Fule price hike: Indian left to hit streets from Thursday
By NNN-PTI,
New Delhi : Slamming the government for effecting "steep hike" in fuel prices, Left parties today announced week-long agitation across the country from tomorrow to protest the "unjustified burden" imposed on the common man.
The four parties, which extend crucial outside support to the UPA government, also decided to organise 12-hour shutdown tomorrow in West Bengal, Kerala and Tripura, the states in which they are in power.
Dubbing the price hike of petrol, diesel and LPG as an "onslaught" on the people, they demanded a roll-back of the decision.
India Yamaha Motor logs sales growth in July
By IANS,
Chennai : Japanese two-wheeler maker India Yamaha Motor closed July with 29 percent sales growth as compared to corresponding period of 2010.
Previous government was unable to inspire: PM
By IANS
New Delhi : Prime Minister Manmohan Singh Friday said the previous National Democratic Alliance (NDA) government was unable to "inspire" with lack of focus on what they wanted to achieve on the economic front.
"They (the previous government) were preoccupied with divisive agendas and their economic agenda was not sufficiently focussed. There was no attempt to make our growth more broad-based and inclusive," the prime minister said.
India’s growth could fall to eight percent: OECD
By IANS
New Delhi : Successive increases in interest rates instituted by the central bank can retard India's economic growth to eight percent in 2008, warns the Organisation for Economic Cooperation and Development (OECD).
At the same time, says the grouping of 30 rich nations, the Indian government's target of 10 percent growth by 2011 and complete elimination of poverty can be achieved if economic reforms continue.
The Indian economy had grown by 9.4 percent in fiscal 2007.
Malaysian Felda may take controlling stake in US oleochemical company
By NNN-Bernama
Boston : Felda Holdings Bhd may take a controlling stake in Twin Rivers Technologies, which is one of the largest and fastest growing oleochemical producers in North America.
Twin Rivers focuses on the manufacturing and distribution of premium quality oleochemicals.
Its capabilities and expertise include the manufacturing and distribution of fatty acids and glycerin, world-class food grade specialty esters and biofuels, according to a statement issued at the BIO International Convention 2007 which begins here today.
Stage set for India’s first civil aviation expo
By Mohammed Shafeeq, IANS,
Hyderabad : The stage is set for India's first international exhibition and conference on civil aviation, India Aviation 2008, which is beginning here Wednesday.
Top honchos of 35 major global aviation companies and ministerial-level delegations from 17 countries will participate in the four-day conference, jointly organised by the ministry of civil aviation and the Federation of Indian Chambers of Commerce and Industry (Ficci), with the US being the partner country.
India to lead regional growth in Asia-Pacific: UN
By IANS
Bangkok : India, along with its Asia-Pacific neighbours, will lead regional growth in 2008 despite uncertainties over the US dollar and soaring oil prices, a UN agency report said.
India is expected to sustain its robust growth rate this year, driven by investments in the booming manufacturing and service sectors and also largely for being insulated from the weakness in the global economy, the UN Economic and Social Commission for Asia and the Pacific (ESCAP) said in a report.
Reliance, South Africa’s MTN confirm merger talks
By IANS,
Mumbai/Johannesburg : The Reliance Anil Dhirubhai Ambani Group and telecom services giant MTN announced their consolidation talks Monday, two days after the Bharti group called off its negotiations with the South African company.
"Reliance Communications and the MTN group have agreed to enter into exclusive negotiations with respect to a potential combination of their businesses," the Mumbai-based group's telecommunications arm said in a statement.
Key market index slips on profit booking
Mumbai Dec 13 (IANS) Despite a record start, India's benchmark index fell by 271 points at the close of trading due to profit booking.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) declined 271.48 points or 1.33 per cent at 20,077.83 against the previous close of 20,375.87 points. It had earlier jumped to a new high of 20,498.11 points in early trades.
The broader 50-share S&P CNX Nifty of the National Stock Exchange also declined by 101.20 points to 6,058.10, after touching an all-time high of 6,185.40 in early trades.
Airfares to go up from Saturday
By IANS,
New Delhi : Yet another airfare hike is in the offing from Saturday with airlines and travel agents mutually deciding to add a new component, transaction fee.
The transaction fee would be a minimum of Rs.350 for domestic and a maximum of Rs.10,000 for international passengers.
The zero-percent commission regime will be replaced by the transaction fee, which will be levied along with the airfare, said an official of an airline here, adding that this will be denoted as "other charges" on the ticket.
GM 2010 sales grow by 59 percent
By IANS,
New Delhi: General Motors India Saturday reported 59 percent growth in sales for 2010, which stood at 110,804 units as against 69,579 units in 2009.
OPEC warns of consequences of oil price drop
By DPA,
Vienna : The decline in prices of crude oil during the worldwide recession will have medium- and long-term consequences for the international oil industry, the president of the Organisation of Petroleum Exporting Countries (OPEC) said Sunday.
Speaking at the start of the 152nd conference of OPEC oil ministers in Vienna, Jose Maria Botelho de Vasconcelos warned that the organisation already had to stop long-term investment due to low oil prices.
Botelho, who is Angola's oil minister, also spoke of job losses worldwide in the industry.
ONGC-Videsh favours joint exploration with Russian firms
By IANS,
Chennai: State-run overseas oil and gas exploration company ONGC Videsh Ltd (OVL) wants to bid jointly with Russian companies for hydro-carbon projects in that country, a top government official said Saturday.
"We have strongly put forth to the Russian government for OVL to bid jointly with Russian companies - Rosnet Oil Company and Gazprom - for oil and gas exploration projects in Russia," Petroleum and Natural Gas Secretary S. Sundareshan told reporters here.
Indian equities slip into red after strong opening
By IANS,
Mumbai : Indian equities opened on a positive note Wednesday, after logging one of its steepest gains in recent years during the traditional, hour-long Diwali-day trading, but soon plunged into the red.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened higher at 9,297.76 points against the previous close at 9,008.08 and was ruling marginally lower at 8,991.15 points some 45 minutes into trading.
Kerala to float IT infrastructure company
By IANS
Thiruvananthapuram : The Kerala government will soon launch an IT infrastructure company, Chief Minister V.S. Achuthanandan said Tuesday.
"In the next financial year, a sum of Rs.500 million would be set aside for this company. The government will hold 51 percent share and the rest will be given out to private and public companies," he told reporters after the weekly cabinet meeting.
Economic Survey calls for new investment environment
By IANS,
New Delhi : After the high growth cycle that followed the economic reforms of 1990s, India should now bring in sweeping changes in its investment climate for the next stage of growth, the Economic Survey for 2008-09 released here Thursday said.
"The reforms of the 1990s created a competitive environment in which Indian entrepreneurship could flourish. However, there is a perception among financial and other investors that the government has been slow on policy reforms," the survey, tabled by Finance Minister Pranab Mukherjee in parliament, stated.
