MRF mulling motor sports exit as meltdown hits
By Anand Philar, IANS,
Chennai : India's tyre major MRF Ltd. are undecided about their involvement in the 2009 motor sport season in view of the global recessionary environment and consequent cost-cutting measures.
Speaking to IANS here Tuesday, Anthony Rodricks, general manager-advertising and the head of the company's motor sport activities, said: "At this moment, we are unsure about our participation in the 2009 Asia Pacific Rally Championship or for that matter, motor sport activities. Maybe, we will take a call by the end of this month."
Maharashtra to spend Rs.15 bn for developing towns around Mumbai
By IANS
Mumbai : Maharashtra Chief Minister Vilasrao Deshmukh announced Saturday that his government would spend Rs.15 billion ($370.8 million) to improve transport and related infrastructure in towns around Mumbai.
The Mumbai Metropolitan Region Development Authority (MMRDA) would spend Rs.15 billion to extend the Mumbai Urban Infrastructure Project (MUIP), said the chief minister.
Larsen and Toubro scales down investment for Chennai shipyard
By IANS,
Chennai: Hit by the economic slowdown, engineering and construction major Larsen and Toubro (L&T) has scaled down its investment plan for the upcoming Chennai shipyard, a senior company official said here Thursday.
"Initially we planned to make commercial ships at an outlay of Rs.2,500 crore. With the global economy going down, we later decided to make only defence vessels and investment will now be lower by Rs.1,500 crore," J.P. Nayak, a member of the company board, told reporters.
‘Made in Canada’ to become truly Canadian
By IANS,
Toronto : With Canadians becoming increasingly apprehensive about the quality of imported food items selling under the grab of `Made in Canada' or `Product of Canada' labels, the government has decided to introduce new stringent guidelines for the use of these labels.
The current food labelling guidelines, unchanged since the 1980s, do not clearly reflect the actual Canadian content in foods sold in Canada. Under them, any food item can carry these labels if 51 percent of its production cost is incurred in Canada and it goes through its final production stages in Canada.
Markets go flat by noon
By IANS,
Mumbai : Trading in Indian equities turned flat by noon Thursday after a surge in the morning, despite a fall in inflation and a lower-than-expected fall in industrial production in January.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,274.78 points, was at 8,319.9 points around noon, 1.95 percent or 159.5 points higher than its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,613.3 points, 1.56 percent up from its last close of 2,573.15.
Markets on uptrend in afternoon trade
By IANS,
Mumbai : Indian equities markets continued to be on an uptrend Thursday afternoon, with a key index trading 206 points higher than its previous close nearly 70 minutes before the closing bell.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 14,112.04 points, was ruling 206 points or 1.46 percent higher at 14,316.22 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE), gained 1.02 percent from its previous close and was trading at 4,319.65 points.
LIC to get time to offload stakes in companies
By IANS,
New Delhi : India's insurance regulator will provide "reasonable time" to the state-owned Life Insurance Corp (LIC) to bring down its stake in various companies to the prescribed 10 percent level, a senior official said Friday.
"We want to give reasonable time so that the transition is smooth and LIC does not get lower returns on account of hurried sale of shares," R. Kannan, member of the Insurance Regulatory and Development Authority (IRDA), told reporters on the sidelines of a business meet.
Delhi to upgrade infrastructure in 13 industrial areas
By IANS,
New Delhi : Civic infrastructure, including roads, storm water drains, street lighting, effluent treatment and parking facilities, in 13 industrial areas of the capital will be upgraded at a cost of Rs.6.8 billion (Rs.680 crore), city Mayor Aarti Mehra said Tuesday.
"The infrastructure available in the industrial areas has been found to be inadequate and therefore there is a need to upgrade the civic infrastructure in these areas, facilitating optimal growth of industrial sector in the capital city," Mehra told reporters.
Inflation dips further, drops to 6.38 percent
By IANS,
New Delhi : India's annual rate of inflation dipped further to 6.38 percent for the week ended Dec 20 from 6.61 percent the week before, official data released Thursday said.
The inflation rate was 3.74 percent during the corresponding week of the previous year.
The wholesale price index (WPI) for all commodities declined 0.2 percent to 230.2 from 230.7 the previous week. All the figures in the index are still provisional.
The index for primary articles declined by 0.2 percent to 248.8 from 249.2 the previous week.
Markets closed Monday, Sensex up 75 percent since Jan 1
By IANS,
Mumbai : Indian equities markets will be closed Monday on account of Moharram before starting this year's last weekly trade.
The bourses will function only three days this week -- Tuesday, Wednesday and Thursday. Markets will be closed on the New Year, Jan 1 (Friday).
The year has seen the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) appreciate more than 75 percent from the Jan 1, 2009 closing figure of 9,903.46 points.
Reliance Communications bags HDFC’s Rs.1,400 crore order
By IANS,
New Delhi: The Anil Ambani-led Reliance Communications (RCom) Thursday said it has bagged a Rs.1,400 crore order from private lender HDFC for building and maintaining its data centre.
Sensex rises 97 points, IT stocks up
By IANS,
Mumbai: A benchmark index of Indian equities markets was up Tuesday, trading 97 points higher in afternoon trade.
India’s foreign exchange reserves drop nearly $8 billion
By IANS,
Mumbai : India's foreign exchange reserves have dropped $7.87 billion during the week ended Oct 3, on account of market interventions by the central bank to stabilise the rupee and heavy selling by foreign funds.
The reserves, which include foreign currency assets, and gold, stood at $283.94 billion as on that date, as per the latest data with the Reserve Bank of India (RBI).
Debt waiver skewed to favour rich landholders: Sainath
By IANS
New Delhi : The one-time waiver of bank debts for "small and marginal" farmers announced in the union budget will cover only a small fraction of needy farmers and is skewed in favour of rich landholders, says Magsaysay Award winner P. Sainath.
The debt waiver itself was good but would impact on only a few distressed farmers, the renowned columnist and rural affairs editor of The Hindu newspaper said Monday while delivering the third Sumitra Chisti memorial lecture on 'Death on the Farm: The Agrarian Crisis and its Consequences'.
Worlds oil Companies discuss in Houston rising energy prices
By KUNA,
Washington : US officials and the worlds top oil executives, including from Kuwait, met on Wednesday in Houston to discuss rising energy price and opportunities to explore new ways of energy sources.
Over 2,000 oil companies along with US Deputy Assistant Secretary of Energy for Oil and Gas James Slutz, US Congressman and Chairman of Energy Committee Nick Lampson, OPEC representatives, and energy experts are meeting at Reliant Park in Houston, Texas for the 2008 Offshore Technology Conference.
Russia’s Evraz signs deal to buy production assets in Ukraine
By RIA Novosti
Moscow : Russia's Evraz Group [LSE: EVR] said on Wednesday it had signed a deal to acquire majority stakes in selected production assets in Ukraine.
Evraz Group said the acquisitions included a 99.25% stake in the Sukhaya Balka iron ore mining and processing complex with annual production of 3.75 million tons of iron ore, and a 95.57% stake in the Dnepropetrovsk Iron and Steel Works with annual output of 1.8 million tons of pig iron and 1.23 million tons of crude steel.
Slowdown in manufacturing due to strong rupee: Kamal Nath
By IANS
New Delhi : The slowdown in India's manufacturing sector is due to an ever-weakening dollar against the rupee but it will revive soon, Commerce and Industry Minister Kamal Nath said Wednesday.
