Sensex ends flat, consumer durables gain
By IANS,
Mumbai : A benchmark index for Indian equities ended flat in a day of volatile trading Monday.
FMCG stocks weighed the markets down, while consumer durables shot up handsomely and PSU scrips made robust gains.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,400.33 points, closed at 18,398.91 points, almost unchanged from its previous close at 18,401.82 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut shop 0.19 percent higher at 5,540.9 points.
Harvard eyes Indian realty sector with corporate programme
By Prashant K. Nanda, IANS
New Delhi : Eyeing the "explosive" realty market in India, the Harvard Business School (HBS) is set to offer a short duration certificate programme to top executives of real estate industry - but at a stiff fee of Rs.297,000 ($7,310).
The Ivy League university will offer the four-day-long programme at Hyderabad Convention Centre beginning June 17.
Bangladesh announces $500 mn recession relief package
By DPA,
Dhaka : Bangladesh Sunday announced an economic stimulus package worth over $500 million to offset the fallout of global economic meltdown, officials said.
Finance Minister A.M.A. Muhith announced the package amounting to $500 million for the fourth quarter of the current fiscal to increase subsidies in power, agriculture and export sectors.
New gas price after three months: Cabinet
New Delhi : The Cabinet Committee on Economic Affairs (CCEA) Wednesday deferred a decision on the new price for domestic natural gas awaited by...
Honeywell bullish on India for business growth
By IANS,
Bangalore: Global technology and manufacturing major Honeywell International is bullish on driving its business rapidly in India, a country that offers "huge opportunities" in its manufacturing and industrial sectors, a top official said here Thursday.
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.
Panel to look at pricing of hydrocarbon fuels
By IANS,
New Delhi : A high-powered panel on pricing of hydrocarbon fuels was announced by Finance Minister Pranab Mukherjee with crude oil prices once again surging in global markets.
Mukherjee said the finer points of the panel's terms of reference will be announced by Petroleum Minister Murli Deora.
The government last week had permitted oil retailing companies to raise the prices of transport fuels by Rs.4 per litre for petrol and Rs.2 per litre for diesel, while keeping pricing of cooking fuels untouched.
Tamil Nadu to offer sops on investment in southern districts
By IANS,
Madurai : The Tamil Nadu government will shortly come out with a separate incentives package to attract investments to the southern districts in the state, said a senior government official here Friday.
"The main need of these districts is job-led industrial development. The state government will announce a structured incentive package for companies investing here and in other parts of the state excepting Chennai, Kancheepuram and Thiruvallur," said Industries Department Principal Secretary M.F. Farooqui.
Gujarat diamond units form new state-level forum
By IANS,
Ahmedabad : Owners of diamond cutting and processing units across Gujarat Monday floated a new organisation to represent them in a more unified manner and put greater pressure on the central government to heed them.
So far, the Surat Diamond Association was the representative group of diamond cutters, traders and polishers, taking up issues such as mass employment and closure of units. It recently asked the central government for a fiscal package for the sector, but did not get any tangible result.
GAIL to ensure greater transparency in bidding
By IANS
New Delhi : State-owned gas marketer Gail India Ltd will now include an integrity pact in tender documents to ensure better transparency, the company said Wednesday.
Integrity pact is a tool designed by international voluntary organisation Transparency International to fight corruption in public procurement.
The decision comes at a time when GAIL has projects worth Rs.145 billion ($3.7 billion) lined up for bidding.
China has multiple plans for financial crisis impact: Official
By Xinhua,
Beijing : China has multiple plans to prepare itself for further negative impact of the global financial crisis, a top banking official said Friday.
China's long-held policy of keeping the Renminbi exchange rate "basically stable at an appropriate and balanced level" is "relatively comprehensive and enough", Zhou Xiaochuan, governor of China's central bank, told a press conference on the sidelines of the parliament's annual session.
‘Eye cream is a waste of money’
By DPA,
Hamburg : Consumers should not base their decisions about buying cosmetics on the price and image of a brand, according to Paula Begoun, a cosmetics expert in the US who has spent more than two decades explaining the fine print on cosmetics product packages.
Begoun, 55, says it's always better to read the fine print to find out what's in the creams and something about the companies that make them.
Bombay Stock Exchange to advance trading hours
By IANS,
Mumbai: The Bombay Stock Exchange (BSE) Tuesday said it will advance trading hours by 10 minutes from Dec 18 for its equity and equity derivatives segments.
Pursuant to a directive from the market regulator, Asia's oldest stock exchange will commence trade from 9.45 a.m. to 3.30 p.m. Currently, trading commences at 9.55 a.m.
"Consequently, the continuous trading session in both segments will be from 9.45 a.m. to 3.30 pm on all business days. There will be no change in timings of any other session in both the segments," said the BSE statement.
Chinese company gets contract for construction at Lanka port
By IANS,
Colombo : The government of Sri Lanka has offered a leading Chinese company the contract to build a fuel tank farm and bunkering facility at the new harbour at Hambantota in the southern part of the country, a media report said here Thursday.
"The unsolicited project proposal sent by the China Huanqiu Contracting and Engineering Corporation for building the bunkering facility and tank farm at the Hambantota harbour has been approved by the project committee and the cabinet-appointed negotiations committee," the state-run Daily News reported.
Central banks slash rates, market still unhappy
By DPA,
Washington/Frankfurt : A joint effort by the world's central banks to slash interest rates has been hailed as a new level of international cooperation, but failed to quell market jitters over the ongoing financial crisis.
Wednesday's move came as the International Monetary Fund (IMF) warned that the world was on the brink of a recession, as the financial turmoil would extend well into 2009.
Full text of finance minister’s statement on inflation
By IANS,
New Delhi : The following is the text of the statement made by Finance Minister P. Chidambaram Saturday, a day after India's inflation reached 11.05 percent:
"Yesterday, the WPI (wholesale price index) for the week ending June 7, 2008 was released. Predictably, grave concern has been expressed at the rate of inflation crossing 11 percent.
"I have carefully read the news reports and the statements made by a number of people. I have also read the editorials in the newspapers.
China receives $74.7 bn in foreign investments in 2007
By Xinhua
Beijing : China received $74.7 billion of foreign investment (FDI) last year, official data released here Saturday said.
The country's trade volume jumped to $2.17 trillion in 2007 from $620.8 billion in 2002, official sources said at a national commerce work conference.
Custom tariffs hit 758.5 billion yuan (about $104.5 billion) in 2007 compared with 259.1 billion yuan ($35.7 billion) in 2002.
Foreign-funded enterprises paid 990 billion yuan ($136.7 billion) in taxes last year, accounting for about 20 percent of national tax revenues.
10% Indian growth only if financial services expand: British group
By Dipankar De Sarkar, IANS,
London : The current rate of economic growth in India - approaching 10 percent - can be sustained only if the financial services sector is allowed to expand to keep pace with overall growth, a key British financial group said Friday.
The International Financial Services London (IFSL) - the only sector-wide representative body in Britain - has made the comment in its published reaction to the draft report of the Indian Committee on Financial Sector Reforms, or the Rajan Report.
