Foreign funds sold equities worth $2.45 bn in five days
By IANS
New Delhi : In the midst of one of the worst turbulences in Indian stock markets during the week ended Friday, foreign funds were net sellers of equities worth a whopping $2.45 billion, latest data showed Saturday.
The 1,269 foreign institutional investors (FIIs) registered with the Securities and Exchange Board of India (SEBI), with 3,760 sub-accounts, were net sellers on each of the five trading days of the week, data with the stock markets watchdog showed.
Tata Group wants fresh talks on investments in Bangladesh
By IANS,
Dhaka : India's Tata Group expects to revive talks on the proposed $3 billion investments in Bangladesh.
"A lot of things have changed in the last two years," Tata's Bangladesh project director Syed Manzer Hussain said in response to media queries after his courtesy call on Commerce and Education Adviser Hossain Zillur Rahman Tuesday.
US wholesale inventories go up
By IANS,
Washington: US inventories at the wholesale level posted an increase of 1.2 percent in January from December, while wholesale sales declined, data from the US Commerce Department showed.
Russia must develop ways to influence world oil prices: Putin
By RIA Novosti,
Moscow : Russian Prime Minister Vladimir Putin has said Moscow must develop a set of measures to influence world oil prices.
"As a major exporter and producer of crude and oil products, Russia cannot remain on the sidelines with regard to the formulation of world pricing for crude," Putin said Monday while meeting heads of Russia's top oil companies to discuss crude export duty cuts amid the ongoing global financial crisis.
"We must develop an entire range of measures that would allow us to actively influence the market situation," Putin said.
Etihad Airways to augment freighter fleet
By IANS,
Chennai : The $2.5- billion Etihad Airways of the United Arab Emirates (UAE) plans to increase the share of its cargo revenue from the current 15 percent by augmenting its freighter fleet.
"Currently we have three freighter craft, and that number will be doubled," said Geert Boven, executive vice president, sales and services, Etihad Airways.
Eithad is expecting deliveries of three A330 freighter aircraft between 2008 and 2011. The freighter order is part of its $2.2 billion order for 12 aircraft, including nine passenger carriers, placed with Airbus.
150 million Re.1 notes to be printed every year
New Delhi: The Indian government has decided to print 150 million currency notes of Re.1 denomination every year from January 1, 2015, parliament was...
Morgan Stanley mulling deals with CIC, Wachovia: Reports Morgan Stanley mulling deals with CIC,...
By DPA,
New York : Morgan Stanley, one of just two remaining independent investment banks on Wall Street, was reportedly seeking protection from the financial turmoil on US markets by entering talks with Wachovia Corp and the Chinese state investment fund Thursday.
Morgan Stanley was in talks with China Investment Corp (CIC) to sell it a 49-percent stake in the firm, Bloomberg financial news reported Thursday citing insiders familiar with the talks. CIC already controls 10 percent of Morgan Stanley's stock.
Northeast could be largest rubber producing region
By Sujit Chakraborty
Agartala, March 25 (IANS) India's northeast has the potential to transform itself into the world's largest natural rubber producing region and the country's second rubber-based industrial park is being set up in Tripura to boost the industry.
"Future expansion and growth of natural rubber in India lies in the northeast, which is agro-climatically most suitable for rubber cultivation," Sajen Peter, chairman of the Rubber Board of India, told IANS.
UAE to name companies employing illegal workers
By Xinhua
Abu Dhabi : The Ministry of Labour of the United Arab Emirates (UAE) has decided to put up on its website names of the business houses employing illegal workers, Gulf News reported Wednesday.
It is important to name the erring companies and inform the public they exploit workers, ministry official Humaid Bin Deemas was quoted as saying.
"A person who works for a company illegally is weak, cannot protect himself, is open to exploitation and can have no documents to prove his rights," he said.
Sensex loses 133 points in volatile week
By IANS,
Mumbai: Indian equity market's benchmark indices closed in the red in volatile trading this week on negative Asian cues and disappointing results of some companies.
India on a hiring spree: survey
By IANS
New Delhi : With the economy surging and the emergence of newer sectors, the Indian job market is poised for greater dynamism and growth as companies are busy chalking out extensive hiring plans, says a survey.
Employers across all the industry verticals ranging from services, real estate, retail and manufacturing have expressed an increase in their hiring activities, according to a quarterly survey conducted by Manpower Inc., a global HR consultancy firm.
Infosys targeting rural banks for higher growth
By IANS,
Chennai : Software major Infosys Technologies Ltd, which offers its core banking solution under the brand 'Finacle', is targeting regional rural banks to achieve higher growth, a top company official said here Wednesday.
"There are over 90 rural banks in India. We have a solution called 'The Finacle Bank in a Box' for this segment," Haragopal Mangipudi, vice-president and business head of Finacle, told reporters.
Himachal hydel power PSU gets mini ratna status
By IANS,
Shimla : Sutlej Jal Vidyut Nigam Limited (SJVNL), a public sector hydel power company based in Himachal Pradesh, was Tuesday given the status of a 'mini ratna' by the central government.
"SJVNL has been conferred the prestigious status of mini ratna category 1 within only four years of coming into operation," said a spokesman of the company.
The 'mini ratna' status grants enhanced autonomy and delegation of financial powers to profit making companies to make them more efficient and competitive.
$40-mn IFC loan for West Coast Paper Mills
By IANS
Bangalore : The International Finance Corporation (IFC), the private sector arm of the World Bank group, is lending $40 million (Rs.1.64 billion) to West Coast Paper Mills Ltd, an integrated printing and writing paper manufacturer based in north Karnataka.
IMF warns Italy of downside risks, pushes more reforms
By IANS,
Washington: The International Monetary Fund (IMF) has said that Italy's economy would remain vulnerable to downside risks, urging the country to keep reform momentum.
Southeast Asia heads for property slowdown but no bust
By DPA,
Bangkok : Having lived and learned from the 1997 crisis, Southeast Asia's property markets have so far proved resilient to the US subprime crisis and knock-on financial meltdown but they are far from immune to the global mess.
"No one can get off scot free from what's happening because global liquidity has been reduced and also the feel-good factor has gone," said David Simister, chairman of real estate company CB Richard Ellis Thailand.
Sensex ends flat
By IANS,
Mumbai : A key index for Indian equities Wednesday closed flat in choppy and lacklustre trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,694.87 points, shut shop at 17,759.78 points (provisional), 10.09 points or 0.06 percent up from its previous close at 17,749.69 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,328.25 points, up 0.22 percent from its previous close at 5,316.55 points.
Ashok Leyland to ship out 1,000 buses to Sri Lanka
By IANS,
Chennai : Commercial vehicle manufacturer Ashok Leyland has bagged an order worth $26 million to export 1,000 buses to Sri Lanka by March 2011.
The order is for Viking buses with seating capacity varying from 42 and 58. The buses will be supplied to People Leasing Company, which in turn will sell these to the private sector there, said Ashok Leyland.
The two sides signed an agreement Tuesday.
"Trade between India and Sri Lanka is gaining traction with peace returning to the island nation," said Vadivel Krishnamoorthy, deputy high commissioner of Sri Lanka.
Thailand’s Srithai to set up plant in Gujarat
By IANS,
New Delhi : Thailand's melamine tableware maker Srithai Superware Tuesday said it will set up a manufacturing unit in Gujarat that will start...