Crops worth Rs.12 bn lost in Uttar Pradesh floods
By IANS
Lucknow : Crops worth Rs.12 billion have been destroyed in the floods in Uttar Pradesh with overall economic losses estimated at a whopping Rs.22 billion.
"Of the overall flood losses touching Rs.22 billion, agriculture alone has suffered damage to the tune of Rs.12.19 billion," Uttar Pradesh Relief Commissioner Umesh Sinha told IANS.
"As much as 279,316 hectares of agriculture was inundated by the floodwaters of Ghagra, Saryu, Rapti and Rohin rivers across parts of eastern Uttar Pradesh," he said.
Hyundai India monthly sales up 6.8 percent
By IANS,
New Delhi : India's second largest car maker Hyundai Motor India Tuesday said sales during November stood at 55,265 units, a growth of 6.8 percent over October, while exports increased 15.65 percent.
The company sold 28,162 units in the domestic market in November, a 92.8 percent jump over the like month last year when the automobile sector was facing a demand crunch owing to the global slowdown.
Total cumulative sales for November were 55,265 units, including exports of 27,103 units.
Sensex crawls into green in post-noon trade
By IANS,
Mumbai : A key index of the Indian equities markets climbed back into the green Tuesday afternoon and was ruling 57 points points higher than its previous close.
At 1.20 p.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened lower at 15,573.91 points, was trading at 15,685.9 points, up 57.15 points or 0.37 percent.
Around the same time, the Nifty of the National Stock Exchange (NSE) too was ruling in the green at 4,659.2 points, up 0.35 percent.
Lupin acquires South African pharma company
By IANS,
Mumbai : Pharmaceutical major Lupin Ltd has completed the acquisition of a majority stake in South Africa-based Pharma Dynamics.
According to a statement from Lupin, Pharma Dynamics, a market leader in cardiovascular segment, ranks number six amongst generic companies. It is growing at the rate of 34 percent per annum. The South African market is estimated at $2.5 billion.
"We are extremely excited to enter this market. By associating with Pharma Dynamics, we expect to be in the top league of this market soon," Lupin managing director Kamal Sharma said in the statement.
OPEC crude price falls from all time high
By DPA
Vienna : The price for oil produced by the Organization of Petroleum Exporting Countries (OPEC) dropped from its previous record high Thursday, falling to $93.97, OPEC said Friday.
According to the OPEC secretariat, one barrel (159 litres) of OPEC-produced crude stood at $93.97 dollars Thursday, down 26 cents compared to the previous day.
Crude prices were pressured by slumping US economic indicators and rising crude and gasoline stocks in the US, analysts said.
China’s widening income disparity calls for deeper social reforms
By Xinhua,
Beijing : A recent report by the Chinese government has brought out the most obdurate paradox the country's economy is faced with.
According to the report, the per capita disposable income gained 9.5 percent to 4,140 yuan (about $608.80) in real terms in 2007 in the countryside, the largest annual growth since 1985. But the largest growth is also accompanied by the largest urban-rural income gap during the same period.
Indian equities move up on global cues
By IANS,
Mumbai : Indian equities opened higher Friday in line with cues from other markets as also on hopes that the crisis surrounding the global financial markets may be softened by central bank interventions.
Emulating the rally in all major Asian markets and on Wall Street, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened higher at 13,763.83 points over Thursday's close at 13,315.60 and soon shot up to 13,807.09 points.
China’s forex reserves reach $2.85 trillion
By IANS,
Beijing : China's foreign exchange reserves reached $2.85 trillion by the end of last year, up by nearly 20 percent, the central bank said Tuesday.
Himachal asks cement firms to lower prices
By IANS,
Shimla : Cement companies operating their plants in Himachal Pradesh have been asked to lower their retail rates, state Industries Minister Mukesh Agnihotri said Thursday.
Wipro starts centre in the Philippines
By IANS
Bangalore : Wipro Technologies, the global IT services business of Wipro Ltd, Thursday opened a business process outsourcing centre in Cebu in the Philippines as part of its strategy to build global delivery capabilities.
Wipro plans to hire over 900 employees for its 45,000-sq ft Cebu facility, the company said in a statement.
Wipro is also looking at establishing additional centres in other fast-growing cities in the Philippines.
Indian stock markets closed Thursday
By IANS,
Mumbai : Indian equities markets are closed Thursday on account of Diwali Balipratipada.
Dubai firm acquires stake in Indian wind turbine manufacturer
By IANS,
Dubai : Dubai Group, the financial services arm of Dubai World, the Dubai government's investment company, has acquired a 40 percent stake in leading Indian wind turbine manufacturer Chiranjjeevi Wind Energy Ltd (CWEL).
"We are pleased to partner with India's CWEL as part of our continuous commitment to finding solutions towards a better future," Abdulhakeem Kamkar, chief executive of Dubai Investment Group, a subsidiary of Dubai Group, said in a statement here Monday.
State-owned Ashok Hotel to share brand name with private firms
By IANS,
New Delhi : The "Ashok" brand of premium hotels, owned by the state-run hospitality major India Tourism Development Corp (ITDC), will now be prefixed or suffixed on properties owned by six private firms.
Pacts have been signed with the six hotels in as many cities ranging from five-star deluxe to three-star properties, to share its brand name on a revenue-sharing basis.
Tatas in exploratory talks with Saudi conglomerate
By IANS,
Mumbai : A high-power team from India's largest industrial house, the Tata group, led by chairman Ratan Tata, met the top brass of Kingdom Holding, controlled by Prince Alwaleed bin Talal bin Abdulaziz Alsaud, in Riyadh to forge investment ties between the two sides.
According to Tata officials here, the visit was exploratory in nature to discuss all the potential investment opportunities that exist between the $25-billion Kingdom Holding and the $70-billion Tata group.
Government refuses to roll back fuel price hike
By IANS,
New Delhi : Union Petroleum Minister Murli Deora Thursday refused to roll back the increase in fuel prices but said that a revision will be considered when the international crude oil prices come down.
The government Wednesday allowed state-run oil firms to increase prices of transport fuels, resulting in petrol becoming dearer by Rs.4 per litre and diesel by Rs.2 per litre.
India’s forex reserves down by $274 million
Mumbai : India's foreign exchange (forex) reserves declined by $273.8 million to $312.38 billion for the week ended May 30, led by a sharp...
Markets rise on basis of second stimulus package
By IANS,
Mumbai : Indian equities markets were trading in the green early Monday afternoon on the strength of the second economic stimulus package announced by the government Friday. The Sensex was more than two percent above its previous close.
Shortly after noon, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was up 1.51 percent or 149.99 points and was ruling at 10,108.21 points after opening higher than its previous close of 9,958.22 points.
World Bank official meets Karunanidhi, reviews projects
By IANS,
Chennai : World Bank's country director Roberto Zagha met Tamil Nadu Chief Minister M. Karunanidhi here Thursday and reviewed the progress of the six bank-assisted projects in the state.
