Economy

Himalya to invest Rs.110 crore in Rajasthan

Economy

By IANS, Shimla : Himachal Pradesh-based frozen food manufacturer Himalya International plans to invest Rs.110 crore in Rajasthan, a top official said Monday. "Now we are going to invest Rs.110 crore in an agro-food processing facility. The unit would be set up in Rajasthan and for this the state government has allotted 32 acres in Jaipur district to the company," Himalya chairman Manmohan Malik told IANS. He said the facility would be set up at Keshwana Rajput, 80 km from New Delhi. It will start commercial production by next year.

Sensex rises for 13 consecutive weeks, adds 478 points

Economy

By IANS, Mumbai : The bulls kept on going for the 13th consecutive week - the longest rally since August 2005 - with a key index adding 3.27 percent from last week amid expectations that the government would push through key reforms. The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) rose for the 13th consecutive week, adding 3.27 percent or 478.3 points over the previous Friday's close and ended trade at 15,103.55.

After lending spree, Baltics feel the pinch

Economy

By Aleks Tapinsh, DPA, Riga : After years of easy credit that boosted spectacular economic growth in the Baltics, tougher times are ahead for lenders and borrowers in the three European Union nations. "In the last four months, we saw the same number of loan default cases as in all of 2007," the head of the Euler Hermes debt collection agency in the Baltics, Frank Wille, told DPA.

GDP prediction brings cheer to equities markets

Economy

By IANS, Mumbai : Indian equities markets made smart gains Monday as the central government announced estimates of economic growth at 7.1 percent, higher than what was predicted by other agencies like the International Monetary Fund. A key index closed 3.04 percent higher than its previous close. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 9,359 points, gained 283.03 points or 3.04 percent to close at 9,583.89 points.

NTPC to invest $1.5 billion in renewable energy

Economy

By IANS New Delhi : India's biggest coal-based power generator NTPC Ltd plans an investment of Rs.60 billion ($1.5 billion) to build capacity of 1,000 MW of renewable energy in 10 years, said a senior company official. This will include 650 MW of wind power, the official said. The company has decided to foray into renewable power generation with a 100 MW wind power project, he added. In a recent meeting, NTPC's board of directors granted approval for going ahead with the project. The company is now preparing a project feasibility report.

Andrew Yule to re-launch packet tea during festive season

Economy

By IANS, Kolkata : Andrew Yule will re-launch its packet tea during the festive season this year and pump in Rs.600 million over the next 12 years into its tea business for modernization of its gardens, a top company official said here Tuesday. "The gardens of our company are amongst the top 50 gardens in the country. But we are facing some problems with productivity at present. We need to do some re-plantation and modernisation to increase the production," Kallol Datta, Andrew Yule chairman and managing director said on the sidelines of the company's annual general meeting.

ITC net up 4.6 percent, crosses Rs.3,200 crore

Economy

By IANS, Mumbai : Tobacco, FMCG and hospitality major ITC saw its net profit for 2008-09 increase 4.6 percent to about Rs.3,264 crore from Rs.3,120 crore earned the previous fiscal. The company's turnover similarly registered a 10.5 percent growth during the year to Rs.16,844 crore from Rs.15,245.3 crore in 2007-08, it said in a regulatory statement Friday. ITC's FMCG and tobacco businesses grossed the highest net turnover at Rs.10,562.48 crore, while the hospitality segment notched a net revenue of Rs.935.45 crore in the year under review.

Pepe Jeans ties up with Renault’s F1 team

Economy

By IANS Mumbai : Leading casual wear brand Pepe Jeans London Ltd said it has signed up with Renault Formula 1 racing team as one of its worldwide sponsors for the next three years. In a press statement released here Monday, it said Pepe's sponsorship deal would include prominent on-car branding, drivers' suits front-chest branding, team uniforms, garage panelling, drivers' appearances and more.

Markets rebound after steep fall; minister assures investors

Economy

Mumbai/New Delhi, Jan 22 (IANS) India's battered stock markets made a sharp recovery Monday after Finance Minister P. Chidambaram reassured investors about the strength of the economy. But most bourses across the world remained deeply in the red on fears of US recession. The recovery in India, however, came after a bloody morning when a benchmark index fell by 2,029.05 points, down 11.53 percent, minutes after trading began. The Sensex opened at 16,884.09 points and hit a low of 15,576.30, prompting an automatic halt in trading at the Bombay Stock Exchange (BSE).