Uttar Pradesh government withdraws land for rail coach factory
By IANS,
Lucknow : In a major development ahead of Congress president Sonia Gandhi's visit to her constituency of Rae Bareli, the Uttar Pradesh government has reportedly withdrawn the land it sanctioned for a rail coach factory.
Gandhi, along with Railways Minister Lalu Prasad, had jointly laid the foundation stone of the factory last February. She is scheduled to perform a "Bhoomi Poojan" at the site on Tuesday.
The Bahujan Samaj Party (BSP) state government has withdrawn 400 acres land it had given, an official said. The factory was slated to come up on 1,200 acres.
In Gujarat, corner shop finds new way to fight big retail
By P.S. Anantharaman, IANS
Ahmedabad : In what could turn into a big movement, a band of small shopkeepers and traders here are learning to adopt modern business practices to hold their own against aggressive competition from retail giants.
Their efforts are in sharp contrast to traders and street vendors in other parts of the country, who are fighting retail big business with a 'quit retail' campaign.
Indonesia asks for ADB loan extension
By NNN-Antara
Jakarta : Indonesia has asked the Asian Development Bank (ADB) for the extension of its loans for a number of hydro-powered plant (PLTA) projects with a total value of US$7.5 million.
"Indonesia has asked that the ADB loans, which would have been ended in 2008, be extended until 2011," RM Dewo Broto Joko of the National Development Planning Board (Beppenas) said here on Sunday.
He said that the ADB was considering to approve the request because the projects were utilizing renewable energies and were part of the clean development mechanism (CDM).
Airport charges in India among lowest in world, claim private operators
By IANS,
Hyderabad : Contesting the claim of private airlines that airport charges in India are among the highest in the world, private airport operators have said that the charges are in fact among the lowest.
The Association of Private Airports Operators (APAO) Friday made this clarification and called upon the sector to work together for mutual benefit.
Marketing of Durga Puja takes a step forward
By IANS,
Kolkata : Durga Puja organisers have long sold space on their marquees to commercial firms. Now the organisers of one Puja have sold the right to sell space, while another has sold TV transmission rights for the second year running, possibly pioneering a trend.
The Badamtala Ashar Sangha in south Kolkata's Kalighat neighbourhood has sold the outdoor advertising rights at its marquee to the Indian arm of US-based Manhattan Communications.
UCO Bank may cut lending rates by 100 basis points
By IANS,
Kolkata : State-owned UCO Bank may cut its benchmark prime lending rate (BPLR) by 100 basis points, a top company official said here Tuesday.
"We have our board meeting at the end of this month, we will decide during that meeting about lending and deposit rates. The revised rates will be effective from Jan 1," S.K. Goel, chairman and managing director of the bank, told reporters on the sidelines of a conference organised by the Merchants' Chamber of Commerce.
The bank will also revise downwards "substantially" its deposit rates, he said.
Jazeera Airways Q1 profit rises 42 percent
By IANS,
Dubai : Kuwait and Dubai based low cost carrier Jazeera Airways has announced 2008 first quarter profits of 745,815 Kuwaiti dinars ($2.8 million), a rise of 42 percent from the same period in the previous year.
“Our strong Q1 results follow the major expansion strategy we pursued in 2007,” Marwan Boodai, chairperson and chief executive of Jazeera Airways, said in a statement.
“We will continue to expand in the rest of 2008, bringing new routes on the back of more aircraft deliveries throughout the year,” he said.
Indian Railways makes e-tickets marginally cheaper
By IANS
New Delhi : In a bid to encourage the usage of e-tickets among passengers, Indian Railways has decided to reduce e-ticket service charges effective July 1.
The existing service charge of Rs.15 on each e-ticket issued for sleeper class has been reduced to Rs.10. For air-conditioned classes, the service charge of Rs.25 per ticket has been brought down to Rs.20, the railway ministry announced Wednesday.
Press communique: China, Japan to further food safety co-op
By Xinhua
Beijing : China and Japan will continue to cooperate and improve their product quality and food safety systems, said a press communique issued by the two countries after their first high-level economic dialogue.
In the communique, the two countries agreed to solve issues of common concern through technical negotiations through the end of March 2008. These issues include exports of Chinese pumpkins and the meat of artiodactyls (cattle, deer and similar hoofed animals)to Japan, as well as Japanese rice exports to China.
Sensex starts moving up as banks allowed to lend more
By IANS,
Mumbai : The benchmark index of the Bombay Stock Exchange, the Sensex, opened in the green here Tuesday on the strength of the central bank's decision to allow Indian banks to lend more and inject more money into the belaguered financial markets.
After a string of dismal performances, the Sensex opened 12,068.11 points Tuesday, well above Monday's closing figure of 11,801.70 points. Twenty minutes after opening, the Sensex had climbed higher 12,081.34 points. Within this short span, it had touched a high of 12,181.43.
L&T bags orders worth Rs.518.2 crore
By IANS,
Mumbai : Engineering and construction major Larsen and Toubro (L&T) Tuesday said its Oman subsidiary had secured three orders worth Rs.518.2 crore ($108.5 million) in the Gulf country.
Out of this, two orders worth Rs.413.5 crore are for the execution of power transmission and distribution projects, while the third one worth Rs.104.7 crore is for the execution of infrastructure works, the company said in a regulatory statement.
55 countries to participate in Abu Dhabi oil meet
By IANS
Abu Dhabi : More than 1,400 exhibitors from 55 countries will participate in the Abu Dhabi International Petroleum Exhibition and Conference 2008 (ADIPEC) Nov 3-6, WAM news agency reported Monday.
The exhibition is one of the world's largest oil and gas events in which major national and international oil companies and manufacturers of related equipment take part.
ADIPEC was launched in 1984 and is supported by the United Arab Emirates (UAE)'s Ministry of Energy. The event is being organised under the patronage of President Sheikh Khalifa bin Zayed Al Nayhan.
AgustaWestland-Tata establish JV for assembling choppers
By IANS,
New Delhi : AgustaWestland, a Finmeccanica company, and Tata Sons Tuesday signed an agreement for forming a joint venture company that will establish in India a final assembly line for the AW119 helicopter for the worldwide market.
The agreement was signed here by AgustaWestland CEO Giuseppe Orsi and Tata Sons chairman Ratan Tata.
Shutdown hits normal life Kerala on 51st formation day
By IANS
Thiruvananthapuram : A shutdown called by the Bharatiya Janata Party (BJP) Thursday to protest the alleged callous attitude of the central government towards railway development in Kerala affected normal business on the occasion of the state's 51st formation day.
Justifying the call for a shutdown on the day of President Pratibha Patil's visit to the state, BJP's state unit president P.K. Krishnadas Wednesday said his party had announced plans for the shutdown a month ago.
Satyam is SAP’s ‘strategic partner’ in Middle East
By IANS
Dubai : Leading Indian IT company Satyam has announced that it has been named the first 'strategic services' partner for European software enterprise SAP in the Middle East and North Africa (MENA) region, an extension of the existing alliance between the two companies.
"The Middle East market is growing substantially and the SAP MENA formation is most appropriately timed," Satyam said in a company statement here Thursday.