During the meeting, Karunanidhi requested the official to take a quick decision on the state's application for Rs.1,764 crore assistance from the bank for improving housing, roads, sanitation facilities.
Brazil to invest $540 bn in energy projects
By IANS/EFE,
Brasilia : Brazil will invest 951 billion reais ($540 billion) in energy projects over the next nine years, state-owned Energy Research Corporation has said.
Around 70 percent of the investment will go into oil and natural gas projects. Exploration and production projects will get $287 billion in funding, allowing Brazil to double its production of crude oil from the current two million barrels per day to nearly 5.1 million barrels per day by the end of this decade.
Rising oil price casts shadow on Indian bourses again
By IANS,
Mumbai : Indian equity markets ended with deep cuts Thursday, giving up most of the gains made the day before. Equity markets fell around the globe as international crude oil price hit a new high of $144 per barrel.
Realty, power, banking and metal stocks were the worst hit. All the sectoral indices at the Bombay Stock Exchange (BSE) ended the day in the red.
The market started on a weak note and started to fall rapidly in the first hour of trading. It recovered somewhat in afternoon trade.
Bharat Electronics to secure parliament with hi-tech gadgets
By IANS,
Bangalore : State-run Bharat Electronics Ltd (BEL) will soon make India's parliament house a highly protected place with its hi-tech electronic gadgets, a top official said Wednesday.
"Parliament will have an extra security cover in the next six-eight months with access control system to monitor movement of members, officials and visitors," BEL chairman and managing director Ashwani Kumar Datt told reporters here.
Sensex moves up 145 points in opening session
By IANS,
Mumbai : A key index of the Indian equities market started trade in the green Friday, rising more than 145 points within 15 minutes of the opening bell.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 14,373.57 points was ruling at 14,490.69 points, 145.07 points or 1.01 percent above Thursday's close.
The S&P CNX Nifty of the National Stock Exchange (NSE) too moved up from the opening bell, rising 1.19 percent to rule at 4,292.3 points around the same time.
Indian stock market opens deep in red, slips by over 550 points
By IANS
Mumbai : The Indian equities market opened deep in the red Friday in line with its Asian peers. The sharp fall was led by the selling of scrips in key sectors.
The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a huge loss of 330.12 points at 16,211.96 and kept going down further. About an hour after the start of trading, the Sensex was at 15,982.54, 559.54 points down from its close Wednesday, a drop of 3.38 percent.
The Indian bourses had been closed on Thursday on account of Shivratri.
Market closes 278 points down
By IANS,
Mumbai : The Indian equities market closed deep in the red Monday.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex) opened at 14,423.05 points and touched a low 14,163.45 before closing at 14,293.32 points. It went down by 277.97 points or 1.91 percent at the days close.
The National Stock Exchange (NSE) S&P Nifty, which opened at 4,351.15 points, closed at 4,266.40 points. It went down by 81.15 points or 1.87 percent.
‘Economy will grow at eight percent this fiscal’
By IANS,
Chennai : The Indian economy is expected to grow at eight percent this fiscal, and inflation would moderate in a year's time, said a top government official here Thursday.
"The inflation rate in a year's time will be in the range of five-six percent and the interest rates will be at seven-eight percent levels," said Arvind Virmani, chief economic advisor to the finance ministry.
Kashmir banks’ business rehab package meet Sep 23
Srinagar : All banks operating in Jammu and Kashmir will meet Sep 23 to work out rehab packages for business establishments that suffered huge...
Bank of Japan pumps record $40 bn into market
By DPA,
Tokyo : The Bank of Japan injected a record 4 trillion yen ($39.8 billion) into the money markets Thursday amid escalating concerns over the global financial crisis.
The nation's central bank carried out the emergency measure for the 17th consecutive business day to free up credit and stabilize the markets.
Prime Minister Taro Aso called for new measures to be implemented and said he instructed the ruling coalition of his Liberal Democratic Party (LDP) and the New Komeito party to draw up additional pump-priming measures.
Tata Chemicals to commission new plant next year
By IANS,
Kolkata : Tata Chemicals Thursday said its fertiliser plant in Babrala, Uttar Pradesh, will start production by middle of next year.
"The customised fertiliser plant is under construction and that will start production by middle of next year," Kapil Mehan, executive director of Tata Chemicals, told reporters here on the sidelines of a seminar organised by the Indian Chamber of Commerce.
The mechanical completion of the plant is expected to be done by July 2010, he said.
"We have already placed orders for equipment for the plant and work is progressing on schedule."
All new mobile phone players to get licences
By IANS
New Delhi : Seeking to end the controversy surrounding the entry of new players in the fast-growing mobile telephone market in India, the government Thursday decided to issue licences to all new aspiring companies.
"The government has accepted the recommendations of Telecom Regulatory Authority of India (TRAI)," an official statement here said, referring to the watchdog's proposal that no cap be placed on the number of mobile service providers.
US business media jostling for lucrative target audience
New York, Nov 11 (DPA) The world of financial and business media currently finds itself in a state of upheaval comparable to almost nothing it ever experienced.
Financial information giants Reuters and Thomson have announced plans to join forces, and media mogul Rupert Murdoch has purchased Dow Jones, the venerable US media company for financial news. At the same time, countless websites have revolutionized access to financial information.
Market slips into red in afternoon trade
By IANS
Mumbai : After opening on a firm note, the market Wednesday slipped into red and pared losses. At 1.10 p.m., the 30-share benchmark sensitive index of the Bombay Stock Exchange was trading at 16,677.50 with a loss of 106.27 points or 0.63 points.
The Sensex had hit a high of 16,871.27 in early trade. At day's high, the Sensex rose 87.40 points.
At the same time, the S&P Nifty of the National Stock Exchange was at 5,041.20 with a loss of eight points or 0.16 percent.
India adds 8.74 million telecom users in January
By IANS
New Delhi : India, the world's fastest growing telecom market with the lowest call tariffs, added a whopping 8.74 million subscribers in January, official data released Friday said.
With this, the total number of telephone connections stood at 281.62 million at the end of January 2008, compared to 272.88 million in December 2007, the Telecom Regulatory Authority of India (TRAI) said.
The overall tele-density increased to 24.63 percent in January 2008.
Markets end with gain at week’s last trading session
By IANS,
Mumbai : Despite rise in inflation, the Indian equities market ended the week on a positive note and closed with a gain. The improved GDP figures for the quarter boosted the market sentiment.
Inflation numbers have increased further; for week ended May 17,the figure stood at 8.1 percent as against 7.82 percent in the previous week.
The Gross Domestic Product (GDP) for the quarter ended March 2008 stood at 8.8 percent as against 9.7 percent in the same period of last financial year.
Sensex ends choppy day 120 points lower
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday ended 120 points lower as profit booking kicking in during what was a very choppy day of trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,042.18 points, closed at 15,922.17 points, down 120.01 points or 0.75 percent from its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut shop at 4,757.2 points against the previous close at 4,792.65 points, a loss of 0.74 percent or 35.45 points.
