US unemployment rises to 7.2 percent
By DPA,
Washington : The US unemployment rate rose to 7.2 percent in December 2008, from 6.8 percent in November, with "large and widespread" job losses "across most major industry sectors", officials said Friday.
The unravelling financial crisis has put an added 632,000 people out of work, raising the total number of US unemployed to 11.1 million.
Chidambaram asks India Inc to cut prices, not production
By IANS,
New Delhi : Finance Minister P. Chidambaram Tuesday asked the Indian industry to cut prices and maintain production levels in a bid to address demand slowdown, while exuding confidence that the economy will bounce back next year.
"The classic response to demand slowdown is to cut prices for the short-term," the finance minister said on the concluding day of the Davos-based World Economic Forum's (WEF's) India Economic Summit that began here Sunday.
India’s inflation rate falls for fifth straight week, 3.03 percent now
By IANS,
New Delhi : India's annual rate of inflation fell for the fifth consecutive week to 3.03 percent for the week ended Feb 21 from 3.36 percent the week before, official data showed Thursday.
The drop in the inflation rate, based on the official wholesale price index, was on account of a 0.1 percent fall in the general index over the week.
While the index for primary articles fell 0.2 percent, that for manufactured products also fell marginally by 0.1 percent. The index for fuels, however, remained unchanged.
10 people from trade and industry in Padma list
By IANS
New Delhi : Steel tycoon Lakshmi Narayan Mittal, Infosys mentor N.R. Narayana Murthy and Tata boss Ratan Naval Tata lead the 10 names from trade and industry in the Padma awards list announced here Friday on the eve of Republic Day.
Steel tycoon Mittal, who acquired European steel giant Arcelor last year, has won the Padma Vibhushan. Others in the category are Narayana Murthy, hotelier P.R.S. Oberoi and Tata, who launched the Rs.100,000 car Nano this year.
India sees huge jump in FDI inflows despite global woes
By NNN-PTI,
New Delhi : Amidst global financial crisis, India's foreign direct investment saw an impressive jump of 124 per cent in the first five months of the current fiscal, while the FDI flows in August went up by huge 180 per cent.
The country received FDI of 14.6 billion dollar during April-August 2008 against 6.5 billion dollar a year ago.
"This (increase in FDI) must be seen in the context of the global economic situation," Commerce and Industry Minister Kamal Nath told reporters while releasing the FDI data.
Hyundai India’s domestic sales down 13.5 percent
By IANS,
New Delhi : Auto major Hyundai Motor India Monday said its domestic sales in January were down 13.5 percent to 21,016 units from 24,301 units in the corresponding month last year.
However, total sales including exports saw only a marginal dip of 1.3 percent to 37,216 units in the period under review from 37,700 units in the year-ago period.
This happened because the company's exports grew 20.9 percent to 16,200 units in January as against 13,399 units in the same month last year.
Indo-Russian trade should reach $10 bn by 2010: PM
By Manish Chand, IANS
Moscow : Calling for more Russian investment in India, Prime Minister Manmohan Singh Monday set a target for bilateral trade to increase to $10 billion by 2010.
India and Russia set up a joint task force to explore ways to take concrete steps to accelerate trade and investment ties on the basis of a report at a joint study group.
At a meeting of Indian and Russian businessmen, Singh stressed the need for increased contacts between the business communities of the two countries that have been hobbled by visa problems.
India to get Steel Development Research Mission
By IANS
Kolkata : The corpus of private steel manufacturing units in India will form a Steel Development Research Mission (SDRM) by the end of the current financial year, Union Steel Secretary R.S. Pandey said Friday.
"The corpus will set up SDRM with an investment of about Rs.650 million. The unit will promote research oriented works in the steel manufacturing sector in India," Pandey told a national seminar on opportunities in the steel industry organised by the Confederation of Indian Industry (CII).
Iran denies importing wheat from U.S.
By Xinhua,
Tehran : Iran's Commerce Minister Masoud Mirkazemi denied recent reports that the country has imported wheat from the United States, Iran's English-language Press TV satellite channel said on Sunday.
"We purchase wheat from Canada and some European countries, but Iran has not had any direct wheat imports from the U.S.," Mirkazemi was quoted as saying.
Iran has announced plans to import one million tons of wheat per month in September, October and November in order to compensate for a drop in the country's grain production.
Court to fix final date of hearing on Reliance gas dispute Sep 1
By IANS,
New Delhi : The Supreme Court Thursday said it will fix on Sep 1 the date of final hearing on the dispute over the supply of natural gas between Anil Ambani-led Reliance Natural Resources and his elder brother's Reliance Industries.
A bench headed by Chief Justice K.G. Balakrishnan communicated this when the counsel for Reliance Natural Resources moved a petition seeking early settlement of the dispute. The court said it will hear Sep 1 all the petitions, including one from the government as an intervener on the matter.
Delhi’s Appu Ghar may have second life
By IANS
New Delhi : Appu Ghar, the capital's popular amusement park for children that closed down Sunday after more than two decades, may have a second life as the Supreme Court Tuesday asked the government if it could allocate a new site for it at market prices.
Appu Ghar, adjoining the exposition grounds of the Pragati Maidan near the Supreme Court in the heart of Delhi, was closed down to make way for the construction of an administrative block of the apex court.
Andhra Pradesh calls for easing cement import conditions
By IANS
Hyderabad : Concerned over the rising cement prices and their impact on various projects, Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy Friday urged the central government to facilitate import of cement immediately without any conditions.
Budget casts gloom on Dalits: Udit Raj
By TCN News
New Delhi: Dr. Udit Raj, National President, Indian Justice Party and All India Confederation of SC/ST Organizations said that this budget has again cast gloom on Dalits. Rs. 4,500 crore have been allocated for the Ministry of Social Justice and Empowerment which will be utilized not only for the welfare of Dalits but also for the welfare and upliftment of backwards and senior citizens etc.
Government receives record 181 bids for hydocarbon exploration
By IANS,
New Delhi : The government received 181 bids from 96 companies for exploration in 45 blocks of hydrocarbon assets, it announced Monday.
Of the 57 blocks put on auction Monday, 26 received multiple bids and 19 received single bids. Twelve blocks did not receive any bid.
This was the seventh round of auctions.
Bidders included BHP Hilton, BP Plc (formerly British Petroleum), Cairn Energy, ONGC, Reliance Industries, Essar Oil and GVK Industries. There were 21 foreign companies, including nine first-time bidders.
Another quiet start for Indian equities markets
By IANS,
Mumbai: Indian equities markets Thursday started off on a quiet note again, having ended lacklustre the previous day.
Credit squeeze hits car sales
By Varada Bhat, IANS,
Mumbai : Retail car sales by the Indian automobile industry have been hit hard by the squeeze on retail financing as banks have stopped hardselling car loans in the current economic climate, say auto industry representatives.
Unlike in the past, when customers used to be inundated by phone calls from banks offering car loans, many banks are now unwilling to provide automobile loans.
Reliance Energy IPO sets world record
By IANS
Mumbai : The initial public offering (IPO) by Reliance Energy has created a world record by garnering an astronomical $190 billion.
"It will be go down as the largest ever subscription in any IPO anywhere in the history of global capital markets," a beaming Anil Ambani said here Saturday.