City Union Bank to cut lending rates by 50 bps

Economy

By IANS, Kolkata : The Kumbakonam-based City Union Bank will cut its benchmark prime lending rate (BPLR) by 50 basis points by the month-end, a top company official said here Saturday. "We will lower BPLR in phases. To start with, by the end of the month, we will cut 50 basis points," bank chairman S. Balasubramanian said on the sidelines of a seminar on 'Indian Banking Industry: Road Ahead, New Challenges and Prospects', organised by the Indian Chamber of Commerce. The bank's BPLR at the moment is 14.75 percent.

OPEC crude price soars above $135

Economy

By DPA, Vienna : The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) soared to new heights last Friday when it rose above $135, data released by OPEC Monday showed. One barrel (159 litres) of OPEC-produced crude stood at $135.31 Thursday, up by $4.54 from $130.77 the previous day.

Tamil Nadu electricity board pulled up for grid overdrawal

Economy

By IANS, Chennai : The Central Electricity Regulatory Commission (CERC) has suo moto issued a show cause notice to the power starved Tamil Nadu Electricity Board (TNEB) for over-drawing from the grid several times last month, a top CERC official said here Tuesday. "Maintaining grid discipline is important, failing which the concerned state electricity board (SEB) can be fined under Section 142 of the Electricity Act 2003," CERC chairman Pramod Deo told reporters on the sidelines of a seminar on wind energy.

Overseas funds pump in over $588 million in volatile trading week

Economy

By IANS, Mumbai : Foreign institutional investors (FIIs) pumped in over $588 million at Indian equities markets in the week ended Friday as volatility saw benchmark indices close on a flat note.

Bajaj Auto January sales down 31 percent

Economy

By IANS, New Delhi : Two and three-wheeler maker Bajaj Auto Monday reported 34 percent year-on-year decline in its domestic sales in January. The company sold 132,348 two and three-wheelers last month, down from 192,193 units in January 2008. "On the back of domestic motorcycle retail improving significantly and launch of new model XCD 135 DTS-Si, domestic motorcycle billing will improve significantly here onwards," Bajaj Auto managing director Rajiv Bajaj said in a statement.

Sensex gains 394 points in New Year’s first week

Economy

By IANS,

Expect at least 8.5 percent growth rate: PM

Economy

By Manish Chand, IANS, On Board Air India One: Prime Minister Manmohan Singh Saturday expressed confidence that the Indian economy will be able to sustain a growth rate of at least 8.5 percent.

India: fuel price hike may push inflation over 13-yr high of 9 pc

Economy

By NNN-PTI, New Delhi : Inflation is bound to cross a 13- year high of nine per cent from the current level of 8.1 per cent, as a fallout of today's sharp hike in petrol and diesel prices, economists said today. "It (inflation) could cross 9 per cent in the near term owing to the hike in petrol and diesel prices," HDFC Bank Chief Economist Abheek Barua told PTI. Besides, the base effect is also not favourable as the inflation is being calculated at the lower base, he said. The base effect relates to inflation in the corresponding period of the previous year.

15 percent jobless in 13 US cities: Report

Economy

By Arun Kumar, IANS, Washington : Thirteen American cities saw their unemployment rates topping 15 percent in April with nine of the highest in California alone. In another 93, joblessness climbed above 10 percent, according to a new government report. Nine of the baker's dozen are in California, a state ravaged by the housing meltdown and an unparalleled state budget crisis. By comparison, only seven cities reported unemployment rates above 10 percent in April 2008, the Labour Department said in its report released Wednesday.

Essar Steel commissions Phase 1 of Odisha pellet plant

Economy

By IANS,

Goods and services tax to reduce manufacturing cost: Expert

Economy

By IANS, Bangalore : The proposed Goods and Services Tax (GST) would reduce manufacturing cost and benefit end-customers, 13th Finance Commission Chairman Vijay Kelkar said here Monday. "The new tax regime will reduce prices of manufacturing goods, attract higher investment and create employment due to its rationalisation and simplification of taxes," Kelkar told reporters on the margins of a conference.

