Heavy Engineering Corp net profit up 286 percent
By IANS,
Ranchi : State-run Heavy Engineering Corp (HEC) Saturday reported a 286.33 percent jump in its net profit last fiscal.
"During 2008-09, the company has posted a profit of Rs.16.11 crore, compared to Rs.4.17 crore in 2007-08," HEC Chairman-cum-Managing Director G.K. Pillai told reporters.
This is the third consecutive year HEC is clocking net profit, a "considerable improvement" given the fact that the company was on the verge of closure in 2004 because of bad performance.
Rajat Gupta elected to American Airlines board
By IANS
New York : Rajat K. Gupta, senior partner emeritus of McKinsey & Co., has been elected to the board of the American Airlines, the leading US airline company, and its parent AMR Corporation.
India born Gupta brings vast business and community experience to AMR, the Texas based aviation company said in a press release Wednesday.
An Indian Institute of Technology (IIT) graduate with an MBA from Harvard University, Gupta served as the managing director worldwide of McKinsey, a consulting firm, from 1994 to 2003.
Car sales fall 1.71 percent in July
By IANS,
New Delhi : Domestic passenger car sales declined 1.71 percent to 87,724 units in July - the first decline in about three years - a report of the industry trade body released Monday said.
Dilip Chenoy, director general of the Society of Indian Automobile Manufacturers (Siam), attributed spiralling operational costs and credit crunch due to interest rate hikes to the fall in sales.
Car sales had grown 6.1 percent in June and 14.3 percent in May this year. "India last saw a contraction in sales in June 2005," Chenoy said.
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.
MP poised for rapid industrialisation, claims CM
By Pervez Bari, TwoCircles.net
Bhopl: Madhya Pradesh Chief Minister Shivraj Singh Chouhan said that industrialization has gained a fresh momentum in Madhya Pradesh and the state is now poised for a giant leap in this field.
Chouhan was laying the foundation for an industrial and Agro-tech project being set up by Abhishek Industries at Budni today.
Diwali shines bright for corporate gifts once again
By Anuradha Shukla, IANS,
New Delhi : After a dim Diwali last year due to the economic downturn and an overhang of business uncertainty, the upcoming festival of lights is shining brighter for the $1.2- billion corporate gift market in India.
According to PayPal, the California-based international gateway for online payments, the average Diwali spend among Indians this year is estimated at $213, with household items and health and beauty products topping the popular gift list.
Tamil Nadu clears industrial projects worth Rs.160 bn
By IANS
Chennai : The Tamil Nadu cabinet has cleared five major commercial proposals, entailing a total investment of Rs.160 billion ($4 billion), during a meeting chaired by Chief Minister M. Karunanidhi in the evening, a government communiqué said Friday.
The proposed projects would generate direct employment for approximately 58,000 people and indirect livelihood for over 47,500, it said.
RBI allows Rs 50,000 withdrawal a week from overdraft accounts
Mumbai : Following the demonetisation of high value notes, the RBI on Monday further relaxed cash withdrawal norms, permitting overdraft and cash credit account...
Renault Nissan to open Chennai factory early next year
By IANS,
New Delhi : Despite his Indian alliance not going as smoothly as expected, the head of Japan's Nissan Motors and France's Renault SA, Carlos Ghosn said their venture will be opening their factory in south India early next year.
"We will be starting our new plant in Chennai by the end of first quarter of next year," Ghosn told reporters on the sidelines of the India Economic Summit of the World Economic Forum.
Renault has a partnership with Mahindra and Mahindra for the production of Logan, whose sales have not done as well as expected.
Let the sea rise, say the Dutch
By Joydeep Gupta, IANS,
Salzburg (Austria) : Seventy percent of the Netherlands is below the sea, making it more vulnerable than any other country to climate change-triggered rising sea levels. The Dutch plan to deal with this national threat in a unique way - by adapting to the rise rather than trying to halt it.
Obama announces new team to tackle economic crisis
By IANS,
Chicago : US President-elect Barack Obama Monday named his team of economic advisers who would infuse "fresh thinking" to tackle the economic downturn.
Timothy Geithner, the president of the New York Federal Reserve, is to be the next US treasury secretary. Lawrence Summers, a former treasury secretary, will be the new head of the White House's national economic council.
Hope my rail budget meets expectations: Gowda
New Delhi : Railway Minister D.V. Sadananda Gowda began presenting the rail budget in Lok Sabha Tuesday, promising to serve the social obligations of...
India GDP growth slows to 8.4 percent in Q3 of financial year 2008
By NNN-PTI
New Delhi : Confirming fears of a slow down expressed in the Economic Survey, India's GDP expanded by a tardy 8.4 per cent in the third quarter of 2007-08 primarily due to sluggishness in manufacturing and construction sectors.
According to quarterly estimates of Gross Domestic Product (GDP) released by the government Friday, October- December quarter was the worst in 2007-08 in terms of economic growth (8.4 per cent), which in turn can pull down full year growth to 8.7 per cent as feared by the Economic Survey.
TAPI pipeline will take five years: Afghan president
New Delhi : The construction of the $10-billion four-nation TAPI (Turkmenistan-Afghanistan-Pakistan-India) gas pipeline project will be completed in the next five years, Afghanistan President...
Mukesh Ambani richest Indian as Bill Gates returns to top
By Arun Kumar,
Washington : Mukesh Ambani again emerged as the richest among ten Indians in the Forbes annual list of a record 1,645 billionaires...
Sensex closes 156 points lower ahead of monetary policy review
By IANS,
Mumbai : Interest rate sensitive stocks at Indian equities markets came under selling pressure ahead of the monetary policy review next week. A benchmark index closed 156 points down.
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.
City of millionaires has billions stashed in banks
By Jaideep Sarin, IANS
Chandigarh : Chandigarh, the city with the highest per capita income in India, is on another high. Its banks are full to the brim with deposits of nearly Rs.242 billion ($6.15 billion).
The income tax department has listed over 1,800 millionaires here on the basis of tax returns filed last year (2006-07). Data collected by the Chandigarh administration on its over 1.1 million residents have revealed this interesting fact.
US banks turn to investors after ‘stress tests’ findings
By DPA,
Washington : Major US banks turned to private investors Friday in the hopes of finding $75 billion that the government believes is needed for the financial sector to survive the ongoing recession.
Wells Fargo & Co, Morgan Stanley and Bank Of America Corp were launching new stock offerings to raise the capital they need to comply with the government's demands.
Coal India unions 5 day-strike from Tuesday, banks on Wednesday
New Delhi : The government began the working week of the New Year on a beleaguered note, facing two major strikes - first by...
Kingfisher set to expand international network
By IANS,
New Delhi : India's private carrier Kingfisher Airlines is planning to launch flights on eight international routes this year, it said Saturday.
"We have planned a roadmap for the next phase of international routes. We will start flying on the Mumbai-Hong Kong, Mumbai-Singapore sector Sep 16," said an airline spokesperson.
The six other routes on which Kingfisher intends to launch services are Delhi-Bangkok, Delhi-Dubai, Delhi-London, Mumbai-Bangkok, Mumbai-Colombo and Mumbai-Dubai.
Jai Balaji targets yearly 9 mn tonnes steel production
By IANS
Kolkata : Jai Balaji Industries Ltd, a leading steel maker in eastern India, targets to increase its capacity to nine million tonne from the present 1.2 million tonne by 2015.
"We are trying to increase our steel manufacturing capacity to 9 million tonne in next 7-8 years. Of the increased production, 5 million tonne would be added from the upcoming Purulia facility in West Bengal. The rest would be produced in our Jharkhand and Chhattisgarh units," Jai Balaji Group chairman and managing director Aditya Jajodia told reporters here Thursday.
