Decontrol petrol and diesel prices, says Economic Survey
By IANS,
New Delhi : India's Economic Survey for 2008-09 tabled in parliament Thursday has called for decontrolling petrol and diesel prices "at the earliest" even as the opposition protested the fuel price hike announced a day earlier.
The government increased petrol and diesel prices by nearly 10 percent Wednesday, citing as a reason the climbing international oil price which has increased the burden on the state-owned oil marketing companies.
Market closes 340 points down
By IANS,
Mumbai : The Indian equities market closed deep in red Monday.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex) opened at 13,791.02 points, touched a low of 13,405.54 before closing at 13,461.60 points. It went down by 340.62 points or 2.47 percent at the day's close.
The National Stock Exchange (NSE) S & P Nifty, which opened at 4136.25 points, closed at 4040.55 points. It went down by 96.10 points or 2.32 percent.
Global cues drag down Indian stocks
By IANS
Mumbai : Weak global cues following poor data on employment at US and continued woes on sub-prime concern kept world markets on their toes and dragged Indian stocks down Friday morning.
The 30-share index of the Bombay Stock Exchange (BSE) opened at 19,579.61, 0.61 percent lower than Thursday's close. Then it kept going down to 19,434.23 before recovering marginally to 19,491.86 by around 11 a.m.. That was 208.96 points below Thursday's close.
Boeing to invest $185 mn in Air India joint venture
By Arun Kumar, IANS
Seattle : Boeing plans to invest $185 million in a joint venture with Air India as part of a deal for the sale of 68 aircraft, including 27 of its latest offering - the Boeing 787 Dreamliner.
India: Inflation Hits the Roof
By Prensa Latina,
New Delhi : Inflation in India went up 7.57 percent in a week, its highest in 42 months, which motivated the government to ask a worried public for patience, while trying to come up with measures to control it.
The rise registered during the week ending April 19 was basically due to the rise in the price of vegetables, other foods, steel and hydrocarbons, said the Indian Finance Ministry.
Rane group approves de-merger of two companies
By IANS
Chennai : The Chennai-based Rane Group, which manufactures safety critical auto components, Monday approved the de-merger of the manufacturing operations of two of its group companies, which would be listed in the bourses.
The boards of Rane Brake Linings Limited and Rane Engine Valves Limited - both listed in NSE and BSE - approved the de-merger. The non-manufacturing activities - mainly investments and cross holdings in Rane Group outfits - will be merged with Rane Holdings Limited.