India set to grow at 5.5 percent: World Bank
By Arun Kumar,
Washington: The World Bank projected India's growth at 5.5 percent in fiscal 2014-15, accelerating to 6.3 percent in 2015-16 and 6.6 percent...
Brazil’s coffee exports fall 15 percent
By IANS/EFE,
Sao Paulo : Brazil's coffee exports fell 15 percent in volume terms in February, compared to the same month in 2009, the exporters council, known as Cecafe, said.
The report released by Cecafe Monday shows that nearly 2.23 million sacks, worth $361 million, were exported last month.
The figures were affected by the crop's two-year cycle, which yielded smaller production numbers than in the previous year, Cecafe said.
Brazil's main export markets are Germany, which buys nearly 1 million sacks annually, and the US, which purchases just under 800,000 sacks.
Lufthansa starts two new flights from Kolkata
By IANS,
Kolkata : Lufthansa has increased its flights between Kolkata and Frankfurt from three to five a week, it was announced Tuesday.
The additional flights will operate on Wednesday and Sunday. Previously, the three flights were scheduled on Thursday, Saturday and Monday.
Lufthansa operates the Kolkata route with an Airbus A330-300, offering a total of 221 seats. Fares from Kolkata start from Rs.35,000.
Life insurers hope for reforms by the new government
By IANS,
Chennai : A much stronger Congress-led coalition to form the next government bodes well for the life insurance sector clamouring for reforms, says the industry's representative organisation.
"Two important amendment bills relating to the insurance sector reforms are pending in Parliament. We expect them to be passed this time," said S.B. Mathur, secretary general of Life Insurance Council that has 22 life insurance companies as members.
Business booms at China’s tourist sites
By IANS,
Beijing : China's tourist destinations experienced a boom in business in the first week of October, during the National Day celebrations.
Profit booking pulls down Sensex
By IANS,
Mumbai : Indian equities markets fell sharply post-noon Friday, with a key index ruling 290 points lower than its previous close about 90 minutes before the closing bell.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 12,092.97 points, was ruling 290.06 points or 2.39 percent lower at 11,834.2 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 1.3 percent from the previous close to trade at 3,603.5 points.
Chhattisgarh budget session to begin Monday
By IANS
Raipur : The Chhattisgarh assembly's 27-day budget session will begin Monday, and the state government is likely to table its budget for 2008-09 Feb 23.
This will be the last budget of Chief Minister Raman Singh's government as the assembly polls are due in November this year.
The fourteenth budget session of the second assembly of Chhattisgarh that came into being in 2000 will start with the customary address of Governor E.S.L. Narasimhan.
Israeli company negotiating defence system deal with India: Report
By Xinhua
Jerusalem : Israel Aerospace Industries Ltd. (IAI) is discussing details of a $1.5 billion deal with India to set up a defence system using long-range missiles, media reported Tuesday.
The deal also includes radar systems made by IAI subsidiary Elta Systems Ltd., unmanned aerial vehicles (UAV), and possibly IAI-built satellites as well, according to the Globes newspaper.
The Indian government approved the deal a few months ago,, and IAI chief Yitzhak Nissan is now in negotiations over the details, the report said.
Hindustan Zinc gets LME registration
By IANS
Udaipur : Hindustan Zinc Limited (HZL), a subsidiary of Sterlite Industries India Limited, has received the London Metal Exchange (LME) registration for the lead ingots produced at its lead smelter near here.
The LME registration, recognised worldwide as one of the most demanding standards, signifies highest product quality, uniform physical characteristics and consistency of lead ingots, the company said in a statement Saturday.
Guidelines for real estate mutual funds soon
By IANS
New Delhi : The Securities and Exchange Board of India (SEBI) will issue fresh guidelines to monitor real estate mutual funds (REMF) within the next 15 days, T.C. Nair, whole time member of SEBI, announced Friday.
Nair informed a conference on "Real Estate Mutual Funds" organised by the Associated Chambers of Commerce and Industry of India (Assocham) here that his legal department was preparing the guidelines on legal implications of REMF and these would be made public within the fortnight.
Risks of money laundering seminar to be held in Sana’a
By NNN-SABA,
Sana'a : The Studies and Economic Media Center (SEMC) is organising a seminar in Sana'a on "risks of money laundering on national economy" next Tuesday in cooperation with cooperative and agricultural credit Bank (CAC Bank.
In a statement to Saba, head of the center Mustafa Nasr said that the seminar would focus on efforts exerted to combat money laundering inside and outside of the country.
Participants from the Central Bank of Yemen and National Committee of Combating Money Laundering, Banking Studies Institute and Sana'a University and CAC
Carnation joins hands with Fiat Group company
By IANS,
Kolkata : The Jagdish Khattar-promoted Carnation Auto and a Fiat Group company, Magneti Marelli, have joined hands to deliver automotive services, technical know-how and diagnostic instrumentation for the premium car segment via the Carnation sales and service network in India.
It also aims to develop a nationwide business dealing in the procurement and distribution of after-market parts under their joint brands, a statement said here Thursday.
IFC to invest $450 mn in Tata Mundra project
By IANS
Mumbai : The International Finance Corporation (IFC), a World Bank group, will be investing $450 million in Coastal Gujarat Power Limited's Tata Mundra project to help expand access to electricity in five states of western and northern India.
Of the total project cost of $4.2 billion, IFC will provide $450 million with a 20-year tenure long-term financing that improves the risk profile of the project and complements commercially available financing from local banks of around 15 years maturity, said an IFC statement.
France calls Greek proposal ‘serious and credible’
Paris : French President Francois Hollande voiced his optimism for the Eurogroup to reach an agreement over Greece's bailout based on the economic program...
Inflation, quota to dominate remainder of budget session
By IANS,
New Delhi : Inflation, price rise and quota for backward class students are likely to dominate the concluding part of the budget session beginning Tuesday.
The Supreme Court's endorsement of 27 percent quota for other backward classes (OBC) students in higher educational institutions is expected to be discussed in both houses of parliament.
Parties like the Dravida Munnetra Kazhagham (DMK) and the Janata Dal (United) want a clarification on the 'creamy layer' which is to be excluded from the category of backward class students eligible for quota.
Magma Fincorp posts Rs.26.46 crore Q4 net profit
By IANS,
Kolkata : Asset finance company Magma Fincorp posted net profit of Rs.26.46 crore for the fourth quarter of 2009-10 against Rs.7.43 crore in the corresponding period a year ago.
For the financial year ended March 31, 2010, the net profit stood at Rs.71.32 crore, compared to Rs.39.8 crore a year ago.
"Increase in share of high-yield products, improvement is net interest margin helped the company achieve this profit level," Sanjay Chamria, vice chairman and managing director, told reporters here Monday.
Middle East IT firms looking to invest in Kerala
By Aroonim Bhuyan,
Dubai, Oct 27 (IANS) Around 20 IT companies with operations in the Middle East are in an advanced stage of discussions with the Kerala government to invest in that south Indian state.
During the course of the Gulf Information Technology Exhibition (GITEX) 2008, the Middle East's largest technology show held here last week, the companies evoked keen interest in investing in Kerala.
Sensex rises 193 points, ends in the green
By IANS,
Mumbai : Indian equities markets closed higher Wednesday after being in the red for a major part of the day as investors bought lower valued realty, IT and oil and gas stocks.