Equity markets stay on the up early afternoon
By IANS,
Mumbai : Indian equity markets stayed in the green early Thursday afternoon, with buying interest in banking, capital goods and technology stocks.
At 1:00 p.m., the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was up by 464.48 points or 3.69 percent to 13,040.28. It had touched a high of 13,099.61 earlier.
At the same time the broader based S&P CNX Nifty index of the National Stock Exchange was up by 120.95 points to 3937.65.
The market breadth was positive. On BSE 1,525 shares advanced, 878 declined and 75 remained unchanged.
Finnair achieves 2.5 percent growth in 2010
By IANS,
New Delhi : Nordic carrier Finnair's passenger traffic grew by 2.5 percent in 2010 helped by a boost on its Asian routes, the airline said Sunday.
No direct fertiliser subsidy to farmers mooted
By IANS
New Delhi : The Fertilizer Advisory Forum Wednesday strongly opposed the direct subsidy of fertilisers to farmers and instead favoured the continuation of the existing practice of subsidy to the industry.
"The direct subsidy to farmers was opposed by the forum as it felt it was not in their interest," Minister for Chemicals, Fertilizers and Steel Ram Vilas Paswan told reporters here after the second meeting of the forum.
New Delhi : The Fertilizer Advisory Forum Wednesday strongly opposed the direct subsidy of fertilisers to farmers and instead favoured the continuation of the existing practice of subsidy to the industry.
"The direct subsidy to farmers was opposed by the forum as it felt it was not in their interest," Minister for Chemicals, Fertilizers and Steel Ram Vilas Paswan told reporters here after the second meeting of the forum.
Equities open higher, Sensex up 200 points
By IANS,
Mumbai : After shedding value for five successive trading sessions, Indian equities markets opened strong Wednesday and were in positive territory 15 minutes into trading, with a key index up nearly 200 points to once again breach the psychologically important 9,000 mark.
Some 15 minutes into trading, the 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 9,132.09, up 194.89 points or 2.18 percent from its previous close Tuesday at 8,937.20 points.
Indian exports to Africa can touch $50 bn by 2012: Ficci
By IANS
New Delhi : A day before India and African heads of state meet for the first-ever India-Africa forum summit, an apex Indian business chamber released a survey saying India should discuss with African countries ways to make business easier in order to double exports to $50 billion in 2012.
India to contribute wheat for SAARC food bank
By IANS,
New Delhi : Despite banning wheat exports, India will contribute 153,000 tonnes of the grain to set up a food bank for tackling food crisis in certain SAARC countries, the government announced here Wednesday.
"We have kept two million tonnes of wheat for some countries that have made a request for the grain our external affairs ministry through diplomatic channels," Food and Agriculture Minister Sharad Pawar told reporters during a business summit.
Bangalore realty software firm bags Dubai order
By IANS
Bangalore : In4velocity Systems, a Bangalore-based real estate and property development software firm, has bagged a lucrative deal valued at Rs.30 million from Omniyat Properties of Dubai.
As part of the Omniyat Holdings group, Omniyat Properties is a privately held real estate investment and development firm in the UAE.
Andhra Pradesh announces relief, no hike in LPG prices (Lead)
By IANS,
Hyderabad : Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy Thursday announced his government would bear the burden of the fuel price hike and LPG would be continued to be sold at earlier prices. The state is also likely to reduce sales tax on petrol and diesel.
India’s forex reserves down $573.5 mn
Mumbai: India's foreign exchange reserves declined by $573.5 million to $319.99 billion due to a sharp fall in the currency assets for the week...
Kingfisher takes off to London on maiden flight
By IANS,
Bangalore : India's largest private carrier Kingfisher Airlines made its international debut Wednesday when its first direct flight to London took off from Bengaluru international airport here amid fanfare despite inclement weather.
"The non-stop flight (IT 001) departed at 09:20, 40 minutes behind schedule due to inaugural ceremony and formalities. The Airbus (A330-200) was full," an airline spokesperson told IANS.
No impact of World Bank ban on business, says Megasoft
By IANS,
Chennai/Hyderabad : Indian technology firm Megasoft Ltd Monday said there would be no financial impact on its operations from the World Bank decision to debar it from outsourcing services.
The list of Indian software companies debarred by the World Bank from transacting any business on the grounds of unfair practices now includes Wipro and Megasoft, besides the tainted Satyam Computer Services.
Obama invites India to major economies forum on climate change
By Arun Kumar, IANS,
Washington : US President Barack Obama has invited the leaders of 16 major economies including India to Washington for a forum on energy and climate next month to prepare ground for a new global climate change regime.
The forum, scheduled for April 27-28, seeks to "generate the political leadership necessary" for a successful outcome at the UN climate change negotiation to be held in Copenhagen in December, the White House said in a statement Saturday.
India, Germany to sign economic, defence pacts
By IANS
New Delhi : India and Germany will Tuesday sign a slew of agreements in areas ranging from trade and energy to defence and technology, cementing strategic and economic ties between one of Asia's growing economies and Europe's industrial giant.
Prime Minister Manmohan Singh and German Chancellor Angela Merkel, who arrives here Monday night on her first visit to India, will hold talks on a broad range of bilateral, regional and global issues including UN reforms, climate change, energy security and cooperation in the Doha round of multilateral trade negotiations.
Fertilisers to be priced on nutrient value; will be cheaper
By IANS,
New Delhi : The government, which Thursday announced a new fertiliser policy, has decided to switch to pricing fertilisers on the basis of their nutrient value, and not brands.
"The new pricing scheme for fertilisers will help lower prices of some varieties by an average Rs.1,416 ($33) per tonne," Finance Minister P. Chidamabram told reporters after a meeting of the Cabinet Committee on Economic Affairs (CCEA) presided over by Prime Minister Manmohan Singh.
Chidamabaram ruled out any shortage of fertilisers.
Let market decide on H-1B cap, says US chamber
By IANS,
Washington : The US corporate world has slammed the Congressional cap on H-1B visas and asked the government to allow markets to determine the number of skilled foreign workers, including those from India, eligible to work in the country.
Indian IT sector posts $40 bn revenue in 2006-07
By IANS
Bangalore : Driven by a strong export growth and a healthy domestic market, the Indian IT industry posted a record revenue of $40 billion in fiscal 2006-07, registering a 31 percent growth.
MMTC to set up JVs for gold refining and retail
By IANS
Kolkata : MMTC Ltd, India's largest international trading company, will float two joint ventures for a medallion and gold refinery unit and a jewellery retail chain.
The company, a government of India enterprise, is also planning a special economic zone (SEZ) for jewellery products.
"We have decided to form joint ventures for both of these ventures - to set up a medallion unit with a gold refinery and a national jewellery retailing chain," MMTC chief general manager Asheesh Majumdar told a press conference here Monday.
UN agency, WHO hail budget
By IANS,
New Delhi : The United Nations Development Programme (UNDP) and World Health Organisation (WHO) Tuesday lauded the union budget, saying it would "help achieve millennium development goals".
"We got to recognize that government of India has taken a strong step. We welcome Indian government policy (on social sector)," said UNDP India country director Deirdre Boyd while unveiling the Millennium Development Goal (MDG) report in New Delhi.
‘Companies need separate audit, risk management panels’
By IANS,
Kolkata: Any company should have separate committees for audit and risk management and the latter should be accordingly represented on the company board, according to a British business school head.
"The company board should play a strong role in adopting a realistic risk management system and risk management system should be carefully separated from its audit committee," University of Warwick's Warwick Business School director Derek Condon said at a seminar on "Risk Management and Corporate Governance" here Monday.