"The decline is due to a weak dollar against the rupee and the higher base of last year," Kamal Nath told reporters on sidelines of an event here organised by the Confederation of India Industry (CII).
"I am hopeful manufacturing will revive in the coming months," he added.
L&T bags Hyderabad Metro Rail project
By IANS,
Hyderabad : Engineering and construction major Larsen and Toubro (L&T) has bagged the Rs.12,132-crore Hyderabad Metro Rail (HMR) project.
A three-member committee selected L&T out of six companies that bid for the mega project, which was initially awarded to Maytas Infra in 2008.
The authorities called for fresh global bids last year after scrapping the deal with Maytas, a sister-concern of scam-hit Satyam Computer Services, as it failed to achieve financial closure.
Vivek Lall to strengthen Boeing India operations
By IANS
New Delhi : US aerospace major Boeing Friday named Vivek Lall vice president of business development for the company's Integrated Defense System (IDS) business in India.
Centre to fund Rs.1,000-crore projects under Capital Goods Scheme
Mumbai : In a bid to reduce imports of capital goods, the department of heavy industries at the Centre will fund projects worth...
Equity markets shrug off rate hikes
By IANS,
Mumbai : The Indian equity markets continued their gaining rally this week, shrugging off rate hikes by the apex bank. Strong global markets and fall in crude oil prices acted as positive triggers for the markets.
The rally defied an inflation rate of 11.98 percent and the decision by the Reserve Bank of India (RBI) on July 29 to tighten liquidity in the system by raising the Cash Reserve Ratio (CRR) of banks by 25 basis points to 9 percent and the short-term indicative rate - the repo rate - by 50 basis points to 9 percent.
Apparel exports plummet on weak US demand
By James Jose, IANS,
New Delhi : The Indian apparel industry is no longer feeling buoyant with exports falling sharply following weak demand in the US. According to industry officials, garment exports are estimated to fall short of the targeted $9 billion by at least $1.5 billion this year.
"With blank order books and idle units, exporters are hoping that the government will come to their rescue before it's too late," Confederation of Indian Textile Industry chairman R.K. Dalmiya told IANS.
Bank in your pocket thanks to mobile technology
By IANS
Chicago : From brick and mortar buildings to ATMs to PCs, banking has now shrunk into people's pockets with India's second largest bank, ICICI Bank, introducing mobile phone banking using Chicago-based C-SAM's patented technology.
Mobile, ICICI's mobile offering, is being projected as "the world's most comprehensive mobile banking solution". With the country's mobile population well in the excess of 200 million, phone applications rather than just voice calls are expected to become the main draw.
Revised farm growth does not impress experts
By Rajeev Ranjan Roy, IANS,
New Delhi : India's farm growth of 4.5 percent in 2007-08 against 3.8 percent in the previous fiscal has not impressed experts, who claimed that the benefits of growth did not percolate down to farmers.
"The growth has nothing to do with the well-being of farmers. There has been no change in their status in the past few years," said P. Chengal Reddy, secretary general, Consortium of Indian Farmers Association (CIFA).
British firm to supply speed sensor for Tata Nano
By Dipankar De Sarkar, IANS
London : TT Electronics Plc, a world leader in sensor and electronic components technology, Tuesday said it has secured a contract to supply speed sensors for Nano, Tata Motor's $2,500 car unveiled last month.
The sensors will be manufactured by Padmini TT, a joint venture formed in 2006 between TT Electronics and Padmini VNA Private Ltd in Gurgaon, on the outskirts of New Delhi.
PM to unveil fresh diaspora initiatives on knowledge, investment
By Venkatachari Jagannathan, IANS,
Chennai : rime Minister Manmohan Singh will Thursday launch three major initiatives to bring India closer with its 25 million diaspora in 130 countries in areas covering knowledge, investment and philanthropy.
The Global Indian Network of Knowledge, or Global INK, will provide opportunity for professionals - individuals and organisations - among overseas Indians to engage as partners in development projects.
The network will be a 'moderated group', coordinated by a knowledge manager supported by a small research team.
Indian designers lack marketing skills: buyers
By Shweta Thakur, IANS
New Delhi : The Indian fashion industry has huge potential but international buyers feel designers are unable to capture a bigger pie in the global market as they lack marketing skills.
"Indian designers are not famous abroad and global customers mainly want to buy branded stuff," Kichiro Motoyama, president of Japanese fashion store Sun Motoyama Co. Ltd, told IANS.
But Motoyama said he was planning to buy silhouettes for up to $60,000, which would include nearly 500 outfits of Tarun Tahiliani, Rohit Gandhi and Rahul Khanna.
Satyam’s Rajus sent back to jail till Jan 31
By IANS,
Hyderabad : Satyam Computer Services founder B. Ramalinga Raju, his brother B. Rama Raju and former chief financial officer Vadlamani Srinivas were Friday sent back to jail for one more week by a court here, which also heard that the elder Raju had bought land not only in India but in other countries also.
An unshaven Ramalinga Raju and Srinivas were present in the court of Sixth Additional Chief Metropolitan Magistrate D. Ramakrishna to hear extension of their judicial custody till Jan 31.
Russia bans rice import from India
By Xinhua
Moscow : Russia Tuesday banned imports of rice, sesame seeds and peanuts from India, saying some of the goods were substandard and dangerous to human health, the Interfax news agency reported.
NALCO hikes aluminium prices by Rs.5,000 per tonne
By IANS,
Bhubaneswar : State-owned National Aluminium Co. Ltd. (NALCO) has increased prices of all its products by Rs.5,000 per tonne, a senior company official said Sunday.
Young Cubans not interested in getting jobs
By IANS,
Havana : Getting a job has dropped to fifth place in the ambitions of young Cubans, according to a report by the Granma, the official daily of Cuba's Communist Party, EFE news agency reported Tuesday.
"Idleness is one of the problems that hurts the economy, aggravated in some places by the lack of a work ethic," the report titled "Idleness: an ideological danger" pointed out, underlining that most of the youths in the island do not have "rigor and ambition".
I will talk to Ratan Tata over Singur: Buddhadeb
By IANS,
Kolkata : West Bengal Chief Minister Buddhadeb Bhattacharjee Saturday said Tata Motors chairman Ratan Tata was willing to sit for a dialogue with the state government over the Singur imbroglio.
"I wrote a letter to Ratan Tata and I've got a reply from him. I sent him the missive expressing willingness to have a conversation with him regarding the issue. He agreed to my proposal," Bhattacharjee said while addressing the 13th all India Students Federation of India (SFI) conference here.
Common people, opposition sore over fuel price hike
By IANS,
New Delhi : Common people and opposition parties alike sharply criticised the government for the hike in the petrol and diesel prices announced Wednesday evening.
The Bharatiya Janata Party (BJP), the main opposition party, said the hike during economic crisis would only increase the people's problems and the Communist Party of India-Marxist (CPI-M) demanded the "unjustified" decision should be withdrawn.
Petroleum Minister Murli Deora announced a hike of Rs.4 per litre on petrol and Rs.2 on diesel citing increasing international crude oil prices.
Work begins on Tata helicopters cabin facility
By IANS,
Hyderabad: The work on Tata Advanced Systems' facility on the outskirts of Hyderabad to manufacture Sikorsky helicopter cabins formally began Thursday as Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy unveiled a plaque for the project.