Broader markets indices closed flat.
Sensex ends above 17,000-mark
By IANS,
Mumbai : A late rally by banking and energy stocks Friday helped a benchmark index close above the 17,000-mark, up 1.47 percent, after languishing in the negative terrain for most part of the day.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) -- which opened at 16,772.75 points against Thursday's close at 16,785.65 points -- shut shop at 17,032.25 points (provisional), closing 246.6 points or 1.47 percent higher.
Iran firm wins Indian oil rig renovation tender
By IANS,
Tehran : The Iranian Offshore Engineering and Construction Co has won a contract to repair Indian oil rigs, an official has said. Deputy director for projects Nozar Aryan said Saturday that under the $210-million contract, the Iranian company will renovate six drilling rigs in India.
The project, which will be launched in October, has to be completed in 12 months, Aryan added.
The company has so far exported technical and engineering services like pipe-laying and renovating and repairing services to India, Qatar and Egypt.
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.
Russia to expand commercial space services
By IANS/RIA Novosti,
Moscow: Russia will expand its commercial space services and push the US and the European Union out of that market, a minister has said.
Markets in red, Sensex sheds 167 points
By IANS,
Mumbai : Indian equities markets closed in the red Wednesday, with a key index ending trade 167 points lower than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 12,100.69 points, lost 167.47 points or 1.38 percent from the previous close to end trade at 11,963.61 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) lost 0.95 percent to close at 3,627.25 points.
Job losses reflect economy in recession: Bush
By DPA,
Washington : President George W. Bush Friday said he was concerned about the more than 500,000 US jobs lost in November as the economic recession deepens, and insisted his administration was helping ease the credit crisis at the heart of the economic downturn.
The rise in the US unemployment rate to 6.7 percent "reflects the fact that our economy is in a recession," Bush said. US economists this week officially declared the world's largest economy has been in a recession since December 2007.
Haryana procures over 67.54 lakh tonnes of wheat
Chandigarh : Haryana has procured over 67.54 lakh tonnes of wheat this season.
Haryana Food and Supplies Minister Ram Bilas Sharma said on Sunday that...
Supreme Court upholds quotas for OBCs
By IANS
New Delhi : The Supreme Court Thursday upheld 27 percent reservations for other backward classes (OBC) students in higher educational institutions like the Indian Institutes of Management (IIMs) and Indian Institutes of Technology (IITs).
The validity of the law was upheld by a five-judge constitutional bench headed by Chief Justice K.G. Balakrishnan, which said that candidates falling in the 'creamy layer' would not be eligible for quotas.
Reliance Hazira unit wins award for combating climate change
By IANS,
Mumbai : Reliance Industries Limited's (RIL) Hazira manufacturing division has bagged the Golden Peacock Award for Combating Climate Change-2008 (GPACCC).
According to a RIL spokesperson, the award was presented by Sweden's former prime minister Ola Ulsten and Himachal Pradesh Chief Minister Prem Kumar Dhumal at a convention on climate change held in Palampur (Himachal Pradesh) May 30.
Court asks shipping firm to compensate for delayed delivery
By IANS,
New Delhi : A Delhi court has asked OLC Shipping Line Pvt Ltd to compensate for the delay in delivery of packages in Dubai due to which the complainant had to shell out extra money.
The Delhi Consumer Disputes Redressal Commission chaired by Justice J.D. Kapoor last week asked the company to pay complainant Puja Bansal a sum of Rs.41,170.
Bansal had engaged the services of the company to deliver household goods from Delhi to Dubai in 18 packages and the firm billed her Rs.18,830 with the assurance that the goods will be delivered at Dubai port within 15 days of loading.
Infosys rejigs business units to spur growth worldwide
By IANS
Bangalore : Infosys Technologies Ltd has restructured its business units to meet the challenges of the changing landscape in the global IT industry.
The rejig, to be effective Nov 1, will enable the IT bellwether to enhance its brand equity and leverage its capabilities, the company said here in a statement Friday.
People living above mine fires refuse to move
By IANS,
Ranchi : The residents of Jharia in Jharkhand's Dhanbad district, who are living on top of coal mine fires that have been raging for 92 years, have refused to accept a rehabilitation package prepared by the state government and Coal India Ltd (CIL).
On May 6, the state government, CIL, and Bharat Coking Coal Limited (BCCL) officials finalised a Rs.60 billion rehabilitation package for the residents.
According to a report prepared by the state government, 67,000 families live in Jharia where fires have been raging in a maze of mines.
PM to meet Hasina, Rajapaksa on BIMSTEC sideline
By IANS,
New Delhi : Prime Minister Manmohan Singh will meet the prime minister of Bangladesh and the president of Sri Lanka during the BIMSTEC...
Preity had asked Chidamabram for woman-friendly budget
By Subhash K. Jha, IANS
Mumbai : Bollywood actress Preity Zinta had met Finance Minister P. Chidambaram a few days before he presented the 2008-09 budget, and had urged him to keep the budget woman-friendly.
"We met for just about 20 minutes and I, along with some other women like Renuka Chowdhary and some NGOs with a voice, got a chance to have a say. It was to urge him to make this year's budget woman-friendly, to provide incentives for women in the industries," Preity told IANS.
Tring Tring! Over 218 mn phones ringing in India
By IANS
New Delhi : India's roaring telecom industry is growing by leaps and bounds as the country boasts of 218.06 million telephone connections that pushed up the teledensity to 19.25 percent in May, official data said here Tuesday.
BSNL 3G service to cover all northeast urban areas by March
By IANS,
Agartala/Shillong : The state-owned telecom operator Bharat Sanchar Nigam Ltd (BSNL) will cover all urban areas in the northeastern region through its third generation (3G) platform, a next generation mobile communications systems, company officials have said.
"For rural areas, WiMAX and WLL EVDO (wireless broadband services) would be introduced very shortly, these services are also more or less similar to 3G," said BSNL general manager of operations Deb Kumar Chakraborty.
KSE price index ends day with gain of 75.5 points to 13,336 points
By KUNA
Kuwait : The price index at Kuwait Stock Exchange made up for losses earlier in the day and even put on an additional 75.5 points by closing Wednesday, registering 13,336 points.
The weighted index meanwhile came up 1.99 points to read 761.02 points.
Volume for the day was 387,793,000 shares traded in 9,932 transactions worth KD 190,306,985.
All sector indices but real estate were up as well, with biggest gain of 145.9 points seen in the non-Kuwaitis sector.
ICI plans new paint unit in south India
By IANS,
Kolkata : Paint manufacturer ICI India plans to set up a new plant in south India, a top company official said here Thursday.
"We are looking at places in south India, in Karnataka and Andhra Pradesh," ICI managing director Amit Jain told reporters on the sidelines of the company's 55th annual general meeting.