Indian Oil net profit drops 57 percent
By IANS,
New Delhi : State-run oil marketing company Indian Oil Corp (IOC) Friday recorded a 57 percent fall in its net profit for 2008-09 from the year before.
The company said in a statement that its annual profit stood at Rs.2,949 crore as against Rs.6,962 crore recorded in 2007-08.
The total turnover of IOC, however, increased 17 percent from Rs.224,405 crore in 2007-8 to Rs.262,654 crore last fiscal.
The fourth quarter results showed an upswing, with the company posting a net profit of Rs.660 crore, comparing to a net loss of Rs.410 crore in the like period of 2008.
Kingfisher starts Nepal flights
By IANS,
Kathmandu : Mumbai-based major Indian carrier Kingfisher Airlines has begun its much-awaited flight to Nepal, becoming the third Indian airline to connect the two neighbouring countries.
Vijay Mallya, chairman and chief executive officer of the group, flew to Kathmandu himself Saturday for the inaugural flight.
Kingfisher, which had flown more than a million visitors last year, will now run daily flights between New Delhi and Kathmandu.
In June, it will start direct flights between Mumbai and Kathmandu as well.
India’s forex reserves dip $3.32 bn
By IANS,
Mumbai: India's foreign exchange (forex) reserves declined by $3.32 billion to $294.01 billion for the week ended Jan 7 mainly due to the slump in the value of foreign currency assets.
Jharkhand to reduce tax on diesel
By IANS
Ranchi : The Jharkhand government will reduce Value Added Tax (VAT) by two percent on diesel from April 1.
Finance Minister Stephen Marandi said here Thursday: "We have reduced the VAT on diesel from existing 20 percent to 18 percent. The reduction of VAT will have impact on the state coffers. According to an estimate, the state government will lose Rs.46 crore (Rs.460 million) per annum by reducing VAT."
Markets still in a slump
By IANS,
Mumbai : Indian equities markets were still trading at a loss an hour before closing Tuesday with a key index ruling 2.43 percent lower than its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened Tuesday at 9,159.76 points against the previous close at 9,329.57, was ruling at 9,102.88 points.
At this level, the Sensex was down 226.69 points or 2.43 percent from Monday's close.
Govt defers stimulus package; announcement likely on Sunday
By NNN-PTI,
New Delhi : The much awaited government stimulus package aimed at countering impact of global downturn on the Indian economy is believed to have been deferred by a day.
The Government package, different from the RBI's announcements, is likely to be unveiled tomorrow by the Prime Minister's office, a source said.
The Government is expected to announce several fiscal measures such as cut in excise duty on some products, to boost the growth.
A plan for big-time infrastructure funding is also awaited.
Equities markets stay flat early afternoon
By IANS,
Mumbai : The Indian equities markets which opened with a positive gap Thursday were trading flat amidst volatility early afternoon.
At 12:30 p.m. the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was trading at 16,531.42 with a marginal gain of 6.05 points from Wednesday's closing figure. It touched a high of 16,666.03 and a low of 16,493.34 points earlier Thursday.
At the same time, the S&P Nifty index of the National Stock Exchange was trading at 4,925.10 points with a gain of just 6.75 points from its previous close.
Qatar Airways says India remains hot market
By IANS,
New Delhi : Leading Gulf carrier Qatar Airways Wednesday said India remained an important market not just for its civil aviation operations but also as the principal source for manpower, including crew and other trained staff.
The airline also said it hoped to put an Airbus-380 aircraft - out of five expected to be delivered beginning 2010 - on the India route, since it was among the most promising countries for expansion.
Ford workers seek government intervention
By IANS,
Chennai : The newly-formed employees union at Ford India has sought the government's intervention in making the car company start negotiations with it.
"We have sent a letter to the Deputy Commissioner of Labour requesting him to take necessary action so that Ford India starts negotiations with our union," Ford India Employees Union general secretary A. Satish Kumar told IANS.
Kumar said the union was formed nearly a month ago and the company was informed about it through post.
Indian shares end higher on foreign fund support
By IANS
Mumbai : With foreign institutional investors back in the market as net buyers and economic fundamentals emerging stronger with easing of inflation and strong growth, Indian shares ended higher for the second straight week.
After opening on a strong note, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended Friday at 15,590.42 points, making a net gain of 271.82 points, or 1.77 percent, for the week.
JSW Steel project rekindles West Bengal’s industrialisation dream
By IANS,
Salboni (West Bengal) : Nearly a month after Tata Motors aborted its small car project in Singur, West Bengal is rekindling its fading industrialisation dream with the laying of the foundation stone Sunday for the Sajjan Jindal promoted JSW Steel project in this Maoist-targeted area amid high security.
Two mn litres of fuel to be available in Tamil Nadu
By IANS,
Chennai : Two million litres of fuel will be supplied across Tamil Nadu to overcome the acute shortage of petrol and diesel in the state, a government official said Tuesday.
The government said it was reviewing the shortage with the oil companies.
Chief secretary L.K. Tripathy said two million litres of petrol and diesel would soon be available through oil stations in the state.
Indian equities ruling higher after strong opening
By IANS,
Mumbai : Indian equities were ruling higher Friday after a strong opening on the back some positive signals from the government on the continuity of reforms and strong overnight rally in the US markets.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 14,325.58 points against Thursday's close at 14,250.25 points, and soon soared to a high of 14,607.11.
Some two hours into trading, the key 30-share index was ruling at 14,568.09 points, with a gain of 317.84 points, or 2.23 percent, over the previous day's close, data with the exchange showed.
Austrian steelmaker voestalpine to cut production
By DPA,
Vienna : Austrian steelmaker voestalpine AG announced Thursday it would throttle production by three to five percent and was considering layoffs, in an effort to cut costs in the current global financial and economic crises.
The news came on the same day that the company reported strong increases in revenue and profit for its second business quarter, as it was able to pass along higher commodity prices to customers.
Around 2000 leased personnel could be affected by the layoffs, voestalpine Chief Executive Wolfgang Eder said.
ICICI opens branch in Birmingham
By IANS
London : ICICI Bank, India's fastest growing private bank, has opened its sixth branch in Britain in Birmingham with plans to services the financial needs of several companies in the West Midlands that have collaborations and branches in India.
Tribunal defers GSM operators’ petition till Feb 14
By IANS
New Delhi : Indian telecom tribunal Thursday postponed hearing of a GSM operators' petition over allowing operators use of dual technology till Feb 14, as a similar litigation is being heard at the Delhi High Court.
Cellular Operators Association of India (COAI), a GSM organisation, had filed a petition against the department of telecommunications (DoT) over allocation of frequency or spectrum allocation to telecom operators and allowing CDMA players to roll out GSM services.
Indian IT giants look at Bhutan for investment
By NNN-KUENSEL,
Thimpu : Around 30 leading Information Technology giants from the global IT capital of Bangalore who are in Thimphu to hold their annual strategy meeting are also looking at ‘investment possibilities’ in Bhutan.
The IT leaders said that Bhutan could play host to an array of possibilities like Data Centers Operation, Disaster Recovery Center, Business Process Outsourcing, Software Development Center.
Iranian trade delegation to meet industrialists in Mumbai
By IANS
Mumbai : A 25-member trade delegation led by a group of ministers from Iran will Wednesday meet captains of Indian industry here and discuss possible collaboration in the oil and gas sectors.
Vijay Kalantri, president of All India Association of Industries (AIAI), said the delegation will reach Mumbai late Tuesday.