"The IPO came at a time when the Indian markets and global markets were down. The IPO attracted a record subscription of $100 billion from foreign investors, which equals 40 percent of India's foreign exchange (Forex) reserves," he added.
IMF forecasts $1.4 trillion losses for US financial sector
By DPA,
Washington : The International Monetary Fund (IMF) warned Tuesday that the US financial sector losses could total $1.4 trillion as the housing crisis at the centre of the turmoil has yet to reach its peak.
The IMF, in its annual financial stability report, warned that the rate of US mortgage defaults that sparked the financial crisis has yet to reach its peak, despite a year of homeowners already defaulting on their loans in record numbers.
Emaar MGF to build five-star hotel in Dehradun
By IANS
New Delhi : Emaar MGF, a joint venture between the Emaar group of the United Arab Emirates (UAE) and leading Indian real estate developer MGF, Thursday signed an agreement with the Uttarakhand government to build and run a five-star hotel and a convention centre in Dehradun.
The new hotel and the convention centre is part of an integrated facility comprising retail and entertainment space spread across 10 acres of land and has been planned with an investment of Rs.2 billion ($49 million) over two years, according to an Emaar MGF press release.
Indian equities market sheds most of its early morning gains
By IANS
Mumbai : The Indian equities market shed most of its initial gains by early Wednesday afternoon but was still over 250 points ahead of its previous close.
Strong cues from global markets boosted the Indian bourses Wednesday. Other Asian markets that opened before the Indian market surged.
Here, the market breadth was strong; 26 shares from the 30-member Sensex pack advanced. Frontline banking and IT shares advanced on fresh buying. However steel stocks under-performed due to fears the government may take steps to rein in surging steel prices.
UAE was world’s top cast iron rods importer in 2008
By IANS,
Abu Dhabi : The United Arab Emirates (UAE) has imported cast iron rods worth $6.77 billion in 2008, a 237 percent increase over last year and 14 times more than the global growth rate of imports, WAM news agency reported.
Turkey was the UAE's main source of cast iron rods in 2008, contributing 87 percent of supply. China came second at 12 percent, while the remaining one percent coming from other global sources, the foreign trade ministry said in a report Wednesday.
Uttar Pradesh tables tax-free budget
By IANS
Lucknow : Uttar Pradesh Finance Minister Lalji Verma Tuesday presented a tax-free budget of Rs.1.12 trillion ($28 billion) for fiscal 2008-09 that begins April this year.
The main opposition Samajwadi Party and the Bharatiya Janata Party boycotted the budget speech.
The budget estimated a receipt of Rs.1,108 billion and an expenditure of Rs.1,124 billion.
FICCI suggestions on Pakistan ‘irresponsible’: Kashmir business lobby
By IANS,
Srinagar/New Delhi : India's top industry lobby recommending hard military and economic counter-actions against Pakistan has drawn flak from a business body in Jammu and Kashmir which says its recommendations are "irresponsible and immature".
HCL to set up system integration centre in Kolkata
By IANS
Kolkata : HCL Infosystem Ltd will develop a system integration centre here in the next 8-12 months.
"We will develop a system integration centre here. We would be able to deliver projects in West Bengal and also outside the state. The project would tentatively be completed within next 8-12 months," HCL Infosystem Ltd chairman and CEO Ajai Chowdhry told reporters on the sidelines of an IT seminar, ICT East 2007, organised by Confederation of Indian Industry here Tuesday.
1.8 mn Americans lost jobs in worst slashing spree in 34 years
By Arun Kumar, IANS,
Washington : Americans have lost 1.8 million jobs in just the last three months with employers slashing 598,000 more jobs in January, taking the unemployment rate up to 7.6 percent, the country's worst in 34 years.
According to a government report released Friday, the latest job loss is the worst since December 1974, and brings job losses to 1.8 million in just the last three months, or half of the 3.6 million jobs that have been lost since the beginning of 2008.
Volvo launches sedan S60 in India
By IANS,
New Delhi : Global automobile giant Volvo's Indian passenger car subsidiary Friday launched the premium sedan S60 valued between Rs.27 lakh and Rs.34 lakh (ex-showroom Delhi).
LIC launches Money Plus I scheme
By IANS,
Kolkata : Life India Corporation (LIC) has launched its Unit Linked Endowment Plan, Money Plus 1, which offers both investment and insurance benefits.
The minimum sum assured of this scheme is five times the annual premium and the maximum sum assured can go upto 30 times the premium, which will depend on the age at entry level.
The age at the entry level can be between 0-65 years with the policy term ranging from five to 30 years.
R.R. Dash, zonal manager, LIC said: "We have targeted to get Rs.1,800 (Rs.18 billion) from Money Plus 1 this fiscal."
UN panel adopts resolution on arms trade standards
By Xinhua,
United Nations : The UN has adopted a British sponsored resolution seeking to establish agreed standards of arms trade.
The resolution, tabled Friday, received an overwhelming support of 145 members at the General Assembly session of the Committee on Disarmament and International Security, with only the US and Zimbabwe dissenting, Britain's UN envoy John Sawers said.
He said "the standards that will be part of an arms trade treaty" would be negotiated in March and July.
Caterpillar to expand Indian operations, to invest Rs.8 bn
By IANS,
Chennai : With investments in the infrastructure sector set to increase in India, earthmoving equipment major Caterpillar Inc has decided to expand its Indian operations on an outlay of Rs.8 billion (Rs.800 crore or about $17.78 million).
The American company's wholly-owned Indian subsidiary signed a pact with the Tamil Nadu government to this effect here Thursday.
Tea sector hit by Darjeeling shutdown
By IANS,
Kolkata : The tea trade in Darjeeling Hills and Dooars was severely hit Tuesday with the collapse of the transport network due to an indefinite shutdown called by the Gorkha Janamukti Morcha (GJM) to press its demand for a separate Gorkhaland state.
Indian equities open in green
By IANS,
Mumbai : The Indian equities market opened Monday in the green, tracking other strong Asian markets that were running higher.
The 30-share benchmark index of the Bombay Stock Exchange opened with a gain of 145.58 points at 17,251.56.
The S&P Nifty of the National Stock Exchange opened at 5,112.50 points with a marginal gain of 1.20 from its previous close.
Coca-Cola names new CEO
By Xinhua
Washington : International beverages giant Coca-Cola Thursday named the company's President and Chief Operating Officer Muhtar Kent as the Successor to Neville Isdell as chief executive officer (CEO) from July 1,2008.
Isdell, 64, will remain chairman of the company's board of directors until the company's annual meeting of shareholders in April 2009.
Africa next target for Jet Airways with service to Johannesburg
By IANS,
Mumbai: India's largest private carrier Jet Airways is targeting the African market with the launch of a non-stop service between the commercial hubs of Mumbai and Johannesburg daily from April 14.
"The airline will introduce services to the Rainbow Nation using a new state-of-the-art A 330-200 aircraft. The launch of this new route marks the first time Jet Airways is adding destinations to Africa on its international route network," the carrier said in a statement Tuesday.
Jet, Kingfisher asked to clear dues by Oct 24
By IANS,
New Delhi : The Airports Authority of India (AAI) has asked leading private carriers Jet Airways and Kingfisher Airlines to clear their dues by Oct 24, a senior official said here Tuesday.