A key index closed almost 2 percent higher than its previous close, with gains being seen across a number of stocks and sectors.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 9,745.77 points, rose 193.49 points or 1.99 percent to close at 9,901.99 points.
Protests in Nepal after midnight fuel hike
By Sudeshna Sarkar, IANS
Kathmandu : Within hours of the government announcing a midnight hike in fuel prices, protests erupted in Nepal Thursday with the Maoist rebels calling a partial transport shutdown.
The guerrillas, who pulled out of the government last month and have warned of a revolt, said they were condemning the decision by the state-owned Nepal Oil Corporation (NOC) to hike fuel prices from Wednesday midnight and would oppose the move till the government rolled back prices.
Currency Corner: Indian equities should remain uptrend despite Iraq oil crisis
By Vatsal Srivastava,
Militant insurgency and violence in Iraq have put the brakes on the great Indian rally. Investors are weighing in the potential impact of higher energy prices as the possibility of a supply disruption from the world's sixth biggest oil exporter is priced in global oil benchmarks. Both WTI crude and Brent crude are trading at 10 month highs with the spread between these two benchmarks having widened to $7 per barrel. India is the world's fourth largest importer of oil and imports nearly 75 percent of its demand.
We will maintain growth, tame inflation: Chidambaram
By IANS
New Delhi : The government will take all possible steps to ensure momentum of high growth is maintained and inflation is kept under check, Finance Minister P. Chidambaram said Monday.
"We will make every effort to maintain growth rate at well over 8 percent and close to 9 percent," Chidambaram told parliament, amid worries of slowdown that resulted in the second-steepest fall in a key share market index.
Manmohan Singh confident of 7 percent growth
By IANS,
New Delhi : India will achieve an economic growth of at least 7 percent this fiscal despite the global slowdown, Prime Minister Manmohan Singh said Tuesday while promising more resources for areas like infrastructure and public services.
"In last one year our economy was affected and our growth rate declined to about 7 percent," the prime minister told the Lok Sabha, replying to the motion of thanks on President Pratibha Patil's address to both houses of parliament.
One more independent director quits Satyam board
By IANS,
Bangalore : In a day of swift developments, independent director M. Rammohan Rao resigned from the board of IT major Satyam Computer Services, the company said Monday.
"Yes, he (Rao) has resigned as the non-executive and independent director of the company's board. We have intimated to the stock exchanges," company secretary V.S.N. Raju confirmed to IANS from Hyderabad by phone.
Rammohan Rao is the dean of the internationally-reputed Indian School of Business (ISB) in Hyderabad since 2004.
Indian equities open higher despite weak global cues
By IANS,
Mumbai : Despite weak global cues, Indian equities opened on a positive note Friday, after a minor loss for a key index during the previous day, even as investors expected trading to turn choppy later as in the past few sessions.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 15,770.19 points and soon shot up to 15,871.52 points, against the previous day's close at 15,781.07 points.
Some 10 minutes into trading, the barometer index was up 60.33 points, or 0.38 percent at 15,841.40 points.
Coca-Cola ads ‘Satanic’: Russian Orthodox Christians
By RIA Novosti
Nizhny Novgorod (Russia) : A group of Orthodox Christians in northwest Russia have accused Coca-Cola of offending their religious beliefs with advertisements that use distorted images of Orthodox churches, including inverted crosses.
Coca-Cola representatives said the advertisements demonstrated their attitude to preserving cultural heritage.
The believers said the advertising posters in Nizhny Novgorod showed the crosses on the domes of various well-known churches in the city.
India’s engineering services exports next big thing: survey
By IANS,
New Delhi : Engineering design and services exports - now only a small component of India's software and services exports - is all set to be the next big thing in the country's relentless march towards becoming a global knowledge powerhouse, says a new survey.
In fiscal 2007-08, engineering services accounted for revenues of Rs.101.1 billion ($2.5 billion), up from Rs.80.5 billion ($1.8 billion) in the previous fiscal.
Madhya Pradesh plans to limit stocks of rice, pulses
By IANS,
Bhopal : The Madhya Pradesh government is planning to impose stock limits on pulses, gram, oilseeds and rice to control rising prices, officials said Friday.
"The government may soon introduce a pulses control order to start with. It would be issued in a couple of days," a state food department official told IANS.
The prices of pulses have skyrocketed in the last few months.
India’s growth can dip to 7 percent: Minister
By IANS,
New Delhi : India must be prepared to face a lower growth of seven percent this fiscal on account of the impact of global slowdown, Minister of State for Finance P.K. Bansal said in parliament Tuesday in what has been the most pessimistic official projection yet on the country's economic expansion.
“A crisis of this magnitude in industrialized countries is impacting economies around the world and India has also been affected,” Bansal said in the mid-year review of the Indian economy tabled in both houses of parliament.
Infosys’ ‘other income’ zooms nearly five times
By IANS,
Mysore : IT bellwether Infosys Technologies Tuesday reported a record jump of 478 percent in "other income" to Rs.231 crore (Rs.2.31 billion/$51 million) in third quarter this fiscal from Rs.40 crore in the same period a year ago.
As a result, the global software major's cash reserves, including investments in liquid mutual funds, has increased to Rs.14,449 crore in the quarter under review (Q3) from Rs.9,488 crore in the same quarter a year ago (FY 2008-09).
Pakistan starts exporting cement to India
By Muhammad Najeeb, IANS
Islamabad : Bilateral trade between India and Pakistan has taken a significant step forward with at least five Pakistani companies approved by the Bureau of Indian Standards (BIS) starting to export cement to India while five more manufacturers have applied for certification.
"A total of 11 cement companies have been cleared by the BIS and four more have applied to get approval for export," Shahzad Ahmed, secretary of All Pakistan Cement Manufacturers Association (APCMA), told IANS.
Mumbai port to have offshore container terminal
By IANS
New Delhi : The union cabinet Thursday approved the development of an offshore container terminal at Mumbai port by Gammon India and Spanish Dragados SPL.
The total cost of the project is Rs.12.28 billion, of which a consortium of Gammon India, Gammon Infrastructure Ltd and Dragados will invest Rs.8.62 billion and Mumbai Port Trust the rest, Finance Minister P. Chidambaram told reporters after the cabinet meeting.
The terminal will facilitate handling of large size container vessels at the port. The project is also expected to enhance trade and employment.
RBI increases CRR to 8.75 percent
By IANS,
Mumbai : The Reserve Bank of India (RBI) has increased the cash reserve ratio of banks by 50 basis points to 8.75 percent in two stages keeping in view "domestic and global macroeconomic and financial developments", it was announced here Tuesday.
The CRR of scheduled commercial banks, regional rural banks (RRBs), scheduled state co-operative banks and scheduled primary (urban) co-operative banks "is being increased by 50 basis points to 8.75 per cent in two stages", an RBI statement said.
Government hikes minimum sugarcane price by 32 percent
By IANS,
New Delhi : Sugar mills will have to pay more to cane growers after the government Thursday increased the statutory minimum price for sugarcane by over 32 percent to Rs.107.76 per quintal for the 2009-10 season.
It was Rs.81.18 per quintal in the previous October-September season.
Above this guaranteed price, farmers will also get a premium for additional recovery above 9.5 percent.