The paint manufacturer has chalked out an approximate investment plan of Rs.200 crore for the greenfield project.
"Active dialogues have been started with the state governments. We will firm up our plan by this fiscal," Jain said.
Nepal’s TV stations cut broadcasts as power outages increase
By DPA,
Kathmandu : Private television stations in Nepal have announced several hours of cuts to regular broadcasts, citing growing power outages.
Television Broadcasters' Nepal, an umbrella body of five private stations, said Thursday they would no longer be able to keep up round-the-clock broadcasts due to power outages.
The government-owned Nepal Electricity Authority (NEA) earlier Thursday announced 12 hours of power cuts across the country, saying it was unable to meet demand.
Canadian markets lose all gains of New Year
By IANS,
Toronto : After posting gains of almost five percent since Jan 1, Canadian markets retreated into the negative territory for the first time in the New Year Monday.
As commodity prices slipped lower, the Toronto stock market crumbled more than 3.45 percent to almost wipe off the gains made this year.
The Toronto Stock Exchange (TSX) composite index fell 317 points to close the day at 8,768.1, slipping below the 9,000-mark for the first time in 2009.
The Canadian dollar also lost gains of recent days against the US dollar, diving by 1.75 cents to close at 82.23 cents US.
India, China strengthen business ties at Guangzhou trade fair
By IANS,
New Delhi : Indian and Chinese exporters Wednesday signed a pact at a trade fair in Guangzhou, China, to promote bilateral trade cooperation.
"This (agreement) is an attempt to realise the target of $60 billion bilateral trade by 2010," said Ajay Sahai, director general of the Federation of Indian Exports Organisations (Fieo) at the 104th China Import Export Fair in Guangzhou.
Fieo, the apex body of various export promotion councils in India, signed the agreement with the China Council for Promotion of International Trade.
WWF-India’s tiger conservation project gets Nokia boost
By IANS,
New Delhi : The World Wildlife Fund-India's tiger conservation project has received a boost with mobile phone major Nokia pitching in to work toward providing education to villagers for sustainable development, and identifying alternative livelihood programmes for villagers around national parks, specifically Ranthambore in Rajasthan.
OPEC crude price drops below $70 a barrel
By DPA,
Vienna : The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) has fallen below $70, the group said Thursday.
One barrel (159 litres) of OPEC crude stood at $68.58 Wednesday, $4.91 lower than $73.49 on the previous day.
Citing the negative effect of the financial crisis on global oil demand, the cartel lowered its global crude oil demand forecast for 2009 by 450,000 barrels per day, to an average 87.2 million barrels per day.
Broadband auction winners to pay up license fee by June 22
By IANS,
New Delhi : The government Saturday formally approved results of the broadband wireless access (BWA) auction and said the winners need to pay up the license fee by June 22.
"The results were considered and approved by the committee headed by the cabinet secretary. Winning bidders, including MTNL and BSNL, are required to pay the amount by June 22, 2010," said a telecom ministry statement.
The auction for BWA spectrum ended Friday, swelling the government coffer by Rs.38,543.31 crore (over $8.56 billion).
India’s fashion weeks: one offers glamour, the other business
By Shweta Thakur, IANS
Mumbai/New Delhi : Three years ago, leading cosmetic brand Lakme severed its relationship with India's apex fashion body, Fashion Design Council of India (FDCI), and started its own fashion week in Mumbai.
Today LFW is still struggling to free itself from the clutches of Bollywood while FDCI's endeavour, Wills Lifestyle India Fashion Week (WIFW) in Delhi, has evolved as the real platform for the fashion business.
Gulf shipyards set to witness major growth
By IANS,
Dubai : Shipyards in the Gulf are rapidly emerging as regional hubs for ship building, repairs and conversions as the Middle East maritime industry witnesses rapid growth, according to industry observers.
"High oil prices are expected to fuel continued growth in the region with little impact from a slowdown in the US," said Vanessa Stephens, events director of Seatrade, the organiser of 2008 Middle East Workboats exhibition and conference.
The exhibition - the only event of its kind in the region - would be held in Abu Dhabi April 28-30, WAM news agency reported Friday.
Decision on fuel price deregulation soon: Deora
By IANS,
New Delhi : The government is actively considering deregulation of auto fuel prices and a decision on this will be taken soon by the cabinet, Minister for Petroleum and Natural Gas Murli Deora said here Friday.
He was speaking to reporters after taking charge as the petroleum minister for a second consecutive term. The new Minister of State, Jitin Prasada, also took charge Friday.
"The decision regarding decontrol of prices will be taken by the cabinet," Deora said.
Anand Automotive to invest Rs.6 bn, set up 13 plants
By Pupul Dutta, IANS,
New Delhi : Despite the slowdown in the automobile sector, automotive components and systems manufacturer Anand Automotive Systems plans to invest Rs.6 billion (Rs.600 crore) to set up 13 plants across India by 2010. It is confident that its order book will help it tide over the current crisis.
The Anand Group, which started operations with the establishment of Gabriel India, the group's flagship company, comprises 18 companies with 44 manufacturing locations currently.
Nissan Motor India starts trial exports of cars from India
By IANS,
Chennai : The Indian subsidiary of the Japanese Nissan Motor Company has taken the first step to export vehicles from its plant near here by shipping out six Micra cars as test consignment to Spain.
"Trial transportation for exports is a very important milestone for us as we gear up for exports to Europe from second half of 2010," Kiminobu Tokuyama, Nissan Motor India managing director, said here Monday.
The company shipped out the cars Saturday.
Piaggio to set up two-wheeler plant near Pune
Mumbai, Jan 22 (IANS) Italian auto major Piaggio group is planning to produce two-wheelers in India by 2010 through its wholly owned subsidiary, Piaggio India.
The firm already has a unit in Baramati near Pune to produce load-carrying three and four-wheelers. It is planning to set up the two-wheeler factory nearby. "We have acquired land near our Baramati factory to set up the two-wheeler plant," said Piaggio chairman Roberto Colaninno here Tuesday.
Besides, the group will invest up to 65 million euros ($94 million) for developing engines.
India clears bids for 44 hydrocarbon exploration blocks
By IANS,
New Delhi : India Thursday approved a set of 44 hydrocarbon blocks to be awarded to bidders in the latest round of auction, with contracts to share production with state-run oil companies expected to be signed within a month.
The approval for the award of contracts under the seventh round of what is called the new exploration licensing policy (NELP) was given during the meeting of the cabinet committee on economic affairs, presided over by Prime Minister Manmohan Singh here.
Sensex ends flat, consumer durables gain
By IANS,
Mumbai : A benchmark index for Indian equities Monday closed flat in the absence of any triggers.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,400.33 points, closed at 18,409.35 points, up a meagre 7.5 points from its previous close at 18,401.82 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut shop 0.23 percent higher at 5,543.5 points.