Dubai firm asks Kerala goverment to abide by agreement
By IANS,
Kochi: Smart City Dubai, which is to build an IT park in Kochi, Thursday said it had not asked for anything outside the framework agreement signed with the Kerala government.
The Dubai-based builder was responding to Chief Minister V.S. Achuthanandan's statement earlier this month blaming the firm for the delay in the proposed Rs.1,500-crore Smart City Kochi project.
Indian shares under pressure amid depressed global cues
By IANS,
Mumbai : Indian equities markets continued to be depressed in afternoon trade Monday, after falling sharply in the morning, taking cues from a global sell-off triggered by fears that the Euro zone financial woes could derail economic recovery.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,961.92 points, was ruling at 16,642.15 points, 352.45 points or 2.07 percent down from its previous close at 16,994.6 points.
Survey sees Sensex top 25,000 points in two years
By IANS
New Delhi : Even as business confidence is at a five-year low, a key Indian share market index is expected to remain bullish and top the 25,000-point mark over the next two years, reveals a survey by a leading industry chamber.
"Fifty-five percent of the respondents predict the market level to reach 25,000 points and above at the end of two years," says the survey by the Federation of Indian Chambers of Commerce and Industry (FICCI).
India Inc disappointed as central bank leaves key rates untouched
By IANS,
Mumbai : Asserting that India's financial system was stable despite challenges from overseas, the Reserve Bank of India (RBI) Friday left interest rates unchanged and projected a lower economic growth of 7.5-8 percent for the current fiscal in its mid-term review of the monetary policy.
The cash reserve ratio, or the minimum balance commercial banks have to retain against deposits, was also left untouched at 6.5 percent in the review by RBI Governor D. Subbarao before chief executives of commercial banks.
India’s exports go up 35.25 percent in February
By IANS
New Delhi : India's exports registered a significant growth of 35.25 percent at $14,237.43 million in February, up from $10,526.67 million the same month last year.
Imports surged to $18,466.45 million, a growth of 30.53 percent, in February against $14,146.83 million reported in the same month in 2007.
Oil imports during the period were estimated at $6,272.18 million, 39.52 percent more compared to oil imports worth $4,495.64 million in the corresponding period last year.
Equity markets start with big falls
By IANS,
Mumbai : Indian equity markets opened in the red Tuesday following weak global cues and stayed down in early trade. Banking, realty and select auto stocks came under selling pressure.
The 30-share benchmark sensitive index of the Bombay Stock Exchange, the Sensex, opened at 14,085.53 points, with a loss of 263.58 points from its closing figure Monday. Ten minutes into trading, it was at 14,119.30, still 229.80 points or 1.60 percent below its previous close.
Lumax investing Rs.150 crore on new plants, capacity
By IANS,
New Delhi : Automobile lighting component manufacturer Lumax Industries Tuesday said that it will invest about Rs.150 crore to set up three new facilities by next year.
Sensex falls 0.22 percent; Nifty slips below 6,000-points mark
By IANS,
Mumbai : Indian equities market benchmark indices closed marginally down in a volatile session Wednesday due to last-hour profit booking in auto, oil and gas and banking stocks.
Markets in green on Manmohan assurance, global cues
By IANS,
Mumbai : Despite the arrest of a state-level politician and the resultant violence here, Indian equities opened strong and continued to recover from the losses last week buoyed by the cut in a key lending rate by the central bank and Prime Minister Manmohan Singh's statement that the Indian economy continued to be resilient.
Thanks to satellite-based communication technology there were also no disruptions, as trading today in Bombay Stock Exchange, for example, is routed through as many as 25,000 trader workstations located across over 450 cities in the country.
BOC India posts Rs.218.7 mn net profit
By IANS,
Kolkata : Industrial gases supplier BOC India Ltd has posted net profit of Rs.218.7 million for the quarter ended September 30, up from Rs.70.8 million of the corresponding period of the last fiscal, a company release said Thursday.
This profit growth is due to an exceptional income of Rs.89.9 million the company made from the financial lease of plant and machinery, the statement said.
BlackBerry lowers profit outlook, stock sinks
By Gurmukh Singh, IANS,
Toronto : BlackBerry stock sank Thursday as slow sales of its smart phones forced device maker Research In Motion (RIM) to slash its quarterly profit outlook.
Public distribution quota of wheat, rice increased
By IANS,
New Delhi : The government Thursday hiked the monthly allocation of wheat and rice through the public distribution system to help ease prices of these essential food grain.
"An ad-hoc allocation of 10 kg per family per month over and above the existing allocation of food grain, wheat or rice, will be made for two months - January and February - to cover all accepted card holders," said a government statement.
The maximum selling price for wheat will be Rs.10.80 per kg and for rice Rs.15.37 per kg.
Expatriate Keralites hit by rising rupee
By IANS,
Kochi : The rising value of the rupee from 2003-04 onwards has been inflicting a silent but hard blow on Keralites living abroad by reducing the rupee realisation of their foreign currency remittances to Kerala, according to a new study.
The study by K.K. George and S. Remya of the Centre for Socio-economic and Environmental Studies (CSES) has found that reduction in the value of foreign currency remittances has in turn badly hit the economy of Kerala.
International toy fair to focus on quality
By IANS
New Delhi : After the recent outcry over recalling China-made toys by Mattel Inc because of high levels of toxins in them, quality of toys will be the highlight of the 2008 edition of the biggest toy fair in the world.
The International Toy Fair, held in Germany every year since 1950, will next year focus on quality of toys. The weeklong fair opens Feb 7 in Nurnberg.
UAE guarantees deposits for three years to insulate economy
By IANS,
Dubai : In a measure to insulate its economy against the global market crisis, the United Arab Emirates (UAE) has said it will guarantee deposits in all national banks and interbank lending operations within the country for a period of three years.
The guarantee of deposits in the national banks would also include foreign banks which have significant operations in the UAE, the official WAM news agency quoted a ministry of finance release as stating.
Raj TV launches four music channels
By IANS
Chennai : Tamil Nadu's regional broadcaster Raj Television Network Ltd Monday announced the launch of four new music channels - collectively to be called Raj Musix.
The bouquet of channels will telecast in four languages - Tamil, Telugu, Kannada and Malayalam. However, they will include music programmes in English and Hindi as well.
Woof! It’s a dog’s world at Kerala supermarket
By Sanu George, IANS,
Thrissur (Kerala) : Thrissur is fast becoming the "kennel capital" of Kerala, thanks to a supermarket for dogs. From NRIs to foreigners, people are flocking to it for electronic toys, toothbrushes, vaccines, shoes and more - all for the canines.
Owned by Anoj Cheeran, the supermarket is known as "Cheeran's". It has been in business for five years. But in the last two years, it has become a must visit by dog owners not only from the state but also from outside.
Unfazed by Satyam fraud, Britain hails India success story
By IANS,
New Delhi : Unfazed by the mammoth fraud in Indian IT bellwether Satyam, Britain Tuesday hailed India as a “success story”, saying one rotten apple does not soil the whole barrel, even as an optimistic New Delhi urged the international community “not to press the panic button".
