Economy

By IANS, Mumbai : The Indian equity markets closed in green Friday. The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 14,153.39 points, touched a high of 14,428.52 points before closing at 14,401.49 points. It went up by 157.76 points or 1.11 percent at the day's close. The National Stock Exchange (NSE) S & P Nifty, which opened at 4,283.85 points, closed at 4,327.45 points. It went up by 43.60 points or 1.02 percent.

By IANS, Mumbai : In its worst performance in recent weeks, a key index of the Indian equities markets ended trade Monday nearly 870 points down from its last closing figure, as investors blamed lack of policy announcements and increase in minimum alternate tax on corporates for the negative reaction. The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,962.12 points, closed at 14,043.4 points - 869.65 points or 5.83 percent lower than Friday's close. At one point, it had slipped by more than 900 points.

By IANS, Mumbai : A benchmark index of Indian equities started trade on a weak note Tuesday, with selling pressure across all markets. At 9.15 a.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,213.14 points, was at 16,221.27 points, down 15.78 points or 0.1 percent from its previous close. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 4,845.95 points, against the previous close at 4,856.4 points, a loss of 0.22 percent or 10.45 points.

By IANS,

By DPA, Vienna : The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) jumped by more than $2 Monday, rising above $130 dollars for the third time this month, data released by OPEC showed Tuesday. One barrel (159 litres) of OPEC-produced crude stood at $130.70 a barrel Monday, up $2,14 dollars from $128.56 on the previous day. OPEC calculates an average basket price based on 13 important brands produced by cartel members.

By IANS Raipur : Protests over acquiring 5,098 acres continue to dog Tata Steel's proposed project in Chhattisgarh's southern Bastar region. The district's top official says the acquisition is moving forward. But protesters -- from Left parties and tribal groups - contest this.

Mumbai : Stocks of companies associated with the railways rose ahead of the railway budget which is slated to be present by Railway Minister...

By IANS, Kolkata : The dismay and shock are yet to get over. For the people of Kolkata, the finality of Tata Motors' decision to shift the Nano small car project out of West Bengal is like the end of a dream for a better future for the state. A day after Tata group chairman Ratan Tata made the announcement, which had been apparent for some days, people Saturday blamed both the Communist-led state government and the opposition Trinamool Congress party for being "irresponsible" in handling the prestigious project.

By Pervez Bari, TwoCircles.net

Bhopal: In Bharat Heavy Electricals Limited, (BHEL), Bhopal unit, the Transportation Group organized a Vendor Workshop on Quality Improvement through process improvement – Heat Treatment Process the other day here at Narmada Bhawan. S. K. Sharma GM (TSD & Quality) inaugurated the workshop while S. Lomash GM (TPTN & CET) presided over the function.

By IANS, New Delhi : The government Thursday said it was looking into the security concerns surrounding BlackBerry phones and would soon come up with some solution. “We are looking into the matter,” Minister of Communications and IT A. Raja told reporters on the sidelines of a telecom summit here. Following last month's Mumbai terror attacks, the wireless planning and coordination wing of the Department of Telecom (DoT), which gives approvals for all radio equipment and devices imported to the country, raised objections to e-mails not being intercepted.

By IANS, New Delhi : Observing that Tata Teleservices' 'Walky' and Reliance Communication's 'Unlimited Cordless' telephone services fall in the category of "limited mobile telephony services", the Supreme Court Wednesday ruled that the two Indian telecom majors are liable to pay Access Deficit Charges (ADC) to Bharat Sanchar Nigam Limited.

By IANS, New Delhi : A new aviation regulator - the Airports Economic Regulatory Authority (AERA) - will come into effect by March 31 this year, according to a ministry official. "AERA has been notified in the gazette. It has to be in place by March 31," the official told IANS Friday. Once AERA becomes operational, Indian airports will have a tariff regulator in line with international practices. The AERA Bill 2007 received the cabinet nod in May 2007, but was cleared by parliament only in October 2008. It was given clearance by the president late last month.

By IANS New Delhi : As he gets ready to present his seventh national budget next month, Finance Minister P. Chidambaram Tuesday said fiscal deficit targets for this year will be met and held out an assurance of moderation of taxes rates, if compliance was met. "Let me recall what I said. If voluntary compliance increases, then there is a case for moderation," Chidambaram said. "That does not mean it's been accepted. You make a case for moderation instead of writing imaginary stories."

By IANS, Toronto : BlackBerry maker Research In Motion (RIM) has reported a profit of $643 million for the first quarter of the year, compared to $518.3 million posted during the previous quarter. However, its quarterly revenue was slightly dwon at $3.42 billion from $3.46 billion in the previous quarter. But it is still up 53 percent from $2.24 billion during the same period last year. BlackBerry added about 3.8 million net new subscribers accounts during the quarter, taking its total subscriber base to nearly 28.5 million.

By Pervez Bari, TwoCircles.net Bhopal, May 17: Madhya Pradesh Chief Minister Shivraj Singh Chouhan visited Silicon Valley at San Jose during his U.S. visit on Wednesday. According to an official Press release the Bankers Club of San Francisco organized a road show and interactive meeting on investment potential in Madhya Pradesh with the cooperation of U.S.-Indo Business Council and FICCI on the occasion.