Sensex ends 130 points up
By IANS,
Mumbai : A benchmark index for Indian equities Friday ended 130 points higher than its previous close with gains for stocks from the banking and capital goods space.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,533.88 points, closed at 17,704.92 points (provisional), 130.93 points or 0.75 percent higher than its previous close at 17,573.99 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,306.25 points, a gain of 0.7 percent from its previous close at 5,269.35 points.
India, Kenya to discuss bilateral trade and investment
By IANS,
New Delhi: India and Kenya would evolve new ways and means of strengthening bilateral trade, investment and economic cooperation this week.
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.
Tatas now acquire British Salt for $144.6 million
By IANS,
Mumbai : Now half of Britain will be using Tata salt. The group has acquired the dominant salt-maker company which has the 50 percent share of the British market.
Wall Street gain in last day of trading for year
By DPA,
New York : US stocks finished the year with gains Wednesday as weekly unemployment figures dropped, but Wall Street still ended the year with its steepest slide since the Great Depression.
Unemployment claims fell by 94,000 this week, the lowest level in two months, Bloomberg financial news reported.
Sensex pares losses, ends 165 points lower
By IANS,
Mumbai : A benchmark index for Indian equities markets Monday pared some of its intra-day losses to shut shop 165 points in the red.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,961.92 points, closed at 16,829.27 points (provisional), 165.33 points or 0.97 percent down from its previous close at 16,994.6 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,056.8 points, down 0.72 percent from its previous close.
Indian firm to invest $278 million in wind energy
By IANS
New Delhi : Leading wind power generator MSPL Ltd Thursday announced plans to invest $278 million (Rs.11 billion) over the next three years to produce wind energy.
With 191 MW of installed capacity, MSPL Ltd is one of the country's largest independent wind power producers.
Unveiling the company's plan, Narendra Kumar Baldota, MSPL chairman, said: "We plan to increase wind power generation capacity to 400 MW by 2010."
"This plan is in line with India's rapid march towards energy independence," he added.
JSPL begins commercial production at Odisha plant
By IANS,
Bhubaneswar : Jindal Steel and Power Ltd (JSPL) Tuesday began commercial production at its wide plate mill in Odisha, a senior company official said.
Sensex surges 254 points, ending three-day losing streak
By IANS,
Mumbai : The Indian equities markets closed in the green Thursday, ending a three-day losing streak. The rally was led by technology, oil and power stocks.
The markets started on a firm note tracking mixed Asian markets and stayed just about in the positive zone till early afternoon. Then a spurt by punters during late trade saw the markets close with a substantial gain.
Huge market for Tata passenger vehicles in South Africa
By Fakir Hassen, IANS
Johannesburg : Tata passenger vehicles have found a huge market in South Africa.
Since their launch three years ago, these vehicles have become especially popular among the first-time and middle-income buyers here because of their competitive pricing.
However, the popularity of the vehicles has led to criticism from a section of the automobile industry.
Chinese shares rise sharply after Wall Street rally
By Xinhua
Beijing : Chinese shares surged sharply in morning trade Monday following a rally on the Wall Street and news of improving weather in the country's snow-hit regions.
The benchmark Shanghai Composite Index rose 269.35 points, or 6.23 percent, to close at 4,590.12 points in the morning session. Last Friday, the index lost 1.43 percent to 4,320.77, the lowest closing in six months.
The Shenzhen Component Index ended up 1,063.88 points, or 6.74 percent, to 16,840.75.
Punjab, Haryana cross 150 lakh tonnes paddy procurement
By IANS,
Chandigarh : Achieving another target despite less than favourable weather conditions this year, Punjab and Haryana have crossed 150 lakh tonnes of paddy procurement this season, officials of the two states said Thursday.
While Punjab has procured over 120 lakh tonnes of paddy so far, Haryana has crossed 33 lakh tonnes of procurement this season.
The Punjab government is already eyeing a procurement target of 140 lakh tonnes this year. Procurement of paddy, which started Oct 1 will continue till next month, food and supplies officials in the state said.
NALCO to resume full-capacity bauxite production at Orissa mine
By IANS,
Bhubaneswar : State-run National Aluminium Co Ltd (NALCO) will resume bauxite production at full capacity at its Panchpatmali mine in Orissa Tuesday, more than a month after the mine was attacked by Maoists, a top official said.
"The workers have agreed to join the late shift from today (Tuesday). Our bauxite output is going to be normal," P.K. Mohapatra, head of the Damanjodi refinery and mine, told IANS.
Production was stopped for several days after Maoist rebels attacked the Panchpatmali mine in Koraput district, some 370 km from here, April 12.
OPEC again lowers oil demand forecast for 2009
By DPA,
Vienna : The Organization of the Petroleum Exporting Countries (OPEC) Monday lowered its estimate for global oil demand growth in 2009 for the third straight month, citing the downturn of highly industrialised economies.
In its latest monthly oil market report, the Vienna-based organisation forecast 86.68 million barrels per day of crude oil demand for the next year, 530,000 barrels per day less than predicted in October.
Lula invites Bush to go fishing in Brazil
By DPA,
Brasilia : Outgoing US President George W. Bush called Brazilian President Luiz Inacio Lula da Silva to say goodbye Monday, Brazil's presidential spokesman Marcelo Baumbach said.
The conversation was said to have lasted 10 minutes. Bush - who is set to hand over power to Barack Obama Tuesday - invited Lula to visit him in his home state, Texas, while Lula invited Bush to go fishing in Brazil.
India will not be hit by recession: Chidambaram
By IANS,
Sivaganga (Tamil Nadu) : Despite the global financial crisis, Finance Minister P. Chidambaram is hopeful that the Indian economy will sustain an 8 percent growth rate this year.
"The government will take steps to ensure that global recession does not impact the Indian economy," he said at the inauguration of the modernised spinning mill of the National Textile Corp at Kalaiyarkoil near here Saturday.
Chinese company gets contract for construction at Lanka port
By IANS,
Colombo : The government of Sri Lanka has offered a leading Chinese company the contract to build a fuel tank farm and bunkering facility at the new harbour at Hambantota in the southern part of the country, a media report said here Thursday.
"The unsolicited project proposal sent by the China Huanqiu Contracting and Engineering Corporation for building the bunkering facility and tank farm at the Hambantota harbour has been approved by the project committee and the cabinet-appointed negotiations committee," the state-run Daily News reported.
Seminar on Islamic banking in India May 1
By IANS,
Bhopal: A seminar on the global economic problems and Islamic banking will be held Sunday in this Madhya Pradesh capital.
Apec meeting to boost regional free trade: Peru
By Xinhua,
Lima (Peru) : The upcoming Asia-Pacific Economic Cooperation (APEC) meeting will serve as a stage for boosting free trade in the region, Peruvian Vice President Luis Giampietri has said.
"Globalization is a fact and the Pacific Ocean is not a stage aside. Physical distances have been shortened and there is a sustained and growing interrelation between the 21 Apec economies," said Giampietri, who is also president of the Apec Extraordinary High Level Commission.