UCO Bank reports higher net profit
By IANS,
Kolkata : State-owned UCO Bank posted a net profit of Rs.178.85 crore for the quarter ended June 30, compared to Rs.133.44 crore for the first quarter of the previous year.
"Total income has increased from Rs.19,991.60 million (Rs.1,999.16 crore) for the quarter ended June 30, 2008 to Rs.25,836.80 million (Rs.2,583.68 crore) for the quarter ended June 30, 2009," the bank said in a statement Thursday.
Airlines not worried by railway fare cut
By IANS
Mumbai : Leading budget airlines are not worried by selective fare cuts Railway Minister Lalu Prasad announced in the railway budget for 2008-09 Tuesday, and maintain that people would prefer air travel to save time.
"There is going to be a Rs.30-80 drop in prices on the Delhi-Mumbai sector but we can take passengers from Delhi to Mumbai in 1 hour 35 minutes while the fastest trains like the Rajdhani Express or the August Kranti Rajdhani Express take 17 hours," said SpiceJet executive chairman Siddhanta Sharma.
Despite challenges India will continue to grow at more than 8%, says KV Kamath
By Mohammed Siddique, TwoCircles.net,
Global logistics firm announces Indian expansion plans
By IANS
New Delhi : Schenker DB Logistics has announced expansion plans for the Indian market. It has pumped in Rs.200 million as initial investment in its Indian arm Schenker India Pvt Ltd, said a top company official.
The firm expects to generate business worth Rs.20 billion by 2008-09 in the country.
Schenker DB Logistics and Bax Global have recently announced their merger, making the united firm one of the largest logistics and supply chain management company in the world.
Key Indian market index breaches 19,000
Mumbai, (IANS) Taking barely four trading sessions to scale 1,000 points, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) touched an all-time high of 19,000 points during intra-day trading Monday.
This was the fastest jump of 1,000 points for the 30-share representative index. It was led by continuing buying interest from foreign institutional investors (FIIs), said analysts.
Energy security will be major factor for global power play: PM
By IANS,
New Delhi : With global crude prices spiralling to $135 per barrel, Prime Minister Manmohan Singh Wednesday said energy security will determine the future power play among nations and that China had made major inroads in this area.
"The world is not able to grapple with the crises it faces," the prime minister told the probationary officers with the Indian Foreign Service (IFS) here, referring to the crisis which India, like other energy deficient nations, faces.
Railways to spend Rs.41,426 crore to modernise network, services
By IANS,
New Delhi : The government planned to spend Rs.41,426 crore ($8.29 billion) to modernise the rail network and improve customer services, Railway Minister Mamata Banerjee said while presenting her ministry's budget in parliament Wednesday.
Out of this, Rs.4,411 crore will be spent to lay 1,000 km of new lines and Rs.1,302 crore for improving passenger amenities.
The spending would be financed through a gross budgetary support of Rs.15,875 crore, diesel cess of Rs.877 crore, internal resources of Rs,14,523 crore and extra-budgetary resources of Rs.10,151 crore.
Indian equities fall sharply, with losses across sectors
By IANS,
Mumbai : Indian equities markets, which opened lower Tuesday compared to their previous closing figures, fell further as the morning progressed. A key index was trading almost two percent down around noon.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at 9,821.57 points, against Monday's close at 9,928.35 points. It dropped further to rule at 9,743.13 points around two hours into trading.
Maoists shut down ITC’s tobacco factory in Nepal
By Sudeshna Sarkar, IANS
Kathmandu : Indian tobacco giant ITC has had little cause to celebrate the 59th Indian Republic Day with trade unionists backed by the Maoists shutting down its tobacco factory in south Nepal, the second such disruption in three months.
Surya Nepal, ITC's majority-held joint venture that is also one of Nepal's largest revenue earners, has had its tobacco factory in Simra town in frontier district Bara closed since Wednesday with its Maoist-affiliated trade union raising a fresh 15-point demand.
India-Pakistan trade can cross $9 bn, says Assocham
By IANS,
New Delhi : Trade between India and Pakistan can reach $9 billion in the next few years despite political differences, industry lobby Associated Chambers of Commerce and Industry of India (Assocham) said here Tuesday.
"If the two countries bury political differences, the country can evolve strong bilateral ties which can grow from $2 billion to $9 billion," said Assocham president Sajjan Jindal.
Tata’s Indian Hotels, Godrej among world ‘unsung’ innovators
By Arun Kumar, IANS,
Washington : Five Indian companies led by Tata Group's Indian Hotels, Godrej Industries and Yes Bank figure in the list of the world's 25 'unsung' innovative companies by BusinessWeek magazine.
The other Indian firms on the list are Bajaj Holdings & Investment and Bata India.
'The world's 25 unsung innovative companies' includes "firms which have failed to get a position on the list of world's most innovative companies but are likely to become household names like Apple, Google in the next 10-20 years," the magazine said.
US consumer prices fall by record one percent
By DPA,
Washington : In a continuing signal of economic decline, US consumer prices fell one percent month-on-month in October, the largest one-month decrease since inflation figures started being published in 1947, the US government said Wednesday.
The overall inflation index had remained flat through September after having its first decline in two years in August of 0.1 per cent.
The figures, which were seasonally adjusted, reflected an 8.6 percent drop in energy prices. Petrol prices were down more than 14 percent, the Bureau of Labour Statistics (BLS) said.
Himachal starts crop insurance scheme
By IANS,
Shimla : The Himachal Pradesh government has launched a crop insurance scheme in the state to protect crops from adverse climatic conditions, an official statement said Sunday.
"The National Agricultural Insurance Scheme will cover maize, paddy, potato and ginger crops on a pilot basis," the statement said.
The Agriculture Insurance Company of India Ltd will insure the crops against lightning, storm, hailstorm, cyclone, typhoon, drought and pest attacks.
Mizoram facing famine, rats devour rice and maize
By IANS,
Aizawl : After feasting on paddy in the fields and inside granaries, armies of rodents in Mizoram have started targeting maize, devouring the crop by the tonne and leading to an acute food shortage, officials and aid agencies said.
The paddy harvest in the state was 736,253 quintals in 2005. It came down to 196,535 quintals in 2006 and just about 85,000 quintals in 2007 due to rats devouring the crops," Mizoram Agriculture Minister H. Rammawi told IANS Sunday.
IT giant Satyam ties up with Faritec in S. Africa
By Fakir Hassen, IANS
Johannesburg : A partnership between Indian IT giant Satyam and South African listed company Faritec is expected to boost employment and create new opportunities in the African telecommunications market.
The strategic partnership follows the recent appointment of Satyam to support the 2009 FIFA Confederations Cup and the 2010 Soccer World Cup in South Africa. The contract is worth millions of dollars.
Railway budget highlights 5
* Twenty three railway projects underway in the northeast; Rs.5,116 crore allocated for this in 2014-15 - a jump of 54 percent from the...
Madhya Pradesh assembly budget session begins
By IANS
Bhopal : Madhya Pradesh Governor Balram Jakhar said here Monday his government was committed to the welfare of farmers and was working to create an atmosphere favourable to development works.
Addressing the legislative assembly on the opening day of its 40-day budget session, Jakhar said the state government has made special provision for providing relief to the landless farmers and appropriate price of farmer's produce. "It also organised an agro-business meet to promote agriculture sector," he said.
The annual budget of the state for 2008-09 will be presented Feb 27.
