Lamy cautions against protectionism
By IANS,
New Delhi : Restrictive steps by some countries to protect their domestic markets in the wake of the global economic crisis have hurt international trade that must remain open, World Trade Organisation (WTO) Director General Pascal Lamy said Thursday.
"Some countries have increased tariffs, instituted new non-tariff measures and initiated more anti-dumping actions," Lamy told a business conference organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) here.
Tourism ministry gets 33 percent hike in budget
New Delhi : An amount of Rs.1,573.07 crore has been earmarked for the tourism ministry for 2015-16, giving it a rise of 33 percent...
Indian equities end day at a loss
By IANS,
Mumbai : The Indian equities markets ended in the red Tuesday, tracking weak global markets and lack of any positive trigger.
With weak cues from global markets, the Indian markets started the day in negative territory and continued the sliding trend till the end of the trading session.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 17,441.41 points and touched a high of 17,502.15 before closing at 17,373.01. At the day's close, it went down by 117.89 points or 0.67 percent compared to Monday's closing figure.
Real estate investment trusts emerging in India
By IANS
New Delhi : India's booming realty space is increasingly seeing the emergence of real estate investment trusts (REITs) as one of the most viable options for raising funds, a leading industry body says.
The global REITs market is set to become a $70 billion market by 2010 and emerging in a big way in India and other developing nations, says a study by the Associated Chambers of Commerce and Industry of India (Assocham) and Credit Rating Information Services of India Limited (Crisil).
US stocks back in positive territory
By DPA,
New York : All three major US stock indices ended Friday in positive territory on increased commodity demand and improving consumer sentiment.
Two measures of US manufacturing and consumer confidence in April surprised analysts by jumping to the highest levels since the credit crisis exploded in September, Bloomberg financial news reported.
India’s forex reserves rise by $950.9 mn
Mumbai: India's foreign exchange (forex) reserves rose by $950.9 million to $313.53 billion for the week ended June 13, led by a sharp jump...
Anil Ambani group’s market cap tops $50 billion
By IANS
Mumbai : The Anil Dhirubhai Ambani group Monday said that the market capitalisation of its five listed companies has together crossed the $50 billion mark, with the flagship Reliance Communications accounting for $30,7 billion.
"This is a great opportunity for communicating the value creation for investors by the group," a statement from Reliance Communications said soon after all the companies in its fold hit all-time highs on the stock exchanges.
Beleaguered government for more steps to tame inflation
By IANS,
New Delhi : Beleaguered by a 13-year high annual inflation at 11.05 percent, the government Saturday doled out hopes and promises to tame inflation.
Finance Minister P. Chidambaram Saturday said that the government was open to more measures such as cutting taxes, but argued that the country should not panic.
"Given the difficult circumstances, the government will take appropriate measures in order to contain and moderate inflation," Chidambram said in a statement, adding that the country should not panic.
Wartsila India to add 500 MW power in O&M division
By IANS,
Chennai: Energy and marine power solutions
Madhya Pradesh to improve Chambal canal system
By IANS,
Bhopal : The Madhya Pradesh government Wednesday announced improving the Chambal canal system under its water restructuring project with an expenditure of Rs.4.25 billion.
"Improvement of main canal of Chambal canal system would bring 273,000 hectare area of 756 villages in Morena, Bhind and Sheopur districts under irrigation and would lead to considerable increase in the yields," said an official of the water resources department.
Survey calls for incentives package for manufacturing industry
By IANS
New Delhi : India's manufacturing sector, which saw slackened growth last year due to rupee appreciation and hard interest rates, needs to be provided an incentive package to sustain its growth, an industry survey has said.
The government should take some effective steps to induce demand for products, as falling demand is seen as one the most important reasons for the sector to slow down, and reduce several duties through certain fiscal measures, the survey conducted by the Federation of Indian Chambers of Commerce and Industry (Ficci) said.
EU imposes heavy fine on Microsoft
By KUNA
Brussels : The European Union imposed Wednesday a record fine of 899 million euro on Mixrosoft for failure to abide by a 2004 antitrust order.
The US software giant had charged "unreasonable prices" for patent licenses rivals to connect products to the Windows, noted a European Commission statement.
Indian biotech industry grew 17 percent in 2009-10: Survey
By IANS,
New Delhi: India's bio-tech industry clocked a 17 percent growth with revenues of Rs.137 billion ($3 billion) in the 2009-10 financial year over the previous fiscal, according to a survey.
Bio-pharma was the biggest contributor generating 60 percent of the industry's growth at Rs.8,829 crore, followed by bio-services at Rs.2,639 crore and bio-agri at Rs.1,936 crore, said the survey by the association of biotechnology led enterprises (ABLE) and the BioSpectrum journal.
The industry witnessed a three-fold growth in the last five years.
UK motorists warned of hike in petrol prices
By IRNA,
London : British motorists were warned Monday that petrol prices could soar by a further 8% this year due to currency movements and world oil price increases.
The Retail Motor Industry Independent Petrol Retailers Association (RMI Petrol) forecast petrol prices could rise as high as 125.9 pence ($2) per litre by the beginning of 2011, breaking the previous record of 121.61p.
US stocks fall on earnings fears despite China stimulus
By DPA,
New York : US stock indices posted losses Monday after fresh earnings concerns arose for some of the country's top companies, outweighing a $588-billion Chinese economic stimulus package that had spurred gains on other stock exchanges around the world.
Goldman Sachs Group Inc, technology giant Google Inc and automaker General Motors Corp all suffered downgraded outlooks. Goldman, despite having weathered the financial storm better than other major US investment banks, may post its first quarterly loss since going public nine years ago, according to Barclays Plc.
US slowdown offers opportunity to Indian IT industry
By Arun Kumar, IANS
Washington : The economic slowdown in the US offers both a challenge and an opportunity to the Indian IT industry though a weakening dollar is already hurting their bottomlines, according to an industry leader.
"We have been through this once before in 2000-2001," said Arvind Thakur, CEO of NIIT Technologies Ltd - a global IT services organisation -in a telephonic interview with IANS from New York.
Power equipment maker to raise headcount by 20,000
By IANS
New Delhi : State-owned power equipment manufacturer Bharat Heavy Electricals Ltd (BHEL), which expects to increase annual turnover by two and a half times in the next five years, would recruit 20,000 people to drive the expansion.
"The annual turnover of the company is projected to reach Rs.450 billion ($11.47 billion) by 2011-2012 from Rs.187 billion ($4.77 billion) in 2006-07," BHEL Chairman and Managing Director Ashok K. Puri told IANS.
Syndicate Bank net dips 19 percent in fourth quarter
By IANS,
Bangalore: State-run Syndicate Bank reported net profit of Rs.168 crore for the fourth quarter (January-March) of fiscal 2009-10, registering 19 percent decline from Rs.206 crore in the same period a year ago.
In a regulatory filing Tuesday, the Manipal-headquartered bank said its total income for the quarter under review (Q4) also dipped marginally by 4.6 percent to Rs.2,742 crore from Rs.2,876 crore in the same quarter of the previous fiscal.