While Jet Airways owes Rs.3.95 billion to the AAI for using airport facilities, Kingfisher owes Rs.2.11 billion. Airlines also owe more dues to the oil companies.
According to the official, these airlines have failed to pay parking and landing fees.
The two airlines Oct 13 announced a strategic alliance following which they now control 60 percent of the airline market share.
Moody’s revises India growth forecast to 6.4 percent
By IANS,
New Delhi : Global consultancy Moody's, which last week contended that the drought would bring India's growth down to 6.2 percent, Thursday revised its prediction to say the "stronger-than-expected start" this fiscal spelt a 6.4 percent growth in 2009-10, and 9 percent by 2012-13.
"India's June quarter economic performance surprised slightly on the upside. On a year-ago basis, GDP growth accelerated to 6.1 percent compared to (our) forecast of 5.9 percent," said Sherman Chan, economist with Moody's Economy.com, the research arm of Moody's.
Indian telecom sector received Rs.48,220 crore FDI
By IANS,
New Delhi : India's telecom sector received foreign direct investment (FDI) of Rs.48,220 crore in the last 11 years - 8 percent of the total FDI the country received.
US mining equipment giant to set up shop in Bengal
By Sujoy Dhar, IANS
Kolkata : Bucyrus International, Inc., a world leader in the design and manufacture of mining equipment, is setting up its India operations headquarters here as the firm scouts for an abandoned facility in West Bengal to set up a $5 million manufacturing unit.
Jaypee Group plans Rs.2,000 crore investment in hospitals
By Aparajita Gupta,
Noida : Infrastructure and real estate player Jaypee Group plans to invest Rs.2,000 crore in the next three to five years in...
Jet Airways’ market share 26.1 percent in February
By IANS,
New Delhi : Leading private airline Jet Airways Wednesday reported a consolidated market share of 26.1 percent in the domestic segment in February.
Government approves skill development mechanisim
By IANS,
New Delhi : The union cabinet Thursday approved setting up the National Skill Development Corporation (NSDC) to meet the needs of the private sector for skilled personnel in different fields.
The Planning Commission had proposed to set up a co-ordinated mechanism for skill development encompassing different public and private initiatives. The cabinet approved this at its meeting chaired by Prime Minister Manmohan Singh.
Bank of Maharashtra plans to raise Rs.1,500 crore
By IANS,
Kolkata : State-owned Bank of Maharashtra is planning to raise Rs.1,500 crore in three years, a top bank official said here Tuesday.
"We have a plan to raise Rs.500 crore every year (starting from this fiscal) for three years via follow-on public offer, qualified institutional placement or issue perpetual preference shares," bank chairman and managing director Allen C.A. Pereira told reporters on the sidelines of a banking conclave.
Mercedes set for hydrogen drive in 2010
By DPA
Stuttgart : Mercedes has given the B-Class a design makeover with more economical engines and a special fuel-cell hydrogen drive version available in 2010, the car maker has announced.
The four-cylinder engines are up to seven percent more economical than the predecessor with exhaust emissions that undercut current European Union (EU) emission standards by as much as 90 percent, Mercedes said.
Inventor unveils Internet’s big, new knowledge engine
By DPA,
San Francisco : The inventor of one of the most widely used science programmes has given the most detailed demonstration yet of a new search engine that many experts predict could revolutionise the way information is used on the Internet.
Stephen Wolfram, whose Mathematical programme is widely used throughout the science world, gave the details of his new computational search engine, named Wolfram Alpha in an online presentation. The company says the technology will go public on May 18.
Focus on price rise, export push in India’s trade policy
By IANS
New Delhi : With a twin focus of curbing price rise and boosting trade, Commerce Minister Kamal Nath recast India's foreign trade policy Friday, that bans export of primary steel and extends fiscal sops to a range of industries.
The Foreign Trade Policy for 2004-09, which was reviewed before representatives of trade promotion organisations, also sets an export target of $200 billion for this fiscal, against an estimated $155 billion achieved last fiscal.
South-East Asian countries seek economic integration
By DPA,
Hanoi : The global financial crisis might bring economic benefits for countries in South-East Asia, Cambodian Prime Minister Hun Sen said Friday at a regional summit in Hanoi.
"The rich people in Europe, the buyers in America will not buy expensive clothes produced in Europe anymore but the cheaper goods produced in Cambodia and Vietnam," Sen said.
Most of the other businessmen and political leaders at the summit focused on the need to integrate South-East Asian economies to create a larger market more resilient to economic shocks.
Tata Motors sells 20 percent stake in Telcon to Hitachi
By IANS,
New Delhi : India's largest commercial vehicle manufacturer Tata Motors Tuesday signed an agreement to sell its 20 percent stake in Telco Construction Equipment Company Ltd (Telcon) to Japanese partner Hitachi for Rs.1,159 crore.
"Tata Motors, Hitachi Construction Machinery and Telcon, a 60:40 joint venture company between Tata Motors and Hitachi, signed an agreement under which Tata Motors has sold a further 20 percent stake in Telcon in favour of Hitachi for a consideration of Rs.1,159 crore," the Indian auto company said in a statement.
India, Japan review bilateral trade
By IRNA
New Delhi : India's Union Minister of Commerce and Industry, Kamal Nath has stated that bilateral trade talks between India and Japan are more likely to be pragmatic and any negotiations between the two countries are likely to be more sustainable since both appreciate and understand each other's sensitivities better and have a larger perspective on issues of mutual interest.
Nath stated this while welcoming Masahoru Kohno, Japaan's Deputy Minister of Foreign Affairs, here Wednesday evening.
Terror acts will make India stronger: Ratan Tata
By IANS,
Mumbai : Ratan N. Tata, chairman of Indian Hotels Co that owns Wednesday night's terrorist-targeted Taj Mahal Palace and Tower Hotel in Mumbai, has said acts of terror would make India stronger.
"We must show that we cannot be disabled or destroyed, but that such heinous act will only make us stronger. It is important that we do not allow divisive forces to weaken us. We need to overcome these forces as one strong unified nation," he said in a statement Thursday.
iGate net up 80 percent, top-line revenue flat
By IANS
Bangalore : One of the leading technology firms, iGATE Global Solutions, has posted net profit of Rs.290 million during the third quarter (October-December) of this fiscal (2007-08).
The firm has registered year-on-year growth of 80 percent over the same period last fiscal (2006-07) at Rs.160 million.
In a statement here Wednesday, iGate said top-line revenue, however, dipped marginally to Rs 2.09 billion in this quarter (Q3) from Rs 2.1 billion in the same period of last fiscal, posting a flat growth year on year.
Luxury car maker considers moving out of Britain
By IANS,
London : Luxury car firm Lotus is considering to move its car production out of Britain, a step that could threaten 1,200 new British jobs.
Bharti Teletech achieves export milestone
By IANS
New Delhi : Bharti Teletech, a leading manufacturer and distributor of telecom and allied products, Sunday said it has been judged the highest telecom equipment exporter for 2006-07 by Electronics and Computer Software Export Promotion Council.
The company exported over a million telephones to 30 countries across five continents during the period.
Bharti Teletech sells over 45 different phone models under the "Beetel" brand, with prices ranging from Rs.295 to Rs.3,795.