"A high level delegation of Indian oil and gas experts from India had recently visited Iran. This proves that there is tremendous interest in both the countries in the field of oil and gas," Kalantri said.
Tata Consultancy signs pact with US auto major Chrysler
By IANS
Mumbai : India's leading software company Tata Consultancy Services Ltd (TCS) has signed a multi-year contract with US-based automobile manufacturer Chrysler LLC to provide a comprehensive portfolio of IT services.
According to the agreement, TCS will deliver IT application and maintenance support services to Chrysler by leveraging its Global Network Delivery Model from various locations around the world, including the recently announced TCS Seven Mills Park domestic delivery centre outside Cincinnati, Ohio, and through a locally recruited team in the Detroit, Michigan, region.
DLF profits up by 23 percent in 2008 Q1
By IANS,
Mumbai : Realty major DLF Ltd has announced a profit after tax of Rs.18.64 billion during the first quarter of fiscal year 2008, a growth of nearly 23 percent from the corresponding period previous year.
For the latest quarter ending June, the total income of the company increased to Rs.38.46 billion from Rs.31.21 billion in the corresponding quarter last year.
The company's EBIDTA (earnings before interest, depreciation, taxes and amortization) - or company's cash flow before deductions - stood at Rs.23.80 billion up from Rs.22.51 billion, an increase over six percent.
Sensex gives up gains, broader indices outperform
By IANS,
Mumbai : A benchmark index of Indian equities Wednesday gave up its early morning gains at noon even as mid-size and small scrips saw better buying interest.
HCC ties up with Egyptian contractor for highway projects
By IANS,
Mumbai : HCC Infrastructure, a subsidiary of Hindustan Construction Company, Tuesday said it has tied up with a major Egyptian firm, Orascom Construction Industries (OCI), to jointly develop large national highway projects.
The company in a regulatory filing said it would seek to broaden the partnership with OCI other than bidding for projects on offer from the National Highways Authority of India (NHAI) and the two intend to create a portfolio of premium infrastructure assets across sectors.
Committee set up to ascertain quality of Chinese plant, equipment
By IANS,
Mejia (West Bengal) : The Central Electricity Authority (CEA) has set up a technical committee to ascertain the suitability in Indian conditions of power plants and equipment provided by Chinese companies and study their quality, said a union minister here Sunday.
Central bank cuts key rates
By IANS,
Mumbai : India's Central bank cut key rates Tuesday by 25 basis points in a move to infuse more liquidity into the system and stimulate lending growth.
The Reserve Bank of India (RBI) cut the repo rate by 25 basis points from the current 5 percent to 4.75 percent, while the reverse repo rate has been brought down to 3.25 percent from 3.5 percent earlier.
The repo rate is the rate at which the RBI borrows from the banks, while the reverse repo rate is the interest rate paid to banks for RBI's borrowings from them.
China’s forex reserve tops $ 1.5 trillion
BEIJING, Jan. 11 (APP) -- China’s foreign exchange reserve had reached $ 1.53 trillion by the end of 2007, up 43.32 percent from 2006, the People’s Bank of China announced on Friday.
A total of $ 461.9 billion were added to the country’s forex reserve in 2007, said the central bank and in December alone, the forex reserve rose by $ 31.3 billion.
China’s forex reserve kept a sharp growth in 2007, reaching $ 1.2 trillion by the end of March, $ 1.33 trillion by the end of June, and $ 1.43 trillion by the end of September.
Why India stands largely insulated from global financial crisis
By Sushma Ramachandran, IANS,
The collapse of the mighty global financial system has triggered a series of chain reactions in India, but the impact is not going to be as widespread as earlier imagined. The reasons are numerous.
Volkswagen, Suzuki stake deal sends Maruti stock up
By IANS,
Mumbai : Maruti Suzuki's scrip shot up 3.82 percent Wednesday after global auto giants Volkswagen AG and Suzuki Motor Corp announced a share swapping deal.
As per the partnership, Germany's Volkswagen will purchase 19.9 percent of Suzuki's issued shares, while the Japanese firm will invest up to half of the amount it receives from Volkswagen into shares of the German firm.
The Maruti Suzuki scrip, which opened at Rs.1,565, shot up 3.82 percent to Rs.1,629 around noon. It later on settled to a lower level at Rs.1,589.
Qatar to consider supply of more LNG to India
By IANS
New Delhi : The emir of Qatar, Sheikh Hamad bin Khalifa Al-Thani in a meeting in Doha Monday assured Petroleum and Natural Gas Minister Murli Deora to consider India's demand for increasing the supply of liquefied natural gas (LNG).
India already has a 25-year contract for supply of 7.5 million tonnes of LNG every year. Recently, Petronet India Limited signed another agreement with Ras Gas for supply of 1.25 MT of LNG by September 2008. Besides these two agreements, India has been keen to import five MT more of gas from Qatar.
One million new jobs in India in 2008
By NNN-PTI
New Delhi : It is good news for those freshout of college or for those who are keen for a job change, asa leading HR consultancy firm has predicted one million new jobs in India this year.
Ma Foi Employment Trends Survey (METS), conducted by MaFoi, one of India's largest HR consultancy firm has predicted a three per cent increase in employment in 2008.
The largest chunk of the new jobs according to the survey would be generated by hospitality sector which is riding high with the tourism boom in the country.
Closed Surat diamond units likely to resume operations
By IANS,
Surat : Most closed diamond polishing units here, which had been closed for over a month, are likely to resume operations by Tuesday, a senior government official said Monday.
"I held a meeting yesterday (Sunday) and 400 diamond units representatives were present. So too was Nanubhai Vanani, MLA and ex-president of Surat Diamond Association. Most units agreed to begin work from tomorrow (Tuesday)," deputy labour commissioner M.V. Jadeja told IANS.
Indo-US business unaffected by rupee rise, sub-prime crisis
By Arun Kumar, IANS
Washington : The India-US business climate has been only marginally affected by the sub prime mortgage crisis in America or the unprecedented appreciation of rupee against the dollar, according to a business advocacy group.
The Indo-American Chamber of Commerce (IACC) painted this promising picture with a new business survey at a two-day conference on "Doing Business with India" it organised with the Centre for American and International Law in Dallas, Texas.
Agricultural education gets Rs.22.76 bn boost
By IANS,
New Delhi : A cabinet panel Thursday sanctioned Rs.22.76 billion ($460 million) for strengthening and developing higher agricultural education in the country.
Of this, Rs.11.25 billion will be spent on development and strengthening of agricultural universities and Rs.4.21 billion on modernization of agricultural university farms, Minister of State in the Prime Minister's Office (PMO) Prithviraj Chavan said.
He was briefing reporters after a meeting of the Cabinet Committee on Economic Affairs presided over by Prime Minister Manmohan Singh.
World Bank official meets Karunanidhi, reviews projects
By IANS,
Chennai : World Bank's country director Roberto Zagha met Tamil Nadu Chief Minister M. Karunanidhi here Thursday and reviewed the progress of the six bank-assisted projects in the state.
During the meeting, Karunanidhi requested the official to take a quick decision on the state's application for Rs.1,764 crore assistance from the bank for improving housing, roads, sanitation facilities.
G20 summit may launch process to resolve financial crisis
By Arun Kumar, IANS,
Washington : The weekend summit of the Group of Twenty (G20) leaders here may be more like the launch of a process rather than finding a final solution to deal with the global financial crisis, diplomatic sources suggested.
US President George W. Bush has invited the G20 leaders, including Indian Prime Minister Manmohan Singh, to the summit here Nov 15 to develop a common approach to combating the global economic crisis, triggered initially by the sub-prime mortgage meltdown in the US.