Chinese firms lower output to survive market crunch
By Meng Na and Wang Pan, Xinhua,
Foshan (China) : Thousands of workers in south China's Guangdong Real Faith Enterprises Group Co. have been living a more relaxed life lately, working strictly 40 hours a week.
That is not because they have suddenly become lazy. It is because the board chairman, Liang Fengyi, has cut overtime amid slumping orders. It is part of a three-pronged survival strategy, which also includes conserving cash and restructuring.
Apollo Hospital to provide healthcare at Delhi airport
By IANS
New Delhi : The Indraprastha Apollo Hospital (IAH) will set up medical units, provide emergency ambulance service and run a round-the-clock pharmacy at the Indira Gandhi International (IGI) airport here.
The Delhi International Airport Ltd (DIAL) Saturday said it tied up with Apollo for facilities like medical emergencies, aviation medicine consultancy services and routine care at the IGI airport.
"IAH has been awarded the licence to operate and manage medical facilities at all passenger and cargo terminals of the airport," a DIAL spokesman said.
Company to make money by recycling Chennai garbage
By V. Jagannathan, IANS
Chennai : Private conservancy company Neel Metal Fanalca Environment Management Pvt Ltd hopes to earn nearly 15 percent of its revenue by selling recyclable waste collected from Chennai households.
A 51:49 joint venture between Neel Metal Products Ltd of India and Fanalca SA of Colombia, Neel Metal Fanalca last year bagged a contract to clear municipal waste in four zones under the Corporation of Chennai that included Pullianthope, Ice House, Kodambakkam and Adyar areas.
Another Palace on Wheels getting on track this year
By Anil Sharma, IANS
Jaipur : After the phenomenal success of the first Palace on Wheels, a craze among high spending tourists, another royal train ride is likely to start in Rajasthan by September this year.
The new Palace on Wheels will run on the same route but will have more facilities than the existing train. The exclusive adds ons will be a dance floor, a massage centre and conference halls. The train will also have special suites, mini bars, a gym, music and steam bath facilities.
SBI forms JV with French bank to provide custodial services
By IANS,
Mumbai : The country's largest commercial bank State Bank of India (SBI) has inked a joint venture (JV) agreement with French financial services firm Societe Generale Securities Services (SGSS).
The JV will provide custody and other related services in India.
In a regulatory intimation to the Bombay Stock Exchange, SBI said Thursday that in the proposed company, SGSS, part of Societe Generale Group, will hold 35 percent shares while SBI will have control of a 65 percent equity stake.
International machinery exhibition to be held in May
By IANS,
Mumbai : Over 150 companies from China, Taiwan and Singapore will participate in the second edition of an annual international machinery and equipment exhibition, called Intermachinery India, here next month.
The exhibition will be held May 15-17 at the Bombay Exhibition Centre in Goregaon, according to a statement issued by the Worldex Group of Exhibition Companies, one of the organisers of the event.
Biocon net up by 36 percent in first quarter
By IANS
Bangalore : Biocon Ltd, India's premier biotechnology firm, Wednesday posted net profit of Rs.530 million for the first quarter of the current fiscal, registering a growth of 36 percent.
According to a company statement here, sales grew by 28 percent year-on-year (YoY) to Rs.2.72 billion and operating profit by 40 percent YoY during the April-June period. EBITDA was at Rs.770 million.
Uppal Housing announces housing project in Faridabad
By IANS,
New Delhi : City-based property developer Uppal Housing Ltd has launched Uppal's Jade, a group housing project, in Faridabad.
The project, located in Sector 86, Faridabad, will be spread over 14 acres, the company announced Friday. The project will be developed at an estimated investment of Rs.2.5 billion ($59.5 million).
Uppal Group managing director Manish Uppal said: “Faridabad is on the fast track of becoming one of the emerging and happening cities near Delhi.”
Indian equities up ahead of the expiry of futures contracts
By IANS,
Mumbai : Indian equities moved up Wednesday, a day ahead of the expiry of futures contracts, even as the mood remained cautious on account of the turmoil in the global financial system and doubts over the US being able to push through a $700 billion bailout package.
Trading began with the benchmark sensitive index (Sensex) opening higher at 13,630.54 points, over the previous close at 13,570.31 points, and surging soon to 13,757.71 points.
Bank of America posts surprising profits
By DPA,
New York : Bank of America Corp. Monday became the latest US bank to report a stunning return to profitability in the first quarter of this year, easing some concerns about the financial industry despite expectations of further credit losses in future.
Bank of America reported a $2.8-billion profit in the first three months of 2009. The bank even earned $4.2 billion before making a series of dividend payments to preferred shareholders. The company reported $1.2 billion in profits in the first quarter of 2008.
Turner International enters Hindi entertainment TV segment
By IANS,
New Delhi : Reality shows, dramas and much more - US-based production major Turner International promises to entertain Indian viewers with the launch of their Hindi general entertainment channel REAL.
The channel - REAL - will go on air in March 2009 with four varied shows. While "Sarkaar Ki Duniya" and "Poker Face" are reality shows, "Vicky Ki Taxi" and "Hindi Hai Hum" are dramas.
Australian stocks open sharply lower
By DPA,
Sydney : Australian stocks tumbled 3.5 percent on the opening bell Wednesday in the wake of a further steep fall on Wall Street.
In early trading the ASX 200 dropped 166 points, or 3.5 percent, to 4,452.
The Australian dollar fell again in early trade, dropping 2 US cents to 70 US cents as the flight out of commodities-linked currencies continues. The Aussie dollar was sold off along with the South African rand, the Canadian dollar and the New Zealand dollar.
Yuan as new global currency? It can bode well for India
By Sushma Ramachandran, IANS,
The fact that World Bank President Robert Zoellick has said that China's yuan may become the global reserve currency over the next 15 years assumes significance not just for the world but also for India. It has the potential to make Indian goods relatively more competitive as the Chinese currency today is highly controlled.
US emergency finance rescue plan clears final hurdle
By DPA,
Washington : The US House of Representatives approved a revised financial rescue plan Friday that paved the way for the largest government intervention in capital markets in the history of the country.
The bill allows the government to acquire up to $700 billion in soured mortgage assets that are at the heart of the credit crisis.
The House voted by a resounding 263-171 in favour after rejecting an earlier version of the bill by 228-205 Monday. The Senate approved the same package Wednesday and President George W. Bush was expected to sign the bill later Friday.
Infosys net up by 35 percent in first quarter
By IANS
Bangalore : Infosys Technologies Ltd posted a net profit of Rs.10.79 billion for the first quarter (April-June) of the current fiscal (2007-08), registering 35 percent year-on-year (YoY) growth over the same quarter of the last fiscal (Rs.8 billion) under the Indian GAAP.
Another auction for hydrocarbon assets next quarter: Deora
By IANS,
New Delhi : India will hold the next set of auctions to award exploration and production contracts for hydrocarbon assets in the country during the first quarter of 2009, Petroleum Minister Murli Deora said here Monday.