The facility to assemble fuselages of Sikorsky S-92 helicopters is coming up at the Aerospace and Precision Engineering Special Economic Zone (SEZ) being developed by the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) in Adibatla.
Sensex slips from day’s high, still ends 276 points up
By IANS,
Mumbai : A key index of the Indian equities markets closed lower than the day's highs Friday, shutting shop 276 points higher than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,425.86 points, ended at 15,674.88 points (provisional), up 276.55 points or 1.8 percent.
It had closed Thursday at 15,398.33 points.
The broader-based Nifty of the National Stock Exchange (NSE) followed the Sensex to end at 4,679.2 points, up 1.86 percent.
German auto electronics firm to invest $26 million in India
By IANS
New Delhi : Hanover-based Continental AG will invest Rs.1 billion ($26 million) to build a state-of-the-art automotive electronics plant in Bangalore to add to the six it already operates in the country.
"In the next decade, one of the main focuses of the automotive industry will be what are known as affordable cars (in the Rs.500,000 category), especially in growth markets like India and China. To cope with this demand, we have to focus on solutions for the Indian market," Markus Distelhoff, managing director of the company's India operations, said.
Flood threat looms over Telangana, Andhra as Godavari swells
Hyderabad: Flood threat looms over parts of Telangana and Andhra Pradesh as heavy rains continued to lash the two Telugu states for a third...
CEO pay in US drops with economic meltdown
By IANS,
New York : Even as India-born Sanjay Jha of Motorola took home a staggering $104.4 million pay package, the average compensation for top CEOs in the US dropped for the first time in five years with the economic meltdown.
The average compensation for 200 chief executives at America's largest public companies fell 5.1 percent last year to $10.8 million, according to a survey published Sunday by the New York Times and research firm Equilar.
The decline marked the first time in five years that top executives' pay packages shrank compared to the year before.
RBI may surprise markets with rate cuts after big-ticket reforms
By Gyanendra Kumar Keshri, IANS,
Hyundai Motor logs 47.8 percent growth in April
By IANS,
Chennai : The country's second largest car manufacturer Hyundai Motor India Ltd Thursday announced a cumulative sales growth of 47.8 percent for April 2008.
The company's total sales for April stood at 40,001 units (domestic 21,501, exports 18,500) against 27,069 units (domestic 15,728, exports 11,341) of the previous month.
Orchid gets US nod for Cefdinir antibiotics
By IANS
Chennai : Chennai-based pharma major Orchid Chemicals & Pharmaceuticals Ltd (Orchid) Friday announced that it had received approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug applications (ANDA) - Cefdinir capsules (300 mg) and Cefdinir oral suspensions (125 mg/5 ml and 250 mg/5 ml).
Cefdinir is a life-saving cephalosporin antibiotic drug, which became generic only recently. Cephalosporins are drugs that kill bacteria or prevent their growth.
Tata group acquires second Spanish company
By IANS
Ahmedabad : The Tata group's acquisition spree in Spain continues. A week after buying strategic stake in Serviplem, a construction equipment firm, the group has bought controlling stake in another Spanish company with interests in similar areas - Comoplesa Lebrero.
Telcon, a subsidiary of Tata Motors, has acquired 60 percent stake in Lebrero, which is also located at Zargoza like Serviplem is, and manufactures road construction equipment.
Taiwan’s Computex opens, 35,000 overseas buyers expected
By DPA,
Taipei : Computex Taipei, the world's second-largest computer show, began Tuesday with organisers expecting the fair to attract more than 35,000 overseas buyers.
President Ma Ying-jeou opened the fair, which occupies three halls at the Taipei World Trade Centre in downtown Taipei and the newly opened Nankang Exhibition Hall in the Taipei suburb. Ma visited both venues and said he hoped the exhibition would bring more business opportunities to Taiwan.
India launches auction for oil and gas exploration
New Delhi, Dec 13 (IANS) Petroleum and Natural Gas Minister Murli Deora Thursday launched the seventh round of bidding under the National Exploration Licensing Policy (NELP) to auction acreages for oil and gas exploration.
"The seventh round of NELP bidding should attract at least $3.3 billion of investment in exploration alone," the minister said.
Global oil majors like Exxon Mobil and Chevron are expected to participate in the bidding for acreages this time, he added.
April 11, 2008 has been set as the date for opening the submitted bids.
India committed to global trading system: Kamal Nath
By Parveen Chopra, IANS
New York : India is not adopting a tough stand at the global trade talks but seeking corrections in the multilateral pact to remove distortions and help eradicate poverty in the developing world, Commerce Minister Kamal Nath has said.
"We will play by the rules. We are committed to the World Trade Organisation (WTO)," the minister said at a meeting organised at the Harvard Club Friday by the India-America Chamber of Commerce (IACC) and the Indian consulate here.
India needs huge investments: Chidambaram
By IANS
New Delhi : India needs huge investments from abroad to develop and be a part of the global economy, but these need to be regulated, Finance Minister P. Chidambaram said here Tuesday.
"We welcome capital flows but we need to learn how to manage them in proportion. We do not want regulation to fall behind innovation. We cannot afford shocks and to avoid shocks we must regulate," the finance minister said at the Fortune Global Forum here.
"In order to grow we need vast amounts of capital. In the long run, I believe, India gains in globalisation," he added.
Starbucks’ India entry plan grows cold
By IANS
New Delhi : The much-hyped plan of the world's largest coffee chain Starbucks to enter India seems to have been stalled at least for the time being, a senior government official indicated Friday.
"There's no progress in the case at all," Ajay Dua, secretary, Department of Industrial Policy and Promotion (DIPP), told IANS on the sidelines of an official event here.
Cash funding for loan waiver scheme for farmers
By IANS
New Delhi : A Rs.600 billion ($15 billion) debt waiver package for farmers, announced in the annual budget, will be funded entirely in cash, with two-thirds disbursal in just 15 months, Finance Minister P. Chidambaram said here Friday.
"We will complete two-thirds of the package in just 15 months," Chidambaram told the Lok Sabha, adding the provisional estimates indicate that the package will finally involve Rs.602.216 billion.
ONGC plans to invest $800 mn in Imperial Energy
By IANS,
Kolkata : The Oil and Natural Gas Corp (ONGC) plans to invest around $800 million in Imperial Energy Plc if and when ONGC Videsh takes over the foreign company.
"We will have to shell out about $2.8 billion for acquiring Imperial Energy. It is, however, a small sum compared to our resource base. Following acquisition - if it materializes - ONGC will invest another $800 million since it is a new virgin asset and its reserves base is large," ONGC chairman and managing director R.S. Sharma said here Saturday.
9.39 crore Jan Dhan accounts seeded with Aadhaar
New Delhi : The government has seeded 9.39 crore Jan Dhan accounts with the Aadhaar unique identity number, Minister of State for Finance Jayant...
Green activists happy, vehicle owners worried over ban order
By IANS,
Kolkata : The city's green activists have welcomed with a sigh of relief the Calcutta High Court (HC) judgement banning commercial vehicles, registered on or before January 1, 1993, from plying in the metropolis.
But for thousands of bus and minibus owners, the order Friday came as a shock as they claimed that about 80 percent of commercial vehicles will be off the roads once the judicial directive comes into effect March 31, 2009.