Equity markets start in the green
By IANS,
Mumbai : Indian equity markets, which opened higher Monday following strong global cues and fall in crude oil prices, were in the green in early trade. There was buying interest in banking, realty, capital goods, metal and power stocks.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 241.88 points at 14,643.37. Fifteen minutes into trading, it was at 14,640.59 points, 239.10 points or 1.66 percent above its clsoing figure Friday.
Where would power plants’ carbon dioxide emissions go?
By IANS
New Delhi : Rapidly increasing energy demand in India - projected to be 448,000 MW by 2020 - would mean huge emissions of greenhouse gas carbon dioxide. A group of experts explored ways here Tuesday whether carbon capture and storage (CCS) could contain the problem.
The two-day workshop of experts, sponsored by Britain's Department for Environment and Rural Affairs (Defra) and the British High Commission in partnership with India's Department of Science and Technology and the Planning Commission, sought to find viable ways of CCS.
BHEL signs Rs.3,810 crore deal with Telengana
New Delhi : Electrical equipment behemoth Bharat Heavy Electricals Ltd (BHEL) Friday said it has bagged an order worth Rs.3,810 crore from the Telangana...
India’s inflation minus 1.30 percent now
By IANS,
New Delhi : India's annual rate of inflation fell to minus 1.30 percent for the week ended June 20, according to official data released here Thursday.
The rate of inflation for the week ended June 13 was at minus 1.14 percent.
The index for primary articles rose 0.5 percent, while that for fuel and power rose by 0.1 percent while manufactured products grew by 0.05 percent.
Indian, Chinese steel makers to discuss cooperation
By IANS
Ranchi : Technology exchange between Chinese Indian steel units will be in focus at the international technical meet of Sino-Indian Steel Plant Equipment Manufacturers and Suppliers (SIEMS) 2008 that starts here Wednesday.
The two-day seminar will discuss and explore possibilities of exchanging technology to bring cost effectiveness in the steel sector.
Budget evokes mixed reactions from realty sector
By IANS
New Delhi : The Indian real estate sector has welcomed the overall impact of budget while saying that it could have done more for the industry.
"The budget will boost the socio-economic infrastructure of the country by giving due emphasis to education, health and hospitality sector. The budget has, however, not fully addressed the demands of real estate industry", said Pradeep Jain, chairman of Parsvnath Developers Ltd.
Volvo Car to launch new models in India
By IANS,
Chandigarh : Volvo Car India (VCI), a division of Ford Motor Company, is planning to strengthen its dealer network and launch new models in the Indian market, the company's Managing Director Paul de Voijs has said.
"Currently we market our products in India through three dealers: one each in Delhi, Mumbai and Chandigarh. Now we are planning to expand our business in places like Hyderabad, Bangalore, Pune and Cochin. We will disclose our business details within the next two weeks," Voijs said here Saturday.
Tokyo markets continue descent; Nikkei plunges below 9,000
By DPA,
Tokyo : Stocks in Tokyo continued their downward course Friday, with the Nikkei plunging below the psychologically significant mark of 9,000 points, for the first time in more than five years.
Minutes after trading started, the benchmark Nikkei 225 Stock Average fell 279.20 points, or 3.05 percent, to 8,878.29.
This was a reaction to US stocks plummeting again on Thursday, with the Dow Jones Industrial Average dropping below 9,000 points for the first time in five years, as a series of US and global efforts to tackle the financial crisis have failed to calm investors.
Realtors now demand special residential zones
By IANS,
New Delhi : On the lines of special economic zones (SEZs), realtors are now demanding special residential zones (SRZs) and special residential corridors to provide low cost housing for the economically weaker sections.
“The major challenge for the developers in providing affordable housing for the lower income groups is the rising land costs. The increasing cost of cement and steel is adding to the woe of developers and the end users are bearing the heat,” said Rohtash Goel, chairman of Omaxe, during a day-long seminar on affordable housing here.
Emerging market economies less affected by financial crisis: India
By Arun Kumar, IANS,
Washington : Saying that the global monetary crisis holds important lessons for emerging market economies like India, Finance Minister P. Chidambaram said India's challenges lay in reining in inflation without hurting the growth momentum, preserving financial stability and moving more vigorously on fiscal consolidation.
Indian equities open lower on fears of US meltdown
By IANS,
Mumbai : Fears of major pullout of funds by foreign institutional investors (FIIs) pulled Indian equities down Monday, even as worries escalated over recession in the US economy and an overall global slowdown.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened sharply lower at 12,284.49 points, against Friday's close at 12,526.32 points, and soon dipped to a low of 12,120.19 points.
Some half-hour into trading, the barometer index was ruling at 12,158.63 points, with a loss of 367.69 points, or 2.94 percent, over the previous close.
Now there could be a Post Bank of India!
By IANS
Kolkata : The Department of Post (DoP), which also provides savings bank services to millions of Indians, is planning to launch a full-fledged bank under the name of Post Bank of India.
Indian PC market grows by 22 pct in Q2 of 2007
By NNN-PTI
Bangalore : The overall client PC market in India grew 22.1 per cent, recording 1.53 million shipments in the second quarter of 2007 calendar year as against 1.25 million in the corresponding period last calendar year, market research firm IDC said.
Desktop PC shipments showed a growth of 11.3 per cent while notebook PC spurted by 73.1 per cent during the same period (April-June) this year.
Sensex closes 266 points up on positive industrial growth
By IANS,
Mumbai : A benchmark index of Indian equities market rebounded 236 points Friday on better than expected 10.8 percent growth in industrial output in October.
Markets open flat in line with Asian peers
By IANS
Mumbai : The Indian equities markets opened flat Thursday with a modest cut, in line with Asian peers.
The 30-share benchmark sensitive index of the Bombay Stock Exchange opened with a negative gap of 130 points at 16,270.12. Ten minutes into trading, the sensex was at 16,006.58 points, down nearly 80 points from its previous close.
At the same time the S&P Nifty of National Stock Exchange was at 4,817.65 points, down by 12 points from its previous close.
Inflation up to 11.63 percent; more monetary steps likely
By IANS,
New Delhi : India's annual rate of inflation for the week ended June 21 maintained an upward trend, rising to 11.63 percent compared to 11.42 percent for the week before.
The wholesale price index (WPI) for all commodities released Friday by ministry of commerce and industry showed increase in prices of goods like tea, fruits, vegetables, unrefined oil, tanning materials, texturised yarn, tyre cord, steel and chemicals.
US, India technology majors meet in Washington
By IANS
Washington : More than 70 technology companies, including leaders like IBM, Infosys and Tata Consultancy Services, participated in one of the year's biggest summits held to bring industry and the government together on a common platform.
Venezuela nationalises largest steel maker
By Xinhua,
Caracas : Venezuelan President Hugo Chavez has signed a decree to nationalise the country's largest steel maker Sidor, the culmination of a re-nationalisation process that began last month.
"Today, May 12, is a historic day, a workers' day. We have signed the collective contract with Sidor's workers. I congratulate you for winning this battle to enforce justice," Chavez said after signing the decree Monday.
NTPC declares Rs.28.85 bn dividend
By IANS,
New Delhi : The state-owned power generation firm National Thermal Power Corp Ltd (NTPC) has declared Rs.28.85 billion ($641 million) as dividend to shareholders for 2007-08, the power ministry announced here Tuesday.