EXIM Bank gets 150 mn euro loan from European Investment Bank
By IANS,
Kolkata : The Export-Import Bank of India (EXIM Bank) has recently received a loan of 150 million euros from the European Investment Bank to promote green energy projects in India, a bank official said here Friday.
"EXIM Bank has got the loan for promoting non-conventional power projects in the country," chairman and managing director T.C.A. Ranganathan said here at a conference organised by the Confederation of Indian Industry.
EXIM Bank had also signed a pact with the African Development Bank for financing the projects in African countries, he said.
Boeing to invest $185 mn in Air India joint venture
By Arun Kumar, IANS
Seattle : Boeing plans to invest $185 million in a joint venture with Air India as part of a deal for the sale of 68 aircraft, including 27 of its latest offering - the Boeing 787 Dreamliner.
`Difficult times for for budget airlines’
By IANS,
Kozhikode : Budget carriers will find it difficult to survive with fuel prices and airport charges going up, an airline official said Tuesday.
"The low cost model will not survive," Akbar Al Baker, chief executive officer of Qatar Airways, said, adding that his company at present has no plans to launch a budget airline.
"However, if we see a low cost airline evolving in our region and our market share is eroded, we can launch a budget airline in 90 days," he added.
The airline had launched its daily Doha-Kozhikode service Monday.
Sharjah port back in action after fire
By IANS,
Dubai : Business is back to normal at Port Khaled in Sharjah after a huge fire engulfed it Saturday.
“Sharjah port will remain open and business will be conducted as usual,” said Rashid Al Leem, the director general of ports in Sharjah.
The fire broke out early Saturday at a storage area of the Emirates Oil Refining Co (ERCO), the state-run Emirates News Agency (WAM) reported. It destroyed the storage facility. ERCO mainly produces sunflower oil.
Infosys net profit dips 3.6 percent in third quarter
By IANS,
Mysore : Infosys Technologies Ltd. posted a net profit of Rs.1,582 crore (Rs.15.82 billion/$347.5 million) for the third quarter (Oct-Dec) of this fiscal (2009-10), registering a decline of 3.6 percent year-on-year (YoY), as per the Indian accounting standard.
In a regulatory filing Tuesday, the IT bellwether said consolidate income during the quarter under review (Q3) also marginally declined 0.8 percent YoY to Rs.5,741 crore (Rs.57.41 billion).
Pyramid Saimira inks pact with Spize TV
By IANS
Mumbai : Pyramid Saimira Entertainment Ltd has entered into a strategic partnership with Britain-based Spize TV, a pan European direct-to-home (DTH) TV platform, for offering Asian content to viewers in Europe.
Under the partnership, Spize TV will have an Urdu, Hindi, Punjabi, Bengali and Gujarati and other language bouquet as well as a south bouquet in its network, comprising Tamil, Telugu, Malayalam, Kannada, Sinhala and Malay.
Tatas, SBI, Infosys among world’s top 50 reputed firms
By Arun Kumar, IANS,
Washington : The Tata Group, State Bank of India (SBI) and Infosys Technologies are among 17 Indian firms that figure among the top 50 in a list of the world's 200 most reputable companies.
With a pulse score of 80.89 on a scale of 0-100, the US-based Reputation Institute ranked the Tata Group 11th above global giants like Google, Microsoft, General electric, Toyota, Coca-Cola, Intel and Unilever.
Morgan Stanley downgrades BlackBerry maker RIM
By IANS,
Toronto : With its BlackBerry smart phone facing ban in India and other countries for security concerns, its new Torch 9800 device getting lukewarm response and its market share and stock falling, ratings of Research In Motion (RIM) to 'sell' were lowerded by Morgan Stanley Friday.
From a high of about $150 in June 2008, RIM stock has plunged more than 60 percent now. It further slipped almost three percent on the Toronto Stock Exchange Friday to close at $51.
Shadow of global financial crisis dogs Singapore Pravasi Bharatiya meet
By Nirmala George, IANS,
Singapore : The turmoil gripping world economies is dogging a global conference of overseas Indians, with leaders from Singapore and India calling for firm measures to secure the future growth prospects of the two countries and the rest of Asia.
In their inaugural speeches at the Pravasi Bharatiya Divas-Singapore Thursday, the chief guest, Singapore Prime Minister Lee Hsien Loong, and Minister for Overseas Indian Affairs Vayalar Ravi, both warned that difficult days lay ahead for Asian economies.
Naturol to export biodiesel to Europe
By IANS,
Hyderabad : Naturol Bioenergy Limited is all set to export 10,000 tonnes of biodiesel to Europe from its integrated biodiesel complex at Kakinada in Andhra Pradesh.
Bhaskar Chalasani, managing director and CEO of the Hyderabad-based company, told a news conference here Thursday that this was the largest and first shipment of Naturol biodiesel out of India.
He said the company's maiden shipment was getting ready to leave for Europe from port city of Kakinada around June 22.
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.
Markets trading with loss, banking stocks fall in early trade
By IANS,
Mumbai : A day after the CRR hike by Reserve Bank of India, the Indian equities market opened Wednesday with a sharp cut. Banking, realty and PSU stocks were the worst hit.
The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a loss of 250.51 points at 13,856.07 points. Ten minutes into trade, the sensex was trading at 13,920.45 with a loss of 186.13 points or 1.32 percent.
At the same time, the S&P Nifty of National Stock Exchange was trading at 4,140.35 points with a loss of 50.75 points or 1.21 percent compared to its last close.
Oil soars past $143 mark
By IANS,
London/New York : Oil prices Monday surged past $143 a barrel, an all-time high, as the dollar remained weak amid tension between Iran and Israel.
The front-month August Brent contract on London's ICE futures exchange was up $2.72 at $143.03 a barrel after earlier touching new record high at $143.91 a barrel.
The front-month August contract on the New York Mercantile Exchange was trading $2.39 higher at $142.60 a barrel after earlier hitting a high of $143.67 a barrel.
300 mn Indians untouched by economic growth: Kamal Nath
By Aroonim Bhuyan, IANS,
Dubai : Around 300 million people in India have not benefited from the country's tremendous economic growth, according to Commerce and Industry Minister Kamal Nath.
“Around 300 million people have not been touched by the tremendous economic growth India has attained,” Kamal Nath said while delivering a lecture on 'India's Economy and its Future Prospects' organized by the Emirates Bankers' Forum here Thursday.
“Around 300 million people in India are earning less than $1 a day,” he said.
Amadeus unveils plan for hospitality industry’s future
By IANS
New Delhi : Amadeus, a global leader in technology and distribution solutions for the travel and tourism industry, has unveiled a new report that identifies globalisation, a new breed of customer and new technologies as the three key drivers for the hotel industry worldwide.
Amadeus commissioned the report titled "A blueprint for the future of the hospitality industry" to identify the trends that will affect the industry in the future and the technology implications for hotels and hotel chains.
Microsoft sales drop for first time in 23 years
By DPA,
San Francisco : Microsoft reported a drop in quarterly revenues Thursday for the first time in the 23 years since it went public.
But investors still gave the world largest software company their approval, sending Microsoft shares higher in after-market trading as its aggressive cost cutting measures preserved profitability.