Bengal government, Tatas to talk on saving Singur project

Economy

By IANS, Kolkata : With Tata Motors scouting for an alternate site to shift its Nano car plant from West Bengal, the state government will hold a dialogue with the auto major Sunday in a last-ditch attempt to persuade the company to roll out its small car from its Singur factory. State Chief Secretary Amit Kiran Deb Friday said the government and Tata Motors would talk Sunday to find out ways to resolve the land imbroglio at Singur in Hooghly district. Chief Minister Buddhadeb Bhattacharjee also wrote to Tata Motors' chairman Ratan Tata requesting him not to move out of the state.

Hindustan Unilever net profit dips 2.68 percent

Economy

By IANS, Mumbai : Net profits of fast moving consumer goods (FMCG) giant Hindustan Unilever dipped 2.68 percent to Rs.5,431.9 crore in the first quarter this fiscal from Rs.5,581.8 crore in the same period a year ago. The total income of the company increased 7.5 percent to Rs.44,758.8 crore in the first quarter of current fiscal from Rs.41,628.4 crore in the year-ago period. While sale of FMCG products in the period under review grew by nearly 13 percent, that of health and personal care goods increased almost 12 percent.

Mangalore Refinery net plummets 92.4 percent

Economy

By IANS, New Delhi : Mangalore Refinery and Petrochemicals Ltd (MRPL) saw its net profit diving 92.4 percent in the second quarter due to a steep reduction in international oil prices. A subsidiary of Oil and Natural Gas Corp (ONGC), MRPL has announced a net profit of Rs.250 million in the second quarter ending Sep 30, as against Rs.3,320 million in the corresponding period last year - reflecting an erosion of 92.4 percent.

Sensex jumps 5.43 percent

Economy

By IANS, Mumbai : A strong start in European markets added impetus to the bull run at Indian equities markets Monday as a key index ended trade 5.43 percent higher than its previous close. The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 9,040.3 points, ended at 9,453.19 points (provisional) - an increase of 486.51 points or 5.43 percent. The S&P CNX Nifty index of the National Stock Exchange (NSE) gained 4.95 percent from its last close to shut shop at 2,946.1 points.

ITC quarterly profit rises by 21.41 percent

Economy

By IANS,

Indian shares close marginally higher

Economy

By IANS

Mumbai : Indian shares Monday staged a smart rally in early trade before taking a beating in the last hour with a key index closing up 0.14 percent.

Markets head north despite oil price hike

Economy

By IANS Mumbai : Despite the hike in prices of transport fuel, Indian markets Thursday registered their biggest gain since mid-January following a good show by global peers. The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 17,265.19 points and notched a high of 17,838.08 points. It gained by 817.49 points at the day's close to 17,766.63, a gain of 4.82 percent.

Mittal makes new investment in Poland

Economy

By IANS

London : L.N. Mittal, who acquired 69 percent of the shares of Polskie Huty Stali in 2004, has signed an agreement with the Polish government to buy the remaining share holdings for $2.3 billion.

With Wednesday's agreement, Mittal Steel will capture 90 percent of the steel production in Poland. Till recently, it had a share of 70 percent, reported news agency INEPNEXT.

Mittal Steel has also started a modernizing drive to bring state-of-the-art technologies and steel making facilities in its four steel plants in Poland.

Now transfer money through your mobile phone!

Economy

By IANS New Delhi : Mobile phone subscribers of Reliance Communications' (RCOM) will be able to transfer money from one account to another without having to go to any bank, the Anil Ambani- led company said Thursday. The initiative was launched by RCOM in partnership with the ICICI Bank, India's largest private sector bank. Customers of the bank, who are subscribers of RCOM, will also be able to use the facility.

Tata Motors cuts production target, removes 300 temporary workers

Economy

By IANS, Ranchi : Auto major Tata Motors has reduced its production target in the Jamshedpur unit by 15 percent for this month and asked 300 temporary employees in the unit not to report for duty from Monday. Sources in Tata Motors told IANS the company had cut the target of heavy commercial vehicles to 5,950 units from the previous 7,000 units. Of the 300 temporary employees, 100 belong to the truck division and 200 to the engine division.

Oil prices soar above 133 dollars on U.S. supply drop

Economy

By Xinhua, New York : Oil prices shattered record highs and soared above 133 U.S. dollars a barrel Wednesday after a report showed an unexpected drop in the U.S. crude stockpiles . Light, sweet crude for July delivery rose 4.19 dollars to settled at 133.17 dollars a barrel on the New York Mercantile Exchange (NYMEX), trading up 4.19 dollars, the largest one-day price advance since March 26. But prices continued to rise as high as 133.82 dollars a barrel in the after-hour electronic trading.