World Bank to have greater presence of developing economies
By IANS,
Rio de Janeiro : World Bank chief Robert Zoellick has said that the institution is looking forward to larger participation of the developing countries in its decision-making process.
Speaking on the sidelines of a G-20 ministerial level gathering in Sao Paulo, Zoellick said Saturday that the World Bank is currently seeking to increase the representation of developing countries to 44 percent and enhance developing countries' participation in decision making process.
Budget session likely to be stormy, Congress to target government
New Delhi: The budget session of parliament starting on Tuesday is expected to be stormy with the Congress and some other opposition raring to...
OPEC crude price stable at $110.51
By DPA,
Vienna : The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell only slightly on Tuesday, OPEC announced Wednesday.
One barrel (159 litres) of OPEC-produced crude stood at $110.51 Tuesday, from $110.61 on the previous day.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.
Farmers protest Aluminium project in Andhra Pradesh
By IANS
Hyderabad : A public hearing on a proposed aluminium factory of the Jindal Group in Andhra Pradesh's Vizianagaram district Monday witnessed stormy scenes with a section of farmers strongly opposing the project.
Ford, General Motors sales in neck and neck race
By IANS,
Chennai : Car-makers Ford India and General Motors were nearly neck and neck last month in terms of their sales volumes.
Aviation fuel price cut again, by 7 percent
By IANS,
New Delhi : State-run oil companies Saturday slashed aviation turbine fuel (ATF) prices by seven percent, the 11th reduction since September last year.
From March 1, jet fuel price will go down Rs.2,052 per kilolitre to Rs.27,106 in Delhi, while it will cost Rs.27,861 per kilolitre in Mumbai, an official of Indian Oil Corporation (IOC) said.
Similarly in Kolkata and Chennai, ATF would now cost respectively Rs.34,847 and Rs.30,317 per kilolitre.
Oil companies cut ATF prices by 3.7 percent Feb 16. The jet fuel is currently priced at early 2005 levels, officials said.
Renault, Nissan and Daimler to swap shares, launch cars
By IANS,
Chennai : Renault-Nissan and Daimler Wednesday announced equity swap and a programme to jointly launch cars and light commercial vehicles.
The idea behind the three-way alliance of French Renault, Japanese Nissan and German Daimler is to increase volumes for all the players and thereby achieve economies of scale and lowering of costs.
Zoom Developers to build four budget hotels
By IANS,
New Delhi : Mumbai-based Zoom Developers announced Monday that it has won a contract from Indian Railway Catering and Tourism Corp (IRCTC) to develop four budget hotels at a proposed investment of Rs.1 billion ($23.8 million).
These hotels, part of the Rail Ratna Project, will come up in Mangalore, Puducherry, Chennai (Egmore) and Coimbatore. Earlier, IRCTC awarded bids for 24 hotels across the country.
"We have won the bid for all four locations to develop budget hotels with a proposed investment of around Rs.1 billion," said Zoom CEO Rumneek Bawa.
G20 meeting warns of slowdown in global economic growth
By Xinhua
Kleinmond (South Africa) : The world economic growth is likely to slow down modestly, according to a communiqué issued Sunday at the end of a two-day meeting of the Group of 20 (G20) countries here.
"The likely slowdown in global economic growth is expected to be modest, its extent and duration remains difficult to predict. G20 members welcomed the continued strong growth of the global economy in the first half of 2007 but noted that downside risks to the near-term outlook have increased as a consequence of recent financial market disturbances," it said.
Britain to announce rescue package for banks
By DPA,
London : The British government Tuesday approved a comprehensive rescue package to stabilize the banking system with a capital injection of an estimated 50 billion pounds ($87 billion), the BBC reported.
In addition to the capital boost, aimed at shoring up the balance sheets of leading banks, the agreement includes the creation of a standby facility for the provision of any funds that might be needed to guarantee the day-to-day operations of banks.
Food inflation eases further to 9.53 percent
By IANS,
New Delhi : India's annual food inflation came down to 9.53 percent for the second straight week ending July 24 from 9.67 percent a week earlier, official data released Thursday showed.
The fuel prices index also slipped marginally to 14.26 percent compared to 14.29 percent recorded in the previous week.
It was for the first time last week that food inflation had dropped to single digits at 9.67 percent. It had remained above the 16 percent level for most part of the year, before falling to below 13 percent in mid-June.
Azerbaijan minister attending Energy Charter conference
By IRNA-AzerTAc
Baku : Minister of Industry and Energy of Azerbaijan Natig Aliyev is attending the annual Meeting of the Energy Charter Conference in Istanbul, Turkey, the Ministry said. The meeting discusses energy security in member countries and transparent distribution of oil and gas revenues.
The Charter was signed at a summit of the European Union in Hague on December 17, 1991.
In 1994, 30 states became members for the Charter in Lisbon.
The agreement to set up the conference was signed in 1998, and today, the Charter has 51 member states.
Big retail should embrace small shops: minister
By IANS
Chennai : Instead of setting up fresh infrastructure, corporate retail chains should partner with neighbourhood shopkeepers so that there is all-round inclusive growth, said Minister of State for Food Processing Industries Subodh Kant Sahai.
This way, corporate retailers can fend off opposition shown by some state governments and political parties, the minister pointed out.
"The campaign against corporate retailers would actually kill opportunities for Indian farmers," he added.
India’s food inflation still hovers around 18 percent
By IANS,
New Delhi : Despite assurances from the government that food prices would soon start coming down, India's annual food inflation based on wholesale prices again rose to 17.97 percent for the week ended Feb 6.
The annual rise in the index for food articles was 17.94 percent for the week before, as per official data released by the commerce and industry ministry Thursday.
Prices of essential items continued to move up, with vegetables dearer by 19.56 percent, potatoes by 38.02 percent, pulses by 38.04 percent and fruits by 10.39 percent over the 52-week period.
G8 business leaders meet in Tokyo on climate change
By Xinhua,
Tokyo : Business leaders from the Group of Eight countries held a one-day conference here Thursday to discuss industry's role in fighting global warming.
The meeting was convened to prepare proposals for the G-8 summit scheduled for July 7-9 in the Lake Toya resort of Hokkaido.
Japanese Prime Minister Yasuo Fukuda urged the G-8 business leaders at the start of the meeting to cut carbon dioxide emissions.
Centre explores options as truckers’ strike enters seventh day
By IANS,
New Delhi : The nationwide strike by transporters continued for the seventh day Sunday despite several states using provisions of law to term it illegal even as Union Surface Transport Minister T.R. Baalu called a meeting with his state-level counterparts here Monday to find ways to end the impasse.
The central government once again said it was willing to hold talks with the protesters to find a solution but the All India Motor Transport Congress (AIMTC), which called the agitation, made it clear that no parleys were possible until their leaders were let off by authorities.
Greater Noida CEO changed after farmers’ deaths
By IANS,
Greater Noida (Uttar Pradesh) : Chairman and CEO of the Greater Noida Industrial Development Authority Lalit Srivastava was Thursday removed from the CEO's post Thursday following the death of five people in violence over the acquisition of farmers' land by the government, officials said.
Srivastava, an Indian Administrative Service (IAS) officer, will continue to be chairman, while Pankaj Agarwal, another IAS officer who was principal secretary (planning) at the state capital Lucknow, will take over as CEO of the region's governing body.