The Seattle-based company said its revenues dropped six percent to $13.7 billion, compared to the year-ago quarter. Profits of $3 billion represented a 32-percent drop from the $4.4 billion it earned in the same period last year.
Slap anti-dumping duty on Chinese goods: L&T chief
By IANS
Bangalore : Larsen & Toubro (L&T) Ltd chairman and managing director A.M. Naik Thursday sought 25 percent anti-dumping duty on Chinese capital goods till the Chinese currency was floated.
3G auction won’t be delayed by global meltdown: Minister
By IANS,
New Delhi : Auction of 3G spectrum for telecommunications operators is on schedule and will not be delayed on account of a funds crunch following the global meltdown, the government said here Wednesday.
“We are not delaying the 3G auction process as of now,” Minister for Communication and IT A. Raja told reporters on the sidelines of a conference. “We are looking at the liquidity crunch in the market, we will discuss the matter with the finance minister.”
Emphasising that “no changes have been planned", Raja added: “The timeline remains the same”.
India-centric real estate fund launched in Oman
By IANS,
Dubai : An India-centric real estate fund by Cordea Nichani, a joint venture between British property fund manager Cordea Savills and India's Nichani Holdings, has been launched in Oman to tap into the Gulf nation's market.
"The fund has been launched to tap into the Oman market and also give investment opportunities to the large NRI (non-resident Indian) community here," India's Ambassador to Oman Anil Wadhwa, who launched the fund at the third meeting of the India-Oman Business Forum over the weekend, told IANS from Muscat.
Indian bourses climb record high
By IANS
Mumbai : It was a yet another historic day for Indian stock markets as the benchmark index breached previous highs to set a new peak amidst robust buying across the board.
The markets opened the new series of derivatives on a robust note as the bulls rushed the markets to a new zenith.
The benchmark sensitive index (Sensex) of the Bombay Stock Exchange closed at a record high of 19,252, gaining 481.46 points or 2.56 percent. The broader S&P CNX Nifty of the National Stock Exchange ended up by 139.20 points or 2.50 percent notching at 5,708.
India’s Reserve Bank leaves policy rates, reserve ratios unchanged
Mumbai : The Reserve Bank of India (RBI) on Tuesday made it clear that it will cut interest rates further only if it sees...
Fourth largest US bank posts losses, seeks $7-bn infusion
By DPA,
New York : Wachovia Corp, the fourth largest US bank, Monday reported unexpected losses due to bad California home loans and said it was seeking a $7-billion infusion from stock sales.
Shares will be sold at $24 each, 14 percent less than last week's closing price.
First quarter losses were $393 million compared with earnings of $2.3 billion in the same period last year, the North Carolina-based company said in a statement.
Bajaj two-wheeler sales down 5 percent
By IANS,
New Delhi : India's second largest two-wheeler maker Bajaj Auto Thursday said its sales dipped 5 percent last month to 168,471 units, comparing to 177,112 units sold in June 2008.
However, the company's three-wheeler sales rose 26 percent to 24,731 units last month from 19,629 units in the like period last year.
"Domestic commercial vehicle sales have begun to grow on the back of marketing initiatives focused on the in-city segment," a company statement said.
Company law amending bill to be tabled in monsoon session
By IANS,
Mumbai : A bill to amend the Company Law will be introduced in the forthcoming monsoon session of parliament, an official said Tuesday.
Ministry of Corporate Affairs Secretary Anurag Goyal said the proposed bill comes in the wake of recommendations made by the Irani committee, which was set up to look into the changing face of corporate world. He was addressing a meeting Tuesday organised by the National Foundation of Corporate Governance and Confederation of India Industry (CII) on "Capital Market Regulation and Corporate Governance".
India’s inflation falls further to 11.07 percent
By IANS,
New Delhi : India's annual rate of inflation, based on official wholesale price index, fell further to 11.07 percent for the week ended Oct 11, due to a 0.8 percent decline over the previous week in prices of primary articles.
The inflation rate stood at 11.44 percent for the week before.
As per statistics released by the commerce and industry ministry Thursday, the drop in the index was caused by several factors, including a fall in the prices of fruits and vegetables, eggs and bajra, a coarse cereal. Prices of maize and rice, however, moved up.
As US markets slide, Neel Kashkari named to oversee bailout plan
By Arun Kumar, IANS,
Washington : An Indian American Neel Kashkari was appointed to oversee the $700 billion US financial rescue plan as stocks plunged more than 6 percent with the Dow Jones index diving to its lowest level in almost five years.
The US Treasury Secretary Henry Paulson Monday named key aide Kashkari, 35, a former executive at Goldman Sachs, to manage the Troubled Assets Relief Programme and the newly created Office of Financial Stability.
Punjab to auction vehicle registration numbers
Chandigarh, Nov 5 (IANS) The Punjab government has decided to auction vehicle registration numbers, taking a cue from the union territory of Chandigarh that auctions all VIP and preferential vehicle numbers, generating millions in revenue annually.
OPEC crude price slides below $42
By DPA,
Vienna : The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) dropped $1.21 Tuesday, sliding below the $42 mark, the Vienna-based cartel announced Wednesday.
One barrel (159 litres) of OPEC crude stood at $41.77 Tuesday, compared with $42.98 at the start of the week.
OPEC calculates an average basket price based on 12 important brands produced by its members.
Air India to use equity infusion for everyday expenses
By IANS,
New Delhi : The latest equity infusion of Rs.5,500 crore into Air India by the government will be used for meeting day-to-day expenses,...
Reliance Mutual Fund set to expand Gulf presence
By IANS,
Dubai : Reliance Mutual Fund (RMF) of India has joined hands with the public sector Bank of Baroda (BoB) to distribute its products in the Gulf Cooperation Council (GCC) region.
The agreement was signed by RMF deputy chief executive Sundeep Sikka and BoB chief executive for the UAE and the GCC region Ashok Gupta here Wednesday.
BoB has six branches in the UAE and three in Oman.
Besides the UAE and Oman, the GCC comprises Bahrain, Kuwait, Qatar and Saudi Arabia.
India’s egg production may cross 9,500 crore by 2015: Assocham
By IANS,
Bhubaneswar : Egg production in India is likely to surge from the current level of about 7,500 crore to about 9,500 crore by 2015, an industry body said Friday.
BGR Energy bags orders worth Rs.45 crore
By IANS,
Chennai : City-based engineering, procurement and construction company BGR Energy Systems Ltd has bagged three orders worth Rs.45 crore, taking its order book position to Rs.12,200 crore, the company said Friday.
The new orders consist of 72 bundles of air heaters from CTCI Corp, a Taiwanese engineering and construction company, and air cooled heat exchangers for the Guru Gobind Singh refinery project in Punjab and Essar Oil Ltd's Vadinar refinery expansion project.
M&M acquires Italian motorcycle designing firm
By IANS,
Mumbai : Automotive major Mahindra and Mahindra (M&M) has acquired "a controlling stake" in a leading two-wheeler designing firm, Engines Engineering SpA of Italy, it said in a regulatory intimation to the Bombay Stock Exchange Thursday.