The ministry said in a release that the dividend was the highest ever declared by the firm, that accounts for nearly 30 percent share of the country's power generation capacity.
Over 12,000 bad cheques cases settled in one day
By IANS,
New Delhi : The Delhi Legal Service Authority's (DLSA) initiative to dispose of nearly 100,000 cases of bad cheques and loan-related disputes received a mixed response from the litigants. Nearly 12,000 cases were successfully negotiated Sunday, officials said. The entire exercise, held in association with the ICCI bank, was paperless.
IT services and BPOs to survive US slowdown: report
By IANS,
New York : Despite fears, the slowdown in the US economy would at best have a moderate impact on the global IT services and BPO industry, according to a global survey of service providers and buyers of IT and BPO services.
The study also found that service providers plan to focus on non-US markets and that the new hot areas are systems integration, infrastructure management and BPO.
Late rally pushes Sensex 107 points up
By IANS,
Mumbai : Helped by a late surge in buying, a benchmark index for Indian equities Thursday closed 107 points higher than its previous close.
The rally came as it was the closing of the March series of futures and options contracts.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,458.51 points, closed at 17,558.85 points, 107.83 points or 0.62 percent higher than its previous close at 17,451.02 points.
Finnair to expand operations to India from June
By IANS,
New Delhi : With flights to India driving its growth, Nordic carrier Finnair is adding one more flight to India in June, even as it awaits permission from the government to add more destinations in addition to Mumbai and Delhi.
"Currently we have 12 flights a week between India and Helsinki. By June, we will fly daily from New Delhi and six times a week from Mumbai," Taina Tornstrom, the director for Indian subcontinent for the airline, told IANS.
We don’t fix power tariff: Himachal government
By IANS,
Shimla : Facing criticism from the opposition Congress over the recent hike in electricity rates for domestic consumers, the Himachal Pradesh government Tuesday clarified that "it does not determine the tariff".
The rates for domestic consumers have been hiked by 20-30 paise and for industries by 20-25 paise per unit.
Himachal Pradesh State Electricity Board's (HPSEB) chairman Ajay Mittal said: "The state government does not determine the tariff. It has been done by the Himachal Pradesh Electricity Regulatory Commission."
New Satyam board’s decision awaited on Gujarat project
By IANS,
Gandhinagar : The Gujarat government is waiting for a decision by the new board of the beleaguered Satyam Computer Services, which had committed to set up a Rs.600 million (Rs.60 crore) IT park in this state capital, an official said Monday.
"Since Satyam Computer Services has already invested Rs.11 crore (Rs.110 million) for purchasing land for the IT park in Gandhinagar, we would like to await the decision of the new board," the IT department official said.
Talent crunch hits India’s premier aerospace lab
By IANS,
Bangalore : Opening up of the Indian economy and globalisation are taking a heavy toll on the state-run research and development (R&D) institutions, with scientists and engineers, across the board, quitting in droves for greener pastures, a top aerospace official said here late Wednesday.
India adds 5.71 mn telecom subscribers in October
By IANS
New Delhi : While the country's leading telecom players are at loggerheads over grabbing radio waves, India added a whopping 5.71 million subscribers under the GSM segment of mobile telephony in October.
Bharti Airtel, the country's largest mobile service operator, added 2.03 million new users, taking its number of subscribers to 50.90 million as on Oct 31 and reaching a market share of 31.88 percent, the Cellular Operators Association of India (COAI) said in a release.
Tata receives 203,000 bookings for Nano
By IANS,
Mumbai: Tata Motors Monday said it has received 203,000 bookings with a total booking amount of Rs.2,500 crore ($502 million) for its small car Nano.
"The Tata Nano website recorded an unprecedented 30 million hits from the date of launch of the car (March 23) to the closure of the booking period which was April 25, nearly 1 million hits a day", the company said in a statement.
Haryana CM woos US investors with new industrial policy
By Arun Kumar
Washington : Haryana Chief Minister Manohar Lal has invited US businessmen to invest in his state saying Haryana's new industrial policy...
Chinese car firms diversify in battle for ‘green’ market
By Bill Smith, DPA,
Beijing : Chinese car firms are diversifying into hybrids, electric, hydrogen and gas powered vehicles, as well as improving fuel efficiency and reducing emissions, as they battle for shares of the emerging market for "greener" models.
"All the research that foreign companies are doing on 'eco' cars, we are also doing," Du Fangci, deputy head of the China Association of Automobile Manufacturers, told DPA.
SAIL net profit up 98.6 percent
By IANS,
Mumbai : State-run Steel Authority of India (SAIL) Wednesday reported a 98.6 percent rise in net profits at Rs.1,675.55 crore for the quarter ended Dec 31, compared to Rs.843.34 crore in the year-ago period.
Total income of the steel major also grew at 12.3 percent to Rs.9,878.68 crore during the quarter under review, against Rs.8,792.72 crore in the third quarter of last fiscal, the company said in a regulatory filing.
However, the figures were not comparable as another state-owned firm Bharat Refractories Ltd. (BRL) was merged with SAIL.
Reliance Communications acquires US data services firm
By IANS
Mumbai : Reliance Communications Thursday said it has acquired the US-based data communications services company Yipes for $300 million to amplify its presence in the $100-billion global market for this industry.
The Federal Communications Commission (FCC), the regulator for the industry in the US, has given its nod to the acquisition by Flag Telecom, which is a part of the Reliance-Anil Dhirubhai Ambani Group, the company said in a statement.
‘Budget overlooked export sector challenges’
By IANS
New Delhi : The national budget for 2008-09 did not address the problems faced by Indian exporters, who have been affected due to the rising rupee against the dollar, exporters said Friday.
"The budget has not addressed the problems faced by the exporters in view of appreciating rupee and stagnating traditional markets," said Ganesh Kumar Gupta, president, Federation of Indian Export Organisation (FIEO).
Commitment to Dadri power project intact: Reliance Power
By IANS,
New Delhi : The Allahabad High Court's decision to restore the rights of farmers to protest acquisition of their land for Dadri power plant neither dilutes the commitment to the project nor is it a setback, Reliance Power said Friday.
Reacting to the court's judgment upholding Section 4 of the Land Acquisition Act to restore farmers' right to protest land acquisitions, the company hoped the state government would take immediate steps to acquire land for the 7,480 MW gas-based project.
Increase oil royalty, Gogoi urges Modi
Guwahati : Assam Chief Minister Tarun Gogoi Monday requested Prime Minister Narendra Modi to ensure payment of oil royalty at prevailing market prices, saying...
Family feud drags Reliance Communications shares down
By IANS,
Mumbai : The feud in the Ambani family over elder brother Mukesh's right to acquire majority equity in Reliance Communications, which is in amalgamation talks with South African telecom giant MTN, dragged the company's shares down by 1.52 percent in Indian bourses Monday.
The shares of the company opened slightly higher at Rs.545, against the previous close at Rs.543.35 and moved higher to the day's high of Rs.549.70. The scrip finally settled lower at Rs.531.00 with a loss of 1.52 percent.
Satyam chairman Ramalinga Raju, MD Rama Raju quit
By IANS,
Bangalore : Satyam Computer Services Ltd founder chairman B Ramalinga Raju and managing director B Rama Raju resigned from the board Wednesday, the company announced.