Northeast India’s biggest steel plant begins production
By IANS,
Agartala : The biggest gas-based steel plant in northeast India started commercial production in Tripura Friday.
The Noida-based Dharampal Premchand Ltd (DPL), manufacturers of the "Baba" brand of tobacco products, has diversified into steel production to set up the Rs.250-crore steel plant at Bodhjungnagar, 12 km north of Tripura's capital Agartala.
WTO director general Lamy to visit India next week
By IANS,
New Delhi : The World Trade Organisation (WTO) negotiations may not have totally collapsed, as its director general Pascal Lamy is visiting India next week to negotiate with India Inc and the government after last month's failed trade talks in Geneva, a top government official said here Monday.
"Lamy would be visiting India next week, around August 12 and 13," commerce secretary G.K. Pillai told reporters on the sidelines of a conference on WTO.
Indian-born trader sets precedent by winning 20mn pound compensation
By IANS,
London : Rajesh Gill, an Indian-origin trader regarded as among the best in the City, has won 20 million pounds in damages after being defrauded by one of the world's largest brokerages.
The Financial Times said his victory over MF Global at the London High Court Wednesday followed "a landmark ruling likely to reverberate through the industry."
Gill, a prolific trader, was locked in litigation with MF Global for seven years after one of its senior brokers defrauded him by lying to him about his earnings.
ICICI Prudential implements Intense’s suite
By IANS,
Hyderabad : Enterprise agility software products company Intense Technologies Monday announced that ICICI Prudential Life Insurance has implemented its intelligent Enterprise Customer Communication Management (iECCM) suite for cost-effective, multi-modal delivery of branded customer documents.
With iECCM, enterprises can provide customers with a higher degree of empowerment and a qualitatively superior service experience while crafting the customer intimacy that helps in customer retention, said a statement by Intense Technologies here.
Mittal’s stake in Australian firm skips mandatory review
By IANS,
Sydney : By acquiring a 14.9 percent stake in a Queensland-based coal-mining firm, the London-based L.N. Mittal can avoid a mandatory appraisal by the country's Foreign Investment Review Board, news reports here say.
The steel magnate's AreclorMittal Wednesday announced that it was picking up the stake - just short of the 15 percent that would have triggered the appraisal - in Macarthur Coal. Areclor Mittal is also the mining firm's biggest customer.
Maytas director C.S. Bansal quits
By IANS,
Hyderabad : C.S. Bansal Friday resigned as director of Maytas Infra Limited, the firm promoted by disgraced founder and former chairman of Satyam Computer Services B. Ramalinga Raju and his family.
Maytas Infra, at a board meeting here Friday, reviewed the developments in the wake of the massive fraud in Satyam admitted by Ramalinga Raju on Jan 7.
The listed company in a notification informed the BSE and the NSE that B. Narasimha Rao has been appointed additional director of the company with effect from Jan 30.
Panic run on ATMs as thousands rush to withdraw, deposit notes
ArrayNew Delhi : There was a panic run on ATMs across the Indian capital as Prime Minister Narendra Modi declared that Rs 500 and...
Diesel to cost Rs.2.70 less in Delhi from July 20
By IANS,
New Delhi : Diesel will cost Rs.2.70 less a litre in the capital from July 20 as the Delhi government Friday slashed the value added tax (VAT) on the fuel from the current 20 percent to 12.5 percent, saying petrol pump owners are facing losses.
"We have decided to decrease the VAT on diesel from 20 percent to 12.5 percent effective July 20. This is likely to bring down the prices of the fuel in the capital," Chief Minister Sheila Dikshit said, announcing the decision.
Diesel now costs Rs.40.10 a litre in the capital and after the decrease in VAT, it will cost Rs.38.40.
US housing rebounds in battered market
By Arun Kumar, IANS,
Washington : In a welcome sign, new home construction has unexpectedly rebounded in the US with a 22 percent jump in February after falling for eight straight months.
Housing starts rose to a seasonally adjusted annual rate of 583,000 last month, up 22 percent from a revised 477,000 in January, according to the Commerce Department release Tuesday. It was the first time housing starts increased since June, when they rose 11 percent.
US stocks fall amid economic worries
By Xinhua,
New York : The US stocks closed lower with Dow losing for a fifth consecutive session Tuesday as a gloomy economic outlook and worrying home sales added to investors' concern about recession.
The US Commerce Department reported Tuesday that the third-quarter gross domestic product (GDP) declined at an annual rate of 0.5 percent, the same as the government estimate one month ago. But investors are concerned that the readings for current and future quarters will get worse, with some projecting as much as a six-percent drop in the October-December quarter.
Antony to lay keel of first indigenous aircraft career Saturday
By IANS,
Kochi : Defence Minister A.K. Antony will Saturday lay the keel of the country's first indigenous aircraft carrier at the Cochin Shipyard Limited (CSL) here Saturday, an event that will mark a significant upgradation of India's shipbuilding capabilities.
With a displacement of 40,000 tonnes, the carrier will be the first military vessel at CSL. To be launched in 2010, the ship is scheduled to be delivered to the Indian Navy in 2014.
No cheer for India’s children in interim budget
By Arun Anand, IANS,
New Delhi : The interim budget for 2009-10, presented in the Lok Sabha Monday, has brought down allocation of various child welfare programmes as compared to previous years, says a budget analysis done by a city-based children's rights organisation.
"On issues of health, education, protection and nutrition, the children have either received less in 2009-10 or their share has remained the same," says the analysis report by Haq: Centre for Child Rights.
Rajnath asks Delhi to have more vans to sell onions, potatoes
New Delhi : In an effort to check the rise in prices of some essential commodities, Home Minister Rajnath Singh Thursday asked the Delhi...
Sensex ends marginally lower
By IANS,
Mumbai : A key Indian equities index shut shop marginally in the red Friday with major auto stocks coming under selling pressure.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) that opened at 17,182.23 points closed at 17,127.76 points (provisional), down 57.92 points or 0.34 percent from Thursday's close at 17,185.68 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut at 5,116.6 points, against the previous close at 5,131.7 points, a loss of 15.1 points or 0.29 percent.
Jeddah energy meeting calls for greater transparency in oil market deals
By Xinhua,
Jeddah, Saudi Arabia : An energy meeting focusing on rocketing oil prices concluded Sunday in Saudi Arabia's Red Sea city of Jeddah, with a statement calling for "improved" transparency and regulation in oil production and financial markets dealing in crude oil.
The meeting, which came at a time when global oil prices hit a record near 140 U.S. dollars per barrel, got together the world's major oil producers and consumers, as well as leaders from big oil firms and international organizations.
Soaring inflation pulls down equities markets
By IANS,
Mumbai : The Indian equities markets ended the week with a sharp cut Friday following the government's announcement that inflation had surged to 8.24 percent. Metal, realty, banking, FMCG and pharma stocks were prominent among the losers.
The markets started on a firm note but then turned volatile, alternating in positive and negative zones before a late selling spurt saw it close deep in the red.
OPEC crude price slides below $80
By DPA,
Vienna : The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) dropped by $5.57 to reach $72.67 last Friday, as financial markets plunged across the globe, OPEC said Monday.
One barrel (159 litres) of OPEC crude stood at $72.67 Friday, down from $78.24 on the previous day.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.
Maytas Infra wins Rs.1.1-bn Railway contract
By IANS,
New Delhi : Infrastructure development company Maytas Infra, which was embroiled in a major controversy last month over its acquisition by Satyam Computer, has bagged a Rs.1.1-billion (Rs.110-crore) contract from Southern Railway, the company said Tuesday.