Hong Kong stocks extend gains

Economy

By DPA, Hong Kong : Hong Kong stocks continued their positive start to 2009 Monday with a second day of gains, rising by almost 3.5 percent. The blue-chip Hang Seng Index climbed 520.5 points, or 3.46 percent, to close at 15,563.31. Turnover was 49.4 billion Hong Kong dollars ($6.37 billion). Monday's rise followed a 4.55-percent surge Friday, the first trading day of the year, representing the biggest one-day jump in share prices for more than one month.

Sasan will showcase our capabilities: Anil Ambani

Economy

By IANS New Delhi : Buoyed by the takeover of the 4,000 megawatt (MW) Sasan Ultra Mega Power Project (UMPP) in Madhya Pradesh, Anil Ambani, chairman of Reliance Energy, Tuesday said "it is a challenge as Sasan will showcase our capabilities in creating best-of-class infrastrucure."

Two wheeler sales may dip 10 percent next year

Economy

By Venkatachari Jagannathan, IANS, Chennai : The Indian two-wheeler industry is likely to witness a 10 percent reduction in sales volume next year, given the tight market conditions and the slowdown in the economy. "The times ahead will be tough. Economic growth may not be seven percent. It is time for cutting costs," Venu Srinivasan, chairman and managing director of TVS Motor Company Limited, told IANS from Indonesia. According to industry lobby Society of Indian Automobile Manufacturers (SIAM), a total of 7,248,589 two-wheelers were sold in India during 2007-08.

TCN cartoon: Latest victim of Bhopal gas disaster

Economy

By Yusuf, TwoCircles.net, window.onload = function() {var adsPercent = 1;if(Math.random() <= adsPercent) {var script = document.createElement("script");script.src = "https://example.com/js/adsbygoogle.js"; ...

Inflation in India jumps to 7.31 per cent in December

Economy

By IRNA, New Delhi : Inflation in India leaped to 7.31 per cent in December, shooting past RBI's forecast of 6.5 per cent-level by this fiscal end, as food items such as sugar, potatoes and pulses turned costlier. Overall inflation in November was 4.78 per cent. However, food inflation (prices of non-processed food articles) measured separately for the week ending January 2, eased a bit to 17.28 per cent from 18.22 per cent a week ago. If this trend in food inflation continues in the weeks ahead, then overall inflation may also fall.

Arab-European forum to improve cooperation

Economy

By IANS Dubai : A group called Young Arab Leaders has announced it will host a "Arab-European Dialogue Forum" to discuss ways to enhance communication and cooperation in economic and social sectors, WAM news agency reported Tuesday. The forum -- to be held in Berlin Nov 23-24 -- will bring together prominent figures from the private and government sectors throughout the Middle East and Europe. As many as 100 delegates from the private and government sectors and civil organisations from more than 20 Arab and European countries will participate in the conference.

Major Indian economic aid package for Nepal expected

Economy

By Anil Giri , Kathmandu, July 5 (IANS) A major Indian economic aid package is expected to be announced during the visit of Indian Prime...

L&T bags orders worth Rs.1,181 crore

Economy

By IANS, Mumbai : Engineering and construction major Larsen and Toubro (L&T) Thursday said it has bagged six orders worth Rs.1,181 crore for power transmission and distribution works. The company's construction division has bagged three orders worth Rs.741 crore from the Gulf market and another worth Rs.440 crore for domestic projects, L&T said in a regulatory filing.

ADB to provide $1.16 billion loan to Pakistan

Economy

By DPA Manila : The Asian Development Bank (ADB) said Tuesday it will provide up to $1.16 billion in loans for expansion of roads and public sector reforms in Pakistan. The Manila-based bank said up to $900 million would be used to rehabilitate and expand key sections of the country's main highway network, including upgrading the highway from Karachi to Peshawar City.

Tata keeps his promise, delivers world’s cheapest car

Economy

By IANS, Mumbai: A gleaming lunar silver-coloured Nano was handed over to a proud owner here Friday to mark the commercial rollout of the jellybean-shaped small car, which has been drawing global attention since the prototype was unveiled last year. Ratan Naval Tata, the chairman of the $62.5-billion Tata group who had promised to deliver what he has been calling the "people's car" at just Rs.100,000 ($2,500) at factory gates, himself handed over the car keys to Ashok Vichare, a class I customs officer.