In a notification to the stock exchanges, the Hyderabad-based IT firm said Ramalinga Raju and Rama Raju have tendered the resignations earlier in the day and the regulator (SEBI) has been informed.
"Rama Raju shall continue in the position till such time the board is expanded and the continuance is to ensure enhancement of the board," the company said in the notification.
Equities markets on upswing despite rise in inflation
By IANS,
Mumbai : The Indian equities markets which opened with a positive gap Friday stayed in the green early afternoon despite rise in inflation figures. Inflation stood at 8.1 percent for the week ended May 17, compared to 7.82 percent the previous week.
At 12:30 p.m. the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was trading at 16,453.69 with a gain of 137.43 points from Thursday's close. It touched a high of 16,540.49 and a low of 16,344.48 points earlier Friday.
India’s forex up $1.30 bn
Mumbai: After five consecutive weeks of falls, India's foreign exchange reserves grew by $1.30 billion to $312.73 billion for the week ended Oct 10,...
India Inc. welcomes RBI move, but banks not for immediate rate cuts
By IANS,
New Delhi : Hours after the Reserve Bank of India (RBI) slashed key interest rates, India Inc. Saturday welcomed the move, saying it was a "a good start in the correct direction" even as leading commercial banks remained reluctant to immediately bring down lending rates.
Welcoming the 100-basis points cut in repo and reverse repo rates, the Associated Chambers of Commerce and Industry (Assocham) president Sajjan Jindal said it would give some relief to the interest-sensitive automobile, real estate and infrastructure sectors.
Vedanta plans $1-billion IPO for Sterlite Energy
By IANS
Mumbai : Vedanta Resources is planning to make an initial public offer (IPO) to raise $1 billion for Sterlite Energy, a subsidiary of its group company and Indian non-ferrous metals producer Sterlite Industries (India) Ltd.
"We are planning for a $1-billion IPO for Sterlite Energy in the next few months," Vedanta Resources Chairman Anil Agarwal told reporters here Wednesday.
Caritor completes $854 mn acquisition of Keane
By IANS
Hyderabad : Caritor, Inc, a global IT services provider, Tuesday announced the completion of its acquisition of Keane, Inc. for an all-cash purchase price of $854 million.
Haldia Petrochemicals faces its first strike
By IANS
Kolkata : For the first time since its inception in 2001, the $1.2 billion investment jewel of West Bengal, Haldia Petrochemicals Ltd., is to go on a 24-hour strike April 8 demanding permanent employment for its casual workers.
Centre of Indian Trade Unions (CITU), the state labour arm of the Communist Party of India-Marxist, has called the shutdown.
Hyderabad to become a metro city
By Mohammed Shafeeq, IANS,
Hyderabad : Hyderabad will join cities like Kolkata and Delhi to have a metro rail that give will further boost to connectivity in this fast-growing southern Indian hub.
The Hyderabad Metro Rail, to be developed under public-private partnership at a cost of Rs.96.96 billion (approx $2.4 billion), it is one of the largest projects of its kind in the world and India's first two-track elevated transit system.
Indian agency to aggressively market satellite launches
By V. Jagannathan, IANS
Chennai : The launch of Israeli satellite Tecsar by an Indian rocket has boosted the morale of Antrix Corp Ltd - the commercial arm of the Indian Space Research Organisation (ISRO) - which now plans to market this service more aggressively.
"The latest launch reinforces the confidence that customers have in India's Polar Satellite Launch Vehicle (PSLV)," K.R. Sridhara Murthi, executive director of the Rs.6.6-billion ($167 million) Antrix, told IANS.
Antrix markets satellite images, satellite transponders and rocket launch services.
Tata Teleservices to invest $2 bn in GSM services
By Pupul Dutta, IANS,
Agra : Tata Teleservices will invest $2 billion to roll out GSM-based mobile services in India, said a top official.
"The company will invest $2 billion for setting up nationwide services on GSM network over the next two years," Tata Teleservices managing director Anil Sardana told reporters here.
The company, which currently offers CDMA platform, plans to launch services in the GSM space by this year end.
Besides, the company plans to expand in the value-added services (VAS) space with the rollout of 3G services in the country next year.
50,000 tonnes of Indian rice for Bangladesh
By IANS
Dhaka : Bangladesh has decided to import 50,000 tonnes of rice from India to supplement its rice stocks.
An advisor's committee meeting on purchase chaired by Financial Advisor Mirza Azizul Islam gave the approval for rice import to help Bangladesh meet its procurement targets and keep the prices of the principal staple commodity down.
Tata-led consortium to build South Africa’s optical fibre network
By Fakir Hassen, IANS,
Johannesburg : The Tata-led Neotel consortium and mobile phone giant MTN South Africa have signed an agreement to jointly build a 2 billion rand ($202 million) 5,000-km optical fibre network that will connect all major centres across this country.
This joint venture is not only expected to improved telecommunications and reduce costs for consumers but will also connect Africa to the rest of the world with the undersea cables EASSy and SEACOM, currently under construction along the eastern coast of Africa.
Budget does not satisfy needs of common man: Patnaik
By IANS,
Bhubaneswar : Orissa Chief minister Naveen Patnaik criticized the union budget presented Monday by Finance Minister Pranab Mukherjee in the Lok Sabha saying that it does not satisfy the needs of the common man.
"It is seen that the union budget is broadly continuance of the existing schemes. This budget does not satisfy the needs of the common man who is suffering due to steep price rise of essential commodities," Patnaik said in a press release.
i-flex Solutions bags order from Volkswagen Bank
By IANS
Mumbai : iflex Solution Ltd, a leading provider of technology solutions to the global banking and financial services industry, Wednesday announced it will provide banking software solutions to Europe's Volkswagen Bank for the Netherlands region.
In a statement to the Bombay Stock Exchange (BSE) Thursday, iflex said the solution would also allow Volkswagen Bank to deliver web-based services to its dealers and customers.
British PM to ask UAE for bailout funds
By IANS,
Abu Dhabi : British Prime Minister Gordon Brown will arrive in the United Arab Emirates (UAE) capital Monday on a two-day visit in the final leg of his four-day Gulf tour asking the oil rich Arab countries' assistance to bail out western economies from the current crisis, WAM reported Sunday.
British envoy to the UAE, Edward Oakden said Sunday in a press conference Brown will hold meetings with the UAE leadership to discuss the current global financial crisis and its consequences on the global economy.
US recession hits demand for H1B visas
By Arun Kumar, IANS,
Washington : Once much sought by Indian professionals, the US H1B visas are going abegging this year in a recession-hit economy with applications still falling 16,000 short of the Congressionally mandated cap of 65,000.
The US Citizenship and Immigration Services said it has received approximately 49,000 H1B petitions till Aug 7 counting toward the 65,000 cap, more than four months after it started accepting applications for visas for the 2010 fiscal beginning October.
Karnataka Soaps & Detergents to rejig set-up
By IANS,
Chennai : Indian cosmetics major Karnataka Soaps & Detergents Ltd (KS&DL) - which produces the fragrant Mysore Sandal soap - is planning to rejig its organisational set-up to ensure high growth.