More funds for patent offices; relief for RITES, IRCON
By IANS
New Delhi : The Cabinet Committee on Economic Affairs (CCEA) Thursday gave its approval for modernization and strengthening of intellectual property offices at an estimated cost of Rs.3 billion in the 11th Five-Year Plan.
The modernization of these offices would provide infrastructure necessary for a vibrant intellectual property regime, the government's Principal Information Officer Deepak Sandhu told reporters.
India’s annual inflation rate rises to 1.34 percent
By IANS,
New Delhi: India's annual rate of inflation, based on wholesale prices, rose sharply to 1.34 percent in October from 0.5 percent in the previous month, mainly on account of a 13.32 percent jump in prices of food articles.
Data on the official wholesale price index released Saturday showed that over the past year, prices of potatoes have nearly doubled while onions have become dearer by 37.6 percent.
Gulf Arab leaders meet over economic integration, regional security
By Xinhua
Doha (Qatar) : Leaders of the six oil-rich Gulf Cooperation Council (GCC) nations gathered here late Monday to discuss regional security issues and economic integration among the group members.
Qatar's ruler Sheikh Hamad bin Khalifa al-Thani addressed the opening ceremony of the 28th GCC annual summit. He said that peace and security are the need of people in the Gulf region.
EU-India trade drops in 2009
By IANS,
Brussels : Export and import businesses between India and European Union countries have reduced by 15 to 16 percent during last year, EU office said Wednesday.
Exports from the 27-member body to India have decreased to 24.5 billion euro between January and November 2009, while the EU lost 15 percent of import from India during the same period as compared to the figure in 2008.
In 2008, total export from EU to India was registered worth 29.2 billion euro, up 16 percent from the last year's figure, EU's statistical office Eurostat said.
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.
Sensex closes above 19,000-mark on hopes of more reforms
By IANS,
Mumbai: A benchmark index of Indian equities markets Thursday closed above the 19,000-mark on hopes of more economic reforms to be announced by the government.
Kuwaiti Investment Company buys stake in Pakistan’s biggest Islamic Bank
By NNN-KUNA,
Kuwait : Kuwait's Noor Financial Investment Company (Noor) has signed an agreement with Bahraini Shamel Bank acquiring 7 per cent of its stocks in Pakistan's Meezan Islamic Bank, Noor said in a statement here.
The company said Monday it bought 31.296,788 stocks, or 37 rupees (USD 0.864) per stock and totalling KD 4.579.850 million. (1 KD = USD 3.77).
The agreement also paved the way for the acquisition of the name Meezan Bank following approval by Pakistan's central bank which increased Noor's share to 41.6 from the total stock value.
Castor seed oil demand to remain high
By IANS,
Ahmedabad : Export of Indian castor seed oil would be robust in 2008-09 in spite of increases in shipping freight rates due to high crude oil price, industry leaders said here.
According to Haresh Vyas of Mumbai-based Royal Castor Products Ltd, the demand for castor oil is "huge". "The demand is non-elastic" and hence shipping freight increases will have hardly any impact on exports, he told IANS Friday.
Sensex choppy, broader markets gain
By IANS,
Mumbai : A benchmark index of Indian equities Tuesday was trading volatile, although broader markets showed buying interest. Asian markets too were choppy.
Carmaker Volvo to expand footprint across India
By Mohammed Shafeeq, IANS,
Hyderabad : Volvo Car India, the Indian arm of Swedish car major Volvo Car Corp, is upbeat about the Indian luxury car market and is gearing up to expand its footprint across the country.
Volvo, which entered the Indian market in 2007, is planning to introduce new models in India from its global line-up, but is looking for right partners in big cities.
"Our biggest objective is to make Volvo brand available in major markets across the country and get new models here," Sudeep Narayan, marketing manager of Volvo Car India, told IANS.
Airtel starts mobile service in remote Himalayan valley
By IANS
Shimla : The Bharti Airtel Ltd launched its mobile services Wednesday in the remote Lahaul and Spiti district in the Himalayan state of Himachal Pradesh, company officials said.
The Lahaul Valley bordering Tibet remains cut off from the rest of the country for over half a year due to heavy snowfall in the high mountain ranges and passes.
"Airtel services will now be available in and around Udaipur, besides Keylong, the only town in the district," said R.V.S. Bhullar, CEO, Bharti Airtel Ltd, Himachal Pradesh Circle.
Russian government to buy stocks to ease credit crunch
By RIA Novosti,
Astana (Russia) : Russia's state-controlled bank Vnesheconombank (VEB) will invest up to five billion rubles ($184.5 million) daily to buy stocks in the Russian bourses to ease the effects of the ongoing global financial crisis, its chief Vladimir Dmitriyev said Thursday.
The global credit crunch, sparked by the subprime mortgage crisis in the US, quickly spread to Asia and Europe leading to record losses on global financial markets and a worldwide liquidity shortage.
Nationalisation helped Indian banks withstand crisis: Sonia Gandhi
By IANS,
New Delhi : Taking a dig at Western societies, Congress president Sonia Gandhi Friday said the same countries that had denounced the nationalisation of banks by then prime minister Indira Gandhi long ago were resorting to similar steps now to bail out their financial sector.
“Our prudence has been most marked in the case of the financial sector... Let me take you back to Indira Gandhi's much reviled bank nationalisation of 40 years ago,” Gandhi said at the Hindustan Times Leadership Summit.
UAE’s IT services cross half a billion-dollar mark
By IANS
Dubai : The IT services market in the United Arab Emirates (UAE) has crossed a record half a billion-dollar mark and spending in the market is expected to expand further this year, according to a report by the International Development Company (IDC).
The UAE IT market is increasingly embracing the outsourcing model and other value-added services as it matures, news agency WAM quotes the Abu Dhabi-based IDC study as saying.
According to the study, IT services spending in the UAE will go up to nearly $508 million.
H-1B professional visas creating jobs in US: study
By Arun Kumar, IANS
Washington : American businesses are finding it hard to fill skilled positions even as H-1B visas that bring in foreign professionals, including a large number from India, are creating jobs in the US, shows a new US study.
Confirming Microsoft Chairman Bill Gates' contention that an arbitrary cap on H-1B visas is forcing them to outsource jobs, the study shows major US technology companies today average more than 470 job openings for skilled positions in the US while defence companies have more than 1,265 each.
Sensex plummets in morning trade
By IANS,
Mumbai : A benchmark index for Indian equities Monday fell 350 points within the first 30 minutes after the opening bell, amid depressed global cues.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,961.92 points, was ruling at 16,643.62 points, 350.98 points or 2.07 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 was ruling at 4,995.9 points, down 1.92 percent from its previous close.
Industrial recovery underway: Economic Survey
By IANS,
New Delhi : Indicating that an industrial recovery is underway, India's Economic Survey for 2008-09 said Thursday that the industry has "weathered the most severe part of the shock".
The survey, tabled by Finance Minister Pranab Mukherjee in parliament on Thursday, the first day of the budget session, said the rise in offtake of bank credit and upturn in the power generation capacity were positive pointers towards an economic recovery.
Beijing gets 1,500 new cars every day
By Xinhua,
Beijing : About 1,500 cars join the already clogged roads in this Chinese capital city daily, increasing traffic pressure and safety risks, officials said Tuesday.
A total of 65,970 new vehicles have been registered in Beijing in the first 45 days of this year, with a daily increase of 1,466 vehicles, the Beijing Traffic Management Bureau said.