Nano will move out of Singur if violence persists: Tata
By IANS,
Kolkata : The Tata group chairman Ratan Tata Friday warned that his group will not hesitate to move its small car project out of Singur in Communist-ruled West Bengal if violence persisted.
"It is for Calcutta (Kolkata) to decide if we want to be an unwanted resident or a good corporate citizen of West Bengal," Tata told reporters here after a series of meetings with top officials and ministers in the state government.
Sensex flat, Asian bourses holding up
By IANS,
Mumbai : A benchmark index for Indian equities Tuesday was ruling on a quiet note, though cues remained firm from most other Asian bourses.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,149.9 points, was trading at 18,114.64 points, 33.43 points or 0.18 percent up from its previous close at 18,081.21 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling 0.13 percent up at 5,438.45 points.
Four firms bid for 3G e-auction agency
By Pupul Dutta, IANS,
New Delhi : Four information technology firms Thursday submitted bids for selection of an e-auction agency that will conduct online auctions for third generation radio frequencies in India, an official said here.
“Only four companies - mjunction, Rothschild, MSTC Ltd and Sai Information System - have submitted their bids with us today,�? a Department of Telecom (DoT) official told IANS.
The interested firms were required to submit their bids by Sep 25.
L&T signs pact with GE Hitachi for nuclear plants
By IANS,
Mumbai : Diversified conglomerate Larsen and Toubro (L&T) has signed a pact with the US-based GE Hitachi Nuclear Energy to build boiling water reactors for nuclear power plants, the company said Tuesday.
L&T had earlier signed similar pacts with Westinghouse Electric of the US, Atomic Energy of Canada and Atomstroyexport of Russia.
"L&T has been playing a leading role in equipment manufacture, construction and project management for pressurised heavy water reactors in India's domestic programme," the company said in a regulatory filing.
Oman, Indian firm sign joint venture for aluminium plant
By IANS,
Dubai : The Oman government has entered into a joint venture agreement with an Indian company to set up an aluminium plant in that Gulf nation.
Takamul Investment, a venture capital fund set up by Oman's state-run energy investment vehicle Oman Oil Company (OOC), signed an agreement with Bangalore-based Future Metals to set up the new plant in Oman's Sohar Industrial Estate, the Gulf News reported.
According to the agreement, Future Metals will have a 70 percent stake in the joint venture while the rest will be held by Takamul.
Sensex down 37 points in lacklustre trade
By IANS,
Mumbai: Trading in Indian bourses Thursday was dull, with a benchmark index of equities ruling 37.23 points
lower than its previous close.
Sensex ends 292 points up
By IANS,
Mumbai: A benchmark index for Indian equities Monday closed 292 points up with metals and realty scrips seeing substantial buys.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,654.81 points, shut shop at 17,863.15 points (provisional), 292.33 points or 1.66 percent up from its previous close at 17,570.82 points.
It had touched an intra-day high of 17,919.62 points.
US stocks open mixed amid high oil prices
By IANS,
New York : US stocks opened mixed Friday amid high oil prices and eurozone's crippling debt crisis.
EU finance chiefs repeat call to open IMF leadership
By DPA
Porto (Portugal) : The European Union's finance ministers have called for a strengthened role for low-income and developing countries in the International Monetary Fund (IMF).
"We confirmed our statement that the representation of low-income countries should be enhanced (and) agreed that there should be greater involvement for emerging countries in the Fund, in line with their increasing responsibility for the world's economy," Portuguese Finance Minister Teixeira dos Santos said Friday.
Indian markets open higher
By IANS,
Mumbai : Indian equities markets started trade higher Thursday, with a key index 0.11 percent above its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 8,535.03 points, higher than its 8,446.49 point close Wednesday. About 10 minutes into trade, it was at 8,455.98 points, 0.11 percent or 9.1 points higher than its previous close.
However, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,644.8 points, 0.02 percent down from its last close of 2,645.2.
Markets close in the red, Sensex slips 248 points
By IANS,
Mumbai : Indian equities closed in the red Thursday, with a key index dipping to a level last seen in November 2005, despite low inflation numbers and rate cuts announced by the country's central bank Wednesday evening.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,535.03 points, closed at 8,197.92 points, a fall of 248.57 points or 2.91 percent from its previous close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) also shed 2.59 percent from its last close to end at 2,576.7 points.
Airlines want permanent ‘open sky’ in Bangladesh
By IANS
Dhaka : Ready to bail out Bangladesh by flying its 150,000-plus foreign-based workers to their destinations, international airlines are pressing for a permanent open sky policy.
The response to the government's three-month open sky policy has been "poor", as the airlines, mostly budget operators from the Gulf and Southeast Asia, find it difficult to lease or charter the required aircraft for short periods.
Initial public offers before 2005 still in green
By IANS,
New Delhi : Initial public offers (IPOs) made in the last four years are showing negative returns on an aggregate basis, and only those made in 2004 and those made by state-owned units are still in the green, a study shows.
“Only those made in 2004 are still showing positive returns,” said the study prepared by India's fourth largest share brokerage firm, the Delhi-based SMC Group.
Reliance Energy readies $500 million for share buyback
By IANS
Mumbai : Reliance Energy Ltd, a part of the Anil Dhirubhai Ambani Group, Wednesday said it was ready with funds worth Rs.20 billion ($500 million) to buy back its shares at Rs.1,600 each, at a market premium of 9.5 percent.
The buyback, in two phases, is aimed to bring back lustre into the company's shares, which has seen a high of Rs.2,631.70 and a low of Rs.450.50 in the past 52 weeks.
Rebuilding homes: the life around Delhi’s Bawana slums
A fire that erupted in a slum cluster in New Delhi's Bawana on March 30, 2021, destroyed approximately 60 Jhuggis (a slum dwelling typically...
Tata Tea net profit up by 146.11 percent for 2009-10
By IANS,
Kolkata : Tata Tea posted a profit after tax of Rs.391.47 crore (Rs.3.91 billion) for the year ended March 31, 2010, as compared to Rs.159.06 crore (Rs.1.59 billion) for the year ended March 31, 2009, the company said in a filing in the Bombay Stock Exchange.
The net profit of the company has increased by 146.11 percent.
Total income has increased from Rs.1,524.64 crore (Rs.15.24 billion) for the year ended March 31, 2009 to Rs.1,836.84 crore (Rs.18.36 billion) for the year ended March 31, 2010, the company filing said.
Karunanidhi threatens hunger strike against poll panel
By IANS
New Delhi : A by-election in Madurai is creating ripples in Tamil Nadu's troubled political waters, with Chief Minister and DMK leader M. Karunanidhi threatening to go on an "indefinite strike" if the Election Commission defers the date by even a week.
HSBC India launches new product for small businesses
By IANS,
Mumbai : Hong Kong and Shanghai Banking Corp's (HSBC) India unit Tuesday launched a new product, HSBC Direct, here for small businesses.
"This product, targeted at small businesses and micro-SMEs, will take care of their daily banking requirements with round the clock service available on the internet, telephone and self service machine," said HSBC India CEO Naina Lal Kidwai.
In Asia, India is the first country to introduce this software-based product, she said
Markets show early volatility but stay in green
By IANS,
Mumbai : Indian equities markets opened strong Monday but showed volatility by going into the red zone within about 20 minutes of trading before recovering again to be in the green mid-morning.