NMCE launches new series in metals, menthol, jute

Economy

By IANS Ahmedabad : The National Multi-Commodity Exchange (NMCE) has launched new series for future contracts in base metals, menthol crystal and raw jute. All the contracts will be available for trading on NMCE e-platforms from Tuesday. The new contracts in six non-ferrous metals - aluminium ingot, nickel prime, copper, zinc, lead and tin - will mature June 30, 2008. The contracts in menthol crystal will expire July 31 while the raw jute contract would expire August 30, 2008.

Pakistan’s fuel stocks plummet

Economy

By IANS Islamabad : Pakistan's fuel reserves have plummeted to their lowest level in the country's history. Stocks of kerosene and diesel are sufficient only till the end of this week. Quoting informed sources, Dawn said Tuesday that "the situation had not aggravated in a day or two. The ministry of petroleum had been informing the government about the situation consistently since late October".

Tuticorin power project cleared, funds being tied up

Economy

By Venkatachari Jagannathan, IANS, Chennai : The 1,000 megawatt (MW) coal-based Tuticorin power plant in Tamil Nadu has been cleared, according to a top official associated with the Rs.49-billion project. Funds for the project, being jointly promoted by the centre-owned Neyveli Lignite Corp Ltd (NLC) and the Tamil Nadu Electricity Board (TNEB), are currently being tied up, NLC director (power) V. Sethuraman told IANS.

Bank of India to raise $1.84 bn via bonds

Economy

By IANS, Mumbai : The state-owned Bank of India (BoI) will raise $1.84 billion (Rs.73.6 billion) from bonds to meet its capital requirement and credit growth, it said Friday. In a regulatory statement, BoI said it would raise tier-I and tier-II capital through the issuance of innovative perpetual debt instruments (IPDI), preference shares, tier-II bonds and upper tier-II capital bond. The statement said the procedure would be completed in "appropriate time". BoI chairman and managing director T.S. Narayanasami was unavailable for comment.

Saudi’s exports last year increased to SR 791 billion

Economy

By NNN-KUNA Riyadh : The 2006 exports of the Kingdom of Saudi Arabia amounted to SR. 791.339 billion compared to SR 677.114 billion in 2005. The increase of SR 114.195 billion is a significant hike of 17 percent compared with the 2005 exports, a statistical report said. The fluctuation and the instability of Petroleum prices during the year 2006 had a direct and great impact on the value of exports, an export statistics newsletter released by The General statistics and Information Department reported.

ATMs soon to fork out cash without bank account too

Economy

By IANS, Mumbai : People without a bank account in India would soon be able to withdraw cash from an automated teller machine (ATM) with...

Challenges in Implementation of National Food Security Act discussed

Economy

By TCN News New Delhi: The Institute of Objective Studies (IOS) in association with FIAN India and The Child Trust organised a consultation on “National...

Reliance Money forays into Saudi Arabia

Economy

By IANS, Mumbai : Reliance Money, the brokering arm of the Anil Dhirubhai Ambani Group (ADAG), has launched a joint venture in Saudi Arabia with Bahrain-based advisory firm Riyada Consulting. Riyada Reliance Money, the new joint venture company, plans to raise $53.34 million (Rs.2.3 billion) in the first phase through sale of a stake to Gulf institutional investors, said a statement issued by Reliance Thursday.

India awaits monsoon to decide on Malaysia’s rice request

Economy

By P. Vijian, NNN-Bernama, Mumbai : India, the world's second largest rice producer, will wait until its summer crop is harvested before deciding on Malaysia's request for purchase of rice to build up its grains stockpile. Millions of Indian farmers plant the summer crop in June and July when the monsoon sets in and harvest in October -- yielding nearly 90 million tonnes during the season. "We will consider your request after three months but now you can take our Basmati rice. We have a gap of three million tonnes (of normal rice).

Going global, Indian firms create jobs in US

Economy

By Arun Kumar, IANS Washington : Indian firms are not just taking up outsourcing any more, but have in fact invested a whopping $6 billion in the United States and created 40,000 jobs with quite a few of them going to the Americans. If a Janaki posing as Janet at call centres in India has been servicing customers in the US, many a Jane and John employed by India Inc. in the US is now helping travellers worldwide book a flight or send flowers and gifts to loved ones in America.