Dabur Nepal resumes production with 96-hour ultimatum
By IANS
Kathmandu : Dabur Nepal, Dabur India's wholly owned subsidiary, resumed production at its beleaguered factory in southern Nepal after four days' closure, following a temporary truce between the management and striking workers.
A total of 65 seasonal workers who, supported by the trade union of the Maoist guerrillas, had shut down Dabur Nepal's factory in Birgunj town from Friday, and Tuesday night heeded the authorities' call to return to work first and then start negotiations.
Solanki’s newspaper group acquires British Asian tabloid
By IANS,
London : Eastern Eye, a tabloid catering to the Asian market, has been sold to Britain’s oldest Indian-owned newspaper group amid praise for the buyer’s business acumen, it was announced Thursday.
Asian Media and Marketing Group (AMG), which publishes Garavi Gujarat newspaper, GG2 Life Magazine, Asian Trader and several other titles, bought the tabloid for an undisclosed sum.
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.
Brighter days ahead for Japanese economy: central bank
By DPA,
Tokyo : Japan's central bank Friday raised its assessment on the world's second-largest economy for the first time in more than two years as it saw positive signs for a recovery.
"Economic conditions have been deteriorating, but export and production are beginning to level out against the backdrop of progress in inventory adjustments both at home and abroad," the Bank of Japan said in a statement.
Its policy board also voted unanimously to keep the bank's benchmark short-term interest rate unchanged at 0.1 percent.
Mangalam Timber offers merger with Mangalam Cement
By IANS,
Kolkata : Mangalam Timber Products Ltd (MTPL), a B.K. Birla company, has offered to merge itself with another group firm, Mangalam Cement.
In a regulatory filing to the Bombay Stock Exchange, Mangalam Cement said the company has received a letter from MTPL proposing amalgamation.
"Mangalam Cement Ltd has informed the BSE that the Company has received a letter from Mangalam Timber Products Ltd (MTPL) informing that the Board of Directors of Mangalam Timber Products Ltd has recommended amalgamation of MTPL with Mangalam Cement Ltd."
Singur burns Nano replica as car is unveiled before world
By IANS
Singur (West Bengal) : As Tata Motors unveiled its people's car in a blaze of glory and publicity in New Delhi Thursday, those who had lost their land to the automobile project in West Bengal's Singur torched a yellow replica of the Rs.100,000 Nano amid lusty chants of "Vandemataram".
ADB cuts India’s GDP growth forecast for fiscal to 7.4 percent
New Delhi: The Asian Development Bank (ADB) on Tuesday lowered India's growth projections for the current fiscal to 7.4 percent, from the 7.8 percent...
Russia’s AFK Sistema opens India office
By IANS
New Delhi : Russian business conglomerate AFK Sistema Tuesday opened its first office in India with a plan to gain footprints in India's telecom, real estate and technology sectors.
The Russian billionaire Vladimir Yevtushenkov-promoted company is the first private Russian business to operate in India.
"India is a key market for us and offers immense business opportunities. We intend to develop a number of our businesses into India, in line with our strategy to expand our operations internationally," Yevtushenkov told reporters here during the inauguration of the office.
Nokia unveils bicycle charger for mobile phones
By DPA,
Helsinki : Finnish mobile telephone maker Nokia Thursday unveiled a bicyle charger unit aimed at offering "free and environmentally friendly electricity" for handset users.
The kit includes a charger, a dynamo, and a handset holder.
The dynamo - a small electrical generator - uses the movement of the wheels to charge the handset, Nokia said, adding that the dynamo was connected to a jack used in most of the group's mobile phones.
Agriculture lending till November crosses Rs.1.36 tn
By IANS,
New Delhi : Banks have lent Rs.1.36 trillion (Rs.136,586 crore) to the agriculture sector in the first eight months this fiscal as against a full year target of Rs.2.8 trillion.
As per the figures released by the government Monday, the commercial banks have lent Rs.96.6 billion, while cooperative banks and regional rural banks have lent Rs.251.2 billion and Rs.148. billion, respectively.
Equity markets end week on an upswing
By IANS,
Mumbai : Indian equity markets ended the last trading session of the week with a gain on the back of huge buying in capital goods, power, oil and gas, banking metal, realty and technology stocks.
The markets started on a negative note and continued to be in the red till the last hour, when there was a sudden surge.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,064.26 points, touched a high of 14,682.33 before closing at 14,656.69. It went up by 300.94 points or 2.10 percent compared to its closing figure Thursday.
Indian, Israeli firms join hands for $542 mn overseas venture
By IANS
New Delhi : Indian infrastructure developer DS Constructions has joined hands with Israel Corp, an investment company, to buy energy assets of a London firm in Latin America for $542 million, it was announced Tuesday.
UAE asks firms for details on innovative medicines
By IANS/WAM,
Abu Dhabi : The United Arab Emirates (UAE) has asked all medicine companies to provide details on any "innovative medicine" produced by them.
The ministry has asked the companies to appoint a vigilance officer, who would inspect innovative pharmaceutical products containing active substances registered for the first time.
Infrastructure growth will drive industrial activity: Moody’s
By IANS,
New Delhi : India's infrastructure development is likely to be one of the key drivers of industrial activity, which will see an upturn in a few months, the research arm of Moody's said Friday.
India's industrial performance thus far in the financial year has been stronger than expected.
"A rise in domestic activity has likely helped to offset external weakness and arrested the downward trend in industrial production," said Sherman Chan, an economist with Moody's Economy.com.
Sensex moves up in morning trade
By IANS,
Mumbai : A benchmark index of Indian equities was ruling 130 points higher in Monday morning trade compared to its previous close.
‘Britain faces food crises that could swing elections’
By IANS,
London : The price and supply of food could decide the outcome of future elections in Britain, says a leading strategic thinktank.
The London-based Chatham House, also known as the Royal Institute for International Affairs, says in a report that a food crisis is highly likely in Britain, as its food system is unable to cope with rapid changes in supply driven by climate change, rising energy prices and population growth.
Sterling sails into shipping with Norwegian acquisition
By IANS
Chennai : Serial entrepreneur C. Sivasankaran, promoter of the $2-billion Sterling Infotech Group, has now set his sails in the shipping industry by acquiring Norwegian shipping company J.B. Ugland Shipping AS (JBUS) for Rs.12 billion ($300 million).
ITC’s first quarter net profit crosses Rs.878 crore
By IANS,
Kolkata : Diversified business house ITC posted a net profit of Rs.878.7 crore in the quarter ended June 30, as compared to Rs.748.67 crore earned in the corresponding quarter the previous year, the company said here Thursday.
This reflected a growth of 17.4 percent.
Total income increased to Rs.4,220.49 crore in the quarter under review from Rs.4,014 earned in the year-ago period, the company added.
Punjab paddy procurement crosses 1.57 mn tonnes
By IANS,
Chandigarh : In the first five days of procurement of paddy in Punjab, the government agencies have procured more than 1.57 million tonnes till Sunday, a government spokesman said.
Five procurement agencies of the Punjab government and the Food Corp of India (FCI) are engaged in the procurement process. They have procured nearly 98 percent of the paddy arriving in grain markets across the state.
Private rice millers have procured nearly 200,000 tonnes of paddy so far, the spokesman added.