India extends disputed export incentive scheme
By IANS
New Delhi : A popular export incentive scheme in India, challenged at the World Trade Organisation (WTO), has been given another extension, as the commerce ministry is yet to finalise an alternative mechanism, officials said. The tax refund incentive, called Duty Entitlement Passbook (DEPB) scheme, was about to expire Monday. It had come under severe criticism from the World Trade Organisation (WTO) that called it an export subsidy given by the government.
ETA Star Property to enter Coimbatore, Madurai and Kolkata
By Venkatachari Jagannathan, IANS
Chennai : City-based real estate property company ETA Star Property Developers Ltd has decided to enter Madurai, Coimbatore and Kolkata markets with big plans. The company is part of the $4-billion turnover closely held ETA Ascon group of Dubai and has promoted projects in Chennai and Bangalore.
In Coimbatore, ETA Star has acquired 80 acres for an undisclosed sum.
NTPC to set up 4,000 MW power plant in Chhattisgarh
By IANS,
Raipur : India's largest power producer, the National Thermal Power Corporation (NTPC), will sign a deal with the Chhattisgarh government Sunday for setting up a 4,000 MW coal-fired power plant in the state, officials said here Saturday.
The memorandum of understanding (MoU) for the ultra mega power project (UMPP) will be signed Sunday afternoon in the presence of Union Power Minister Sushil Kumar Shinde and Chhattisgarh Chief Minister Raman Singh.
The plant will come up at Lara village in the state's northern coal-abundant Raigarh district.
India pledges 67 rail buses to Sri Lanka’s east
By IANS,
Colombo : India has pledged to provide 67 sets of rail buses to link Batticaloa and Trincomalee towns with capital Colombo to promote development in Sri Lanka's east, a media report said Tuesday.
"India will give us (67 sets of) rail buses to be operated between Batticaloa and Trincomalee via Habarana," the Daily Mirror newspaper quoted Eastern Province Health Minister M.L.A.M. Hizbullah as saying.
According to him, each set would comprise two buses and more could be added. Seven sets of buses are expected to be delivered in the next two or three months.
Paswan warns steel dealers against selling over market rates
By IANS,
New Delhi : Action would be taken against dealers selling steel products at prices higher than market rates, steel minister Ram Vilas Paswan said here Wednesday.
"Certain dealers and traders have sold the flat steel products at higher than market price, taking advantage of the high demand in the retail market," Paswan said while addressing a conclave on steel organised by the Federation of Indian Chambers of Commerce and Industry (Ficci).
Welspun India gets court nod for de-merger
By IANS,
Mumbai : Textile major Welspun India has received the Gujarat High Court's nod for the de-merger and transfer of its two divisions into two separate companies, it was announced Monday.
"The court has approved the composite scheme of arrangement between Welspun India, Welspun Global Brands and Welspun Investments," the company said in a regulatory filing.
Under the scheme, the company's two divisions - marketing and investment and treasury - would be de-merged into Welspun Global Brands and Welspun Investments respectively, the statement said.
Over 15 mn telephone subscribers added in January
By IANS,
New Delhi : A little over 15 million telephone connections were added in January in India.
With this, the total number of connections crossed 400 million at the end of January as compared to nearly 385 million the previous month-end, a growth of 3.96 percent, an official statement said.
Moreover, the overall tele-density rose to 34.5 percent at the end of January as against 33.23 percent the month before, the statement added.
Indian IT exports projected to grow in single digit
By IANS,
Bangalore : The Indian IT industry is set to witness a single-digit growth in software and services exports in 2009-10 because of global recession and lower technology spending in the US and Europe, a top industry body official said Wednesday.
Chennai firm to service Alcatel-Lucent’s European clients
By IANS,
Chennai : The city-based offshore technology operations management company Cybernet SlashSupport (CSS) has bagged a multi-million dollar support services contract from global communications solutions provider Alcatel-Lucent.
As per the deal, CSS will provide technical support in three languages - French, German and Spanish - to Alcatel-Lucent's European customers from its facility in Wroclaw, Poland.
CSS this February opened its Polish facility, where it has invested $3 million.
Hindustan Powerprojects aims at 5,000 MW generation
By Biswajit Choudhury, IANS,
Gunthawada (Gujarat) : Hindustan Power projects Pvt Ltd (HPPPL), just-renamed Moser Baer Projects, plans to invest around Rs.32,000 crore over three...
Irrigation project delays hike cost 50 times
By IANS
Ranchi : Hanging fire for 35 years, an irrigation project in Jharkhand has swelled 50 times in cost - with no immediate benefits in sight.
Designed to irrigate some 200,000 hectares, the Swarnarekha Multi Purpose (SMP) project was estimated to cost Rs.90 crore (Rs.900 million) in 1973. So far, only 40 percent of the project has been completed and, when last reviewed in 2005, the project cost had escalated to Rs.4,540 crore (Rs.45.4 billion).
Water resources ministry officials attribute the delay to several factors.
At 2.43 percent, India’s rate of inflation lowest since June 2002
By IANS,
New Delhi : India's annual rate of inflation fell further to 2.43 percent for the week ended Feb 28 from 3.03 the week before, official data showed Thursday.
The inflation figure was the lowest since June 2002.
The official wholesale price index, however, rose by 0.04 percent during the week.
While the index for primary articles rose by 0.2 percent, that for manufactured products fell marginally by 0.1 percent. The index for fuels remained unchanged for the second consecutive week.
Developed countries declarations on climate change ‘make no sense’: India
By Joydeep Gupta, IANS,
New Delhi : Industrialised countries should meet their own commitments in the fight against climate change rather than asking countries like India and China to cap greenhouse gas (GHG) emissions, the prime minister's principal negotiator on climate change Shyam Saran said here.
Tube Investments to make car door panels for Tata Nano
By IANS
Chennai : Tube Investments of India Ltd (TIIL) is building a plant in West Bengal's Singur to supply car door panels for Tata Motors' $2,500 Nano, unveiled last month as the world's cheapest car.
The Rs.16.36 billion ($412 million) company based here is also building two other new facilities at a combined cost of Rs.1 billion ($25 million). The company hopes to recover its Singur investment of Rs.250 million in four years.
Britain imposes $48.2 mn fine on JP Morgan
By DPA,
London : Investment bank JP Morgan in London has been given a record fine of 33.3 million pounds ($48.2 million) by Britain's Financial Services Authority (FSA)for failing to protect clients' money, the City regulator said Thursday.
The penalty was imposed after JP Morgan Securities failed to segregate client cash from its own money over a period of seven years, the FSA said.
Margaret Cole, FSA director of enforcement and financial crime, called the error a "serious breach" of FSA rules aimed at protecting clients from losses in the event of insolvency.
Tata Motors gearing up for Nano rollout, Trinamool plays spoilsport
By Sirshendu Panth and Aparajita Gupta, IANS,
Singur (West Bengal) : Tata Motors is gearing up to roll out the world's cheapest car Nano from its factory here in October. It has roped in engineers from Pune to groom professionals in the plant, which is buzzing with activity. But West Bengal's resurgent opposition Trinamool Congress could play the spoilsport.