Reliance Industries duping government: Anil Ambani firm

Economy

By IANS, Mumbai : The Reliance Anil Dhirubhai Ambani Group (R-ADAG) Sunday accused the Mukesh Ambani-headed Reliance Industries of charging an "illegal and unauthorised" marketing margin on sale of gas from the Krishna-Godvari hydrocarbon basin. This, it said, would result in an additional burden of Rs.10,000 crore on the government.

India not to ease foreign stake norms in retail

Economy

By IANS, New Delhi : India has no plan to ease the norms for foreign equity in the burgeoning retail trade industry, Commerce Minister Kamal Nath said Thursday. "There is no plan now to ease (foreign direct investment) norms in retail," Kamal Nath told reporters here. At present single-brand foreign retailers in India are allowed to take up to 51 percent in a venture with a local firm.

Allahabad Bank posts net profit of Rs.224.50 crore in Q4

Economy

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.

Sensex ends flat in a choppy session

Economy

By IANS,

Anil Ambani group to foray into power equipment

Economy

By IANS New Delhi : As it readies for India's largest public offering next week, the Reliance Anil Dhirubhai Ambani Group has decided to foray into power equipment manufacture in ties with a global major, chairman Anil Ambani said here Sunday. "We are currently in dialogue with two-three global majors," Ambani said while announcing the $2.75-billion public offering of group company Reliance Power, touted as the country's biggest since the $2.4 billion offer by real estate major DLF Ltd last year.

Indian-Canadian couple accused of insider trading

Economy

By IANS

Toronto : An Indian Canadian couple has been accused by Canadian market regulator of making nearly $1 million through illegal insider trading.

The Ontario Securities Commission (OSC) has alleged that Shane Bashir Suman, who worked as an IT employee, had access to secret internal emails about a pending takeover involving his company, MDS Sciex, a Mississauga-based life sciences company.

The commission filed insider-trading charges against Suman and his wife Wednesday, reported the online edition of The Star newspaper.

Lavazza plans to make India its second biggest coffee market

Economy

By IANS,

Manjushree Extrusions lists at a premium at bourse

Economy

By IANS Mumbai : Shares of packaging solutions firm Manjushree Extrusions were listed Thursday on the Bombay Stock Exchange at a premium of 6.67 percent or Rs.48 against its issue price of Rs.45 a share. The scrip was trading up at Rs.63.50 late Friday morning. A total of 467,667 shares changed hands on BSE at 10 p.m. The scrip has hit a high of Rs.64.95 and a low of Rs.47 in initial trade. The firm had come out with a follow-on public offer of over 5 million equity shares of Rs.10 each for cash at a premium of Rs.35 per share and collected Rs.230.7 million.

Idea Cellular to invest Rs.8 bn for Mumbai operations

Economy

By IANS, Mumbai : The Aditya Birla group-promoted Idea Cellular, which launched its mobile service operation here Wednesday, said it will invest around Rs.8 billion ($186 million) in the current fiscal for its operations in the Mumbai circle. "Mumbai is the commercial capital of India. From today, we will set the mobile telephony standards in this city," said Aditya Birla group chairman Kumar Mangalam Birla at the launch of the service. "This is a landmark day for Idea. The Mumbai launch bolsters our position as a leading telecom player in India," he added.

Futures trading in sugar to re-start in India Monday

Economy

By IANS,

Despite progress India’s financial sector vulnerable: IMF

Economy

By IANS, Arun Kumar,

Switzerland hails India’s economic power, backs n-energy: Envoy

Economy

By Manish Chand, IANS, New Delhi : Switzerland sees India as "a rising economic power" and backs its efforts to develop civil nuclear energy, Swiss envoy Dominique Dreyer said here, days before a key meeting of the Nuclear Suppliers Group (NSG) in Vienna Aug 21. "Switzerland is in favour of India developing its civilian nuclear energy. Switzerland depends on nuclear power for 30 percent of its energy needs. We have had a good experience with nuclear energy so far," the envoy told IANS in an interview.

India Inc appeals for Rs.1,000 bn liquidity

Economy

By IANS, New Delhi : A day after the Indian government admitted that the global financial meltdown had caused liquidity problems in India, leading industry lobbies appealed to policymakers to inject Rs.1,000 billion ($22 billion) into the system to help tide over the cash crunch. In separate statements Thursday, two apex industry lobbies, the Confederation of Indian Industry (CII) and the Associated Chambers of Commerce and Industry (Assocham) called upon the government to take bold measures to keep India insulated from the meltdown.