UAE’s foreign trade to grow by 15 percent
By IANS/WAM,
Abu Dhabi: UAE's foreign trade will grow by 10 to 15 percent in 2012, Foreign Trade Minister Sheikha Lubna Al Qasimi has said.
Malaysia’s MMC to invest in Pakistan’s energy sector
By APP,
Kuala Lumpur, Malaysia : Malaysia’s largest investment company MMC has shown interest in investing in Pakistan’s energy sector.
The MMC delegation led by its Chairman Wira Syed Abdul Jabbar bin Syed Hassan called on Prime Minister Yousuf Raza Gilani here Wednesday and expressed interest in carrying out projects in Pakistan’s power sector.
The MMC chairman said his company was preparing feasibility on the 1200 megawatt coal fired power project in Balochistan’s Gadani area.
Steel prices will remain stable, says Tata Steel
By IANS,
Kolkata : Tata Steel managing director H.M. Nerurkar Friday said steel prices will remain stable in the last quarter of January-March this fiscal.
He said the company would review the prices in April-June period.
"We raised prices, both for long and flat products, in December and it is ok for us in the current quarter," Nerurkar said on the sidelines of signing an agreement for strategic alliance with NMDC Ltd here.
Major steel producers like Tata Steel earlier raised the prices by Rs.1,000-Rs.2,000 per tonne.
Maruti Suzuki rolls out first millionth car in a year
By IANS,
New Delhi: The country's largest car manufacturer, Maruti Suzuki, Tuesday became the first automobile company in India to produce one million cars in a year.
"The millionth car manufactured in 2009-10, a glistening red Maruti Suzuki Swift, rolled out from the company's Manesar plant," said the company.
Maruti has now joined the elite club of automobile manufacturers like Toytota, General Motors, Volkswagen, Ford, Honda, Renuault, Nissan and its parent company Suzuki, in producing one million cars in a year.
S. Korean Firm to Buy Mexican Copper Mine
By Prensa Latina,
Seoul : Thirty percent of the biggest copper mine in Mexico will be purchased Friday by a consortium led by South Korean state agency Korea Resources (KORES), reported news agency Yonhap here Thursday.
KORES assured the purchase agreement would be signed with Canadian enterprise Baja Mining Corporation in Washington.
The Baja Mining Corporation will invest 246 million dollars for a deposit in El Boleo, South Baja California.
ADB revises inflation rate in 2008 for Asia
By Nor Baizura Basri, Bernama,
Kuala Lumpur : The Asian Development Bank (ADB) is revising its projected inflation rate for Asia in 2008 following the sustained increase in global crude oil prices.
ADB managing director Rajat M. Nag said the intial projection made last April was 5.1 percent, which marked a 10-year high.
"We are revising this as we feel the new inflation rate will be even higher," he told reporters on the sidelines of the World Economic Forum on East Asia 2008 here Sunday.
Oil prices had ended below US$135 per barrel on Friday.
Court ruling on Morgan Stanley to ‘reassure’ MNCs: Nasscom
By IANS
New Delhi : A verdict given by India's apex court Monday on the tax issues relating to global investment major Morgan Stanley's BPO unit has given "reassurance" to other multinationals running similar operations in the country, a leading IT industry body said Tuesday.
Will BRTS be a panacea for Delhi’s transport woes?
By Rajeev Ranjan Roy, IANS,
New Delhi : Many Asian and Latin American cities have tried it with success. Now a system of segregated lanes for high capacity buses is set to roll out in the Indian capital too, promising to shake off controversy and usher in speedy and cheap public transport for the city's teeming millions.
Not many know that the Bus Rapid Transit System (BRTS) - with dedicated lanes for special buses that can seat up to 35 people and carry another 45 standing passengers - took seven years of planning or that it was adapted from Latin American transport models.
Passenger train service from Agartala likely from April
Agartala : The much awaited passenger train service between Tripura and the rest of India is likely to start in April, a railway official...
Post-poll Karachi Stock Exchange zooms up
By IANS,
Islamabad : The Karachi Stock Exchange shot up Monday, a day after unofficial results showed the Pakistan Muslim League-Nawaz had emerged as the single largest party.
Yashwant Sinha’s prescription would fuel inflation: Chidambaram
By IANS,
New Delhi : Finance Minister P. Chidambaram is unimpressed by his predecessor's advice for deeper tax cuts, saying the move would fuel inflation.
In reply to the suggestion of "deeper tax cuts" by Yashwant Sinha, who was finance minister in the previous Bharatiya Janata Party (BJP) government, Chidambaram said that his government had already cut taxes and sacrificed revenue.
India plans to develop new supersonic cruise missile
By Bijaya Kumar Das, IANS
New Delhi : The BrahMos supersonic cruise missile, one of the most successful products of Indo-Russian military collaboration, is about to get a successor.
The new missile in its hypersonic version will fly much faster than BrahMos. After the successful development of BrahMos, both India and Russia will develop the missile jointly.
Himachal Pradesh despatches 74 lakh boxes of apples
By IANS,
Shimla : The apple season in Himachal Pradesh has finally picked up with 7,400,000 boxes having been transported out of the state.
"The apple season is in full swing and 74 lakh boxes have reached various markets in the country. Almost 40 percent of the total crop has been sold out," Horticulture Minister Narender Bragta told IANS.
He said the arrivals from Kinnaur and Lahaul and Spiti districts, known for the natural sweetness of their apple crop, would pick up in the next 15 days.
Kerala expects Rs.2 bn liquor sales during Onam season
By IANS,
Thiruvananthapuram : Liquor shops in Kerala are well-stocked for the ongoing Onam season and alcohol sales are expected to touch Rs.2 billion (Rs.200 crore) during the 10-day festival.
The Kerala State Beverages Corporation (KSBC), the sole wholesalers of Indian Made Foreign Liquor (IMFL) and beer in the state, said there has already been an increase in liquor sales since Sunday.
Reliance SEZ in Haryana gets provisional approval
By IANS
New Delhi : The proposed multi-product special economic zone (SEZ) of Reliance group at Jhajjar in Haryana secured an in-principle approval from a high-power panel Monday. The panel also gave its formal go-ahead to 11 others.
The SEZs that got a formal nod from the Board of Approvals, chaired by Commerce Secretary G.K. Pillai, include the one on biotechnology to be set up by Glenmark Pharmaceuticals at Shendri in Maharashtra.
India’s Sensex down 322 points on dismal global cues
By IANS,
Mumbai : Indian equities markets ended deep in the red once again Thursday, with a key index dipping by more than 322 points to finish below the 8,500 mark on very dismal global cues.
“The minutes of the US Federal Open Market Committee (FOMC) released Wednesday reveal a very negative outlook,” Jagannadham Thunuguntla, head of the capital markets arm of India's fourth largest share brokerage firm, the SMC Group told IANS.
Carborundum Universal’s profit logs 56 percent Q3 growth
By IANS,
Chennai: City-based abrasives major Carborundum Universal Ltd (CUMI) posted a 25 percent growth in its consolidated sales and 56 percent net profit for the third quarter ending Dec 31.
Pakistan’s central bank cuts policy rate to 14 percent
By IANS,
Karachi : The State Bank of Pakistan (SBP), the country's central banker has cut its policy rate by 100 basis points to 14 percent, it was announced here Monday.