The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened about 180 points or 1.28 percent higher and then dipped below its previous close Friday last week at 14,042.32 some 20 minutes into trading.
After one and a half hours of trading, however, the Sensex was at 14,082.38, up 40.06 points or 0.29 percent against its previous close last Friday.
Food, raw materials pile up on roads as Gujjars continue blockade
By IANS,
Agra : Trucks laden with food are stranded and factories here are not getting essential raw materials as Gujjars in adjoining Rajasthan blockade roads for the sixth day running to press their demand for Scheduled Tribe status.
On Wednesday, hundreds of truck loaded with potatoes were held up along the highways and outside cold storages.
"The fear is that the potatoes will go bad in this hot weather," said Guman Singh, a driver whose potato-laden truck is stranded near Fatehpur Sikri, a short drive from Agra.
Sensex consolidates, ends 28 points down
By IANS,
Mumbai : A benchmark index for Indian equities Tuesday closed flat as traders consolidated their portfolios after a two-day rally.
Inflation climbs to new high
By IANS,
New Delhi : Inflation climbed to a new high of 7.83 percent for the week ending May 3, according to government data released Friday.
The new inflation rate eclipsed the previous record of 7.61 percent for the week ending April 26.
Sensex closes 78 points lower
By IANS,
Mumbai : A benchmark index for Indian equities Thursday closed 78 points lower as traders booked profits on a volatile trading day.
Lukewarm response to Dhaka’s oil exploration offer
By IANS,
Dhaka : Only seven multinationals have shown interest in the 16 offshore blocks that Bangladesh hopes to throw open for oil and gas exploration.
Media reports said Thursday that some of the offers were overlapping different blocks and oil companies wanted to invest a total of $1.6 billion.
The offshore bidding was announced in February for 20 deep sea blocks and eight shallow water blocks - each with an exploration area between 3,000 and 7,000 sq km.
Only nine companies demonstrated seriousness by purchasing block data.
Sensex ends 154 points lower
By IANS,
Mumbai : A benchmark index for Indian equities Tuesday closed 154 points lower as bearish sentiments prevailed across the globe.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,760.6 points, shut shop at 16,626.61 points (provisional), 154 points or 0.92 percent down from its previous close at 16,781.07 points.
It had earlier risen to 16,895.73 points and fell to an intra-day low of 16,560.64 points.
Jharkhand cuts chopper use of ministers to once a month
By IANS,
Ranchi : Jharkhand Chief Minister Madhu Koda has issued an advisory to ministers to use the helicopter once a month to save fuel.
"The chief minister's office has informed all ministers that the (state-owned) helicopter will be available for their use once a month. The decision has been taken to save fuel," said Deputy Chief Minister Stephen Marandi, who is in charge of the finance department, Sunday.
"The chief minister's office issued the advisory at the request of the finance department," he said.
Sensex closes 120 points lower, heavyweights drag
By IANS,
Mumbai: A benchmark index for Indian equities Wednesday closed 120 points lower, hit by late selling, ahead of the expiry of July futures contracts.
Heavyweights Reliance Industries, L&T and HUL acted as a drag on the index.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,077.85 points, closed at 17,957.37 points, 120.24 points or 0.67 percent down from its previous close at 18,077.61 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended 0.61 percent in the red at 5,397.55 points.
Rising inflation a matter of concern: Pranab
By IANS,
New Delhi: Finance Minister Pranab Mukherjee Monday said the rise in inflation, primarily due to increase in food prices, was a matter of concern.
"This is a matter of concern. There is an inflationary pressure, particularly in food items," he told reporters.
India's annual rate of inflation, based on wholesale prices, rose sharply to 4.78 percent in November from 1.34 percent in the previous month, mainly on account of a 16.71 percent jump in prices of food articles, according to the statistics released by the industry ministry Monday.
India Inc loses $1.25 bn due to Gujjar stir
By Anuradha Shukla, IANS,
New Delhi : India's corporate sector has lost some $1.25 billion since May 23 due to the ongoing Gujjar stir, apart from cancellations of at least 75 trains by the railways, as per estimates by official agencies and industry chambers.
The losses are in addition to the physical damage to train tracks because of the stir called by the Gujjars to demand Scheduled Tribe status in Rajasthan with support from people of their community in adjoining states.
Dubai commodities exchange to launch Brent Crude futures trading
By IANS,
Dubai : Dubai Gold and Commodities Exchange (DGCX), Middle East's leading derivatives exchange, has announced the launch of West Texas Intermediate Light Sweet Crude (DWTI) and Brent Crude oil (DBRC) futures trading from May 27.
The launch of WTI and Brent Crude Oil futures on DGCX makes the world's two most significant crude oil benchmarks available to market participants in Dubai, WAM news agency reported Wednesday.
Sensex closes 240 points lower
By IANS,
Mumbai : A benchmark index of Indian equities Wednesday closed 240 points lower as traders off-loaded their long positions ahead of the October futures expiry.
GCC economic growth expected to slow down
By IANS
Abu Dhabi : The Gulf Cooperation Council (GCC) countries will experience a slower economic growth compared to the past years, the central bank of the United Arab Emirates (UAE) has said, WAM reported Tuesday.
"The GCC region will not witness the past years' boom, fuelled by the increase in oil and gas demand," Sultan bin Nasser Al Suwaidi, the banks' governor, told the Abu Dhabi Corporate Leadership Forum Monday.
The six-nation grouping is a loose political and economic alliance comprising Saudi Arabia, Kuwait, the UAE, Oman, Qatar and the Bahrain.
‘Social infrastructure next focus area for realtors’
By IANS,
New Delhi : After housing and retail infrastructure, real estate developers would now focus on social infrastructure sector, Ansal Properties and Industries chairman Sushil Ansal said here Friday.
"The coming years will see the developers shift their focus to infrastructures for hospitals, schools, clubs and various entertainment parks, which have huge investment potentials", Ansal said on the sidelines of a business meeting.
S Korea to seek countermeasures against regional economic slump in ASEAN+3
By Xinhua,
SEOUL : South Korean Finance Minister Yoon Jeung-hyun would seek cooperation and countermeasures against the regional economic slump during the upcoming ASEAN+3 meeting next week, South Korean government said Wednesday.
The meeting will deal with various issues, such as regional economic situation, policy measures against economic slowdown and regional financial cooperation," said a statement by the Finance Ministry.
ArcelorMittal Plant run into trouble in Trinidad
By Paras Ramoutar, IANS
Port of Spain, Feb 26 (IANS) ArcelorMittal's plant in Trinidad and Tobago has run into trouble with many companies in the multi-billion industrial estates at Point Lisas accusing the steel major of violating environmental laws.
According to reports, the Point Lisas Industrial Port Development Corp Ltd (Plipdeco) has filed a formal complaint with the Environmental Management Authority (EMA).
Kingfisher eyes international forays through Deccan
By IANS
New Delhi : Global consultancy Accenture will soon give its report on the formal merger and route rationalisation in domestic and overseas sectors for Air Deccan and Kingfisher Airlines.
The airline has already applied to fly to San Francisco and New York in the US apart from a host of international destinations, Kingfisher Airlines Vijay Mallya told reporters Monday at the India Economic Summit of the World Economic Forum.