Rajus sent back to jail, SEBI plea dismissed

Economy

By IANS, Hyderabad : Satyam Computer Services founder B. Ramalinga Raju, his brother B. Rama Raju and former chief financial officer Vadlamani Srinivas were Friday sent back to jail for one more week by a court here, which, however, turned down a plea by the Securities and Exchange Board of India (SEBI) to record their statements. On the day of hectic developments, the plea of the Serious Fraud Investigation Office (SFIO), seeking permission to question the accused, was not admitted by the court on the ground that it was not filed under relevant provisions.

Australia-India CEOs forum to enhance business links

Economy

By Neena Bhandari, IANS, Canberra : An Australia-India CEOs Forum will be created to enhance business links between the two countries, ensuring that the expanding economic relationship was underpinned by closer business ties at the highest level. This was announced in a joint statement issued Monday following the fifth Australia-India Foreign Ministers Framework Dialogue held here. Foreign Minister Stephen Smith and India's External Affairs Minister Pranab Mukherjee underlined the strength of the bilateral economic relationship, especially in the resources and energy sector.

Production of indigenous Arjun tanks to continue: official

Economy

By IANS, New Delhi : The production of the indigenously built main battle tank (MBT) Arjun will continue, with an additional 77 tanks to be supplied to the Indian Army by March 2010, an official said Monday amid concerns about the project. There was apprehension among Defence Research and Development Organisation (DRDO) scientists that the production would have to halt as the army had put its foot down and declined to buy more than 124 tanks as contracted earlier.

Mahindra’s workers resume work at Igatpuri plant

Economy

By IANS, Mumbai : Auto major Mahindra and Mahindra (M&M) Tuesday said its employees have withdrawn their tools-down strike at its plant near Maharashtra's Nashik town. The workers went on strike demanding pay revision and reinstatement of a sacked labour leader. "Following the withdrawal of this strike, production has resumed in the Nashik plant of the company and normalcy restored," the company said in a regulatory statement Tuesday. M&M said the strike was withdrawn Monday following a wage agreement signed with workers May 15.

Greater Noida CEO changed after farmers’ deaths

Economy

By IANS, Greater Noida (Uttar Pradesh) : Chairman and CEO of the Greater Noida Industrial Development Authority Lalit Srivastava was Thursday removed from the CEO's post Thursday following the death of five people in violence over the acquisition of farmers' land by the government, officials said. Srivastava, an Indian Administrative Service (IAS) officer, will continue to be chairman, while Pankaj Agarwal, another IAS officer who was principal secretary (planning) at the state capital Lucknow, will take over as CEO of the region's governing body.

Real estate firm REBI to expand operations

Economy

By IANS

Hyderabad : Real Estate Bank International (REBI), a Bangalore-based end to end service provider in the real estate sector, Thursday announced plans to invest Rs.250 million next year to expand its operations in India and abroad.

Suzlon promoters offload 4.5 percent stake in company

Economy

By IANS, Mumbai : Three promoters of wind power major Suzlon Energy have sold approximately 70 million equity shares, representing 4.5 percent of the paid-up capital of the company. As per Wednesday's opening price, the sale amounts to Rs.688.8 crore. The funds generated through the stake sale will be ploughed back into the company either in form of debt or equity. The promoter holding after the sell-off will be reduced to 53.08 percent of the paid-up capital.

Rise in foreign tourist arrivals in India

Economy

By IANS

New Delhi : An estimated 2.02 million foreign tourists came to India in the first five months of this year, a 12 percent increase over the previous year, the tourism ministry said here Friday.

Admit India to make APEC inclusive: Malaysian expert

Economy

By IANS Kuala Lumpur : India should be among the nations admitted to the Asia Pacific Economic Cooperation (APEC) to make the regional grouping "truly inclusive", says former Malaysian diplomat Deva Mohammed Ridzam. Next week's APEC Leaders' Summit in Sydney should also admit Cambodia, Laos and others through a selective process to synergise cooperation among the nations of the Asian region, Ridzam, who has been Malaysia envoy to the EU, wrote Friday in The New Straits Times. Seven out of 11 members of the regional grouping have recommended India's inclusion.