"It would be our endeavour to launch NELP-VIII and CBM-IV rounds in the first quarter of 2009," Deora told reporters, referring to the eighth round of auctions under the New Exploration Licensing Policy and the third tranche under the Coal Bed Methane programme.
Emaar MGF launches its first hotel in Jaipur
By IANS,
New Delhi : Real estate major Emaar MGF Thursday unveiled its first hotel project in India, Fortune Select Metropolitan, to be managed by an ITC subsidiary.
Located in the heart of Jaipur, Fortune Select has 90 rooms that include six suites. The property also has a sun deck, rooftop swimming pool, spa and health club.
"Jaipur offers tremendous potential to the business and tourism industry and the opening of the Fortune Select Metropolitan is a key strategic move in expanding our presence here,said Emaar MGF chief executive Sanjiv Rai.
European shares jump after Wall Street gains
By DPA
Frankfurt : A convincing close to Wall Street combined with a strong showing by shares across Asia helped to spark a big rebound in European bourses Thursday.
By late morning, Europe's blue-chip Stoxx 50 had climbed by more 5 percent to 3249 points, essentially reversing the losses of the previous day.
Thursday's rise was even more pronounced on several national bourses with Frankfurt's DAX index charging ahead by more than 6 percent after a particularly torrid trading week on fears that the global share meltdown would trigger an economic crisis.
Reliance Cement forays into Bihar
Patna : Reliance Cement Company Monday announced its foray into the Bihar market with its product.
In a statement here, the company, a subsidiary of...
Late recovery fails to take Indian equities into green
By IANS,
Mumbai : Indian equities markets made a late comeback Thursday afternoon but still ended the day on a depressed note, with a key index closing 1.21 percent lower than its previous close Tuesday.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 9,241.56 points, closed at 9,090.88 points, down 1.21 percent or 110.97 points.
The BSE midcap index ended 0.65 percent lower, while the BSE smallcap was down 0.85 percent.
Sensex ends flat, broader markets see gains
By IANS,
Mumbai : A benchmark index for Indian equities ended flat Friday on what was a largely lacklustre trading day. Broader markets, however, did better with buying interest seen in small-to-mid sized scrips.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,988.29 points, shut shop at 16,994.49 points, a modest 22.79 points or 0.13 percent higher than its previous close at 16,971.7 points.
SREI Infra to integrate Quippo with self
By IANS,
Kolkata : Non-banking financial company Srei Infrastructure Finance Limited Thursday said it would integrate all the subsidiaries of Quippo group of companies under it.
"It will be a synergistic integration of all the subsidiaries that would help us in better operations in the future," Hemant Kanoria, Chairman and Managing Director of the company said, at a press conference here.
China’s economic confidence continues to drop in Q3
By Xinhua,
Beijing : China's entrepreneur confidence index plunged to 123.8 points in the third quarter this year down 11 points from the previous quarter, the National Bureau of Statistics (NBS) said Friday.
The confidence index, a gauge of the understanding, views and projections of the business community, has been declining all year, NBS said and added that in the second quarter it was 5.8 points lower than the first quarter.
Robust growth seen for Indian entertainment industry
By IANS
New Delhi : The digital entertainment sector in India will witness a record growth over the next three years, resulting in more than 2,000 digital screens to view popular cinema, says a study by a leading industry lobby.
Prepared jointly with Ernst and Young, the study commissioned by the Associated Chambers of Commerce and Industry (Assocham) says the bulk of these screens at cinema theatres and multiplexes will be in the non-metropolitan cities.
Workers of another Bahraini firm go on strike
By IANS
Dubai : Around 1,300 workers, both locals and expatriates, of a leading Bahraini construction firm have gone on strike to demand better wages - the 11th such strike to hit the country in the last five weeks.
The workers of the Haji Hassan Group refused to get to work at 8 a.m. Saturday from their tow labour camps in Salmabad.
"We are demanding for our salaries to be revised until which we will not resume duty," workers' trade union representative Abdulla Mirza told the Gulf Daily News.
Oil soars past $143 mark
By IANS,
London/New York : Oil prices Monday surged past $143 a barrel, an all-time high, as the dollar remained weak amid tension between Iran and Israel.
The front-month August Brent contract on London's ICE futures exchange was up $2.72 at $143.03 a barrel after earlier touching new record high at $143.91 a barrel.
The front-month August contract on the New York Mercantile Exchange was trading $2.39 higher at $142.60 a barrel after earlier hitting a high of $143.67 a barrel.
India’s direct taxes up 42 percent in five months
By IANS
New Delhi : With the Indian economy growing at over nine percent, led mainly by the services and manufacturing sectors, the tax administration has reason to cheer as direct tax collections were up 42 percent in the first five months of the current fiscal.
India's net tax collections stood at Rs.610.30 billion (approx $15 billion) for April-August period, up 42 percent over Rs.429.80 billion in the like period of last fiscal, official data showed Thursday.
RIL can’t enter private pacts for gas supply: Oil ministry
By IANS,
New Delhi : The oil ministry Wednesday asserted before the Supreme Court that the government's production-sharing contract with the Mukesh Ambani-led Reliance Industries Ltd (RIL) bars the company from private arrangements to supply gas.
"The government has exclusive rights over all minerals underlying the ocean and in the country's territorial waters," Additional Solicitor General Mohan Parasaran, appearing for the oil ministry, told the three-member bench of the apex court.
Tata Communications completes 6,700 km cable system with Tyco
By IANS,
Mumbai :The installation, testing and commissioning of the 6,700 km TGN-Intra Asia (TGN-IA) cable system was complete, telecom service provider Tata Communications and undersea communications technology leader Tyco Telecommunications announced Tuesday.
"The fully operational 6,700 km TGN-IA system links Hong Kong, Singapore, Tokyo, Vietnam and the Philippines, providing route diversity throughout the Asia Pacific region," Tata Communications said in a regulatory statement.
India says no to ‘green protectionism’ of carbon tariff
By Dipankar De Sarkar
Bonn : India Tuesday strongly rejected any attempt by the US or Europe to impose tariffs on exports of Indian goods produced in energy-intensive sectors.
"Any effort to try and set down sectoral norms and then build a compensatory regime is simply not acceptable. That becomes protectionism under a green label," Shyam Saran, the prime minister's special envoy on climate change, said.
Firm with novel brain clot buster seeks venture funds
By Venkatachari Jagannathan, IANS,
Chennai : An Indian-American engineer is gearing up to make a mark in the lucrative medical equipment market with his blood clot busting device that can be used inside the human brain.
Chennai-born Vikram Janardhan, now based in the US, has designed the catheter device, which can be inserted into the thin brain blood vessels to measure anything with a diameter of 1.5-4 mm to bust the clots and collect the debris in an umbrella-shaped net that opens up at the top end.
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