Indian outsourcing companies moving up value chain: Study
By IANS,
New Delhi : Indian business process outsourcing (BPO) companies are moving up the value chain with an increase in the share of high-end judgement-based work, says a study prepared by leading global information services firm Dun and Bradstreet (D&B).
The fourth edition of D&B's annual study of Indian BPO companies, titled "India's Top ITeS and BPO Companies 2008", was released here Tuesday.
The study is based on a survey covering 440,000 employees of 177 companies, or 63 percent of the Indian BPO sector's total employee base of around 700,000.
Indian biotech sector crosses $2 billion in FY 2007
By IANS
Bangalore : India's emerging biotechnology sector crossed the $2 billion mark in fiscal 2007, registering 30 percent growth over the previous fiscal (FY 2006) at $1.45 billion.
Uttar Pradesh approves Rs.12 bn water supply project
By IANS,
Agra : The Uttar Pradesh government has approved a Rs.12 billion Gangajal pipeline project for Agra, Mathura and Vrindavan, providing some hope of relief for the parched areas.
The project envisages the laying of a 130 km pipeline from Palra headworks in Bulandshahr's Upper Ganga canal to the Sikandra Water Works in Agra, via Mathura and Vrindavan. A new bridge on river Yamuna is being constructed near Runukta to enable the pipeline cross over to Mathura district.
Sensex closes 102 points down
By IANS,
Mumbai : Indian equity markets closed in the red Tuesday.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,517.76 points, touched a low of 14,368.72 points before closing at 14,543.73 points. It went down by 101.93 points or 0.70 percent at the day's close.
The S&P CNX Nifty index of the National Stock Exchange, which opened at 4,393.10 points, closed at 4,368.25. It went down by 24.80 points or 0.56 percent.
New road across China’s desert opens for traffic
By Xinhua
Urumqi (China) : The second road across China's largest desert opened for traffic Thursday, enhancing the road-links to the country's northwest.
The 424-km north-south highway, across the Taklimakan Desert in Xinjiang Uygur Autonomous Region, will save travel-time between Hotan and Aral by seven hours.
The $107 million (790-million-yuan) project is expected to promote freight and passenger traffic between the resource-rich Hotan city, in southern Xinjiang, and Aral in the north, said Xinjiang's Chairman Ismail Tiliwaldi at the opening ceremony.
Court dismisses Tata’s plea on Sasan project
By IANS,
New Delhi : The Delhi High Court Monday dismissed a petition filed by Tata Power Company (TPC) challenging use of surplus coal from the captive coal mines of Sasan ultra mega power project (UMPP) for other projects of the Anil Ambani-controlled Reliance Power.
A division bench comprising Justices Madan B. Lokur and Siddharth Mridul dismissed Tata's petition, stating that the company had no grounds to file the petition and it is not maintainable.
Russia’s international reserves down $3.5 bln in week
By RIA Novosti
Moscow : Russia's gold and foreign currency reserves decreased by $3.5 billion, to $481 billion, in the week of February 1-8, the Central Bank of Russia said on Thursday.
Markets start week in the green
By IANS,
Mumbai : Indian markets opened in the green Monday, with a key index starting trade higher than its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) started at 9,359 points, higher than its 9,300.86-point close Friday. After about 10 minutes of trading, it was at 9,373.06 points, 0.78 percent or 72.2 points higher than its previous close.
At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,854.2 points, 0.39 percent higher than its previous close of 2,843.1.
NTPC to set up 4,000 MW power plant in Chhattisgarh
By IANS,
Raipur : India's largest power producer, the National Thermal Power Corporation (NTPC), will sign a deal with the Chhattisgarh government Sunday for setting up a 4,000 MW coal-fired power plant in the state, officials said here Saturday.
The memorandum of understanding (MoU) for the ultra mega power project (UMPP) will be signed Sunday afternoon in the presence of Union Power Minister Sushil Kumar Shinde and Chhattisgarh Chief Minister Raman Singh.
The plant will come up at Lara village in the state's northern coal-abundant Raigarh district.
Rehabilitation, microfinance bill likely in budget session
By IANS
New Delhi : The Indian government will introduce a bill to make available more credit to members of rural self-help groups in the coming budget session of parliament.
Rural Development Minister Raghuvansh Prasad Singh said Tuesday that a Land Acquisition (Amendment) Bill and a Rehabilitation and Settlement Bill may also be moved for easier take over of farmland for industry and to provide better rehabilitation of those who lose land.
Rural Development Minister Raghuvansh Prasad Singh Tuesday said the last two bills were in an advanced stage of preparation.
GJM’s shutdown relaxation brings relief to Darjeeling, Sikkim
By IANS,
Siliguri (West Bengal) : People poured onto the streets of Darjeeling as shops and offices opened and trucks carrying essential supplies were seen moving towards the region from here Monday following the Gorkha Janamukti Morcha's (GJM) decision to relax its indefinite shutdown for 60 hours.
In the three hill sub-divisions - Darjeeling, Kurseong and Kalimpong - people were seen in large numbers at markets and offices after the GJM, agitating for a separate Gorkhaland, relaxed the shutdown from 6 p.m. Sunday to 6 a.m. Wednesday.
Reliance Industries to start gas production in Oct-end
By IANS,
New Delhi : Production at Reliance Industries Ltd's deepwater gas block in the Krishna-Godavari basin will be delayed, and now start from October-end, said a senior petroleum ministry official Monday.
Petroleum secretary R.S. Pandey told reporters there would be a little bit of delay for “technical reasons” in the D-6 hydrocarbon block in the Krishna-Godavari basin off the coastline in Andra Pradesh.
“What I have been hearing is that there will be a little bit of delay for technical reasons. I have been told that pumping (of gas) will begin by October-end,” he said.
We don’t have ‘master key’ to access encrypted data: BlackBerry
By Gurmukh Singh, IANS,
Toronto : With India's Aug 31 deadline for access to its ultra-encrypted messenger and email services approaching, BlackBerry maker Research In Motion (RIM) said it has no "master key" or "back door" to accommodate requests for access to encrypted data.
In a bid to dispel what it called three "misperceptions" about its smart phone, the Canadian company Thursday said that the first misperception is that "RIM has the keys to decode or decrypt the encrypted data that flows through the BlackBerry Enterprise Solution".
Sensex closes 315 points higher
By IANS,
Mumbai: A benchmark index of Indian equities Monday closed 315 points higher with heavyweight scrips ICICI Bank, HDFC and Bharti Airtel gaining the most.
China’s foreign trade up 44.4 percent in January
By IANS,
Beijing : China's foreign trade posted a 44.4-percent growth in January year on year, the General Administration of Customs (GAC) announced Wednesday.
Exports in January stood at $109.47 billion, up 21 percent from a year earlier, while imports rose 85.5 percent to $95.31 billion, Xinhua reported.
The hefty increase was due to lower comparison bases a year ago when China's exports were hard hit by global financial crisis and less working days as the Lunar New Year holiday fell in January last year, the administration explained.
STC and Consortium of companies sign accord for IMW
By SPA
Riyadh : The Saudi Telecommunications Company (STC) has recently signed an agreement with well-known international companies from France, Italy, Egypt, Lebanon, the United Arab Emirates (UAE), Pakistan and India, for the establishment and maintenance of the project of the International Marine Way (IMW).