By IANS, New Delhi : India's annual rate of inflation dropped marginally to 8.84 percent for the week ended Nov 15 from 8.9 percent the week before, according to fresh data released Thursday. The annual inflation rate was 3.35 percent during the corresponding week the previous year. The official wholesale price index (WPI) for all commodities during the week rose 0.04 percent to 235.1 (provisional) from 235 (provisional) the previous week.

By IANS, New Delhi : A benchmark index of Indian equities Thursday tapered in the last hour of trade and ended a modest 70 points higher than its previous close. Elsewhere in Asia and Europe, stocks hit highs after new austerity measures pledged by Portugal and Spain raised hopes that Europe's debt crisis can be contained, easing investor concerns. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,323.63 points, closed at 17,265.87 points, 70.06 points or 0.41 percent up from its previous close at 17,195.81 points.

By IANS New Delhi : Union Steel Minister Ram Vilas Paswan Thursday said strong measures would be taken if steel producers were found to have increased prices more than the input costs. "The government must first examine the ratio of pricerise between raw materials and steel," Paswan said. "If it is found that steel makers have increased prices more than the rise in input costs, then necessary steps would be taken."

By IANS Mumbai : Anil Ambani's Reliance Energy Ltd (REL) has scored over his brother Mukesh Ambani-promoted Sea King Infrastructure Ltd (SKIL) in winning a bid for the prestigious Mumbai Trans Harbour Link (MTHL) project, to be built at a cost of over Rs.40 billion ($1 billion). The state government is expected to make an announcement to this effect this evening. The 22.50-km eight-lane bridge over the sea will connect the island of Mumbai from Sewri to Nhava on the mainland at Navi Mumbai.

By IANS, New Delhi : It's already more than halfway through India's premium business-to-business fashion event Wills Lifestyle India Fashion Week (WIFW) but, given the global financial meltdown, most international buyers are either tight lipped about their investment plans or are still looking around. Miki Kano from Saaya, a fashion store in Japan, has been a regular buyer since the last four years but this time she is finding it a bit difficult to manage trade here due to the two parallel fashion events - WIFW and Delhi Fashion Week (DFW).

By IANS, Washington: The US Thursday expressed concern about South Korea's plan to start what it called a "scientific" whaling programme in the Pacific Ocean.

By P. Karunakharan, IANS, Colombo : Although the real estate market is up and vibrant in Sri Lanka, property developers have complained that the industry has been badly hit due to "the downturn in the economy", a media report said Tuesday. According to the state-run Daily News, the developers have said that "there has been a drop in condominium (apartment) sales" with the banks reluctant to fund the projects.

By IANS, Mumbai : India's National Stock Exchange (NSE) Wednesday inked a letter of intent with the London Stock Exchange Group (LSEG) to evaluate business opportunities, including licensing and trading of key benchmark indices on each other's exchange. "As part of the Letter, both exchanges declared their intent to explore the feasibility of an agreement whereby FTSE Group may licence the FTSE 100 Index to the NSE, and whereby the NSE may licence the S&P CNX Nifty (Nifty 50) to LSEG for the purpose of issuing and trading options and other index contracts," said a NSE statement.

By IANS, New Delhi : The opposition Bharatiya Janata Party (BJP) along with the Samajwadi Party criticised the railway budget Friday, saying it was presented with an eye to the elections, but the ruling Congress insisted it was a developmental and pro-people package. The BJP said the budget was unrealistic. "It is far from ground realities and close to the upcoming Lok Sabha elections reality," BJP spokesperson Mukhtar Abbas Naqvi told IANS. "By reducing fares nominally, Railways Minister Lalu Prasad has tried to lure voters," he added.

By APP Islamabad : The Liquified Petroleum Gas (LPG) sector has so far attracted an investment of Rs.11 billion as result of government’s prudent policies and efficient regulation. According to the Oil and Gas Regulatory Authority (OGRA), the investment is expected to increase substantially in future, with introduction of LPG in the automotive sector. At the end of last financial year, there were 10 LPG producing companies and 60 LPG marketing companies operating in the country while 61 licenses for the construction of storage and filling facilities have been issued.

By IANS, New Delhi : Oil exploration major Oil India Ltd (OIL) is likely to launch an initial public offering (IPO) in September, Petroleum Secretary R.S. Pandey said here Tuesday. He, however, ruled out disinvestment in other state-owned oil giants Indian Oil Corp (IOC) and Oil and Natural Gas Corp (ONGC). "There is no plan to divest stake in IOC and ONGC," Pandey told reporters, adding: "But we expect an initial public offering of Oil India by September."

By IANS,

By IANS New Delhi : The government Saturday launched the National Investment Fund (NIF) that will get the proceeds from the divestment of stakes in state-run enterprises to meet their capital expenditure and finance social projects. "All proceeds from divestment of public sector enterprises will be channelised into the NIF," an official statement said, after Finance Minister P. Chidambaram officially launched the project here.