"We plan to divide our operations into strategic business units (SBU) under separate executives assigned with the responsibility of improving business. Each SBU will be a profit centre," B.H. Anil Kumar, managing director of KS&DL, told IANS here.
Insurance regulator warns against Aetna Healthcare
By IANS,
Chennai: The Insurance Regulatory and Development Authority (IRDA) Wednesday warned the public not to subscribe to any healthcare plans sold by the Bangalore-based Aetna Healthcare Networks (India) as it is not licensed to sell insurance plans.
The insurance regulator has said Aetna Healthcare operating from Vittal Malya Road in Bangalore is selling health insurance and collecting money from the applicants subscribing to the same.
Equities markets stay in the red
By IANS,
Mumbai : The Indian equities markets stayed in the negative zone early Tuesday afternoon. Banking, realty and consumer goods sectors were under selling pressure.
At 12:30 p.m. the 30-share benchmark sensitive index of the Bombay Stock Exchange (BSE), the Sensex, was trading at 17,290.04 with a loss of 144 points. Since its opening, it had touched a high of 17,367.13 and a low of 17,256.29 points.
At the same time, the S&P Nifty index of the National Stock Exchange was trading at 5,107.45 points with a loss of 50.25.
Coal India assessing airport project’s impact on coal reserve
By IANS,
Kolkata : State-owned Coal India Ltd (CIL) Wednesday said it will soon submit a report to the West Bengal and central governments, evaluating the impact of a proposed private airport project on its existing underground coal reserve in the Durgapur-Asansol industrial belt.
US to experience near recession: study
By Xinhua
Los Angeles : The US will experience a near recession situation in the final quarter of the year and the beginning of 2008, according to a new study on the country's economy.
The country's economic growth is expected to hover slightly above one percent, said the study released Wednesday.
The study by economists at the University of California in Los Angeles said that in the meantime, however, the unemployment rate would likely reach 5.2 percent by mid-2008, up from the current level of 4.6 percent.
Food, hospitality exhibition opens in Delhi
By IANS,
New Delhi : IFE India-2008, a three-day food, drink and hospitality exhibition, opened here Tuesday with the participation of over 300 exhibitors from 24 countries.
Inaugurating the sixth edition of the event, Ashok Sinha, secretary at the ministry of food processing industries, said the exhibition offered a platform for international as well as domestic players to showcase their products.
Russia raises uranium stocks by 70,000 tonnes in 2009
By IANS/RIA Novosti,
Moscow: Russia increased its uranium reserves by 70,000 tonnes in 2009, the Federal Agency for Natural Resources (Rosnedra) said Tuesday.
"We have good results for uranium - about 70,000 metric tonnes of growth in reserves," Vladimir Bavlov, deputy head of Rosnedra, said.
With more than one million tonnes of stock, Russia has the world's second-largest uranium reserves and ranks fifth in terms of producing uranium output.
Jharkhand asks banks to step up loans to jobless youth
By IANS,
Ranchi: Jharkhand Deputy Chief Minister Raghubar Das Tuesday warned of action against banks not giving loans to unemployed youth under the Prime Minister's Employment Generation Programme (PMEGP).
"It is well known that the banks do not disburse money to unemployed youth under the PMEGP. Suitable action will be taken if the banks do not improve the disbursing of loan system to unemployed youth," Das said while replying to a question in the state assembly.
In Kolkata, a Sunday paradise for pet and plant lovers
By Sreya Basu, IANS,
Kolkata : If you are an animal, bird or plant lover, a visit to the weekly market at Shakher Haat on north Kolkata's Galiff Street is a must on a Sunday morning.
The market brings together an unending variety of animals - from dogs, cats, rabbits and white mice to birds and fish - besides a vast range of flowering and decorative plants.
"This is the oldest animal market of the city. Most of the animal and plant sellers have been doing business here for generations," Shankar Jana, who sells dogs and rabbits, told IANS.
India’s fiscal deficit will be higher: Ahluwalia
By IANS,
New Delhi : Planning Commission Deputy Chairman Montek Singh Ahluwalia Sunday said India's fiscal deficit for the current fiscal will be higher than budgeted for but this will not be an adverse development in the context of the global meltdown.
"Our fiscal deficit will be higher. But that will be a desirable development," Ahluwalia said at a press conference here, soon after unveiling a growth stimulus package that includes a four percent cut in central value added tax (VAT).
"To what extent the fiscal deficit will be higher - we don't have the numbers yet."
RCOM joins hand with IT giants to offer laptops
By IANS,
Mumbai : The Anil Ambani-promoted Reliance Communications has joined hands with IT major Acer, Asus, HCL, Intel and Lenovo to offer laptops with free Reliance data cards, said a top official.
"The growth of Internet services in India is one of the key visions of Reliance Communications. The next phase of growth of Internet penetration in the country is linked to the growth in PC and Laptop penetration by making the overall cost of Internet access more affordable," RCOM president Mahesh Prasad told reporters here Tuesday.
Russia bans rice import from India
By Xinhua
Moscow : Russia Tuesday banned imports of rice, sesame seeds and peanuts from India, saying some of the goods were substandard and dangerous to human health, the Interfax news agency reported.
Rane group completes restructuring process
By IANS
Chennai : City-based auto component manufacturers Rane group has completed its restructuring process in the wake of the approval given by the Madras High Court for a rejig scheme.
The court sanctioned the scheme of de-merger, merger and amalgamation among the three group companies - Rane Engine Valves Ltd (REVL), Rane Brake Linings Ltd (RBLL) and Rane Holdings Ltd (RHL).
Sun Micro, Tech Mahindra join hands for IPTV services
By IANS
Mumbai : Leading IT firm Sun Microsystems India and telecom software major Tech Mahindra Monday announced a strategic alliance to roll out cost-effective and efficient Internet protocol television (IPTV) services in the Indian and Asia Pacific markets.
India, Sri Lanka targets trade pact by October
New Delhi, Aug 2 (IANS) India and Sri Lanka have decided to sign a Comprehensive Economic Partnership Agreement (CEPA) by October this year for augmenting mutual trade and investment, Minister of State for Commerce Jairam Ramesh said here Thursday.
"Both India and Sri Lanka can thrash out the differences and early conclusion of the CEPA would ensure the sustained interest of all the stake holders," Ramesh said during his meeting with Sri Lankan Minister for Investment Promotion Navin Dissanayake.
Trade pact will give $12 bn boost to Indian economy: Canadian minister
By Gyanendra Kumar Keshri, IANS,
Private firms contributed $350 mn capital to UAE
By IANS/WAM,
Dubai : Private companies in UAE contributed an amount of more than $350 million to the country's total capital in 2009, according to latest statistics.
A total of 15 new private companies were registered last year, out of which nine are investment companies while two each are from real estate and finance and one is from the services sector.
The new companies accounted for a capital of 1.338 billion Arab Emirates dirhams ($364 million) taking the total capital of private companies in the Emirates to AED 117.14 billion.
Bharti-MTN deal deadline ends Wednesday
By IANS,
New Delhi : The South African government is expected to take a decision on the much-awaited $23-billion Bharti-MTN telecom equity swap cum strategic alliance Tuesday, a day before the deadline ends Wednesday.
Bharti Airtel and South Africa's MTN have been in talks since May 25 - after the two ended talks last year, with the Indian telecom major rejecting the proposal that would have made it a subsidiary of MTN.