Beijing, ranked among the world's most polluted cities, registered 58,590 new drivers in the same period, a daily increase of 1,302, the bureau said.
Talks on ONGC refinery in Rajasthan to resume
By IANS
Jaipur : The state-run Oil and Natural Gas Corporation (ONGC) and the Rajasthan government are expected to hold fresh talks for the proposed Rs.100 billion ($2.3 billion) refinery in Barmer next month, officials said Monday.
Want a brand new laptop for Rs.15,000?
By IANS
Mumbai : Imagine a lightweight laptop for just Rs.15,000! An entrepreneur here is working on a project to develop just such a computer that is expected to hit the showrooms by the end of this financial year.
"I want to make the laptop available to the common man," says Hirji Patel, the managing director of Mumbai-headquartered Allied Computers International (Asia) Ltd (ACi).
Indian economy can grow 9 percent next fiscal: Ernst and Young
By Sanjay Singh, IANS,
New Delhi : The Indian economy could grow at 9 percent next fiscal, helped by a rise in domestic demand and higher industrial output, even as high fiscal deficit remained an area of concern, said a senior analyst with Ernst and Young.
"If we have a normal monsoon next year, we can expect the economy to grow at 9 percent. We already have a good industrial production and we expect it to be higher during 2010-11," said Ashvin Parekh, national director of Ernst and Young Financial Services.
Industry welcomes draft norms for new commercial banks
By IANS,
Mumbai : India Inc. welcomed the draft norms issued by the Reserve Bank of India (RBI) Monday for allotting new banking licenses to the private sector.
Orissa villagers come to table over Posco project
By IANS
Jagatsinghpur (Orissa) : At least 50 people from the villages affected by the proposed steel plant of Posco-India Thursday attended a meeting with company and government officials over the project they had been protesting.
Residents from about a dozen villages attended a meeting organised by the local administration at Erasama, some 120 km from state capital Bhubaneswar, to expedite land survey and acquisition.
This would bring normalcy in the region, a senior district official told IANS.
Cisco to help develop roadmap for sustainable Bangalore
By IANS,
Bangalore : The Karnataka government and the US-based networking technologies major Cisco Systems will jointly develop a roadmap for a sustainable Bangalore city, it was announced here Thursday.
The state government and the company Thursday signed a memorandum of understanding (MoU) on the subject in the presence of Chief Minister B.S. Yeddyurappa and Cisco chief executive John Chambers.
Dubai firm asks Kerala goverment to abide by agreement
By IANS,
Kochi: Smart City Dubai, which is to build an IT park in Kochi, Thursday said it had not asked for anything outside the framework agreement signed with the Kerala government.
The Dubai-based builder was responding to Chief Minister V.S. Achuthanandan's statement earlier this month blaming the firm for the delay in the proposed Rs.1,500-crore Smart City Kochi project.
‘Indian companies created 5,000 British jobs in 2007’
By Dipankar De Sarkar, IANS,
London : Seventy Indian companies set up in Britain last year, creating 5,000 more jobs, Britain's trade and investment minister has said.
Trade between India and Britain grew by 9.1 percent last year, adding around 9 billion pounds to the total value, Lord Digby Jones told a gathering of British investors in London Tuesday.
Infosys to form strategic alliance with Japan’s Nihon
By IANS
Mumbai : Infosys Technologies Ltd, India's leading software exporter, has signed a memorandum of understanding (MoU) with Japan-based Nihon Unisys to form an alliance of strategic business deployment and joint development for sales and solutions services.
The alliance will explore mutually beneficial areas where the global delivery model can be leveraged to jointly go to the market, Infosys said in a statement.
They would focus on areas such as joint solution, product development and application development maintenance.
BP says it will pay for Gulf of Mexico oil spill damage
By DPA,
London : British Petroleum (BP) reiterated Monday that it would take "full responsibility" for the consequences of the oil spill in the Gulf of Mexico and "pay all necessary and appropriate clean-up costs".
"BP is committed to pay legitimate and objectively verifiable claims for other loss and damage caused by the spill," a fact sheet for claims and procedures read.
A spokeswoman Monday repeated a pledge given by Tony Hayward, BP chief executive, at the end of last week that the company would "honour legitimate claims for damages".
US cellphone carriers check out mobile payments
By DPA,
San Francisco : The days of plastic credit cards could be numbered if tests of a mobile payment system by top US cellphone companies proves successful.
The experiment, reported Monday by Bloomberg, allies cellphone giants Verizon and AT&T with credit-card company Discover and banking giant Barclays to allow customers to pay for goods and services by holding their phone near specially equipped cash registers.
Iranian President blame “self-serving parties” for high oil prices
By NNN-Bernama,
Kuala Lumpur : Iranian President Mahmoud Ahmadinejad has put the blame on “self-serving parties” for the steep rise in crude oil prices, saying the prices are politically motivated and do not reflect true market conditions.
He told a media conference here Tuesday after the conclusion of the 6th summit of the Group of Eight Islamic Developing Countries (D-8) that high crude oil prices, which had hit record levels of 146 USD per barrel, were "artificial" as production far exceeded demand.
"It’s a political issue that needs a political solution," he said.
More people buying laptops in India
By IANS
New Delhi : The Indian personal computer (PC) market crossed 6.5 million shipments, while laptop sales doubled to nearly 1.8 million units in 2007, said IT research firm IDC India.
"The notebook PC shipments touching 1.8 million units reinforces the increasing acceptance of laptops as the preferred choice for a large number first-time PC buyers," Kapil Dev Singh, country manager of IDC India, said in a statement.
Tax income of real estate trusts like mutual funds: Ficci
By IANS
New Delhi : Income from real estate investment trusts must be taxed on the lines of mutual funds to promote residential housing in the country, the Federation of Indian Chambers of Commerce and Industry (Ficci) has suggested.
The chamber has also called upon Finance Minister P. Chidambaram to do away with the service tax on rental income from commercial property in the ensuing budget and proposed a duty drawback scheme for developers to promote cheaper housing.
Japan”s current account surplus up 45.7 percent on exports
By KUNA
Tokyo : Japan's current account surplus widened 45.7 percent in October from a year earlier to JPY 2.23 trillion (USD 20.1 billion) for the 10th consecutive monthly increase on the back of strong exports to Europe and other parts of Asia and returns on its overseas investments, the Finance Ministry said Wednesday.
The trade surplus alone grew 52.3 percent in the reporting month from a year ago to JPY 1.16 trillion (USD 10.5 billion), up for the third month in a row, according to the data released by the ministry.
Report: Iran buys wheat from U.S. first time in 27 years
By Xinhua,
Washington : Iran this summer resumed buying U.S. wheat after a 27-year hiatus, a sign of the limited options for importers seeking large quantities of high-quality grain, The Wall Street Journal reported on Thursday.
Since the 2008-09 marketing year began on June 1, Iran has bought more than 1 million tons of hard red winter wheat directly from the U.S., which is "a very large amount," the report quoted Bill Nelson, analyst for Wachovia Securities as saying.
India’s excise mop-up slows on sluggish industrial growth
By IANS,
New Delhi : India's excise duty collections registered a growth of just 0.9 percent in May due to the slowdown in the expansion of the country's industrial output, official data showed Tuesday.