The company, India's largest, has also brought in around four-five of the Rs.100,000 ($2,500) Nano cars to the plant, a 40-km drive from Kolkata, for demonstration and training of local engineers, a Tata Motors spokesman told IANS.
UTI Mutual Fund launches new scheme in Chhattisgarh
By IANS
Raipur : UTI Mutual Fund launched a new scheme, UTI-India Lifestyle Fund, here Friday. The three-year close-ended equity oriented scheme was opened July 2 and would close July 25.
Chhattisgarh can maintain 11 percent GDP: Raman Singh
By Sujeet Kumar, IANS,
Raipur : Mineral-rich but insurgency-ridden Chhattisgarh can maintain its high GDP growth rate of 11 percent for years, claims Chief Minister Raman Singh.
Gold hits record as European shares rise
By DPA
Frankfurt : European shares pushed forward again in early trading Friday after a torrid trading week drew to a close and as gold hit an all-time high.
With Wall Street closing in positive territory Thursday and a solid rise in stocks across Asia, Europe's blue-chip Stoxx 50 index was up one percent at 3296 in late morning trading Friday after climbing 1.6 percent shortly after opening.
Oil ministry stand will erode investor confidence: Anil Ambani
By IANS,
New York : The partisan stand adopted by India's petroleum ministry in the dispute over natural gas between two corporate houses will erode investor confidence and goes against the government's reforms direction, industrialist Anil Ambani has said.
In an interview to the Wall Street Journal, Ambani, whose Reliance Natural Resources is fighting a legal battle with brother Mukesh Ambani-led Reliance Industries over supply of gas from fields off the Andhra Pradesh coast, said the oil ministry's position also violated the sanctity of contracts.
Gujarat to adopt focused area approach to spur growth
By IANS
Ahmedabad : Gujarat, with more than 50 special economic zones (SEZs) in its kitty, is now working out a special focused area approach to spur growth in sectors ranging from salt and salt-based industries to infrastructure development.
According to official sources, special emphasis is being laid for boosting infrastructure development. The government has planned special incentive schemes aimed at attracting global investments into this sector. They will be known as premier or prestigious schemes.
ICICI Bank board approves swap deal for Bank of Rajasthan
By IANS,
New Delhi : In a bid to consolidate its position as India's largest private lender, the board of ICICI Bank Sunday approved the merger of the Bank of Rajasthan with itself in a swap deal valued at Rs.3,000 crore ($650 million) without any cash outgo.
The board approved a share exchange ratio of 25 shares of ICICI Bank for 118 shares of Bank of Rajasthan. This works out to one ICICI Bank share for every 4.72 shares of Bank of Rajasthan shares, and falls within the range suggested by consultants Haribhakti and Company.
Anti-Primark demo in support of Indian garment workers
By IANS,
London : A British rights group will demonstrate in front of the flagship London branch of low-price fashion retailer Primark for jeopardising jobs of Indian garment workers.
SpiceJet to lower fares only if fuel prices settle
By IANS,
New Delhi : Low-cost carrier SpiceJet will reduce fares only if aviation fuel prices remain stable over the next two-three months, a top airline official said Monday.
"At this point of time, we are not reducing fares. But if the ATF (aviation turbine fuel) prices remain stable for the next two-three months we would definitely do so," SpiceJet's chief commercial officer Samyukta Sridharan told IANS.
Industrialised nations not committing enough at climate talks: UN official
By Joydeep Gupta, IANS,
New Delhi : Industrialised countries are not making greenhouse gas (GHG) emission reduction commitments "to match the scale of reductions being put on the table" by developing countries, a senior UN official has said, as the negotiating text for a crucial climate treaty is put on the table this week.
Sensex slips 75 points, Infosys, ICICI bank drag
By IANS,
Mumbai : A benchmark index of the Indian equities markets closed 75 points down with bluechip stocks such as Infosys, HDFC and ICICI bank acting as drag.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,603.87 points and ended at 17,540.29 points, closed 75.43 points or 0.43 percent down from its previous close at 17,615.72 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 5,244.75 points, against the previous close at 5,263.1 points, a loss of 0.35 percent.
India’s food inflation ups further to 19 percent
By IANS,
New Delhi : There was no respite from galloping grocery bills as the country's annual food inflation, based on wholesale prices, upped further to 19.05 percent for the week ended Nov 28 from 17.47 percent the week before, as per official data released Thursday.
Inflation of primary articles rose 13.9 percent during the week against 12.53 percent in the previous week, while that for fuel rose a marginal 0.06 percent.
This was because petrol became cheaper by 11.86 percent, diesel by 5.88 percent and cooking gas by 7.42 percent.
Income Tax department to set-up 264 special counters
By IANS,
New Delhi: The income tax department Monday said it would set up 264 counters in the city from July 21 to 31 to help tax payers file their returns.
"We would set up 264 special counters to receive income tax returns from July 21 to July 31," Income Tax Delhi Circle-I Chief Commissioner Meenakshi Singh said.
The special counters to help tax payers file their returns will be set up in two designated locations at Mayur Bhawan from July 21 to 23 and at Pragati Maidan from July 28 to 31.
Microsoft allowed to buy Yahoo!’s internet search business
By DPA,
Brussels : US computer software giant Microsoft may go ahead with buying competitor Yahoo!'s internet search and advertising business, the European Commission ruled Thursday.
The deal is part of Microsoft's strategy to challenge Google's commanding position amongst internet search engines. Google controls more than 90 percent of the market in the European Economic Area (EEA), compared to less than 10 percent for Microsoft and Yahoo! put together.
Hero Honda-IPL deal now for five years
By IANS
Mumbai : Hero Honda have extended their association with the Indian Premier League (IPL) to five years. The company, which had initially agreed to co-sponsor the Twenty20 tournament for three years have now decided to do so for five at a cost of $22.5 million, according to an announcement made by Hero Honda MD Pawan Munjal. The title sponsors are DLF.
Eight teams of Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Mohali, Jaipur and Bangalore will compete from April 18 in the IPL, which will see 59 Twenty20 matches.
Ford to scale up production in India
By IANS
Kolkata : American automobile giant Ford Motor Company wants to increase its production capacity in India by rolling out 65,000 vehicles annually from its plant in Chennai.
"Right now we are manufacturing roughly about 42,000 vehicles annually at our Chennai factory. We have a definite plan to increase the present capacity by pushing the figure up to 65,000 per year," Ford India Vice-President (Marketing, Sales and Service) Scott McCormack said here Wednesday.
OPEC may consider Russia’s membership at meeting
By RIA Novosti,
Moscow : The Organization of Petroleum Exporting Countries (OPEC) could consider Russia's membership to the cartel at a meeting on Wednesday where production cuts are expected to be announced amid falling oil prices.
OPEC President Chakib Khelil proposed inviting Russia, Norway and Mexico to join the oil cartel earlier this month. He said these oil producing countries should show solidarity with OPEC either by joining it or by cutting crude output to prevent global oil prices from falling.
Previous government was unable to inspire: PM
By IANS
New Delhi : Prime Minister Manmohan Singh Friday said the previous National Democratic Alliance (NDA) government was unable to "inspire" with lack of focus on what they wanted to achieve on the economic front.