MTN needs the South African government's nod to go ahead with the deal; the state-owned Public Investment Corp (PIC) holds about 20 percent stake in the company.
Lucknow Biotech park to train women farmers
By IANS,
Lucknow : Free training programmes will be provided to women farmers by the Biotech Park here to enable them to apply new technologies to increase agricultural yield, an official said Monday.
"We will be launching training programmes to hone the skills of women farmers from Sep 7," said P.K. Seth, CEO of the Biotech Park.
"Though the programmes will be open to women farmers from across the state, initially we will enrol farmers from Lucknow and its adjoining districts," an official at the Biotech Park said.
Volkswagen upbeat about India business, no layoffs planned
By IANS,
New Delhi : Unperturbed by the economic gloom, automobile major Volkswagen Tuesday said it would go ahead with the investment plans for India and no layoffs were planned to cut costs.
"We are ahead of schedule as far as India plans are concerned. We will commission our first manufacturing facility in Pune in 2009, earlier than the scheduled date some time in 2010," Volkswagen India president and managing director Joerg Mueller told reporters here on the sidelines of the World Economic Forum-India Economic Summit.
Two mn litres of fuel to be available in Tamil Nadu
By IANS,
Chennai : Two million litres of fuel will be supplied across Tamil Nadu to overcome the acute shortage of petrol and diesel in the state, a government official said Tuesday.
The government said it was reviewing the shortage with the oil companies.
Chief secretary L.K. Tripathy said two million litres of petrol and diesel would soon be available through oil stations in the state.
BBC to produce next season of ‘Jhalak Dikhhla Jaa’
By IANS,
New Delhi : The third season of the dance reality TV show “Jhalak Dikhhla Jaa” will now be produced by its original format owner BBC.
“Yes, it's true, if there is another season of 'Jhalak...', BBC will be producing it themselves as they have set up their own production office in Mumbai, and this time around they would not like to outsource it to a third party,” said Siddhartha Basu, head of Synergy Adlabs that produced the previous seasons of the show.
RComm launches free calls pack for prepaid CDMA customers
By IANS,
Mumbai : Mobile services major Reliance Communications, part of the Anil Dhirubhai Ambani group, Thursday launched a new prepaid CDMA pack which will enable customers to make free calls to other numbers on the network and limited free calls to other networks.
Under the "Simply Unlimited CDMA" offer, RComm customers can make unlimited local calls to other customers on its network and limited free calls to other networks at a monthly cost of Rs.299, the company said.
US dollar could drop by 10 percent, says Canadian report
By IANS,
Toronto : A Canadian bank report says the US dollar could fall as much as 10 per cent in the ``near to medium'' future.
In its report titled `Will the US dollar go the way of the British pound?', the Toronto Dominion Bank (TD Bank) said Friday that the US government decision's to help the financial sector through a huge debt will further push down the dollar.
``We estimate a potential 10 percent or so drop in the value of the dollar in real, broad terms in the near to medium term,'' the report said.
BSNL seeks other options for mega GSM tender
By IANS
New Delhi : State-run telecom giant Bharat Sanchar Nigam Ltd (BSNL) Friday said it will pursue other options to award a tender for some 22.5 million GSM lines it had floated earlier, valued at over $2 billion, following problems over pricing with one of the bidders, Nokia Siemens.
"Nokia Siemens has not given an unconditional acceptance so we are finding other options," Kuldeep Goyal, chairman and managing director of BSNL, told reporters here.
Chennai port to get new container terminal
By IANS
Chennai : The Chennai Port Trust Authority (CPTA) Wednesday announced that the central government has "in principle" approved a new container terminal with a capacity to handle five million TEUs (twenty foot equivalent unit).
The port has received clearance from the union environment ministry for the Rs.31.1-billion project under build, operate and transfer programme, said K. Suresh, CPTA, in a statement released here.
India’s trade deficit rises in the first half fiscal
By Xinhua,
New Delhi : India's trade deficit in the first half of the current fiscal year rose to 59.771 billion U.S. dollars, against 39.098 billion U.S. dollars last fiscal, the trade data showed Monday.
The data, released by the Commerce and Industry Ministry of India, showed that imports during April-September were valued at 154.744 billion U.S. dollars, up 38.6 percent over the corresponding period of last fiscal.
London shares rebound over five percent
By Xinhua,
London : London stock market closed higher Monday, gaining more than five percent.
The FTSE 100 index ended with 219.66 points, or 5.41 percent higher at 4282.67, as investors hoped the global financial crisis would ease after government moves to bail out banks take root.
Banking shares led the growth with Royal Bank of Scotland added 23.18 percent, followed by insurer Prudential which rose by 22.31 percent.
Royal & Sun Alliance Insurance dropped 3.08 percent, whereas Brit Insurance Holdings shed 8.1 percent.
Tea Board plans to regulate trade in poor quality tea
By IANS,
Kolkata : The Tea Board of India has proposed to chalk out regulations based on price benchmarks to curb export and import of poor quality tea within three months, said board chairman Basudeb Banerjee here Monday.
Speaking on the sidelines of the annual general meeting of Calcutta Tea Traders' Association, he said the regulatory framework under the Tea (Distribution and Export) Control Order 2005, and under the provisions of the Tea Act, 1953, is already in place. This framework would be changed to replace quality-based norms with price-based benchmarks, he added.
Antony favours defence budget at 3 percent of GDP
By IANS,
New Delhi : Defence Minister A.K. Antony says India's budget for the military should be pegged at three percent of the GDP to match that of the country's neighbours.
"Actually, considering our economic boom, our allocation for defence is not matching. Every year it is now coming down. It is below two percent while the average (for the neighbourhood) is three percent," he told reporters on the sidelines of the two-day Unified Commanders Conference here Tuesday.
UN pledges $3 mn to help Nepal’s rural communities
By Xinhua,
Kathmandu : The UN has allocated $3 million to assist rural communities in Nepal, the global organisation announced Thursday.
The rural communities are constantly threatened by food insecurity due to depleting stocks and rapidly increasing prices, the UN said in a statement. The situation deteriorated due to the recent floods and long-standing political unrest in the country.
Glaxo get Indian market rights for Japanese medicine
By IANS,
Mumbai : Pharma major GlaxoSmithKline (GSK) has bagged a deal to sell Japan based Astellas Pharma Inc's popular injectible anti-fungal agent Micafungin in India.
Announcing this Monday, GlaxoSmithKline said the deal gives it exclusive market rights for the sale of Micafungin (brand name Mycamine) in India.
Micafungin, belonging to a new class of anti-fungal agents used in the medication of deep seated Candida infections, was initially approved by Japanese Agency in 2002, by the US in 2005 followed by other countries.
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.
Efforts against climate change must continue: China
By XINHUA,
Beijing : Chinese Prime Minister Wen Jiabao has warned against slackening global efforts to address climate change on the plea of economic slowdown.
"As the global financial crisis spreads and worsens, and the world economy slows down, the international community must not waver in its determination to tackle climate change, nor must they ease up in their actions," Wen told a high-level conference on climate change that opened in here Friday.
Pradip Overseas launches Lucy B Linen brand
By IANS,
Ahmedabad : City-based home linen producer Pradip Overseas Ltd (POL) Friday launched American brand Lucy B Linen in the fast-emerging domestic textile market.