Addressing a press conference here to release the Monetary Policy Statement for the April-June fourth quarter of fiscal 2008-09, SBP Governor Salim Raza said the rate reduction had been effected on the assumption that inflation will continue to decline, APP reported.
Emaar MGF set to win bid for Games Village: DDA
By IANS
New Delhi : Emaar MGF, the joint venture between Dubai-based Emaar Properties and India's MGF group, is set to win the bid for building the Commonwealth Games village, says the Delhi Development Authority (DDA).
Satyam Cinemas to add 40 screens by 2011
By IANS,
New Delhi: Satyam Cinemas is on an aggressive mode of expansion and plans to add over 40 screens to its existing network by the summer of 2011.
"We are targeting major cities in North, East and South India. This will include cities like Delhi, Ludhiana, Amritsar, Kolkata, Bangalore, Hyderabad and Chennai," Ian Riches, vice president of Business Development and Projects Satyam Cinemas, told IANS, via e-mail Thursday.
Malaysia attracts lot of foreign investment despite political turmoil
By IANS,
Kuala Lumpur : Vivo Bio Tech Ltd, an Indian firm planning to invest 450 million ringgit ($140 million), is among the many foreign investors thronging Malaysia, ignoring its current political turmoil.
Planning to build a research and manufacturing plant in Malacca for treatment of diseases through its subsidiary, Vivo Bio Malaysia Sdn Bhd, the Indian firm is in the company of Germans, Japanese and Americans who have made foreign direct investments (FDIs) worth 16.6 billion ringgit since March.
Poor regions left out of industrial growth benefits: CSE
By IANS
Ranchi : The benefits of modern industrial growth do not necessarily percolate to the poor regions from where the industries get their minerals, water and energy, says the Centre for Science and Environment (CSE) in a book released here Friday.
The book, titled "Rich Lands, Poor People - Is Sustainable Mining Possible?", says mineral industries are flocking to Jharkhand, lured by the state government's sops.
Malaysian company to launch “Public Islamic Asia Leaders Equity Fund”
By KUNA,
Kuala Lumpur : A Malaysian company will launch Tuesday the Public Islamic Asia Leaders Equity Fund (PIALEF) which focuses on mid to large caps Shariah compliant companies, trading in both domestic and regional markets.
Public Mutual company said, Monday, that the fund allows investors to capitalize on the growth potential of mid to large caps Shariah compliant companies.
These companies are positioned to benefit from the anticipated recovery in Asian markets due to their financial strength and dominance, Public Mutual chief executive officer Yeoh Kim Hong said.
Kerala okays new 2,400 MW thermal power plant
By IANS,
Thiruvananthapuram : The Kerala government Wednesday gave its nod to set up a 2,400 MW thermal power plant in the state facing shortages of electricity supply.
Chief Minister V.S. Achuthanandan said the plant in Kasargode district in north Kerala would be a joint venture of the state-owned Kerala State Industrial Development Corporation and the Kerala State Electricity Board.
"The plant would come up on a 2,400-acre plot of land that is currently being owned by the Plantation Corporation at Chemmeeni," Achuthanandan told reporters.
France, Germany find little common ground on economy
By IRNA,
Paris : President Nicolas Sarkozy and Chancellor Angela Merkel met on Monday to work out a coordinated response to Europe's deepening recession.
But when it came to specifics, they agreed only on what they did not want: to follow Britain's lead and cut the sales tax.
With consumer prices receding in the euro zone, cutting consumer taxes "is not the right answer for France and Germany," Sarkozy said at a joint news conference with Merkel at the Elysee Palace.
Stop immigration raids on curry houses, says Keith Vaz
By IANS
London : Keith Vaz, chairman of the British parliament's Home Affairs Select Committee, Thursday called for an immediate halt on immigration raids being carried out on South Asian restaurants, saying they are having a devastating effect on Britain's catering industry and threatening Britain's status as the cuisine capital of Europe.
His call came on the day the government officially launched the UK Border Agency which replaced the previous Borders and Immigration Agency.
Sensex weak, buying in broader markets
By IANS,
Mumbai : Indian equities markets Thursday saw some buying after sell-off in the previous session with a key index ruling 0.47 percent higher amid weak cues from major global bourses.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,382.09 points, was ruling at 17,462.06 points, 81.88 points or 0.47 percent higher than its previous close at 17,380.08 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,243.15 points, a gain of 0.53 percent from its previous close at 5,215.45 points.
MakeMyTrip looking at more acquisitions
By IANS,
Hyderabad : With cash reserves of $70 million, online portal MakeMyTrip is looking to acquire companies which can bring more value, its CEO and founder Deep Kalra said.
ONGC net falls 5.7 percent on subsidy burden
By IANS,
New Delhi : India's largest oil producer Oil and Natural Gas Corp recorded 5.7 percent fall in net profit in the second quarter this fiscal, due to a two-fold jump in its outgo on fuel subsidies.
“How could the subsidy burden behave so erratically,” ONGC chairman R.S. Sharma asked Thursday after the ONGC board met to discuss the company's financial performance.
ONGC posted a profit after tax of Rs.48.08 billion (about $1.07 billion) in the second quarter, down from Rs.50.98 billion in the corresponding quarter last fiscal.
China’s GDP growth rate down 2.3 percent
By Xinhua,
Beijing : China's gross domestic product (GDP) grew 9.9 percent year on year to 20.163 trillion yuan ($2.96 trillion) in the first three quarters of this year, the National Bureau of Statistics (NBS) said Monday.
The growth rate was 2.3 percentage points lower than the same period of last year, or 0.5 percentage points lower than the first half of this year.
The GDP growth was 10.6 percent for the first quarter, 10.1 percent for the second quarter and nine percent for the third quarter, the bureau said.
India will look at Islamic banking practices: PM
By IANS,
Kuala Lumpur: Prime Minister Manmohan Singh Wednesday said he would ask the Reserve Bank of India (RBI) to look into what Malaysia was doing on Islamic banking practices.
Sensex ends flat, midcaps gain
By IANS,
Mumbai : A benchmark index for Indian equities Friday ended flat even as midcap scrips outperformed larger stocks.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,503.47 points, ended at 17,558.71 points, 55.24 points or 0.32 percent higher than its previous close at 17,503.47 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,278 points, a gain of 0.45 percent or 23.85 points from its previous close at 5,254.15 points.
Indian developers eyeing overseas realty market
By Anuradha Shukla, IANS,
New Delhi : More and more Indian realtors are planning global. And the Middle East, especially Dubai, seems to be the most preferred destination.
Reversing the trend of international investors flocking to India's booming reality sector, domestic players are foraying into the foreign market.
One of the first Indian developers to look beyond Indian shores was Parsvnath Developers, which last year began setting up development offices in Sri Lanka, Mauritius, Singapore, Britain, and, of course, the Middle East.
India proposes $50 billion trade target with Asean
By M.R. Narayan Swamy, IANS
Singapore : Indian Prime Minister Manmohan Singh Wednesday proposed a target of achieving $50 billion worth of trade with Asean countries by 2010.
The prime minister made the announcement in his speech at the sixth summit of India and the 10-member Association of Southeast Asian Nations (Asean) here.
Manmohan Singh described India's deepening cooperation with Asean as "a win-win situation for both of us" and said both sides needed to simplify their visa regime for businessmen if they wanted to achieve the proposed trade levels.