"They (the previous government) were preoccupied with divisive agendas and their economic agenda was not sufficiently focussed. There was no attempt to make our growth more broad-based and inclusive," the prime minister said.
Coastal Energen to import equipment for Tuticorin power plant
By IANS,
Chennai : Coastal Energen Pvt Ltd, an arm of Dubai's Coal and Oil group, is in discussions with power equipment makers in China, South Korea and the US for importing boilers and turbine generators for its 1080 MW thermal power project in Tuticorin in Tamil Nadu, a company official said.
"We are in discussions with different equipment suppliers for sourcing the boilers and turbine generators for the project that is expected to go on stream in 2011," S.M. Zafrulla, managing director of Coastal Energen, told IANS.
Blue-chip stocks help Indian share markets end higher
By IANS
Mumbai : Indian shares closed firm Wednesday on account of large-scale buying in heavyweight shares, leading a major index to gain 1.8 percent.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) rose 259.55 points or 1.8 percent to close at 14,248.66 points after it moved in a broad range during intra-day trading.
Twenty of the 30 shares that form the Sensex basket ended in positive territory.
Reliance groups’ stocks up after brothers call truce
By IANS,
Mumbai : The stock markets Monday gave the thumbs up to the truce between the Ambani brothers with traders vying for scrips of the two Reliance groups on hopes that their businesses would grow.
The two Reliance groups led by Mukesh and Anil Ambani announced Sunday that they are ending non-compete agreements, other than gas-based power generation, in a step that would lead to cooperation between the two groups.
India, Russia move closer to n-pact, to double trade
By IANS
New Delhi : India and Russia Tuesday moved one step closer to a bilateral nuclear deal that will enable Moscow to build four more power reactors in Tamil Nadu after the lifting of restrictions by the Nuclear Suppliers Group.
The two strategic partners also sought to energise their business ties by pledging to double bilateral trade to $10 billion by 2010 and announced their decision to jointly set up hydrocarbon projects.
Noida firm to invest Rs.1,500 crore on green building project
By IANS,
New Delhi: Noida-based green building developer 3C Company Thursday announced the launch of a Rs.1,550-crore green residential project in the national capital region.
Called Lotus Boulevard, the project will be funded by realty private equity firm Red Fort Capital, which in return will acquire 50 percent stake in the project. Red Fort Capital has already invested Rs.150 crore ($30 million) in the project.
ECB monetary policy announcement can bring back the long due FX volatility
By Vatsal Srivastava,
There are five central bank meetings next week but the European Central Bank's monetary policy announcement will be the most important catalyst for the move in the US Dollar Index and the EUR/USD. In fact, the ECB meeting will even trump the US non-farm payrolls report in terms of its impact on the EUR/USD. Currency Corner does not believe that the ECB is ready to roll out Quantitative Easing just yet, but given recent economic data particularly from Germany, the case for additional stimulus is growing.
US lobbying firm expands its India practice
By Arun Kumar, IANS
Washington : With India being one of the world's biggest markets for the global defence industry, a top US lobbying firm headed by former defence secretary William S. Cohen has announced an expansion of its India practice.
The Cohen Group announced it was taking on its rolls Ingrid Belton Henick, an India expert, ahead of the Defence Expo in New Delhi Feb 16-19.
India’s food inflation dips to 16.61 percent
By IANS,
New Delhi : India's annual food inflation declined to 16.61 percent for the week ended April 17 from 17.65 percent a week ago due to a fall in prices of fruits, vegetables and some coarse cereals, official data showed Thursday.
Data on the wholesale price index (WPI) released by the commerce and industry ministry showed the index for food articles fell by 0.2 percent during the week under review. The index for non-food articles, however, rose 0.8 percent.
Sensex up 106 points in opening trade
By IANS,
Mumbai : A benchmark index for Indian equities Friday opened in the positive and was ruling 106 points higher than its previous close, minutes into trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,533.88 points, was ruling at 17,680.05 points, 106.06 points or 0.6 percent higher than its previous close at 17,573.99 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,297.3 points, a gain of 0.53 percent from its previous close at 5,269.35 points.
Canadian currency makes record gains against dollar
By IANS,
Toronto : The Canadian dollar reached its highest level against the greenback in four months Wednesday, touching 83.24 cents US as markets continued their rally.
The energy-rich Canadian markets have gained about 20 percent since the second week of March as oil prices have made a marginal recovery. The Canadian dollar - or the loonie as it is known - made its strongest showing against the US dollar since January 12 as the Toronto Stock Exchange composite index rose marginally on strong financial shares Wednesday.
China software revenue surged 28.7 pct in last two months
By APP
Beijing : China’s software sector generated 92.3 billion yuan of business revenue in the first two months of 2008, an increase of 28.7 percent over the same period last year, according to official figures.The growth rate was 7.1 percent higher compared with the same period last year.
Specifically, the revenue of software products surged 25.5 percent to 33.2 billion yuan. The income of software and technology services hit 16 billion yuan, up 38.3 percent.
The revenue generated from integrated circuit design jumped 22.2 percent to 3 billion yuan.
‘Mumbai terror strikes meant to hit Indian economy’
By IANS,
New York : The Indo-American Chamber of Commerce of Greater Houston (IACCGH) Friday said the terrorist strike on Mumbai, India's financial capital, is an attack on the country's economy.
Condemning the attacks, the chamber said in a statement: "The attacks in Mumbai were a direct attack on the economic capital of the largest democracy in the world and the focus on US visitors was the terrorists' attack on the oldest democracy in the world."
It’s not India vs China anymore
By Tarun Basu, IANS
Beijing/New Delhi : The India vs China syndrome is passé. From now, the global idiom for joint collaborative action will be India-China, says India's Commerce and Industry Minister Kamal Nath, alluding to the growing friendship between the Asian giants.
On return from a visit to China accompanying Prime Minister Manmohan Singh, Nath said the engagement with Beijing was an important milestone bilaterally as the two rising economic powers set an ambitious trade target of $60 billion by 2010 - three times the goal set just five years ago.
Bloodbath continues at Indian stock markets
By IANS
Mumbai : Trading was halted at Indian stock markets Tuesday as key indices registered steep falls of over 10 percent minutes after the opening bell but the benchmark index staged a weak recovery after the markets reopened at 10.55 a.m.
Even after reopening, the benchmark index clocked a loss of 1,285.95 points, down 7.30 percent over Monday's close.
India to showcase its products in Saudi Arabia
Riyadh : India will organise a multi-product Indian catalogue exhibition in a Saudi Arabian city to boost Indian businesses in various sectors in the...
Kochi SEZ project trying to raise profile
By IANS,
Kochi : The Smart City Kochi, the integrated township with an SEZ for knowledge-based industries being developed at a cost of Rs.15 billion (Rs.1,500 crore or $377 million), participated at an entrepreneurship Summit in Bangalore to raise its profile, it said Thursday.
A joint venture between Dubai-based Smart City and the Kerala government, Smart City Kochi participated in the third edition of TiE Entrepreneurship Summit (TES), which ended Thursday.