Under the agreement between 100 percent M&M subsidiary Mahindra Systech and the European firm, a new entity called Engines Engineering S.r.L has been formed, with M&M holding a 100 percent stake in it.
Alongside, the $12 million Engines Engineering SpA will also transfer all its business to S.r.L after the necessary approvals come through.
Reliance to start oil production by January
By IANS,
New Delhi : The oil production in Mukesh Ambani-owned Reliance Industries will start resume by the end of January, a senior official said Monday.
“The oil production in the Reliance KG Basin D6 block is set to resume by January end,” Director General of Hydrocarbons V.K. Sibbal told reporters on the sidelines of Petrotech 2009 conference here.
He said there was a problem but the production would start soon.
Cairn to begin oil production from Rajasthan this month
By IANS,
New Delhi : Cairn India, part of the British oil explorer Cairn Energy, will start crude oil production from its Mangla oil fields in Barmer, Rajasthan, from the second week this month, a top official said Sunday.
"The company has reached pricing agreements with principal buyers Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals (MRPL)," said Rahul Dhir, chief executive of Cairn India.
Hero Honda launches 150cc Hunk
By IANS
New Delhi : Hero Honda, leading two-wheeler maker in the country, strengthened their presence in the premium market with the launch of their new bike "Hunk" here Wednesday.
"We are looking to strengthen our presence in the premium segment. The Hunk will help us to solidify our position in the premium category," said Anil Dua, senior vice-president, Hero Honda, here at the launch of the new motorcycle.
The Hunk is an addition to the company's premium offerings that include CBZ X-treme, Karizma and Achiever.
Giant goats with price tag of Rs.171,000 each
By IANS
Jaipur : With only a few days left for Eid-Ul-Zuha, Jaipur's Bakra Mandi (goat bazaar) is in full swing ahead of the Muslim festival. Talk of the town is a pair of goats, named Salman and Arbaj, each costing Rs.171,000.
Eid-Ul-Zuha, the festival signifying spirit of sacrifice, will be celebrated Friday. Muslims all around the world offer animal sacrifices on the festival in deference to Prophet Ibrahim who is believed to have agreed to slaughter his son, Ismail, on Allah's command.
Gaza needs 5,000 tons of wheat to mitigate bread shortage
By Xinhua,
Gaza : Palestinian people on Monday waited in queues outside bakeries in the Gaza Strip which is running out of flour due to Israeli blockade.
To overcome the crisis, Abdel Dayem Awad, owner of al-Salam grinder, said Israel must provide Gaza Strip with 5,000 tons of wheat every day to enable most of the bakeries and the mills to run.
The crisis started as six flour mills announced they have shut down since last Thursday.
Larsen & Toubro bags orders worth Rs.1,126 crore
By IANS,
New Delhi : Engineering and construction major Larsen and Toubro (L&T) Tuesday said one of its units has secured orders worth Rs.1,126 crore for metallurgical, material handling and water sector projects.
Among the orders are a Rs.300-crore contract from Sterlite Industries to construct a copper smelter plant in Tamil Nadu and a Rs.210-crore project from Hindalco Industries, L&T said in a statement.
The disabled can power economic growth: World Bank
By IANS
New Delhi : Given better access to education and jobs, disabled people in India can significantly contribute to the country's economic growth, says a new World Bank report released Tuesday.
"Disabled people who are better educated and economically more active will generate higher growth in which everyone will share," said Philip O'Keefe, lead social protection specialist and main author of the World Bank report entitled "People with Disabilities in India: from Commitments to Outcomes".
Visa Steel posts Rs.12.14 crore net profit
By IANS,
Kolkata : Visa Steel, a part of the Rs.5,000-crore Visa group that is engaged in minerals and metals, posted a net profit of Rs.12.14 crore for the quarter ended Dec 31, compared to a loss of Rs.24.75 crore in the same quarter a year ago.
"Our operational and financial performance during the third quarter of 2009-10 continues to maintain a healthy uptrend," said managing director Vishal Agarwal.
"With forward integration of the steel melt shop and bar and wire rod mill and additional power generation, operating profit is expected to improve further."
Sensex closes flat on derivatives expiry, weak European cues
By IANS,
New Delhi: A benchmark index for Indian equities markets Thursday closed flat, adding just 23 points in cautious trading on derivatives expiry and weak European cues.
Tata Consultancy grows despite rising rupee
Mumbai,(IANS) Although rupee continues to appreciate, Indian IT bellwether Tata Consultancy Services (TCS) has registered a net profit of $314 million for the quarter ending Sep 30, up by 22.8 percent against last year.
The country's largest software services exporter, TCS, has posted net revenues of $1.42 billion in the second quarter, an increase of 25.4 percent year-on-year.
TCS also added 12,523 new employees during the quarter, of which 966 people were recruited overseas. With this addition, it has become the first Indian IT firm to cross a headcount of 100,000 employees.
Dubai aims for more Indian tourists
By Azera Rahman, IANS
New Delhi : Dubai is eyeing Indian tourists, especially those from second rung cities like Chandigarh, Nagpur and Coimbatore, and intends to push up the number of visitors from India by 32,000 this year.
Carl Vaz, the director of Dubai tourism in India, is going all out to make Dubai one of the most sought after destinations for Indians.
Climate summit on brink of agreement: top UN official
By Joydeep Gupta, IANS
Bali : UN Secretary General Ban ki-Moon is to address the media at the climate change summit here Saturday morning, the strongest indication yet that the Dec 3-14 UN conference will not be able to come to an agreement on schedule.
But 40 ministers from major countries were on the "brink of agreement", UN Framework Convention on Climate Change (UNFCCC) Executive Secretary Yvo de Boer said shortly before the midnight deadline passed.
Chinese shares plummet 3.44 percent in morning session
By Xinhua,
Beijing : Chinese shares tumbled 3.44 percent in the morning session Monday with the Shanghai Composite Index ending at 1,931.75 points, down 68.82 points or 3.44 percent from the previous close.
The smaller Shenzhen Component Index ended at 6,109.95 points, down 275.4 points or 4.31 percent.
The two major index both opened lower Monday. The Shanghai Composite Index opened at 1,978.56 points, down 22.01 points or 1.1 percent from the previous closing while the Shenzhen Component Index opened at 6,330.19 points, down 55.17 points or 0.86 percent.
Chinese team interested in hydropower, infrastructure projects in India
By IANS,
Kolkata : A business delegation from China's Yunnan province, which is here to promote bilateral trade between the two countries, Wednesday expressed interest in hydro power development and infrastructure projects in India.
"We are here to explore the markets and will be interested in various bilateral trade relations," Li Jiashou, leader of the China Council for the Promotion of International Trade (CCPIT) team, said.
‘Coal supply issue to be resolved soon’
By IANS,
Kolkata : The coal ministry Saturday expressed hope that the controversy between the power utilities and Coal India Ltd (CIL) over the signing of a fuel supply agreement would be settled "within a week".
Speaking on the sidelines of a ceremony to celebrate the 33rd foundation day of CIL, Minister of State for Coal Santosh Bagrodia said the much-debated "trigger level" - the level of supply below which CIL has to pay a penalty - could be settled at 75 percent between the coal producer and the power utilities.