As per the contract, Maytas will double the broad gauge track between Chengalpattu and Villupuram, two districts in Tamil Nadu, the company said in a statement.
The project is to be executed within 18 months.
India, Mexico mean business, sign three pacts
By IANS
New Delhi : India and Mexico, the fast growing Latin American country that can be a gateway to the North American markets, Monday signed an extradition treaty and two other accords designed to combat terrorism and scale up trade and investment.
Prime Minister Manmohan Singh and Mexican President Felipe Calderon Hinojosa, now here on a four-day visit, held talks on a broad spectrum of bilateral and global issues as the two countries took a fresh look at lucrative opportunities offered by their growing economies.
Invest in skill development: Maharashtra chief minister to NRIs
By IANS,
New Delhi: Pitching Maharashtra as an attractive investment destination, Chief Minister Ashok Chavan Saturday called upon overseas Indians to invest in the state's skill development and education programmes.
"Much more international involvement is needed to improve and expand skill development, and education in general," Chavan said here at a plenary session on skill development on the concluding day of the Pravasi Bharatiya Divas (PBD) 2010, the annual conclave of the Indian diaspora.
Kalpataru to expand output on Rs.150 mn outlay
By IANS,
Gandhinagar : The city-based Kalpataru Power Transmission Ltd, which early this month won the Dun and Bradstreet export excellence award, is augmenting its power transmission line capacity on an investment of Rs.150 million.
The additional fabricating capacity is being created at the existing fabrication plant at Gandhinagar, company general manager Bajrang Maheshwari told IANS.
Highlights of India’s new Foreign Trade Policy
By IANS,
New Delhi : Following are the highlights of the new Foreign Trade Policy that was unveiled by Commerce Minister Anand Sharma here Thursday:
-Duty entitlement passbook scheme extended till December 2010
-Extension of sops for export-oriented units till March 2011
-Export target of $200 billion set for 2010-11
-Growth target of 15 percent for next two years, 25 percent thereafter
-Inter-ministerial group to address issues raised by exporters
-Obligation under export promotion capital goods scheme relaxed
Intel to roll out portable PCs in Indian schools
By Fakir Balaji, IANS
Jaipur : Global chipmaker Intel Corp is all set to roll out its Classmate PC, a portable mini-notebook, in Indian schools from August to digitally enhance the existing teaching format.
The Indian subsidiary of the $39-billion silicon firm has tied up with HCL Infosystems to hard sell the novel educational tool in thousands of schools across India for empowering students and teachers with computer literacy.
US economy suffers worst decline in 26 years
By Arun Kumar, IANS,
Washington : The US economy contracted at its sharpest during the last three months of 2008 with the GDP suffering its worst decline in 26 years, according to revised government data released Friday.
GDP, which measures the output of goods and services produced in the US, fell at an annual rate of 6.2 percent in the fourth quarter, adjusted for inflation, as exports plunged and consumers cut spending by the most in more than 28 years.
Russia, Ukraine sign new gas deal
By DPA,
Moscow : Russia and Ukraine clinched an agreement Monday ending a protracted dispute that froze gas shipments to Europe for nearly two-weeks.
Russia's Prime Minister Vladimir Putin and his Ukrainian counterpart Yulia Tymoshenko were shown on Russian television presiding over the signing of a new contract on gas prices and transits between the two states in Moscow.
Gas flows to Europe would resume "shortly" after the contract was signed, the two premiers said earlier.
Foreign funds infuse over $2.6 bn in Indian equities
By IANS,
Mumbai : Foreign institutional investors (FIIs) have poured in over $2.67 billion in September alone, fuelling the rise of Indian stock markets.
India’s inflation rate unchanged at 0.61 percent
By IANS,
New Delhi : India's annual rate of inflation remained unchanged at 0.61 percent for the week ended May 16 with minor increase in the the index for primary articles, fuel and power and manufactured products, official data showed Thursday.
The wholesale price index for all commodities, however, rose 0.1 percent, as per data released by the commerce and industry ministry.
Higher prices of tea, fruits, vegetables and spices had pushed up the annual rate of inflation to 0.61 percent for the week ended May 9 from 0.48 percent the week before.
Tribunal to recover damages from Coke in Kerala
By IANS,
Thiruvananthapuram: A tribunal will be set up to recover Rs.216.26 crore from Coca-Cola for the socio-economic damages caused by its bottling plant in Palakkad that has now been shut down, Chief Minister V.S. Achuthanandan said Wednesday.
The cabinet came to this decision after the report submitted by a nine-member expert panel headed by Additional Chief Secretary K. Jayakumar was accepted, Achuthanandan told reporters here.
Indian stock markets continue to rise
By IANS
Mumbai : Continuing the march towards new heights, a key Indian financial market index opened with a gain of 108 points Thursday.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 20,301.05 points against the previous close of 20,192.52.
The broader 50-share S&P CNX Nifty index of the National Stock Exchange (NSE) opened flat at 6,069.00 points against the previous close of 6,070.75 points.
The market opened on a firm note with buying in blue-chip stocks. There was strong demand for energy, telecom and auto heavyweights.
Equity markets rise in initial trade
By IANS,
Mumbai : Indian equity markets rose in initial trade Thursday after the Sensex opened at 12,909.57 points with a gain of 333.77.
Ten minutes into trading, the Sensex - the 30-share benchmark index of the Bombay Stock Exchange (BSE) - had climbed some more, reaching 12,988.79 points, a gain of 412.99 points or 3.28 percent from its closing figure Wednesday.
The S&P CNX Nifty index of the National Stock Exchange was trading at 3,917.90 at the same time, a gain of 101.20 points or 2.65 percent from its previous close.
New British plan to boost migration, trade links with India
By Prasun Sonwalkar, IANS
London : As litigation continues over recent changes to immigration rules, Britain has announced plans to launch an international marketing campaign to promote the country as a 'migration destination' and to leverage the economically active Indian community here to forge links with India's growing economy.
Spreading contagion brings key equities index below 10,000
By IANS,
Mumbai : With the contagion of the financial tsunami that began in the US spreading to all parts of the world, jittery investors went into a selling spree once again Thursday sending a key Indian equities index below the psychologically important 10,000 mark.
The markets finished in the red for the second successive day this week after two successive days of gain early this week and three successive days of losses last week.
Sensex ends flat amid depressed global cues
By IANS,
Mumbai: A key index for Indian equities Thursday ended 25 points lower on a dull day of trade on depressed global cues after the Federal Reserve struck a cautious note on the strength of the U.S. economic recovery.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,750.51 points, ended at 17,730.24 points, 25.7 points or 0.14 percent down from its previous close at 17,755.94 points.
India does not face recession: Finance minister
By IANS,
New Delhi : Finance Minister P. Chidambaram Monday said India does not face recession despite the financial meltdown globally.
"India is nowhere near recession," Chidambaram said at the annual Economic Editors' Conference here.
"Recession means two successive quarters of contraction. We are nowhere near recession," he said.
"There will be a slowdown, but we will remain the second fastest growing economy in the world," the finance minister added.
British Columbia seeks to expand trade with India
By IANS
New Delhi : The province of British Columbia in Canada is keen to expand business and trade with India, said its premier on a visit here.
"This visit is to develop trade and investment relationships and to discuss business opportunities, apart from sharing expertise in urban infrastructure projects," said Gordon Campbell, premier of the province of British Columbia.
Campbell is leading a delegation of business and trade leaders and senior representatives from educational institutes and life science companies of British Columbia.
Religare Finvest to finance commercial vehicles
By IANS,
Chennai : Religare Finvest Ltd (RFL), a non-banking finance company, has signed a strategic agreement with the Pune-based three-wheeler manufacturer Kumar Motors Private Ltd for financing commercial vehicles.