Excise duty collections were estimated at Rs.159.93 billion for the month, against Rs.158.48 billion in May 2007, even though customs duty mop-up was high by an impressive 25.1 percent, said the fresh data.
Aditya Birla Retail to invest Rs.80 bn on expansion
By IANS
Chennai : Aditya Birla Retail Ltd plans to invest some Rs.80 billion (over $2 billion) in 3-5 years to open stores across India, said a top company official.
"The company is targeting to have at least 1,000 outlets and have a pan-India presence," Suman Sinha, CEO of the company, told the media here Thursday.
"This is one of the fastest ramp-ups I am seeing," said Andrew Denby, CEO, supermarkets, who has had overseas experience in retail with Marks & Spencers in South East Asia.
Aviation fuel price likely to come down further
By IANS,
New Delhi : Aviation fuel costs will come down by Rs.6,000 per kilolitre when oil prices are revised Saturday, a top official of an oil major indicated Friday.
"ATF (aviation turbine fuel prices) could come down by Rs.5,000 to Rs.6,000 (a kilolitre)," Indian Oil Corp (IOC) chairman Sarthak Behuria told reporters here.
ATF prices, which have dropped 20 percent over the last two months, are due for a revision Nov 1.
Big retail’s time has come in India
By Sushma Ramachandran, IANS
India's United Progressive Alliance (UPA) government seems determined to go ahead and gradually liberalise the retail sector despite continuing opposition from the Left parties.
Armed escorts for Nepal oil tankers as strike hits supply
By DPA
Kathmandu : Nepal Saturday implemented emergency measures to deal with fuel shortages in much of the country as an indefinite strike called by ethnic groups in the south entered its fourth day crippling the supply system and normal life.
The government said it would provide armed security escorts for oil tankers ferrying petroleum products from collection depots in southern Nepal to other parts of the country.
India bans export of non-basmati rice
By IANS
New Delhi : The central government Friday announced that it has banned the export of non-basmati rice with immediate effect.
"The government has, with immediate effect, prohibited any export of non-basmati rice under the transitional arrangements," said a commerce and industry ministry statement.
However, the reason for imposing the ban was not mentioned in the statement.
EU-India trade up by $13 bn in 2007
By IANS
Brussels : Trade between the European Union and India has witnessed a sharp increase from 47 billion euros ($73 billion) in 2006 to 55.6 billion euros ($86 billion) in 2007.
Exports from the 27-member bloc to India grew by 21 percent last year to reach 29.4 billion euros as compared to 24.4 billion euros in 2006, according to the figures by Eurostat, the EU's statistical office.
The data was released Wednesday, EuAsiaNews reported.
EU imports from India increased by 16 percent to 26.2 billion euros in 2007 from 22.6 billion euros in 2006.
Bulls push Sensex up 4.2 percent
By IANS,
Mumbai: The bulls shoved their way up for the second straight week at the Indian equities markets this week, pushing a key index to end trade 4.27 percent higher Friday, with broader markets also recording gains.
The 30-share sensitive index (Sensex) ended 690.55 points or 4.27 percent higher at 16,848.83 points at weekly close Friday, as opposed to the previous week's close at 16,158.28 points.
The broader S&P CNX Nifty of the National Stock Exchange (NSE), too, moved up 4.22 percent or 202.8 points from its last weekly close to end at 4,998.95 points.
Emaar MGF to invest $600 mn to build hotels in India
By IANS
New Delhi : Emaar MGF, one of India's leading real estate firms, has entered into a 50:50 partnership with Britain's Premier Travel Inn to develop 80 budget hotels across the country with an investment of $600 million over the next 10 years.
Tech Mahindra net up 52 percent
By IANS,
Mumbai : Tech Mahindra, one of the largest solution providers in the Indian telecom space, announced Monday a 52 percent growth in its profit after tax and 27 percent growth in revenue in the first quarter of the current fiscal over the comparable period of last fiscal.
In rupee terms, the company reported consolidated net profit after tax of Rs 2.59 billion ($62.5 million) in the first quarter of the current fiscal against Rs 1.70 billion ($41.3 million) in the comparable period of last year, a company statement said.
Maruti Suzuki sales down 40 percent in August
By IANS,
Chennai: Maruti Suzuki logged 40 percent lower sales in August as compared to the offtake during the corresponding month of 2011.
Emerging East Asian economy to maintain strong growth — ADB
TOKYO, Dec 13 (KUNA) -- Economic growth in emerging East Asia will slow to 8.0 percent in 2008 from 8.5 percent this year as expansion in key industrialized nations moderates amid volatility in financial markets and rising oil prices, the Asian Development Bank (ADB) said Thursday.
"Even though growth slows in emerging East Asia, inflation is rearing its head in many economies and that price pressures are likely to remain in 2008," the Manila-based bank said in its latest Asia Economic Monitor report.
On Day Two, Reliance Power issue subscribed 14 times over
By IANS
New Delhi : Notwithstanding a crash on Indian equities markers, the mega public issue of Anil Dhirubhai Ambani-led Reliance Power continued to evoke a major response, resulting in a subscription of 13.92 times over as on Wednesday.
The issue opened Tuesday at an offered price band of Rs.405-450 per share with a share of Rs.10 face value. Thirty percent of the 228 million shares on offer are reserved for retail investors at a discount of 5 percent.
The issue closes Jan 18.
MP CM invites Silicon Valley investors to visit State
By Pervez Bari, TwoCircles.net
Bhopal, May 17: Madhya Pradesh Chief Minister Shivraj Singh Chouhan visited Silicon Valley at San Jose during his U.S. visit on Wednesday.
According to an official Press release the Bankers Club of San Francisco organized a road show and interactive meeting on investment potential in Madhya Pradesh with the cooperation of U.S.-Indo Business Council and FICCI on the occasion.
Allahabad Bank posts net profit of Rs.224.50 crore in Q4
By IANS,
Kolkata : City-based public sector bank Allahabad Bank posted a lower net profit of Rs.224.50 crore (Rs.2,245.069 million) for the fourth quarter (January-March) of fiscal 2009-10 as compared to Rs.264.08 crore (Rs.2,640.851 million) for the corresponding quarter in 2008-09.
Total income has increased to Rs.2,608.60 crore (Rs.26,086.027 million) from Rs.2,373.37 crore (Rs.23,733.744 million) in the fourth quarter of 2008-09, a statement to the Bombay Stock Exchange said Friday.
Sequoia Capital invests Rs.1 billion in GVK Biosciences
By IANS
Hyderabad : Pharmaceutical and biotech research and development firm GVK Biosciences Private Ltd Monday announced that Sequoia Capital, a leading global private investment company, has invested Rs.1 billion in the business.
GVK intends to use the funds to expand capacity in drug discovery services, build a state-of-the-art campus at Hyderabad on a 25-acre site, provide new service offerings in pre-clinical and clinical space, and pursue growth opportunities through mergers and acquisitions, said a company statement.
Indian carmakers register record sales
By IANS'
New Delhi/Chennai : India's auto market reflected a booming economy in 2007-08 as three leading carmakers Tuesday announced record sales figures, with Maruti Suzuki India Limited registering a sales growth of 13.3 percent.
The country's largest car maker, Maruti Suzuki sold 764,842 vehicles - 711,818 units in the domestic market and 53,024 units abroad - in 2007-08, the highest ever in the history of the company.