Eight power firms may lose coal blocks in Chhattisgarh
By IANS
Raipur : Chhattisgarh plans to recommend to the central government cancellation of coal mining lease of at least eight power firms that seem reluctant to set up thermal plants despite signing the deals with the state.
"The state government is surprised that several companies which inked deals with the government in past two years seem reluctant to set up power plants in the state and their actual motive was to bag coal blocks," a senior official of the industry department told IANS.
Chhattisgarh needs over 52,000 acres for industries
By IANS,
Raipur: The mineral-rich Chhattisgarh needs 52,800 acres of land for 102 industrial projects, Chief Minister Raman Singh said Tuesday.
"Chhattisgarh had signed 118 memorandum of understanding (MoUs) with various companies between a period of 2004-09 for setting up industries in the state. 102 MoUs are presently existing after the government had scrapped 16 of them," he informed the state assembly in a written reply to a question of Leader of Opposition Ravindra Choubey.
US stocks rise on oil-price fall
By DPA,
New York : A drop in oil prices and a tech share rally lifted US stocks across the board Tuesday, after last week's worst performance since February.
The 2.5-percent drop in oil prices was the steepest decrease this month, and gave counterbalance to a huge drop in US consumer confidence reported Tuesday.
The consumer index maintained by the New York-based Conference Board dropped to its lowest level since 1992 in April, increasing the likelihood of a further slowdown in the world's largest economy.
Tampering with RBI’s autonomy will damage economy: Moody’s
New Delhi : American research firm Moody's Analytics, in a report on Thursday, warned against the NDA government's moves to tamper with the...
Markets continue to fall amid profit booking
By IANS,
Mumbai : Indian equities markets continued their downward slide Tuesday amid heavy selling, with a key index trading 2.66 percent down around 2 p.m. from its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading at 9,664.16 points, a fall of 264.19 points or 2.66 percent from its previous close of 9,928.35 points.
Broader S&P CNX Nifty of the National Stock Exchange (NSE) was also going through a slump, trading 2.64 percent lower at 2,959 points.
Sensex plummets by over 400 points
By IANS,
Mumbai : Indian equities markets plummeted sharply Friday, with heavy selling in key sector scrips, mirroring international market trends.
The markets opened in the red following international cues and failed to really pick up anytime during the day.
While all sectoral indices closed with losses, important sectors like oil and gas, realty, banking, capital goods and power took a drubbing.
Indian markets open strong after pep talk by Chidambaram
By IANS,
Mumbai/New Delhi : Indian equities opened strong and moved up further on global cues, as Finance Minister P. Chidambaram said the fundamentals of the Indian economy remained strong, minutes before the opening bell.
“This is a time of uncertainty. Yet in a time of uncertainty, some facts cannot and ought not to be ignored,” Chidambaram told a hurriedly-convened press conference in New Delhi, adding that the Indian economy continued to grow at a satisfactory pace.
Head of shoemaking firm has over 700 pairs herself
By IANS,
London : Italian shoe brand Jimmy Choo's president Tamara Mellon has confessed that she has over 700 pair of shoes.
"I probably have 700 to 800 pairs as I have always loved shoes and I became particularly obsessed by them in the early nineties," vogue.co.uk reports Mellon as saying.
Mellon admitted that she loves to accessorise women. "I would love to accessorise a woman completely be it fragrance, watches or scarves. There are so many things on my wish list," she said.
Indian shares rise despite early losses
By IANS
Mumbai : India shares managed to close in the green Thursday despite early losses, riding on strong buying in select blue-chip stocks, to take a key index up by 0.61 percent.
Indian exports to reach USD 150 bn in current financial year — official
NEW DELHI, Jan 23 (KUNA) -- India's exports will reach USD 150 billion in the 2007-08 financial year, a senior government official said Wednesday.
"Exports worth USD 150 billion are certain this year. It could even go up to USD 155 billion," Secretary in the Indian Commerce Ministry GK Pillai told reporters.
In the 2008-09 fiscal year, an export target of USD 200 billion will be achievable, Pillai said.
Gujarat Investa to acquire Anunay Fabrics
By IANS
Ahmedabad : City-based non-banking financial company Gujarat Investa Ltd GIL) announced Friday that it has decided to acquire textile export house Anunay Fabrics Private Ltd.
In a filing with the Bombay Stock Exchange (BSE), the company said the acquisition would be made through amalgamation, which needed Gujarat High Court's approval. Shareholders of GIL at an extraordinary general meeting Sunday gave their nod to the amalgamation proposal.
The shareholders also approved the management's proposal to diversify the company's interests into textile business.
Goldman Sachs lowers India’s growth forecast
By IANS
New York : Even as policymakers in India say the country could now look forward to a growth above nine percent, Goldman Sachs has lowered its forecast for the country to 7.8 percent on account of US slowdown and falling exports.
Yet, the financial consultancy and merchant-banking firm said in a report Monday that the success story of the Indian economy remained "largely on course due to structural strength".
Air India employees to strike work next week
By IANS
Mumbai : The employees' unions of national carrier Air India have threatened to go on strike March 12 and 17, accusing the management of the newly-merged airline with going back on its promises.
"We will hold protest demonstrations on Friday (March 7) and a two-hour walkout in the morning on March 12. On March 17, we are going to go on a strike," said president of Air Corporators Employee Union (ACEU) Dinkar Shetty.
He said the strike would involve more than 15,000 employees including pilots and engineering personnel.
India, Iran to discuss energy ties, nuclear standoff
By NNN-KUNA
New Delhi, India : India and Iran would discuss measures to expand their energy ties and the proposed tri-nation gas pipeline during the three-day visit of India's Foreign Secretary Shivshankar Menon to Tehran on Saturday.
The two countries will also discuss measures to enhance bilateral commercial and cultural ties, Indian External Affairs Ministry official told reporters here Friday.
Menon would also discuss with the Iranian leadership Tehran's nuclear standoff with the West, the official added. India has called for a negotiated solution to the issue.
Indian, Saudi firms sign deals for business, investments
New Delhi : Indian and Saudi companies signed four agreements Thursday to jointly promote and facilitate investments and trade.
The representatives of Indian and Saudi...
Left blocking economic progress: Chidambaram
By IANS
Madurai (Tamil Nadu) : Without naming the Left parties that support the Manmohan Singh government, Finance Minister P. Chidambaram has criticised "some 60 members of parliament" for trying to hinder India's economic progress.
"Some 60 members of parliament find fault with whatever myself and Manmohan Singh do for economic growth," Chidambaram said.
Haryana CM woos American investors
By Parveen Chopra
New York, Oct 10 (IANS) Haryana Chief Minister Bhupender Singh Hooda is on his first visit to North America to invite foreign direct investment (FDI) in India's fastest growing state.
He is leading a high-level delegation of state officials and Confederation of Indian Industry (CII) leaders on an eight-day trip that started in New York Monday.
The delegation, including Hero group chairman Brij Mohan Lall Munjal and Haryana irrigation minister Captain Ajay Singh Yadav, is scheduled to visit Washington, Los Angeles and Toronto for two days each.