According to the agreement, RFL, a 100 percent subsidiary of Religare Enterprises Ltd, would finance the vehicles made by Kumar Motors.
"The first year target is around 10,000 three wheelers," Sachindra Nath, chief operating officer of Religare Enterprises, told reporters here Thursday.
"We may go for funding second hand truck purchases," he added.
Drought will bring down Uttar Pradesh paddy output 60 percent
By IANS,
Lucknow : Scanty rainfall in most parts of Uttar Pradesh, where 58 of its 71 districts have been declared drought-hit, will hit agricultural production leading to a shortage of rice in the state, says a government report.
According to the report prepared by the state agriculture department, the worst hit would be paddy yield, which is expected to decline by about 60 percent this year.
Minister approves Company’s conversion into capital stock company
By SPA
Riyadh : Minister of Commerce and Industry Dr. Hashim bin Abdullah Yamani has endorsed the conversion of the Company of Mohamed Abdulaziz Al-Rajhi &Sons For Industry, Commerce and Agriculture to a Limited Capital Stock Company of SR. 800 Million.
The Riyadh-based Company will have a total of 80 Million shares, with each share valued at SR.10.
The duration of the Company will be 99 Gregorian years, effective from the issuance of the conversion under a Ministerial decision.
Budget evokes mixed reaction from Uttar Pradesh industry
By IANS
Lucknow : The union budget for 2008-09 has evoked mixed reactions from the Uttar Pradesh industry. Many industry leaders expressed their disagreement with the budget over several vital issues, but the proposal to set up "mega clusters" in Varanasi and Moradabad regions drew appreciation.
According to Amitabh Nangia, chairman of Confederation of Indian Industry (CII), Uttar Pradesh, the budget offers no solution to harassment of the tax-payers from tax enforcement authorities.
Realization of “TAPI” gas pipeline project appears doubtful: Report
By IRNA,
New Delhi : Even as India gears up to resume talks on the Iran-Pakistan-India (IPI) gas pipeline, energy experts feel that realization of the competing Turkmenistan-Afghanistan-Pakistan- India (TAPI) project appears doubtful.
Not only would the TAPI pipeline travel through a troubled Afghanistan, experts express lack of confidence in sufficient gas reserves with Turkmenistan to meet all its assurances to China, Russia as well as Pakistan and India.
India to seek $5.2 bn from World Bank
By Arvind Padmanabhan, IANS,
London : Assured a greater say into the affairs of multilateral lending institutions, India will seek additional assistance of $5.2 billion from the World Bank for its financial sector and infrastructure projects, officials said.
The main component of this assistance is for recapitalisation of state-owned commercial banks over the next two to three years, Indian officials here said.
The rest of the amount is for infrastructure finance companies and power grid corporations.
OPEC crude price crosses $100.50 to a barrel
By DPA
Vienna : The price for crude produced by the Organisation of the Petroleum Exporting Countries (OPEC) reached an historic high when it exceeded $100.
According to the OPEC Secretariat Wednesday, one barrel (159 litres) of OPEC-produced crude stood at $100.57 Tuesday, up over a dollar from the previous day when it stood at $99.48.
OPEC, which pumps about 40 percent of the world's crude, calculates an average basket price of 12 important brands produced by member states.
Report card on Manmohan Singh: clean and good man, but not decisive
By Monobina Gupta, IANS,
New Delhi : Soaring food prices are pounding the Congress-led United Progressive Alliance (UPA) government as it completes four years in office Thursday. But, notwithstanding the uncertainty ahead of the 2009 general election, Prime Minister Manmohan Singh can safely claim credit for surviving the convulsions of coalition politics that have claimed more than one government in the past.
Nikkei dives nearly 10 percent
By DPA,
Tokyo : Japan's benchmark Nikkei 225 Stock Average Wednesday nosedived to the lowest closing level since June 2003 in a five-day losing streak on heavy selloffs amid mounting concerns over the global recession.
The Nikkei plunged 952.58 points, or 9.38 percent, to end at 9,203.32.
The broader Topix index of all first-section issues fell 78.6 points, or 8.04 percent, to 899.01.
Wednesday's losses in the Tokyo market were the third biggest one-day drop in post-war Japan.
India isolated in G-77, says top UN official
By Joydeep Gupta, IANS
Bali : As negotiations for a Bali roadmap on how to address climate change neared their climax here Friday evening, a top UN official said the vast majority of developing countries in the Group of 77 were willing to move beyond Kyoto Protocol.
While Executive Secretary of the UN Framework Convention here on climate change Yvo de Boer hinted at India's isolation in the G-77 because of the tough position it has taken on Kyoto Protocol, he also affirmed "some movement in this discussion".
Markets reverse morning losses, back in green
By IANS,
Mumbai : Indian equities markets reversed opening losses Wednesday, with a key index rising 138.91 points higher than its last closing figure, a little before noon.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which had opened at 10,841.57 points, was ruling at 10,959.1 points, 1.31 percent or 9,141.56 points higher than its previous close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) was ruling at 3,378.3 points, 1.44 percent up from its last close of 3,333.3 points.
Thuraya to develop high-speed satellite broadband solution
By IANS,
Abu Dhabi : Thuraya is to develop a high-speed broadband terminal for the maritime industry in partnership with Comtech, WAM news agency reported Thursday.
The new terminal, which is designed and built incorporating leading market technology, is set for launch in September.
Yamaha Motors targeting 10 percent market share in India
By IANS,
Kolkata : World's second Largest motorcycle manufacturer Yamaha Motors has set a target to increase its market share to 10 percent in India by the next two-three years, a top official said here Tuesday.
"We're not satisfied with our present Indian market share of three percent. We are working hard in terms of technological upgradation, bringing out new variants and increasing dealership to reach the target of 10 percent," Yutaka Terada, group head (dealer development and planning and marketing activities) Yamaha Motors India Sales Ltd, told reporters.
Singur siege continues, another car maker suspends production
By IANS,
Kolkata : A traffic gridlock continued on a crucial national highway in West Bengal and another car manufacturer suspended production as the Tata Motors' Nano project site in Singur remained besieged by the Trinamool Congress for the fourth day Wednesday.
"We are trying to divert the traffic on NH-2 (National Highway 2). A team of district administration officials Tuesday requested Trinamool chief Mamata Banerjee to withdraw the road blockade, at least from one flank of the Durgapur expressway," Rajiv Mishra, Hooghly district police superintendent told IANS.
Jairam Ramesh commissions new power plant in Chhattisgarh
By IANS,
Raipur : Minister of State for Commerce and Power Jairam Ramesh Sunday commissioned a 250 mega watts (MW) unit of the 500 MW coal-fired power plant, being built at Bhilai in Chhattisgarh by the Steel Authority of India Ltd (SAIL) and National Thermal Power Corporation (NTPC).
"With a formal plant commissioning ceremony, we have begun synchronization of the first unit of 250 MW while synchronization of the second unit of the remaining 250 MW will begin in 3-4 months from now," Roy Thomas, chief manager of the company, told IANS.
BHEL to pick up equity in Tamil Nadu power project
By IANS
New Delhi : State-owned power equipment manufacturer Bharat Heavy Electrical Ltd (BHEL) plans to pick up equity in the Tamil Nadu Electricity Board's (TNEB) 1,600-MW Udangudi supercritical thermal project near Chennai, said a senior company official.
The two sides are in talks for finalising modalities for allocation of equity to BHEL in the project, the official said.
BHEL will also supply key equipment like boiler and turbine generator to the project. The price is to be decided through negotiations, he said.