The IMW will link Saudi Arabia with France and Italy via Lebanon and Egypt as well as with India via the UAE and Pakistan.
Tatas formally conclude Corus deal for $13 bn
By IANS
New Delhi : Tata Steel Monday said it had formally concluded the buyout of Anglo-Dutch steel major Corus for $13 billion through its wholly-owned arm, Tata Steel Asia Holdings, and reported record income for the first quarter.
The Jamshedpur, Jharkhand-based steel producer, in its board meeting in Mumbai, also decided to increase its contribution in Corus from $6.7 billion to about $7.4 billion, the company said in a statement.
New Delhi : Tata Steel Monday said it had formally concluded the buyout of Anglo-Dutch steel major Corus for $13 billion through its wholly-owned arm, Tata Steel Asia Holdings, and reported record income for the first quarter.
The Jamshedpur, Jharkhand-based steel producer, in its board meeting in Mumbai, also decided to increase its contribution in Corus from $6.7 billion to about $7.4 billion, the company said in a statement.
Coal India output in January up 4 percent
By IANS,
New Delhi : State miner Coal India (CIL) produced 46.42 million tonnes of coal in January 2013, a growth of 4 percent over the same month last year, the government said Monday.
Tata Teleservices launches GSM service
By IANS,
New Delhi : Tata Teleservices, one of the leading telecom players in the country, Wednesday launched mobile services on the GSM platform under the Tata DoCoMo brand.
The company in which Japan's NTT DoCoMo has 26 percent stake, said it will invest $2 billion (Rs.9,450 crore) for the pan-India rollout of the services.
The GSM operations will be commercially launched from south India by June-end, the company announced.
By the year-end, Tata will expand services on the GSM platform across the country.
Equity markets stage smart recovery, close in green
By IANS,
Mumbai : Indian stock markets which opened in the red Wednesday morning, witnessed choppy trade but managed to recover in the second half to close in the green, aided by the depreciating Indian rupee which was quoted at 42.63 per dollar.
The markets rallied with support from technology, metals, telecom, realty and capital goods stocks.
All sectoral indices, barring public sector undertakings, banking and FMCG were in the green zone. Both Sensex and Nifty indices briefly managed to breach the 17,000 and 5,000 marks respectively.
Mamata comes out in support of Jindal steel project
By IANS,
Kolkata : Seeking to shake off charges of obstructing industry in West Bengal in the wake of the Nano's exit, Trinamool Congress chief Mamata Banerjee Monday said her party was supportive of the JSW Bengal Steel project in Salboni as the promoters had bought land directly from the farmers.
Fiserv to increase headcount in India by 2009
By IANS, New Delhi : US-based IT major Fiserv Inc. Tuesday announced its plans to increase its headcount to 5,000 in India within the next two years.
The company's wholly owned Indian subsidiary Fiserv India, which was established in 2005 as part of the company's global expansion strategy, has recruited 1,000 employees so far.
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.
BDR mutiny hits India-Bangladesh trade
By IANS,
Kolkata : At least 500 trucks ferrying goods to Bangladesh, were stranded at the India-Bangladesh border in West Bengal's Petrapole Friday as exporters feared a loss of Rs.2 billion ($38.83 million) following the mutiny by Bangladesh Rifles (BDR) troopers.
"As of now, at least 500 trucks with both perishable and other goods are stuck at the border," Raja Roy, general secretary, Calcutta Goods Transport Association, told IANS.
Two U.S. Wireless Firms in $14.55 Billion Merger
By SPA,
Washington : Clearwire and Sprint Nextel will merge their wireless broadband units to create a new $14.55 billion communications company.
The new firm, to be named Clearwire, will receive a $3.2 billion investment from Intel, Google, Comcast, Time Warner, and Bright House.
Sprint Nextel will be majority owner with a 51 percent equity stake, while existing Clearwire shareholders will receive 27 percent interest.
Iran among the world’s top 10 agricultural products producers – official
By NNN-IRNA,
Kuala Lumpur : Iran is geographically fit for production of various agricultural products, and according to the World Food and Agriculture Organisation (FAO), ranks among worlds' top 10, producing a third of world agricultural crops.
Head of Iran's Food Industries Union, Mohammad Hosseini, made the comment at Malaysia's 5th Halal Food Exhibition, adding, "Manufacturing Halal food stuff in Iran has been increasing in recent decades."
Finnair keen to expand India operations to tap growing traffic
By IANS
New Delhi : Finnish carrier Finnair is stepping up its frequency to Mumbai and has asked its government to request additional destinations and slots in India to tap the growing international air traffic from the country.
Starting April, the flag carrier of the Nordic nation is enhancing its frequency from Mumbai to six flights per week from the present five and also changing the schedule to accommodate weekend travellers, Finnair officials here said.
Microfinance firm to empower Kerala women
By IANS
Kochi (Kerala) : Hyderabad-based SKS Microfinance Pvt Ltd Tuesday launched operations in Kerala. The firm intends to provide loans and other financial services to poverty-stricken women.
A registered non-banking financial company, SKS Microfinance intends to empower poor women to become economically self-reliant by giving them access to income-generating loans and other financial services.
Modelled on the Grameen Bank of Bangladesh, SKS provides initial loans of up to Rs.12,000 to members without collateral.
UAE firm to launch new airline in India
By Xinhua
Abu Dhabi : The Emirates Trading Agency-Associated Construction (ETA-Ascon), a conglomerate of the United Arab Emirates (UAE), will launch a new regional airline in India in October, the Gulf News reported Sunday.
"We have already got the license to start the airline. We are preparing for commercial launch around October. It will be a regional airline," said the company's managing director Syed Salahuddin.
American Airlines grounds 300 planes
By Xinhua
Washington : American Airlines, the nation's biggest airline, grounded nearly 300 of its planes Wednesday to conduct inspections to make sure they are safe.
As a result, thousands of its passengers were looking for alternate transportation, according to wire and TV reports.
The airliner cancelled every flight scheduled on its Boeing MD-80 aircraft, so that the inspectors could make sure the planes are safe to fly.
"We are re-inspecting the MD-80s to make sure the wiring is installed and secured, exactly according to the directive," the airline said in a statement.
Fuel price hike in India imminent as deliberations continue
By IANS,
New Delhi : After making it amply clear that a hike in fuel prices was inevitable, Prime Minister Manmohan Singh Monday held another round of discussions on the vexed issue, including a meeting with Planning Commission Deputy Chairman Montek Singh Ahluwalia.
The meetings followed after deliberations with United Progressive Alliance (UPA) chairperson Sonia Gandhi Sunday during which a fuel price hike was virtually decided, sources said.
Sensex quiet in afternoon trade
By IANS,
Mumbai : A benchmark index of the Indian equities market Monday was ruling about 100 points higher in the afternoon, led by gains in metal and realty stocks.
Rivals India, China turn partners in energy quest
By Noor Mohd, IANS
New Delhi : Two years after they ended years of rivalry, India and China are only now beginning to give shape to their camaraderie in oil and gas exploration.
After meeting here last week, Indian and Chinese officials are unveiling a roadmap to jointly stake rights to oil and gas assets in various parts of the world.
Air New Zealand to try bio fuel in plane
Wellington, Sep 28 (DPA) Air New Zealand will make the world's first test flight in a commercial airliner using bio fuel under an agreement with Boeing and Rolls Royce, chief executive Rob Fyfe announced Friday.