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.
Jay Shree to export tea worth Rs.600 mn in 2008-09
By IANS,
Kolkata : Jay Shree Tea and Industries, part of the BK Birla group, Friday said it would export tea worth Rs.600 million ($14.3 million) in the current fiscal, up from Rs.490 million last year.
"Last year we exported Rs.490 million worth of tea and this year we are confident that exports would touch Rs.600 million. Production of tea would be around 22 million-kg in 2008-09," chairman B.K. Birla told reporters here on the sidelines of the company's annual general meeting.
Jay Shree Tea has gardens in Assam and Darjeeling.
Ranbaxy shares dip as US blocks import of its 30 drugs
By IANS,
New Delhi/Mumbai/Washington : Even as Ranbaxy Laboratories Wednesday said it regretted the US regulator banning the import of more than 30 of its generic medicines, the shares of India's largest drugs maker fell in the equities market.
The US Food and Drug Administration (FDA) said Tuesday it was blocking the sale of some of Ranbaxy's drugs including the popular antibiotic Cipro and cholesterol pill Zocor, in view of manufacturing deficiencies at two India units.
BSEL inks deal to invest over $4 bn in Malaysia
By IANS,
Mumbai : BSEL Infrastructure Realty Ltd has signed a memorandum of understanding (MoU) with Iskandar Regional Development Authority (IRDA) to invest $4.63 billion in several development projects in Malaysia.
The investments in Iskandar in Malaysia would be spread over 12 years, the company said in a statement released here Monday. BSEL has collaborated with IRDA to make Iskandar southern Malaysia's most developed region.
Suzlon second quarter net profit dips 95 percent
By IANS,
New Delhi : Wind turbine major Suzlon Energy on Friday said its net profit declined 95.22 percent to Rs.169.8 million for the second quarter ended Sep 30, as against Rs.3.56 billion in the corresponding period last fiscal.
The total income rose to Rs.22.34 billion for the quarter under review, from Rs.15.95 billion for the corresponding quarter last year.
The company posted a net profit of Rs.1.05 billion for the first half this fiscal, a decline by 76.39 percent against the corresponding period last fiscal.
India firm on signing PTA with ASEAN at Chiang Mai summit December
By P. Vijian, NNN-Bernama,
New Delhi : India is firm on signing the much-awaited Free Trade Agreement (FTA) with the Association of South East Asian nations (Asean) at this year's Asean Summit in the northern thai city of Chiang Mai next month despite some teething problems that may further delay the trade pact, says a top Indian trade official.
Indian observers have noted that the slow response from Asean's older members, such as the Philippines and Thailand, to obtain their respective parliament's approvals could possibly impede the signing process
Airlines miss deadline to appoint ombudsmen
By Sanjay Singh, IANS,
New Delhi : The Indian government's missive to all carriers to name an ombudsman by Aug 1 to address the grievances of air passengers has been given a miss.
No airline - including the National Aviation Company of India, which runs Air India - has heeded to the government's request, despite being given two months to do so, a senior official in the civil aviation ministry said.
China has over 73 million 3G users
By IANS,
Beijing : The number of 3G users in China topped 73.76 million by the end of May, authorities said.
Nortel cuts 3,200 more jobs
By IANS,
Toronto : Toronto-based telephone equipment maker Nortel Networks Corp, which filed for bankruptcy protection in January, is axing 3,200 positions worldwide.
The world leader in telecom has already announced the axing of 1,800 staff as it tries to climb out of bankruptcy protection granted in the US and Canada two months ago.
Nortel has about 30,000 employees worldwide, including 6,000 in Canada.
Titan aims Rs.4.5 bn from eyewear venture
By IANS,
Kozhikode : Titan Industries Ltd aims an annual business of around Rs.4.5 billion ($112.5 million) in the next five years from its recently launched eyewear venture, said company managing director Bhaskar Bhat here Monday.
He was talking to reporters after announcing the launch of Titan Eye+ (Titan Eye Plus), the company's first specialised eyewear showroom in Kerala and the fourteenth in the country.
India to join global entertainment business fair in big way
By IANS
Chennai : For the first time, there will be a separate pavilion dedicated to the Indian entertainment industry at the world's biggest entertainment business fair, the NABShow 2008.
The National Association of Broadcasters (NAB) has been showcasing technology for cinema, television and radio for 80 years in the US.
The business fair showcases the industry from 163 countries and has 27,000 foreign participants. It generated revenue of over $51 billion last year.
Fed extends credit to Morgan Stanley, Goldman Sachs
By DPA,
Washington : The US Federal Reserve Board has agreed to applications by investment banks Morgan Stanley and Goldman Sachs to become bank holding companies.
The rate-setting central bank said in a statement that the approval was granted, pending a five-day antitrust waiting period.
Two-wheeler majors log lower sales
By IANS,
Chennai : The stimulus shot of 4 percent cut in excise duty will take some more time to rejuvenate the two-wheeler manufacturer. Even after offering discounts, major players have reported lower sales last month as compared to December 2007.
The three major two-wheeler manufacturers - Hero Honda, Bajaj Auto, and TVS Motor - saw their sales going down in December 2008, as compared to sales in the corresponding month the previous year.
S Tel signs up over 1 million subscribers
By IANS,
New Delhi : Mobile operator S Tel, a joint venture between India's Siva Group and Bahrain Telecommunications Co, Thursday said its subscriber base has crossed the one million mark within three months of launch of services.
The subscribers are spread across three circles of Bihar and Jharkhand, Orissa and Himachal Pradesh.
The telecom provider will roll out services in Jammu and Kashmir, Assam and other parts of the northeast this year.
India’s growth will be below 5 percent in first half: Moody’s
By IANS,
New Delhi : The government estimate of 7 percent gross domestic (GDP) growth for the current fiscal year will certainly be missed and the "overly optimistic projection" needs to be substantially revised downward to below 5 percent, according to the research arm of global rating agency Moody's.
"With the recent deterioration in global economic conditions, it is almost certain that India's growth will slow to under 5 percent in the first half of 2009," said Sherman Chan, an economist with Moody's Economy.com.
Pakistan rupee hits record low against dollar
By Xinhua,
Islamabad : The Pakistani rupee early Thursday continued its downslide and hit a record low of 81.40 against the dollar due to a balance payment crisis and lower investment confidence.
Dealers said the rupee is losing its value due to the high demand for the dollar in the market. Falling foreign direct investment and outflow of foreign investment from the stock markets are other factors that have weighed on the rupee.
‘Global crisis has not affected micro-finance sector’
By IANS,
New Delhi : The global financial crisis has "not yet" affected the micro-finance sector though the future is uncertain, said the founder of a global Paris-based organisation promoting micro-finance here.
"At the moment, there is no effect of funds for micro-finance projects, as there is no link right now with the global crisis," French economist Jacques Attalli told reporters, adding: "You never know (about the future)."
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.
Court asks automobile dealer to compensate for defective car
By IANS,
New Delhi : A consumer court here has asked an automobile dealer to pay Rs.10,000 as compensation to a customer who was given a defective car and also refund the cost of the vehicle.