Under the brand name, POL will manufacture the entire range of home textile products like bed sheets, pillow covers, curtains, cushions, towels, napkins and quilts. The distribution of the products in the domestic market would be managed by CA Patel Textile Pvt Ltd (CAP), said POL director J.S. Negi.
Air Canada to axe 345 flight attendants
By Gurmukh Singh, IANS,
Toronto : Air Canada, the world's eleventh largest airline, is laying off 345 more flight attendants to cut its operating losses.
According to reports here, the retrenchment will come into force in March, making one less flight attendant available on flights to and from Europe. Canada's national carrier has a total staff of about 24,000 worldwide.
Firstsource Solutions bags outsourcing partnership
By IANS
Mumbai : Mumbai-based offshore BPO firm Firstsource Solutions Ltd (FSL) has signed a five-year $80 million outsourcing partnership with financial services provider Barclays PLC for credit card business in the US.
Providing this information to the Bombay Stock Exchange (BSE) Friday, FSL said under the terms of the agreement it will manage and operate Barclays' operations centre in Colorado Springs and provide customer care and collections support to Barclays US cardholders.
General Motors files for bankruptcy
By DPA,
New York : Storied carmaker General Motors (GM) filed for bankruptcy Monday, becoming the largest-ever US manufacturer to enter the court process and marking the latest dark chapter for a struggling US auto industry.
The carmaker goes into an uncertain bankruptcy with the backing of the US government, its chief labour union and the majority of its creditors. But many smaller investors feel they are getting a poor deal and have promised to fight GM's reorganisation plans in court.
No solution to Singur impasse in sight
By IANS,
Kolkata : Nineteen days have passed since Tata Motors suspended work at its Nano plant at Singur in West Bengal but no solution to the deadlock seems in sight.
Operations were suspended Sep 2 following an indefinite siege that was kicked off Aug 24 by the opposition Trinamool Congress party in front of the factory gate at Singur, about 40 kilometres from Kolkata.
Rising rupee may hit export target: Kamal Nath
By IANS
New Delhi : The unabated rise of the Indian rupee against the US dollar may act as a "deterrent" for the country to meet its export target of $160 billion in 2007-08, Commerce and Industry Minister Kamal Nath said here Tuesday.
"The rising rupee may act as a deterrent in meeting the (export) target for 2007-08. But we are still hopeful," Nath told reporters here on the sidelines of a conference.
Striking truckers hope government will talk to them
By IANS,
New Delhi : Indian truckers, whose nationwide strike entered the third day Wednesday, are hoping that the government will talk to them to end the impasse arising from their demands that includes a diesel price cut.
A senior board member of All India Motor Transport Congress (AIMTC), that called the strike, told IANS it is "likely" that the government will call the transport body for talks.
The truckers went on a nationwide strike in the early hours of Monday, demanding lower diesel and tyre prices.
Sensex opens in the green
By IANS,
Mumbai : A key index of the Indian equities markets opened higher Thursday, ruling 75 points above its last closing figure, about five minutes into trading.
The 30-scrip index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 13,796.19 points, was at 13,844.96 -- 75.81 points or 0.55 percent higher than Wednesday's closing figure.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE), too, was ruling in the green at 4,107.95 points, up 0.71 percent.
Despite computers and cellphones, luxury pen market rules
By Ruchika Kher, IANS,
New Delhi : The pen just can't be written off. Branded fountain and ballpoint pens have no dearth of takers in India and sales are rising despite high prices and the growing use of computers, cell phones and the internet.
"The luxury pen segment in India is growing and a good brand or a designer pen is a latest must have. Consumers falling into the 51 years and above age bracket buy the highest number of such pens," Nikhil Ranjan, CEO, William Penn, told IANS.
High Court dismisses Malaysian firm’s petition against ONGC
By NNN-PTI,
New Delhi : The Delhi High Court has upheld ONGC's decision not to award contract to Malaysia-based Ramunia Fabricators Sdn Bhd for development of B-22 oil field in Mumbai offshore.
Dismissing the petition of the company, a Division Bench headed by Justice Manmohan Sarin said that Oil and Natural Gas Corporation was right in rejecting its bid for the project.
Sensex opens with an upswing
By IANS,
Mumbai : The Indian equities markets had a mixed opening Monday, with the Bombay Stock Exchange on the rise but the National Stock Exchange opening with a marginal loss.
The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a gain of 175.89 points at 16,591.46.
The S&P Nifty index of the National Stock Exchange opened at 4,869.25 points with a marginal loss of 0.85 points compared to its close Friday.
Demonetisation fallout: Jan Dhan deposits rise over 50%
New Delhi : Deposits in Jan Dhan accounts have grown by more than 50 per cent since the demonetisation announcement on November 8, an official...
Hindustan Motors looks at components business for revival
By Arjun Sen and Himank Sharma, IANS,
New Delhi : Hindustan Motors, maker of the Ambassador, for long the iconic Indian car, is moving ahead to become more of an automobile component manufacturer than developer of new models, according to a top company official.
"The key to our revival will be our components business comprising forgings, castings and stampings produced at our Uttarpara factory near Kolkata," company Chairman C.K. Birla told IANS.
Indian IT industry dissatisfied with budget
By IANS
New Delhi : The Indian IT and ITeS industry across all sectors Friday felt let down by the national budget for 2008-09, finding little in it to boost growth prospects.
The National Association of Software and Services Companies (Nasscom), the leading IT industry lobby, indicated extreme disappoint as Finance Minister P. Chidambaram did not comment on extending the Software Technology Parks of India (STPI) scheme.
The scheme, offering tax sops for the industry, expires March 31, 2009.
Arab postal services to set up new money transfer system
By IANS,
Dubai : Postal services of eight Arab countries, led by the United Arab Emirates (UAE)'s Emirates Post, have signed an agreement to set up a regional, low-cost post-to-post money transfer system.
The new system would be backed by the International Financial System (IFS) software application of the Universal Postal Union (UPU), the state-run Emirates News Agency (WAM) reported.
The agreement was signed on the sidelines of the 24th UPU Congress in Geneva recently by the heads of postal services of Egypt, Jordan, Morocco, Qatar, Syria, Tunisia and Yemen, apart from the UAE.
Rajasthan offers concessions to Honda Siel
By IANS
Jaipur : The Rajasthan government has offered a host of concessions to Honda Siel Cars India Ltd (HSCI), which is setting up a new manufacturing facility in Alwar district with an initial investment of over $230 million.
While providing sops to the company, the state government said in various notifications that it has decided to offer a 50 percent exemption on electricity duty, a lower central sales tax of 0.05 percent with respect to the sales of cars, sub-assemblies, spare parts and components manufactured by the company in Rajasthan.
Ethnic violence hits output in Pune-Nashik industrial belt
By Abhijit Deb, IANS
Mumbai : Scores of manufacturing units in the Pune-Nashik industrial belt are experiencing a slowdown with over 30,000 migrant workers fleeing the area in the wake of the anti-north Indian tirade launched by the Maharashtra Navnirman Sena (MNS).
Industries in the area have suffered a combined loss of up to Rs.4 billion (approx $100 million) in the past fortnight of violence.