He said the airline would use a bio fuel and kerosene mix in one Rolls Royce engine of a Boeing 747 jumbo jet on a yet-to-be decided long-haul route from its home base in Auckland late next year or in early 2009.
The other three engines on the flight, which will not carry passengers, will be powered by regular aviation fuel.
India cuts prices of transport, cooking fuel
By IANS,
New Delhi : India Wednesday allowed its state-run petroleum retail companies to cut the prices of gasoline, diesel and cooking gas. Petrol will now be cheaper by Rs.5 a litre, diesel by Rs.2 and cooking gas by Rs.25 per cylinder.
The decision was taken by a meeting of the cabinet, presided over by External Affairs Minister Pranab Mukherjee. The cuts in fuel prices will be effective midnight Wednesday.
Food crisis may reverse improvements in Africa: Unicef
By DPA,
Tokyo : The United Nations Children Fund (Unicef) Wednesday warned that rising food prices in Africa would reverse some of the improvements the continent has made in decreasing child mortality and providing education to children.
Karnataka to buy 1,000 MW power daily for three years
By IANS,
Bangalore : Karnataka will buy 1,000 MW of power daily for the next three years as the state is reeling under a severe energy crisis, Chief Minister B.S. Yeddyurappa said Tuesday.
"The state hopes to be power sufficient in the next three years and till then we will buy 1,000 MW (daily), irrespective of good rains or not," the chief minister told reporters after a meeting to review the power situation.
The state buys power from private producers and states like Gujarat which have surplus power.
China, US to inject funds to boost global trade
By Xinhua,
Beijing : China and the United States Friday concluded their Strategic Economic Dialogue (SED), agreeing to make available $20 billion to help emerging economies boost their global commerce.
"The two export-import banks (in United States and China) will make available an additional $20 billion for trade finance, particularly for creditworthy importers in developing countries," US Treasury Secretary Henry Paulson told a press conference after the meeting.
Scottish firm pulls out of Vedanta over Orissa mining project
By IANS,
London : British mining company Vedanta suffered a setback to its controversial mining contract in Orissa as green groups pressurised a Scottish firm to pull its shares out of the company.
Martin Currie Investment Management, a Scottish biggie, Wednesday night withdrew its shares worth 2.3 million pounds in Vedanta whose subsidiary, Sterlite, has won a bauxite mining contract in the eastern Indian state.
Government fixes terms of reference for oil panel
By IANS,
New Delhi : The government Wednesday issued terms of reference for the high-powered committee to examine the financial position of state-run oil companies.
One of the key remits of the committee is to "examine the impact of increase in oil prices between 2004-05 and 2008 on the financial position of oil companies, including upstream exploration companies, refiners and downstream oil marketing companies (OMCs)."
Oil prices ease after Venezuela, Colombia agree to settle dispute
By KUNA
Kuala Lumpur : Oil prices went down on Monday from last week's record amid easing tension between oil producers Venezuela and Colombia over the weekend.
Crude contracts had risen above USD 106 a barrel on Friday after a US jobs report that fueled hopes the Federal Reserve would continue cutting interest rates, local media said Venezuela said it was restoring full diplomatic ties with Colombia after they were broken off following a cross-border Colombian attack on a leftist rebel camp in Ecuador.
Ranbaxy’s Malvinder Singh is now its chairman
By IANS,
New Delhi : Pharmaceutical major Ranbaxy's chief executive and managing director Malvinder Mohan Singh will now also be its chairman, the company announced Friday.
The Ranbaxy board was reconstituted during the day following the strategic alliance with Japan's Daiichi Sankyo that was completed last month. Daiichi Sankyo now holds 63.92 percent of the Indian company's equity share capital.
Singh has also become a member of the senior global management team of Daiichi Sankyo, a company statement said.
JPMorgan Chase’s Anil Bhalla appointed to USIBC Board
By Arun Kumar, IANS,
Washington : The US-India Business Council (USIBC), an advocacy group seeking stronger US-India commercial ties, has appointed Anil Bhalla, Vice Chairman (Investment Banking-Asia Pacific) of JPMorgan Chase, to its Board of Directors.
"We are delighted to have someone of Anil's stature and reputation as a member of the USIBC Board," said Indra Nooyi, chairperson of USIBC, which represents 280 of the largest US companies investing in India, joined by two dozen of India's largest global companies.
Tata Motors global sales up 39 percent in March
By IANS,
Mumbai: India's auto major Tata Motors sold 101,712 vehicles globally in March 2010, registering a growth of 39 percent over the corresponding month last year.
In 2009-10, the global sales stood at 872,951 units, up 19 percent from previous fiscal.
The group sold 47,936 units of commercial vehicles globally in March and 413,057 units in 2009-10.
The global sales of passenger vehicles stood at 53,776 units for March and 459,894 units for last fiscal.
Tata Motors consolidated revenues stood at Rs.70 crore in 2008-09.
India planning to lower base price for basmati exports
By IANS,
New Delhi : The government is looking at another cut in the minimum export price (MEP) for basmati rice to help domestic players compete with their counterparts from Pakistan, Commerce Secretary G.K. Pillai said Thursday.
"We have asked the state governments to forward their views on lowering of basmati rice price for exports," Pillai said on the sidelines of the International Plastic Conference here.
Oil firms asked to make unbranded diesel available
By IANS,
New Delhi : The petroleum and natural gas ministry Wednesday asked oil marketing companies to make unbranded diesel available at all their retail outlets across the country, fulfilling one of the demands of the striking transporters.
The transporters, who began their strike Wednesday morning, have said they had been forced to buy premium diesel at higher and unregulated prices. They demanded the availability of cheaper unbranded fuel.
Allahabad Bank’s Q1 profit zooms 224 percent
By IANS,
Kolkata: State-run Allahabad Bank posted a net profit of Rs.302.86 crore (Rs.3.02 billion) for the first quarter of 2009 as compared to Rs.93.36 crore for the same period last year, a top company official said here Saturday.
The net profit was up by 224 percent due to higher investment trading profit of Rs.214 crore, up from Rs.32.2 crore a year ago.
"A volatile money market offers opportunity to make treasury profits," Chairman and Managing Director K.R. Kamath told reporters.
L&T nets $125.6 mn profit in first quarter
By IANS,
Mumbai : Construction major Larsen and Toubro Ltd (L&T) has announced a profit after tax of $125.61 million (Rs.5.02 billion) during the first quarter this fiscal, compared to $94.21 million (Rs.3.76 billion) for the corresponding period the previous year.
For the latest quarter ending June 30, L&T's total income increased to $1.77 billion (Rs.71.03 billion), as against $1.17 billion (Rs.47.15 billion) in the corresponding quarter last year.
First India Arab Forum begins
By RINA,
New Delhi: The first ever India Arab Forum with the theme of ‘Partnership through Culture’ began here in New Delhi on December 2.
US, Vietnam, Canada are India Inc’s favourite hunting grounds
By IANS
New Delhi : Corporate India, in its insatiable urge to swallow global companies, has made the US, Vietnam, Canada, Germany and Britain its favourite destinations for mergers and acquisitions.
With the US emerging as the most sought after destination, Indian companies have made acquisitions worth $5.1 billion during April-July 2007, said a study by the Associated Chambers of Commerce and Industry (Assocham).