Sachin Bhaskar had booked an Opel Corsa car in 2000 and made the payment of Rs.645,478 to Regent Automobiles Ltd in Green Park. When he went to pick up the car from the dealer, he was surprised to discover defects in the car.
Sensex crashes by 10 percent, market closes
By IANS
Mumbai : The Sensex crashed by 10 percent Tuesday morning leading to the Indian stock markets being closed for an hour.
The stock exchange will reopen at 11 a.m.
The crash comes the morning after the sensitive index of the Bombay Stock Exchange recorded a massive fall of more than 1,400 points.
Canara HSBC Life charts new path to quick profits
By Venkatachari Jagannathan, IANS,
Chennai: Upbeat after earning Rs.374 million in just three months from only two insurance products with average premium of Rs.111,144 per policy, private life insurer Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (Canara HSBC Life) is expanding its product portfolio.
"We will soon launch term, pension, group and health insurance products as they are ideal products to be sold through banks," Harpal Karlcut, chief executive officer told IANS.
Indian, BlackBerry officials to meet again
By IANS
New Delhi : Indian telecom officials and the makers of BlackBerry will meet again April 15 to discuss security concerns raised here over the services provided by the company, an official said Thursday.
The Department of Telecommunications (DoT) official said after Thursday's meeting lasting several hours that "the talks turned out to be somewhat successful and all the stakeholders have decided to meet again" next week.
Patton Electronics sets up JV with Chennai firm
By IANS
Chennai : The US based voice and data communication product manufacturer Patton Electronics has partnered with the Chennai based Microsense Pvt Ltd to set up a distribution joint venture in India, said a top company official Tuesday.
Kamal Nath adjudged ‘FDI Personality of the year 2007’
By IANS
New Delhi : Commerce and Industry Minister Kamal Nath Friday received the 'FDI Personality of the year 2007' award for his contribution in making the country the most preferred destination for foreign direct investment (FDI).
The award was conferred by Financial Times, London at a glittering event at a premiere luxury hotel in Delhi attended by senior government officials, industrialists, think tanks, economists, academicians and others.
Nowheera Shaik arrested for allegedly duping investors
Hyderabad, Oct 17 (IANS) Hyderabad police on Tuesday arrested leading entrepreneur-politician Nowheera Shaik on charges of allegedly cheating the investors.
Nowheera, Managing Director of Heera...
Indian Oil’s monopoly in Nepal to end
By Sudeshna Sarkar, IANS,
Kathmandu : The nearly four decades of monopoly enjoyed by India's public-sector enterprise Indian Oil Corporation (IOC) in Nepal is heading towards an end with the private sector in the country having been given the go-ahead for gas imports while laws are being drafted to open oil trading as well.
G7 vows to stabilize global financial markets
By DPA
Tokyo : Financial leaders from seven world economic powers vowed Saturday to take both individual and joint action to stabilize financial markets, which had suffered turmoil owing to the US subprime mortgage crisis.
Finance ministers and central bank governors from Group of Seven (G7) meeting in Tokyo released a joint statement at the end of a one-day forum pledging to secure stability of the global economy.
Renewed bear grip sends key index below 10,000
By IANS,
Mumbai : With general nervousness far from disappearing across the global investor community, Indian equities markets too came under bear assault once again Thursday and a key share index shed nearly 400 points to close below the psychologically important 10,000 mark.
The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) finished at 9,734.22, down 385.79 points or 3.81 percent from its previous close Wednesday at 10,120.01 points.
UAE-India non-oil trade worth over $44 bn, says Tharoor
By IANS,
Abu Dhabi: Bilateral trade between the United Arab Emirates (UAE) and India was worth $44.5 billion in 2008-2009, WAM news agency reported Friday, citing India's Minister of State for External Affairs Shashi Tharoor.
This accounts for about half of India's total trade in the Gulf region. The figure is excluding the oil sector. India's trade with the six-member Gulf Cooperation Council (GCC) reached $86.9 billion, putting it ahead of the European Union ($80.6 billion) and ASEAN countries ($44.6 billion).
Doha round near closure: Kamal Nath
By IANS
New Delhi : The contentious Doha round of trade negotiations is near closure but this is dependent on addressing the sensitivities of the various stakeholders, Indian Commerce Minister Kamal Nath said Tuesday.
"We are closer than ever before to closing the round," he said while addressing a session on New Partners, New Alliances: India and Global Commerce at the Fortune Global forum here.
"We are in the last mile. If we can win this, we are there," the minister maintained.
Himachal Pradesh to set up fruit packaging plant
By IANS,
Shimla : The Himachal Pradesh government Tuesday announced it would set up a fruit packaging plant in the state to boost its fruit sales abroad.
Chief Minister Prem Kumar Dhumal, while interacting with Paul Vaughan, trade commissioner of the New Zealand high commission here, said the state would follow the packaging practices of New Zealand growers.
"We would examine the possibilities of adopting apple and fruit packaging system available with the New Zealand growers in this hill state," Dhumal said.
Airtel launches IPTV services in Delhi
By IANS,
New Delhi : The country's leading telecom player Bharti Airtel Monday launched a service that allows subscribers to watch television programmes using the company's Internet broadband facility in Delhi and the National Capital Region.
Widely known as Internet Protocol Television (IPTV), the service was launched about a month after the state-run telecom operator, Bharat Sanchar Nigam, announced the launch of its own IPTV service, also in Delhi and the NCR.
ACC third quarter net profit up 32 percent
By IANS,
Mumbai : Cement major ACC Thursday reported a 32.48 percent rise in net profits at Rs.1,212.7 crore for the quarter ended Dec 31, compared to Rs.1,606.7 crore earned in the like quarter of last fiscal.
The company's total income grew to Rs.8,268.3 crore during the quarter under review, against Rs.7571.5 crore in the year-ago period, it said in a regulatory filing.
While sales grew 10.2 percent due to better realisations, volumes saw only a marginal 2.4 percent rise, the company said.
Dubai to host alternative investment meet in November
By IANS,
Dubai : Leaders of the global investment community, especially in the Middle East, will gather in Dubai in November to take part in a conference on alternative investment management.
Over 500 influential business people from the Middle East are expected to participate in the Global Alternative Investment Management (GAIM) Middle East to be held here Nov 16-19, the Emirates News Agency (WAM) reported.
The organisers have also lined up over 60 international and regional speakers.
Indian modern art fetches 4.28 million pounds in London auction
By IANS,
London : A painting by Francis Newton Souza fetched the top price of 580,500 pounds - outperforming old masters Tagore and Jamini Roy - at an auction of Indian modern and contemporary art at Sotheby's Friday.
The painting, tilted The Red Road, was hotly contested by at least seven bidders before selling to a client on the telephone, Sotheby's said
BHEL learning super critical boiler technology
By IANS,
Tiruchirappalli (Tamil Nadu) : Bharat Heavy Electricals Ltd (BHEL), a major producer of power equipment and industrial goods, is learning the technology to supply super critical boilers on its own without any outside support, a company official said.
A super critical boiler is one that performs under very high pressure.