Argentina to open consulate in Mumbai
By IANS
Buenos Aires : India and Argentina are set to enhance their growing business ties with Buenos Aires announcing the opening of its consulate in Mumbai soon.
In a sign of new chemistry between the two countries, separated by vast distances, a new office of the Indian embassy was opened Wednesday in the Argentine capital during the three-day visit of Minister of State for External Affairs Anand Sharma.
Argentine Foreign Minister Jorge Enrique Taiana went beyond protocol and attended the inauguration ceremony along with Sharma.
Sensex slips from morning high
By IANS,
Mumbai : A benchmark index for Indian equities was ruling on a quiet note Tuesday, having slipped from opening highs.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,049.19 points, was at 18,034.78 points, 16 points or 0.09 percent down from its previous close at 18,050.78 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling 0.06 percent down at 5,414.85 points.
One of world’s largest malls set for October opening in Dubai
By Aroonim Bhuyan, IANS,
Dubai : Come Oct 30 and tourists across the world will have another reason to visit this desert oasis city as one of the world's largest malls will open its doors to the public.
Emaar Malls Group, a subsidiary of the United Arab Emirates (UAE)-based real estate major Emaar Properties, has finalized the date for the inauguration of The Dubai Mall, it was announced here.
Fortis to acquire stakes in Malar Hospitals
By IANS
Chennai : New Delhi-based Fortis group is set to acquire stakes in Chennai-based Malar Hospitals Ltd.
The group, through International Hospital Ltd - a wholly owned subsidiary of Fortis Healthcare Ltd (FHL) - and Oscar Investments Ltd has entered into an agreement with the promoters of the Chennai-based Malar Hospitals to acquire 28 per cent of the holdings.
Fortis will also make an open public offer to acquire 20 per cent stake from the public. The deal will pave Fortis' entry into south India.
Bhilai Steel Plant output rises
Bhilai (Chhattisgarh) : Bhilai Steel Plant, the flagship unit of public sector SAIL, concluded the April-February period of fiscal 2013-14 by registering growth...
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."
Global slowdown, reason for lowering growth projection: RBI
By IANS,
Mumbai : The Reserve Bank of India (RBI) lowered the growth estimates for fiscal 2011-12 to 7.6 percent citing a slowdown in the global economy and moderating domestic demand.
Festa Italiana exhibition showcases the best of Italy
By IANS
Mumbai : A month-long Festa Italiana 2007 (Italian Festival), showcasing many unknown facets of Italy in the field of construction, metals, environment, information technology, innovation technology, nano-technology, education, fine arts and cuisine has opened in Mumbai.
OPEC crude price slides below $80
By DPA,
Vienna : The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) dropped by $5.57 to reach $72.67 last Friday, as financial markets plunged across the globe, OPEC said Monday.
One barrel (159 litres) of OPEC crude stood at $72.67 Friday, down from $78.24 on the previous day.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.
WTO Doha round negotiations need to conclude first: India
New Delhi : With the World Trade Organisation's ministerial talks beginning in Nairobi next week, India on Thursday clarified that it wants the conclusion...
BHEL boiler auxiliaries division cuts cost, raises profit
By IANS,
Chennai : Strategic sourcing and value engineering in production have helped Bharat Heavy Electricals Ltd's (BHEL) boiler auxiliaries division at Ranipet near here to cut cost substantially and increase profit.
"Between September - November 2009, the steel prices went down and we bought our annual requirement then. We sourced steel at Rs.26,000-Rs.28,000 per tonne. Our annual steel requirement is around 200,000 tonne. The current steel price ranges between Rs.36,000 - Rs.38,000 per tonne," A. Chandrababu, the unit's general manager, told IANS Monday.
Vedanta terminates Maytas contract in Orissa
By IANS,
Bhubaneswar : Maytas Infra, the infrastructure company linked to scam-tainted Satyam Computer Services, has lost a contract from Vedanta Alumina to develop an integrated township in Orissa, Vedanta said here Monday.
"We have terminated the contract. A final settlement with the company will be done in a day or two," Vedanta spokesperson Shashanka Pattnaik said.
Markets close lower
By IANS,
Mumbai : Indian equities markets closed in the red Thursday, with a key index shedding 1.21 percent over its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 9,241.56 points, lost 110.97 points (provisional) or 1.21 percent from the previous close to end trade at 9,090.88 points.
At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) shed 0.82 percent to close at 2,780.05 points.
The BSE midcap index was down 0.65 percent, while the BSE smallcap index lost 0.85 percent over its previous close.
Market ends in loss, but recovers after Left pull-back
By IANS,
Mumbai : The Indian equities market ended the day in the red yet again. However, spurred by the decision of the Left parties to withdraw support to the Congress-led UPA government, it came off lower level after sharp fall in the early trade.
The market started on a weak note and extended its loss by afternoon. But soon after the left parties' announcement to pull back support to the UPA government came in, the market started recovering and ended the day with minimal loss.
Air India’s third hangar coming up at Thiruvananthapuram
By IANS
Thiruvananthapuram : Work on Air India's third hangar at Thiruvananthapuram will begin next month and it will be fully operational in 18 months, an official said here.
Air India currently has hangars in Mumbai and Delhi.
"The civil works will begin on March 1 and in 12 months the first phase would be ready. And six months later the full engineering and maintenance unit of Boeing 737-800 aircraft would be functional," Air India chief in Thiruvananthapuram H.A. Munaf told reporters Saturday night.
Power companies get nod to use surplus coal
By IANS,
New Delhi : An empowered group of ministers (EGoM) Thursday decided to allow power companies to utilise surplus coal from their captive blocks in other power projects.
The decision will benefit promoters of ultra-mega power projects like Reliance Power of the Reliance-Anil Dhirubhai Ambani Group, which is operating the 4,000 MW Sasan mega power project in Madhya Pradesh.
Reliance Power spokesperson Venkatesh Somayaji confirmed that they were aware of the decision, but declined to comment on whether Sasan had surplus coal.
Tatas setting up two hotels in South Africa
By Fakir Hassen,IANS,
Durban : The $62.5 billion Tata group is setting up two hotels in South Africa and will start assembling an array of automobiles in Johannesburg as part of the plans to invest 10 million rands ($1.2 billion) in the country, a top official has said.
"We are now constructing two hotels. The first one has started in Cape Town and the second one will be in Johannesburg,” Raman Dhawan, managing director of Tata Africa, said.
Tax raids on Uflex, Himachal Futuristic called off
By Arvind PadmanabhanIANSNew Delhi : Tax authorities Friday called off the raids on the premises of Uflex and Himachal Futuristic Communication as soon as...
Spices Park is Kerala’s baby: minister
By IANS
Thiruvananthapuram : Kerala Industries Minister Elamaram Kareem Tuesday disputed Union Minister of State for Commerce Jairam Ramesh's statement that the proposed Spices Park at Idukki would be shifted to some other state if Kerala failed to provide land for the project before Feb 13, 2008.
Ramesh made this statement at a press conference at Kochi Sunday.
Speaking to reporters here, Kareem said the whole concept of the proposed Spices Park was the state government's.