EU to enforce Iran oil embargo from July onwards
By IANS,
Brussels : The European Union (EU) has formally approved an embargo on Iranian oil to be enforced from July 1 onwards.
“Tea Coins” manufacture in India latest craze in Europe and S-E Asia
By IRNA,
Margherita, India : Tea coins manufactured by a local tribal community in India’s northeastern state of Assam is the latest craze in Europe and other South East Asian countries with people simply dipping the coin in piping hot water and sipping it.
“The demand for the organic tea coin is increasing by the day after we were able to penetrate markets in the United States, United Kingdom, Canada, China, Thailand, and now in Hong Kong,” Rajesh Singpho, owner of the Singpho Agro Products, that manufactures the organic tea coins, said.
Technopark enters into agreement with SIIB, China
By IANS
Thiruvananthapuram : Technopark, India's biggest IT park, has entered into a strategic cooperation agreement with Shenyang Information Industry Bureau (SIIB) of China.
SIIB is based in Liaoning province of China and is responsible for growth and development of information industry in the capital city of Shenyang.
A press statement issued here Monday by Technopark said that the agreement has been signed with an objective to create a bond of friendship with China that needs to be nurtured and sustained over a period of time.
‘Strategic plan’ needed to boost India-China business ties
By M.R. Narayan Swamy, IANS
Beijing : Indian and Chinese business leaders should develop "a strategic plan" to strengthen business alliances and collaboration to turn the two countries into the world's dominant economic powers, Prime Minister Manmohan Singh said Monday.
"I would suggest a three-pronged strategy for the chambers of industry and commerce of both countries to achieve these objectives," the prime minister told the India-China Economic Trade and Investment Summit here, unveiling his economic vision for the Asian giants.
‘India needs to improve food product standards’
By Rajeev Ranjan Roy, IANS,
New Delhi : India needs to improve the standards of its food products to acquire a competitive edge in the global market, says Sanjay Dave, the first Indian vice-chair of the Rome-based Codex Alimentarius Commission (CAC), an international organisation that aims at promoting food safety globally.
Dave, also the director of India's Agricultural and Processed Food Products Export Development Authority (APEDA), feels that his tenure as CAC vice-chair would see continuous deliberations to meet emerging challenges at home and abroad.
Government may call in army to tackle oil strike
By IANS,
New Delhi : Taking a tough stance against the striking officers of public sector oil companies, the government Friday said the army could be called in to tackle the crisis and said talks were possible but the initiative had to be taken by the strikers. In some places, the army will start loading and unloading fuel later Friday afternoon.
"I can't go into the details but if someone from the army has to be called they will be called," Chidambaram said.
Infosys gets nod for two more centres in Bangalore
By IANS,
Bangalore : The Karnataka government late Monday cleared the proposals of IT bellwether Infosys Technologies Ltd to set up two more software development centres in this tech hub at an investment of Rs.2,950 crore (Rs.29.5 billion).
"The state high level clearance committee cleared the investment proposals of Infosys to set up two development centres at Sarjapur (in southeast suburb) and another at Devanahalli (in northwest suburb) near the international airport," Major Industries Minister Murugesh R. Nirani told reporters here.
MPs want tougher action against illegal coal mining
By IANS
New Delhi : The parliamentary consultative committee attached to the coal ministry has expressed serious concern over illegal coal miningand called for setting up a special task force to check the menace.
In a meeting Thursday evening, some members said a special central vigilance team should be formed for surprise checks and raids, said an official statement Friday.
Others felt that illegal mining had been thriving with the connivance of police and some bureaucrats and sought stern action against those involved in the malpractice, the statement said.
Will not hold rates high longer than necessary: RBI chief
Mumbai : The Reserve Bank of India (RBI) will not hold interest rates high longer than necessary, and will have room to cut rates...
A Punjabi fancy for fancy numbers!
By Jaideep Sarin, IANS
Chandigarh/Ludhiana : If flamboyance is understood anywhere, it surely is in Punjab. If one businessman in Ludhiana flaunted his Rs.1.55 million (Rs.15.5 lakh) worth mobile number, there are now at least 100 others who will tell you that they bought their mobile numbers for anything between Rs.100,000 and Rs.1 million.
The craze among prosperous Punjabis to own such fancy or VIP numbers is actually sending mobile companies laughing all the way to the banks.
Two consortia bag ground handling contracts for new airport
By IANS
Hyderabad : GMR Hyderabad International Airport Limited (GHIAL), which is developing a new international airport near here, has awarded ground handling contracts of third party airlines to two consortia.
Sensex ends with modest gains, healthcare stocks gain
By IANS,
Mumbai: A benchmark index for Indian equities ended with modest gains Tuesday, 40 points higher, with healthcare stocks seeing the bulk of the buying interest.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,422.51 points, closed at 17,451.02 points, 40.45 points or 0.23 percent higher than its previous close at 17,410.57 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,225.3 points against the previous close at 5,205.2 points, a gain of 0.39 percent or 20.1 points.
Authority to regulate steel prices ruled out
By IANS
New Delhi : The rise in domestic steel prices is largely due to increased manufacturing cost and the government has no plans to set up an authority to regulate the sector, Minister of State for Steel Minister Akhilesh Das said here Friday.
"The price of steel items in the domestic market has shown an upward trend mainly due to the growing demand and rise in the cost of raw materials required for steel manufacturing," Das told the Rajya Sabha.
Rays Power bags Rs.240 crore orders
Hyderabad : Rays power Infra Pvt. Ltd., one of the biggest solar Engineering, procurement & Construction (EPC) companies in India, has bagged 37 megawatt...
Azim Premji sees signs of stability, feels upbeat about future
By IANS,
Bangalore : Managing a 12 percent growth in profit for Wipro even in these trying times, India's billionaire tech czar Azim Premji Wednesday said he was now more upbeat about the future than before and was confident that the business environment would stablise.
"We are seeing signs of stability in the macro environment as a result of measures taken by governments and businesses the world over to reverse the downturn," Premji told reporters here.
Global bearish market casts shadow on India
By IANS
Mumbai : The Indian equities market continued its volatile trend as the effect of global bearish market was clearly felt by the bourses this week.
Two major Initial Public Offers (IPOs) open for subscription - Wockhardt Hospitals and Emaar MGF - were compelled to retreat when their issues elicited unexpectedly poor response from investors. Uncertainty in the secondary market hit new IPOs hard.
The market suffered losses for the fourth straight week as selling pressure continued for index pivotals. Out of the five trading session three ended in the red.
US venture fund invests $5 mn in Indian travel firm
By IANS
Bangalore : NEA-IndoUS Ventures, a venture capital co-founded by tech evangelist Vinod K. Dham and seasoned Silicon Valley entrepreneur Vani Kola, has invested $5 million in Via, India's leading travel services firm.
Pakistan’s 2009-10 budget summary sent to PM for approval
By IANS,
Islamabad : A summary of Pakistan's budget for fiscal 2009-10 has been sent for approval to Prime Minister Yousuf Raza Gilani ahead of its expected presentation in parliament June 6.
"It is up to the prime minister to approve June 6 or any other date for the announcement of the national budget in parliament," APP news agency Wednesday quoted a top finance ministry official as saying.
He said the ministry had received budgetary proposals and suggestions from various stakeholders and these had been forwarded to the Federal Board of Revenue (FBR) for finalisation by May 31.