By IANS, London : Potato crisps that can save millions in taxes? Yes, but only if they contain less potato. The next time you want potato crisps don't reach out for Pringles -- a British court has ruled that the famous potato crisps are not really potato at all. As a result, Pringles are now exempt from value added tax (VAT), which can save its manufacturer Proctor & Gamble (P&G) millions of pounds. Customers will have to pay less too.

By IANS, Ranchi : The biggest ongoing trade expo India International Trade Fair has proved to be a profitable investment for its participating firms. Even the global economic crisis could not dampen the high spirits. An Indian company Jharkhand Silk Textile Handicraft (Jharcraft), participating in the exposition underway at New Delhi, bagged an order worth $52,580 from a Japanese firm 100 Yen, which liked Jharcraft's handloom products in the trade fair. Now its products will hit the foreign markets soon.

By IANS, Lucknow : The state Khadi and Village Industries Commission (KVIC) plans to set up malls - designed and operated on the lines of upmarket shopping outlets - exclusively to promote designer khadi products across Uttar Pradesh, an official said here Tuesday. "The reason behind setting up the malls is obvious: promoting and popularising khadi products as being trendy," KVIC state director R.S. Pandey told IANS.

By IANS Mumbai : Reliance Energy Ltd (REL), a part of the Anil Dhirubhai Ambani Group, Wednesday said it was ready with funds worth Rs.20 billion ($500 million) to buy back its shares at Rs.1,600 each, at a market premium of 9.5 percent. The buyback, in two phases, is aimed to bring back lustre into the company's shares, which have seen a high of Rs.2,631.70 and a low of Rs.450.50 in the past 52 weeks.

By Rajeev Ranjan Roy, IANS, New Delhi : Spiralling prices, funds crunch, poor equipment and slow environmental clearances have delayed some 900 major infrastructure and other projects in India, burdening the exchequer with extra cost of over Rs.368 billion (nearly $10 billion), says an official report. "It may be seen that a number of projects require review of the sanctioned cost," says the report on central government projects, mainly covering infrastructure, prepared by the Ministry of Statistics and Programme Implementation.

By IANS, Kolkata : Andrew Yule will re-launch its packet tea during the festive season this year and pump in Rs.600 million over the next 12 years into its tea business for modernization of its gardens, a top company official said here Tuesday. "The gardens of our company are amongst the top 50 gardens in the country. But we are facing some problems with productivity at present. We need to do some re-plantation and modernisation to increase the production," Kallol Datta, Andrew Yule chairman and managing director said on the sidelines of the company's annual general meeting.

By IANS, New Delhi : In a bid to reduce the increasing backlog of cases relating to dishonoured cheques, Chief Justice of India (CJI) K.G. Balakrishnan inaugurated three evening courts in the capital Wednesday. Balakrishnan expressed concern over the large number of such cases in Delhi and hoped that the concept of evening courts would help address the problem. “These petty cases pose a great hurdle in justice delivery system. It is disappointing to have a pendency of over 500,000 such cases in Delhi alone,” he said while inaugurating the evening courts here.

By NNN-TNA Bangkok : The Thai economy is expected to grow at least 4.5 per cent this year and 4-5 per cent next year, boosted by a recovery in household spending and private investment, according to the National Economic and Social Development Board.

By IANS, New Delhi : Prime Minister Manmohan Singh Saturday expressed confidence that the Indian economy will rebound by the end of this year and once again enter a high growth path. "Going back to a 9 percent growth path is our greatest challenge. For this, we will take whatever steps that are required," the prime minister said in his Independence Day address to the nation from the majestic Red Fort.

By IANS, New Delhi : India's annual rate of inflation rose marginally to 0.7 percent for the week ended April 25 from 0.57 percent the week before, official data showed Friday. Among the three main commodity groups, the indices for manufactured products and primary articles rose 0.3 percent and 0.2 percent, respectively, during the week under review. The index for fuel, power, light and lubricants remained unchanged at its previous week's level of 323 (provisional).

By IANS Chennai : Twelve years after joining the Rs.8.54-billion ($217 million) turnover Tamil Nadu Newsprint and Papers Ltd (TNPL) as director of finance, A. Velliangiri has been elevated as the company's deputy managing director. A fellow member of Institute of Chartered Accountants of India, Institute of Companies Secretaries of India and the Institute of Cost and Works Accountants of India, Velliangiri joined TNPL in 1995. During his tenure as director finance, Velliangiri had facilitated TNPL's capital expenditure programmes at minimal finance cost.

By Gurmukh Singh, IANS, Toronto : Research in Motion (RIM) stocks sank to a 17-month low as the BlackBerry maker Thursday said that use of strong encryption in wireless technology is not unique to them and "it is unquestionably an industry wide matter". Slipping 1.9 percent, RIM stock closed at $46.84 on the Nasdaq - the lowest since April 1, 2009. The stock also dived 2.4 percent on the Toronto Stock Exchange, closing at $49.45.

By Nayanima Basu, IANS 

New Delhi : Starbucks Corp, the world's largest coffee-shop chain, is soon going to file a fresh application to enter the Indian market, top officials in the commerce and industry ministry said.