India’s annual inflation rises to 8.56 percent in January
By IANS,
New Delhi : India's annual rate of inflation, based on the wholesale prices index, rose to 8.56 percent in January from 7.31 percent in the previous month, driven by increasing food prices, official data released Monday showed.
The annual inflation rate was 4.95 percent in January 2009.
The latest data released by the commerce ministry showed prices of food articles jumped 17.4 percent last month, while those for primary articles rose 14.5 percent, and manufactured products was up 6.55 percent.
Punjab has huge potential for entrepreneurs: Experts
By IANS,
Chandigarh : Despite the recession in the US and the global financial crisis, Indian markets are comparatively safe and still present extensive opportunities for entrepreneurs, experts say.
A global organisation working for promoting entrepreneurship throughout the world feels that there is no dearth of scope for entrepreneurs in India, especially in Punjab which still possesses a huge potential for them.
Himachal to buy anti-hail guns for crop protection
By IANS,
Shimla : Himachal Pradesh is floating global tenders for purchase of anti-hail guns to protect the fruit crop from hailstorms that are common in the state, an official said Saturday.
"We (the state government) have decided to float global tenders for the purchase of anti-hail guns to protect the fruit crop from vagaries of weather like hailstorms," state Horticulture Minister Narender Bragta told IANS.
Guard tipped off Maoists about bank van movement: Police
By IANS,
Ranchi : The security guard of ICICI bank had tipped off Maoists about the movement of the vehicle that led to Rs.50 million and one kg gold being looted, a police official said Friday.
Sagar Thakur, who has been arrested, was one of three guards of the ICICI van carrying Rs.50 million and one kg gold which was looted by the Maoist rebels near Tamar situated on Ranchi-Jamshedpur national highway May 21.
Mobile phone details reveal that Sagar was in touch with Maoist rebels for the past two months. And he was also in touch with a person on the day of the robbery.
Finance minister warns parties not to focus on populism
By IRNA-TNA
Bangkok : Finance Minister Chalongphob Sussangkarn on Monday warned political parties not to emphasize adoption of a populist economic policy for short term political gains. He said the previous government had counted on its populist policy to reap political gains in the past. It had changed Thai society and gave people the hope that they would continue to receive benefits from the policy.
BHEL Bhopal bags largest single order for transformers
By IANS
Bhopal : Out-bidding multinational companies, the Bhopal unit of Bharat Heavy Electricals Ltd. (BHEL) has bagged a prestigious National Thermal Power Corporation (NTPC) order for transformers worth Rs.1.63 billion (about $40.75 million).
Haryana signs agreements for 3,044 MW of power
By IANS,
Chandigarh : The Haryana government Thursday signed its biggest-ever power purchase and power sharing agreements with various private and public sector companies. The agreements will bring 3,044 MW of power to the state for the next 25 years.
Haryana Chief Minister Bhupinder Singh Hooda said the signing of the agreements for 3,044 MW of power would help the state cross the milestone of targeted additional 5,000 MW.
RBI will act responsibly on rate cut: Jaitley
Hong Kong : Indian Finance Minister Arun Jaitley on Sunday said monetary policy plays an important role in economic growth and hoped the Reserve...
Andhra Pradesh scraps Metro deal with Maytas
By IANS,
Hyderabad : The Andhra Pradesh government Tuesday scrapped the Rs.12,230-crore Hyderabad Metro Rail contract awarded to a consortium led by Maytas Infra, the firm owned by the family of disgraced Satyam founder and former chairman B. Ramalinga Raju.
Minister of Municipal Administration and Urban Development Anam Rama Narayana Reddy told reporters that the deal was scrapped after the consortium failed to achieve the financial closure even after the government extended the March 17 deadline to July 6.
China raises petrol prices by eight percent
By DPA
Beijing : China Thursday raised the price of petrol, diesel and other oil derivatives by about eight percent, saying the move was a response to rising global prices of crude oil.
The National Development and Reform Commission (NDRC) announced price rises of 500 yuan ($68) per tonne for petrol, diesel oil and aviation kerosene.
It said the rises were to reduce the gap between global crude prices and state-subsidised domestic fuel prices.
"For quite a period of time, certain regions have faced a shortage of oil products or tight supply," the NDRC said.
Coca-Cola sees 33 percent growth in India
By IANS,
New Delhi : Coca-Cola has registered a 33 percent growth in sales in India during the second quarter ended July 3, the soft drink major said Tuesday.
Supported by the high growth in India as well as China, the company also saw its revenues increase to $2.04 billion, or 88 cents per share, in the quarter under review, as against $1.42 billion, or 61 cents per share, earned in the year-ago period.
The total volume of beverages sold worldwide rose four percent, with international sales going up by five percent. Sales rose 33 percent in India and by 14 percent in China.
Style quotient low in Indian automobile designs: Official
By IANS,
New Delhi : Dilip Chhabria may have made a mark as a noted car designer but the style quotient is low in the country's automobile sector, a top Indian official said here Friday.
"We have a deficiency in automobile designing in India. We need people to go abroad," said Ministry of Heavy Industries and Public Enterprises Secretary Satyanarayana Dash.
"The trend is for small and compact cars and these require both good styling and should be environment-friendly," Dash said at the annual convention of the Society of Indian Automobile Manufacturers (SIAM).
SpiceJet starts promotional travel scheme at Rs.699
New Delhi : Continuing with its promotional schemes, budget passenger carrier SpiceJet Tuesday launched 'early New Year sale' for next year with fares starting...
Lehman to invest $175 mn in Unitech’s Mumbai project
By IANS,
New Delhi : A high profile project being developed by Unitech in Mumbai on the lines of Canary Wharf in London and Battery Park in New York will now have Lehman Brothers Real Estate Developers as a 50-percent partner with an investment of $175 million.
The investment will be for the first phase of about one million square feet of office space project being set up on the Western Expressway of Mumbai, near the fast-expanding Bandra-Kurla complex, Unitech said in a statement Monday.
Ministry approves Essar pipeline interconnection proposal
By Noor Mohd, IANS
New Delhi : The petroleum ministry has approved Essar Oil's proposal seeking interconnection with the Indian Oil Corp's (IOC) Salaya-Mathura trunk crude oil pipeline at Vadinar in Gujarat, said a ministry official.
Essar Oil had argued that the proposed interconnection would help to avoid possible disruption in crude supplies to their refineries at Vadinar, Panipat and Mathura through these pipelines in case any offshore tanker-mooring buoy had to be shut down.
Mumbai to host luxury lifestyle expo
By IANS
Mumbai : The latest in sartorial tastes, flashy private jets, snazzy sports cars, jewellery and more will be showcased at a two-day exhibition, Extravaganza Mumbai 2008, to be held Friday and Saturday.
The expo on contemporary trends in luxury lifestyles is being organised by Britain-based exhibition organiser Shorex Ltd at Grand Hyatt hotel here.
The exhibition has attracted over 200 high-end international brands, a spokesperson for the organisers told IANS.
CCL posts Rs.10 bn profit in 2007-08
By IANS
Ranchi : The Central Coalfield Ltd. (CCL) has posted Rs.10-billion profit in the financial year 2007-2008.