Sensex closes 88 points down in volatile trading
By IANS,
Mumbai : A key index of Indian equities markets closed 88 points lower Friday owing to a fall in metals, IT and telecom stocks. Though market conditions were volatile through the day, mid- to small-sized company scrips helped steady broader market fluctuations.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened lower at 16,679.99 points, shut shop at 16,693 points, 88.43 points or 0.53 percent lower than Thursday's close of 16,781.43 points.
HCL Infosystems bags IT project from Punjab and Sind bank
By IANS,
New Delhi : HCL Infosystems Wednesday said it has bagged a project from the Punjab and Sind Bank (PSB) to provide smart card-based solutions in over 1,500 villages across the country.
Hardening rupee hits Indian exports
By IANS
New Delhi : The rising value of the Indian rupee continued to impact the country's merchandise exports as growth was a mere 4.31 percent in rupee terms in August, slightly higher than 3.1 growth in June, trade data showed Monday.
In dollar terms, however, the export growth was higher at 18.91 percent and was valued at $12.69 billion, against $10.67 billion in August 2006, according to data released by the commerce ministry. In dollar terms, the growth was 18.52 percent in June.
Bangladesh top denim supplier to Europe
By Xinhua
Dhaka : Bangladesh emerged as the largest supplier of denim clothes to Europe, commanding 27 percent market share during the first half of 2006, local newspaper The Financial Express reported Wednesday.
Among the new textile items, denim fabrics and jackets are gradually becoming the flagship products for the local exporters.
Industry insiders said during the last four years, production of denim has increased from 28 million metre per year to 200 million metre in 2006.
Markets move south, Sensex sheds 346 points
By IANS,
Mumbai : Indian equities markets closed in the red Monday, with a key index ending trade 3.68 percent lower than its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 9,077.7 points, 3.68 percent or 346.54 points lower than its previous close.
At closing, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,760.95 points, 3.96 percent down from its Friday close of 2,874.8 points.
The BSE midcap index was down 1.47 percent, while the BSE smallcap index lost 1.54 percent over its previous close.
Equity markets flat in early trade
By IANS,
Mumbai : A key index of the Indian equity markets opened lower Friday than its previous close but later rose to hover just above Thursday's closing figures.
The 30-share Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) opened at 10,001.33 points, lower than its previous closing figure of 10,076.43 points.
However, about 40 minutes into trading, the Sensex was ruling at 10,117.61 points, up 41.18 points or 0.41 percent from the previous close.
Textile minister to meet leading designers Monday
By IANS,
New Delhi : Minister for Textiles Shankersinh Vaghela will attend a meeting of leading designers and other fashion industry stakeholders here Monday to discuss ways to nurture emerging talent.
“In recent years, the Indian fashion industry has evolved and carved a niche for itself in a highly demanding global fashion industry,” the ministry said in a statement Sunday.
Bilcare, US firm make joint American acquisition
By IANS,
Pune : Packaging majors Bilcare Ltd of India and MeadWestvaco Corp of the US Monday announced the joint acquisition of American pharmaceutical packaging company, International Labs.
The acquisition is a 50-50 venture, a Bilcare spokesperson said, but declined to disclose the deal amount and other financial details, saying US and Indian regulations did not permit it at this point in time.
Bilcare reported consolidated revenue of Rs.6.7 billion (about $160 million) and net profit of Rs.815 million (about $19.4 million) for the year ended March 31, 2008.
Sensex closes 315 points higher
By IANS,
Mumbai: A benchmark index of Indian equities Monday closed 315 points higher with heavyweight scrips ICICI Bank, HDFC and Bharti Airtel gaining the most.
We released higher funds under NREGA: Government
New Delhi : Contesting charges that the Centre was keen to dilute the spirit of the rural jobs scheme, a flagship programme of the...
Chhattisgarh on road to industrial development: Chief Minister Raman Singh
By Sujeet Kumar, IANS,
Raipur : Chhattisgarh is now on the fast track to industrial development with top companies rushing to the state with massive investment plans, says Chief Minister Raman Singh.
"Chhattisgarh is now one of the top destinations for investors in the steel sector, and companies like Tata, Essar and NMDC (the state-owned National Mineral Development Corp) are setting up plants here," Raman Singh told IANS in an exclusive interview.
"In the power sector, we have agreements with 51 firms totalling about Rs.1,900 billion in investments," he added.
`Liberalisation not a panacea to all economic ills’
By IANS,
Mumbai : "Liberalisation is not a whole story. Neither does it solve every economic problem nor is a panacea to all economic ills in any society," said Mayor of London David Lewis.
Addressing a gathering of banking executives in a symposium "Financial Inclusion - Sharing Indian and Britain Experience", Lewis Wednesday said: "Any economic growth, if it does not include every strata of society in its processes then it cannot be construed as a proper growth. And in this process, banking plays an important role."
Russian central bank leaves key rate unchanged
By IANS,
Moscow: Russia's central bank has decided to leave the key interest rate unchanged at 8.25 percent despite the pressure of inflation.
Bird flu scare: poultry sales drop in Uttar Pradesh
By IANS
Lucknow : The outbreak of bird flu in West Bengal has hit poultry sales in Uttar Pradesh by as much as 20 percent.
The Uttar Pradesh Poultry Association said there has been a 20 percent fall in the sale of poultry across the state, which is among the biggest consumers of chicken and other poultry products.
While top officials were confident that the deadly virus had not invaded the state, an alert has been sounded to all district officials to keep a close vigil on the situation.
India asks IMF to reshape role in tune with times
By Arun Kumar, IANS,
Washington : India has asked the International Monetary Fund (IMF) "to reshape and redefine its role and mandate" in tune with the times to play a pivotal role in warning about future global crises and help foster strong and sustainable growth.
"Concerted and decisive actions by both advanced and emerging and developing countries helped the world to deal with an unprecedented financial and economic crisis," Reserve Bank of India (RBI) Governor Duvvuri Subbarao Saturday told the steering committee of the 186-nation Fund.
Iran among the world’s top 10 agricultural products producers – official
By NNN-IRNA,
Kuala Lumpur : Iran is geographically fit for production of various agricultural products, and according to the World Food and Agriculture Organisation (FAO), ranks among worlds' top 10, producing a third of world agricultural crops.
Head of Iran's Food Industries Union, Mohammad Hosseini, made the comment at Malaysia's 5th Halal Food Exhibition, adding, "Manufacturing Halal food stuff in Iran has been increasing in recent decades."
Sensex subdued in afternoon trade
By IANS,
Mumbai : A benchmark index of the Indian equities market Thursday was ruling 94 points down in afternoon trade amid mixed cues from Asian markets.
Indian markets end with marginal gains
By IANS
Mumbai : Indian equities ended the day Wednesday with marginal gains after starting the day on a firm note with a benchmark index finally registering a rise of only 0.79 percent from the previous day's close.
With strong cues from other Asian markets, Indian equities started the day with a positive gap but soon shed most of their early gains.
A key index, which had surged past the psychologically important 16,000-mark in early trade, fell below that level later as index heavyweights such as Reliance Industries and ICICI bank gave up most of its early gains.
Mittal bats for overall growth, affirmative action
By IANS
New Delhi : Sunil Bharti Mittal, who took over as president of the Confederation of Indian Industry (CII), Friday reiterated the need to adhere to Prime Minister Manmohan Singh's 10-point social charter for Indian industry, and focus on overall growth and affirmative action.