"By 2013, we will learn the super critical boiler technology. Then we do not need technical assistance from Alstom anymore," BHEL Executive Director A.V. Krishnan told reporters here Friday.
New firm to focus solely on Dubai’s retail sector
By IANS,
Dubai : The government-owned Dubai Holding Sunday announced the launch of operations of a new subsidiary that will focus solely on the retail sector.
Dubai Properties Group (DPG), a member of Dubai Holding, said its new retail development and management solutions subsidiary, Dubai Retail, has commenced operations aiming to develop the emirate's retail sector through the construction of shopping malls and retail markets.
Haiyan Mujarkech, an industry veteran, has been appointed the chief executive of Dubai Retail, according to a DPG statement issued here.
Petrol pumps owners observe strike in West Bengal
By IANS,
Kolkata : Vehicle owners and public transport operators had a difficult time in West Bengal Friday as petrol pump owners went on a day-long strike, demanding an increase in commission in the wake of recent fuel price hike.
"The fuel prices have increased a lot. In current scenario if our commission is not increased then it is next to impossible for us to run the petrol pumps," said Tushar Sen, president, West Bengal petroleum dealers association.
ICICI Bank to adopt wait-and-watch policy on interest rate
By IANS,
Kolkata : India's leading private sector bank ICICI Bank Tuesday said it would prefer to wait before revising interest rates on term deposits.
"We have to watch carefully before taking any decision," K.V. Kamath, ICICI Bank CEO and also president of the Confederation of Indian Industry (CII), said.
"Systemic liquidity is comfortable. Systemic credit off-take is not at high level that it warrants a tinkering in interest rates," he said.
His comments came a day after India's largest commercial bank, the State Bank of India, hiked term deposit rates by 25-50 basis points.
Upset with rail budget, Orissa protestors hold up trains
By IANS
Bhubaneswar : Train services across Orissa were disrupted for three hours Wednesday by workers of the ruling Biju Janata Dal (BJD), its ally the Bharatiya Janata Party (BJP) and Kalinga Sena, who said that the railway budget had neglected the state.
Hundreds of activists, including members of the BJP Yuva Morcha - the youth wing of the party - staged protests across the state and sat on railway lines, preventing the movement of trains, M.D. Sahu, an official of the south eastern railway, told IANS.
Indian equities plummet on cue from weak global markets
By IANS,
Mumbai : Indian equities markets were in a slump around noon Wednesday with a key index trading almost 100 points below its previous close.
With US stocks closing in the red Tuesday, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading at 9,587.72 points, a fall of 99.03 points or 1.02 percent from its Tuesday close of 9,686.75 points.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) also continued to slide trading at 2,932 points, about 36 points or 1.19 percent lower than its previous close.
SAIL to takeover Kerala’s steel plant
By IANS
Kozhikode : State-owned Steel Authority India Ltd (SAIL) has initiated steps to takeover the ailing Steel Complex Ltd (SCL) owned by Kerala government here.
SAIL had already conducted two rounds of discussions with company authorities and the state government in this regard.
The takeover is expected to bring in an investment of around Rs.3.5 billion to the state.
The goose with the golden spectrum
By Prasanto K. Roy, IANS,
Finally, it's over. Eleven years after the birth of third generation (3G) telephony and near the end of its life, India's auction for enabling spectrum or airwaves concluded May 19.
Here's to the teamwork among India's communications, finance and defence ministries that set telecom back by a half-decade. From its place 'ahead of the curve' 10 years ago -- with SMS services like mobile banking way before their US usage -- India fell way, way behind global 3G use.
No dearth of fertilisers for rabi crop, says government
By IANS,
New Delhi : There is no dearth of fertilisers for rabi crop this season, the government said here Friday.
"We are committed to ensure adequate supply of fertilisers. It is available in adequate quantity. The supply and availability have been much higher as compared to preceding years," Minister of Chemical and Fertilisers Ram Vilas Paswan told reporters here.
Paswan said the consumption of NPK (nitrogen-phosphorus-potassium) complex fertiliser last year was about 6.55 million tonnes, whereas the availability during the current year has been planned for eight million tonnes.
Indian equities market maintains upswing in early trade
By IANS
Mumbai : Capital goods, metal and oil and gas sector stocks were in demand as the Indian equities market opened with a positive gap Friday, tracking strong markets in other Asian countries.
The 30-share benchmark sensitive index of the Bombay Stock Exchange, the Sensex, opened with a gain of 170.13 points at 15,840.56. Ten minutes into trading, it reached 15,879.70 with a gain of more than 185 points.
At the same time S&P Nifty index of the National Stock Exchange was trading at 4,785.25 with a gain of 52 points or 1.10 percent compared to its close Thursday.
Sensex rebounds on positive global cues
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday reversed a three-day losing run to close 99 points higher than its previous close, helped by positive cues from global peers.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,873.92 points, closed at 17,977.23 points, 99.04 points or 0.55 percent up from its previous close at 17,878.14 points.
At the National Stock Exchange (NSE),the broader 50-share S&P CNX Nifty ended at 5,399.35 points, up 0.58 percent from its previous close at 5,368 points.
India’s trade minister sees higher economic growth
By IANS,
New Delhi: The Indian economy should have grown at 7.5 percent in 2009-10 and a tad faster than 7.2 percent expansion predicted officially on the back of a strong rebound in exports, Commerce Minister Anand Sharma said here Thursday.
"We have had a strong recovery in exports in the past few months. We expect the economy to have grown 7.5 percent, not 7.2 percent," Sharma said during an interactive session on foreign investment policy hosted by the Confederation of Indian Industry (CII).
HDFC Bank inks IT compliance deal with Symantec
By IANS
Mumbai : One of India's leading private banks, HDFC Bank, has entered into a $7.4 million, three-year agreement with software company Symantec Corp for IT compliance, enterprise security and storage management solutions.
Symantec, the makers of Norton Antivirus products, will also provide HDFC Bank with consulting and implementation services.
HDFC Bank has a network of 754 branches and 1,906 ATMs across 327 towns and cities in India.
Symantec will provide HDFC with a comprehensive set of security and storage solutions and services.
Orissa expedites Posco site survey despite opposition
Jagatsinghpur (Orissa) (IANS) : Amid opposition from many villagers, Orissa Thursday decided to expedite the survey work for the proposed steel plant of South Korean major Posco in Jagatsinghpur district under the largest foreign direct investment in India.
The district administration conducted a meeting of all revenue officials at the port town of Paradip. It formed 12 teams including the local revenue inspectors to carry out the work, a district administrative official told IANS.
Highlights of Railway Budget 2008-09
By IANS
New Delhi : Following are the highlights of the Railway Budget 2008-09, presented in the Lok Sabha Tuesday by Railway Minister Lalu Prasad:
Passenger fares reduced across the board
Second class fares for journeys over 50 km to cost 5 percent less
Sleeper fares down by 5 percent
AC III-tier fares cut by 2 percent
AC II-tier fares reduced 4 percent
AC first class fares down 7 percent
Freight rates slashed by 14 percent across the board
Freight charges for petrol and diesel cut by 5 percent
Free season tickets to girl students till graduation