"(The) company has posted profit of Rs 1,000-crore (Rs.10 billion) in 2007-08 financial year," R.P. Ritolia, chairman and managing director of the CCL, told reporters Tuesday.
"This was third successive year that the company has posted a profit of Rs.1,000 crore ."
The Ranchi based CCL is a subsidiary of the central government-run Coal India Ltd.
Want a day’s vacation? Try flexi-holidays
By Madhusree Chatterjee, IANS
New Delhi : Young, upwardly mobile professionals in India are hard-pressed for time, but that shouldn't stop them from indulging in "flexi-holidays" - short breaks that last for a day or even half and customised by tour operators.
"Executives look forward to weekends wherein they can attach Fridays or Mondays to rush off for short holidays. They look forward to refreshing themselves during these short stays," said Jahangir J. Ghadiali, managing director of International Travel House (ITH), a leading Delhi-based tour operator, told IANS.
BHEL Bhopal unit staff takes Dedication Pledge
By Pervez Bari, TwoCircles.net
Bhopal: In Bharat Heavy Electricals Limited, (BHEL), Bhopal unit, executives and all employees took Dedication Pledge as a mark of BHEL dedication day.
India is world’s fifth largest steel producer
By IANS
New Delhi : With a production of 49.5 million tonnes in 2006, India is the world's fifth largest crude steel producer to move up two notches in global ranking, according to an Indian government estimate.
India produced 49.45 million tonnes of crude steel in 2006 as against 44 million tonnes, according to an expert committee set up by the steel ministry. The revised figure for crude steel production in 2006-07 is pegged at 50.71 million tonnes and that of finished steel at 51.90 million tonnes.
Earlier India has ranked seventh among global steel producers.
‘Online lottery can fund India’s social schemes’
By Nayanima Basu, IANS
New Delhi : The online lottery business in India has the potential to earn staggering sums of money for the exchequer that can be used to fund socio-economic projects, says the chief executive of a large gaming company.
Quality of service, a priority: Telecom minister
New Delhi : Telecom and Information Technology Minister Ravi Shankar Prasad Tuesday said the new government will focus on the quality of service and...
India’s first aerospace special economic zone in Andhra Pradesh
By IANS,
Hyderabad : India's first special economic zone (SEZ) on aerospace and precision engineering will come up near here, with the state government saying the Tata Group would locate its defence and aerospace activities there.
Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy unveiled the SEZ's foundation stone Wednesday at the inaugural of India Aviation 2008, the country's first international conference and exhibition on civil aviation.
Divestment for fiscal deficit financing disastrous: CPI-M
By IANS,
Kolkata : The Communist Party of India-Marxist (CPI-M) Saturday cautioned against raising funds through divestment of profitable state-run units to finance the fiscal deficit, terming this disastrous.
"The corporate world is not entirely happy with the proposals in the union budget. Because the government has not gone full steam ahead on the path of economic reforms or disinvestment. It (the corporate world) has become impatient for total reforms," CPI-M's Bengali mouthpiece Ganashakti said in an editorial.
ICICI Bank repurchases bonds worth $50 million
By IANS
Mumbai : India's largest private sector lender ICICI Bank Friday said it has repurchased its 6.625 percent bonds worth $50 million and subsequently "extinguished" them.
An ICICI Bank spokesman told IANS that by extinguishing, the bonds now stand "cancelled".
These were a part of bonds worth $2 billion issued Oct 3, 2007 from the Bahrain branch of the bank due on 2012, ICICI said in an announcement here Friday.
A dealer acting on behalf of the ICICI Bank carried out the repurchase through the open market.
Kashmir’s autumnal glory may be shortlived – thanks to urbanisation
By F. Ahmed, IANS,
Srinagar : As the chinar leaves change colour from green to crimson to yellow, autumn, the season of plenty in Kashmir, is at its peak. The countryside is buzzing with activity as peasants harvest their paddy crop and fruit growers pick apples in their orchards.
"Despite poor rains this year, we have a good crop and thanks to Allah, my family has enough to suffice till the next paddy crop is sown," said Abdul Salam Rather, a farmer in north Kashmir's Ganderbal district.
‘Satyam’s auditors can’t hide under confidentiality clause’
By Venkatachari Jagannathan, IANS,
Chennai : Auditing firm PricewaterhouseCoopers (PwC), which had certified the accounts of Satyam Computer Services as "true and fair", is bound to disclose all facts and cannot hide under the client confidentiality clause, an auditing sector official said Saturday.
India’s services revenues seen at $225 bn by 2020
By IANS,
New Delhi : India's technology and services industry can earn $225 billion in revenues by 2020 despite the current global economic crisis, says a study released here Tuesday.
Of this, $175 billion is expected from exports and the remaining from domestic sources, says the study by global consultancy Mckinsey and IT industry body National Association of Software and Services Companies (Nasscom).
OPEC crude price weaker, but remains above $110
By DPA,
Vienna : The price for crudes produced by the Organization of the Petroleum Exporting Countries (OPEC) was down slightly by the end of last week, OPEC said Monday.
One barrel (159 litres) of crude oil from OPEC's 13-brand reference basket stood at 110.01 dollars Friday, down 62 cents compared to the previous day.
OPEC, which is responsible for about 40 percent of the world's crude production, calculates an average basket price based on 13 important brands produced by cartel members.
‘Mali is a winning business opportunity for India’
By Biswajit Choudhury, IANS,
New Delhi : Located in the heart of West Africa, a region India seeks to increase its engagement with, Mali is...
Nathu La trade sluggish, Sikkim wants more items on trading list
By Syed Zarir Hussain, IANS,
Nathu La (Sikkim) : Bilateral trade between Asian giants India and China through the Nathu La pass on the fabled Silk Route has remained sluggish this year and Sikkim is mounting pressure on New Delhi to expand the list of tradable items to boost business, officials said Wednesday.
"Since trade re-opened on May 19, the two countries did business worth just about Rs.2.6 million," Ujwal Gurung, Sikkim's director of industry and commerce, told IANS.
Railway budget highlights 2
* Receipts in 2014-15 estimated at Rs.164,374 crore, expenditure at Rs.149,176 crore
* Fare revision will bring in Rs.8,000 crore; need another Rs.9,000 crore for...
IMF lauds Indian economy’s strength but concerned over deficit
By Arun Kumar, IANS,
Washington : Commending India's strong economic performance in recent years and its ability to confront the current global financial crisis from a "position of strength", the International Monetary Fund (IMF) has nevertheless expressed concern over the country's rising fiscal deficit and public debt.
In an assessment following an annual Article IV Consultations with Indian policymakers, the IMF directors observed that the country's performance in recent years "reflected sound macroeconomic policies and continued progress with structural reform".
Alleged insider trading in Reliance Petroleum being probed
By IANS
New Delhi : India's markets watchdog is probing alleged insider trading in the shares of the Jamnagar, Gujarat-based Reliance Petroleum, which belongs to the Mukesh Ambani group, parliament was informed Tuesday.