Carlsberg to make India its global sourcing hub
By IANS,
Kolkata : Copenhagen-based brewery group Carlsberg, with a global turnover of $10 billion, will make India its global sourcing hub, a top company official said here Tuesday.
"India has been one of our strategic investment locations across the world. And once we identify some country as a strategic investment destination, we certainly have long-term plans," Pradeep Gidwani, managing director, Carlsberg and South Asia Breweries India, a joint venture between Carlsberg and Sri Lanka-based Lion Breweries said.
Finance ministry clears 13 FDI proposals
By IANS
News Delhi : Finance Minister P. Chidambaram has approved 13 foreign direct investment (FDI) proposals recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on Sep 20. The approval amounts to more than Rs.3.9 billion.
Prominent among the clearances was Maruti Udyog Ltd's proposal to set up a new joint venture with Futaba Industrial Co Ltd of Japan, with foreign equity of up to 51 percent to be engaged in the manufacture and sale of exhaust pipes and mufflers. The fund inflow for this would be Rs.459 million.
Ceat may set up a radial tyre plant in Gujarat
By IANS,
Ahmedabad : Tyre maker Ceat Ltd, the Rs.26-billion flagship company of the diversified RPG group, is planning a new radial tyre manufacturing plant, and is considering Gujarat as the location, a government official said here Monday.
The project envisages an investment Rs.5 billion to manufacture radial tyres for heavy commercial vehicles (HCVs) and light commercial vehicles (LCVs), the industry department official said.
The project is expected to be located in Jhagadia industrial estate, the state's major industrial hub in Bharuch, about 180 km from here.
Private companies to generate 18,000 MW in Tamil Nadu
By IANS
Chennai : The Tamil Nadu government has approved production of nearly 18,000 MW of electricity by private parties, state Electricity Minister Arcot N. Veerasamy told the state assembly Thursday.
He also told the house that the Russia-aided Koodankulam nuclear power plant would begin generation by December this year.
The government has issued guidelines to merchant power plants (private stations) on tariffs at which they will be allowed to sell power to the state electricity board - Tamil Nadu Electricity Board (TNEB), the minister added.
Equity markets go down after volatile day
By IANS,
Mumbai : The Indian equity markets ended Wednesday with deep cuts due to heavy selling in realty, banking, capital goods and metal stocks. Weak global markets also weighed heavily on the domestic bourses.
Except FMCG and auto, all the sectoral indices ended the day in the red.
The markets started on a mixed note and tried to hold on to small gains in early trade but started sliding, a trend that accelerated towards the end of the trading session.
Oil prices more to blame for global slowdown than sub-prime mess
By Gurmukh Singh, IANS,
Toronto : The 500 percent hike in oil prices since 2002, which resulted in massive money transfer to oil-producing nations, is much more to blame for the looming global recession than the US sub-prime mortgage crisis, says a banking report here.
The report "Just how big is Cleveland?" by Canadian Imperial Bank of Commerce (CIBC) Monday warned that falling property prices in US inner-cities like Cleveland could create a recession in Japan and Europe even much before the US.
BJP demands rollback of fuel price hike
By IANS,
New Delhi : The Bharatiya Janata Party (BJP) Friday demanded the rollback of a ministerial panel's decision to hike the rates of auto fuels, kerosene and cooking gas.
"We demand an immediate rollback of today's (Friday) decision hiking fuel prices... the government has made a mockery of the people's trust after winning the elections," BJP spokesperson Prakash Javadekar told reporters here.
IAIGC “receptacle” of a huge number of investment bodies — official
By Khalid Al-Zaid, KUNA
Cairo : Kuwait-based Inter-Arab Investment Guarantee Corporation (IAIGC) was and still is considered the "receptacle" of a huge number of investment institutions, IAIGC Director General Fahad Al-Ibrahim said on Friday.
International aviation conference to be held in Hyderabad
By IANS
Mumbai : The Ministry of Civil Aviation, jointly with the Federation of Indian Chambers of Commerce and Industry (Ficci), will hold India's first ever international aviation conference in Hyderabad.
The conference titled 'Indian Aviation: Scaling New Heights' would be held Oct 15-18 at the old Hyderabad airport, announced Ficci.
It will mainly focus on various issues pertaining to the civil aviation sector and hold exhibition of flying displays and customer demonstration flights.
HSBC launches new service for Indians in Australia
By IANS,
Sydney : HSBC Bank Australia is setting up a dedicated team to provide global financial services to the Indian diaspora in the country, a bank official said.
The new business will offer the banking products of HSBC Australia as well as refer customer enquiries to HSBC India, The Age reported Tuesday.
"Australia has one of the fastest growing Indian communities in the world, numbering some 240,000, so this new service makes commercial sense," Graham Heunis, head of personal financial services for HSBC in Australia, was quoted as saying in a statement.
Fourth WIEF to conclude sessions today
By KUNA,
Kuwait : The Fourth World Islamic Economic Forum (WIEF) will continue its sessions for the third and final day on Thursday with the participation of ministers, educationalists and representatives of the private sector.
Haryana farmers get Rs.10,697 crore for procured wheat
By IANS,
Chandigarh : Having achieved the highest wheat production in the state since 1966, Haryana farmers are richer by Rs.10,697 crore - the procurement price paid to them for the produce.
‘Made in India brand has better credibility than China’s’
By Aroonim Bhuyan, IANS
Dubai : Indian textile products have a better brand credibility than Chinese products that are flooding the markets across the world, according to Indian Textiles Minister Shankarsinh Vaghela.
"It is no point comparing Chinese textile products with India's. The 'Made in India' brand has extremely good credibility across the world," Vaghela said at a press conference here Monday evening.
Emaar-MGF to develop West Bengal tourism sector
By IANS
Kolkata : Real estate developer Emaar-MGF Land Ltd Saturday signed an agreement with the West Bengal Tourism Development Corp Ltd (WBTDC) and Sunderbans Infrastructure Development Corp (SIDC) to accelerate the growth of tourism in the state.
Emaar-MGF chief operating officer (hospitality) Sanjiv Rai, WBTDC managing director T.V.N. Rao and SIDC managing director Sridhar K. Ghosh signed the memorandum of understanding (MoU) in the presence of state Tourism Minister Manabendra Mukherjee here.
Russian firms to service Indian early-warning planes
By RIA Novosti,
Gelendzhik (Russia) : Russia's state-run arms exporter, Rosoboronexport, said Monday a number of Russian companies will provide India's A-50 airborne early warning (AEW) aircraft with after sale services.
"Rosoboronexport has signed contracts with the Beriev Aircraft Company, the Perm Motors Group and the Vega concern to provide after-sale maintenance to India's airborne early warning (AEW) aircraft," a Rosoboronexport official told reporters at an air show in the Krasnodar region of south Russia.
Bank of Japan ends emergency measures, leaves interest rates low
By DPA,
Tokyo : Japan's central bank decided Friday to end its purchases of corporate debt at the end of this year as the world's central banks begin withdrawing emergency measures taken in the thick of the global financial crisis.
With credit now easier to come by, the Bank of Japan also decided at the end of a one-day meeting to prolong unlimited collateral-backed loans to banks a final time until March 31.
Public-private partnership needed to make Delhi a global city
By IANS
New Delhi : By 2020 Delhi can become a smart, global city in more ways than one if the public and private sectors work in tandem, experts from different fields said here Thursday.
"As the city's population is growing very fast, the pressure on existing infrastructure will keep on mounting. Accordingly, a blueprint has to be prepared," said Deep Kapuria, chairman, Confederation of Indian Industry (CII)-northern region at a seminar.
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