"SEBI (Securities and Exchange Board of India) has informed that it has initiated an examination in the matter," Minister of State for Finance Pawan Kumar Bansal said in a one-line written reply to the Rajya Sabha.
Kerala woos IT sector investors to generate employment
By Aroonim Bhuyan, IANS,
Dubai : Even as the world is grappling with a financial crisis, Kerala has opened up investment in its IT industry with the target of generating over 200,000 jobs in the next five years.
"In these tumultuous times, there is a chance for smaller players to go up and we want to move up to the leader's spot," Ajay Kumar, Kerala information technology secretary, told IANS during a visit here.
Cement makers held guilty of cartelisation
By IANS
New Delhi : Cement manufacturers in India were Thursday held guilty by the anti-trust commission of indulging in restrictive trade practices and fixing cement prices in concert.
They have been ordered to desist from this practice.
In a 120-page order, the Monopolies and Restrictive Trade Practices Commission said private sector cement companies were found guilty of indulging in cartel arrangements between February and April 1990.
Wipro stalemate in Kolkata over, selected candidates backtrack
By IANS,
Kolkata : The stalemate between information technology (IT) company Wipro and engineering students who were offered jobs as technical support engineers in the company's business process outsourcing (BPO) department in West Bengal was resolved Thursday with the selected candidates agreeing to the offer.
"We have communicated to the students on Monday through email that either they can join as BPO technical support engineers or they can wait for the project engineer jobs," Pradeep Bahirwani, Wipro Technologies' vice president of talent acquisition told IANS from Bangalore.
Kerala town cancels licence of Spencer’s shop
By IANS
Kasargod (Kerala) : With the protest against the entry of retail giants gathering momentum, the Kanhanagad Municipality, in this northern district of Kerala, has decided to cancel the licence of a Spencer's retail outlet in the town.
A meeting of municipal councillors of all political parties took the decision Monday.
The Spencer's, a unit of RPG group, has been functioning in Kanhangad for the last six months and various groups had organised agitations for the closure of the outlet.
Hindustan Paper Corp to set up unit in Uttar Pradesh
By IANS,
Kolkata : State-owned Hindustan Paper Corp Ltd (HPCL) will set up a greenfield venture in Uttar Pradesh with a capacity to produce 300,000 tonnes of paper annually.
"The first phase of the unit will be on stream by the middle of 2010 and the total outlay of the project would be around Rs.27.42 billion ($685.5 million)," HPCL chairman-cum-managing director Raji Philip told reporters here Tuesday.
He said land has already been allotted for the factory near Sultanpur in Uttar Pradesh.
Sensex up 251 points in noon trade, Asian cues help
By IANS,
Mumbai: A benchmark index for Indian equities rebounded Thursday and was ruling 251 points higher than its previous close on expectations of strong results from India Inc and positive Asian cues.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,536.48 points, was ruling at 17,722.34 points, 251.31 points or 1.44 percent up from its previous close at 17,471.03 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,318.1 points, up 1.47 percent from its previous close at 5,241.1 points.
Aptech gets global recognition
By IANS
Chennai : The Chennai-based Aptech Ltd has been awarded the Global Registered Education Provider status by the American Project Management Institute.
The firm will now be able to offer PMI recognised project management training and professional service to project management professionals.
Aptech has planned to train 5,000 professionals this year in PMI-REP, a company statement said here.
Maharashtra struggles to cope with impending drought
By IANS,
Mumbai : With the rains playing truant and the threat of a drought looming large over Maharashtra, the state government has warned people in major cities to brace themselves for severe water shortage in the coming days.
The government announced measures to combat the situation, including digging of 35,000 new wells and grant of Rs.3.5 billion to carry out Employment Guarantee Scheme (EGS) projects in the scarcity-hit talukas (sub-districts) in the state.
Last week, the government declared 164 out of 355 talukas as 'scarcity-hit' owing to failure of rains.
Best-ever production by Bhilai Steel Plant
By IANS
Raipur : Bhilai Steel Plant (BSP), a unit of Steel Authority of India Ltd, has recorded its best-ever production, posting a growth of as much as 176 percent in some steel products, a BSP statement said Thursday.
"BSP has recorded growth in all areas for April to Oct 2007. The growth in production of value-added special steel items, at a time when BSP needs to attune its production levels with market dynamics and increasing demand for steel in the country, is particularly significant," the statement said.
Emirates Airline to increase flights to Angola, South Africa
By IANS,
Dubai : Emirates Airline, the national carrier of the United Arab Emirates (UAE), plans to increase its flights to Angola and South Africa later this year and will organise promotional activities in both the countries ahead of the launch, the WAM news agency reported.
Flights to the South African city of Durban will start Oct 1, while new services to the Angolan capital of Luanda will begin Oct 25, the airline said in a statement Thursday.
The launch of flights to Durban will supplement the daily services to Cape Town and Johannesburg, it said.
Pakistan to get $7.6-billion loan from IMF
By DPA,
Washington : The International Monetary Fund Monday (IMF) has approved a $7.6-billion loan for Pakistan designed to help it stabilize its economy and expand its social safety net.
"By providing large financial support to Pakistan, the IMF is sending a strong signal to the donor community about the country's improved macroeconomic prospects," IMF Deputy Managing Director Takatoshi Kato said in a statement.
The 23-month stand-by loan will give Islamabad $3.1 billion immediately and the rest of the money will be phased in over the course of the period, the IMF said.
First Gulf Bank earns record profit of $547 mn
By IANS
Abu Dhabi : The First Gulf Bank (FGB), one of the leading financial institutions of the United Arab Emirates (UAE), has announced a record profit of 2 billion dirham ($547 million) for 2007, WAM news agency reported Wednesday.
According to the FGB board of directors, the figure was up by 31 percent from last year's profit.
The bank's consistent growth coupled with healthy profitability, efficiency, and liquidity and capital adequacy ratios with return on average equity at 21 percent demonstrates strong financial performance, the bank said.
Belgian king’s discovery of India begins Monday
By IANS,
New Delhi : India and Belgium, a founding member of the EU and a hub of the global diamond trade, are set to intensify their political and economic ties during King Albert II's 10-day state visit that begins Monday.
The Belgian monarch will be accompanied by Queen Paola, Foreign Minister Karel De Gucht and a delegation of top business leaders and academics, the external affairs ministry announced Saturday.
Faster money orders between UAE and India soon
By IANS
Dubai : An International Express Money Orders service between India and the United Arab Emirates (UAE) will start soon, following an agreement between the two countries, WAM news agency reported Monday.
The agreement has been signed recently by I.M.G. Khan, director general of India Post and Ibrahim Karam Ali Bin Karam, chief executive officer of Emirates Post, a press release by the UAE government said.
Dubai firm to invest $500 mn in Kashmir tourism
By IANS,
Dubai : The UAE-based Pride Group Holdings has announced that it would invest over $500 million in the tourism sector of India's Jammu & Kashmir while enabling the creation of up to 2,500 jobs.
"We intend to launch four mega projects in Kashmir, with standards similar to those of the best hotels and resorts around the world," Pride chairman Musadiq Shah said in a statement after a meeting with Jammu & Kashmir's tourism secretary Naeem Akhtar.
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