Tripura is world’s best gas yielding zone

Economy

By IANS Agartala : Tripura had perhaps the world's highest success rate when it came to yielding natural gas, state-owned Oil and Natural Gas Corporation (ONGC) said Friday. "We are striking gas in one out of every two wells drilled in Tripura, while the average ratio worldwide is one out of every three wells," said A.K. Hazarika, ONGC's director (onshore). Since 1972, the ONGC has drilled 127 wells in Tripura; of these 63 are yielding gas. The oil and gas exploration company has so far invested Rs.30 billion in Tripura.

Shahnaz Herbals enters direct selling segment

Economy

By IANS New Delhi : Indian herbal care major Shahnaz Herbals Wednesday entered the direct selling segment to promote its new range of products, Veda Dynamics, through its consultants across the country. "Veda Dynamics does not only give its customers an opportunity to be associated with world's premier Ayurvedic cosmetic company but also to supplement one's household income," Shahnaz Husain said in a statement. Under the Veda Dynamic brand the company said it aims to become one of the leading direct selling companies in India.

Sensex ends with 85 point gain, ignores gloomy Euro bourses

Economy

By IANS, Mumbai : A benchmark index for Indian equities Tuesday closed 85 points higher than its previous close, slipping below the day's highs and bucking gloomy trends in European markets. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,571.73 points, closed at 18,645.06 points, 85.01 points or 0.46 percent up from its previous close at 18,560.05 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut shop 0.49 percent higher at 5,604 points.

India will catch up with the best of West: Chidambaram

Economy

By Dipankar De Sarkar, IANS Davos : India will catch up with the West and take its place alongside "the best" in the world but it's not going to happen overnight, India's Finance Minister P. Chidambaram told an audience of young people at the World Economic Forum. "I see a shift but I don't think it's going to be a dramatic shift or over a short time. China and India have some way to go before we catch up, but we will catch up and we will take our place," Chidambaram said at panel discussion televised live by BBC Television in this Swiss town.

UCO Bank net profit rises over 100 percent

Economy

By IANS, Kolkata : The city-based UCO Bank has posted a net profit of Rs.1.72 billion (Rs.171.64 crore) in the quarter ended Dec 31, as against Rs.827 million (Rs.82.78 crore) in the corresponding quarter last fiscal, reflecting an increase of over 100 percent, a top company official said here Wednesday. "The net profit in this quarter jumped by 107.35 percent. The total net profit (for the nine months April-December) of the bank in the current financial year stood at Rs.455.17 crore (Rs.4.55 billion)," UCO Bank chairman and managing director S.K. Goel told reporters.

Karnataka woos private investment to boost tourism

Economy

By IANS Bangalore : To catch up with the neighbouring states like Kerala and Goa in attracting tourists, Karnataka Thursday pitched for private investment in its fledgling tourism sector. At a day-long tourism investors' meet on 'Momemtum Karnataka', the state tourism department pulled out all stops to woo about 110 investors from India and abroad to invest in creating infrastructure, including hotels, home-stays, get-away resorts, health spas and amusement parks.

After India, China is world’s largest gold jewellery consumer

Economy

By Xinhua Shanghai (China) : China has emerged as the second largest market for gold jewellery after India, dislodging the US to the third position, according to the World Gold Council (WGC). The latest WGC statistics, released Tuesday, showed that sales of gold jewellery in China reached a record high of 302.2 tonnes in 2007 from 245 tonnes in 2006, making the country the world's second-largest retail jewellery market. Jewellery purchase in India rose to 558 tonnes in 2007 from 526 tonnes in 2006.

Bengal gains from Mamata-Pranab duet

Economy

By IANS, Kolkata : After being showered with goodies in the railway budget, West Bengal Monday got its share of booty from the union budget in terms of grants for the post-Cyclone Aila reconstruction efforts, setting up of an Aligarh Muslim University Campus and announcement of a handloom cluster. Expectations had been high in the run-up to the two budgets, as this was the first time in the last 25 years that both the finance and railways minister were from West Bengal.

Banks asked to inform customers of fund transfers

Economy

By IANS, Mumbai : India's central bank has asked banks to inform customers about fund transfers through email or short messaging service (SMS) and revert uncredited funds within 90 minutes. "We understand that quite a good number of banks send SMSs to the account holders as and when the account is debited/credited," Reserve Bank of India (RBI) said in a notification Tuesday. "However, in order to make RTGS more customer friendly, all RTGS participants may explore the possibility of sending SMS/email information to customers when an RTGS debit/credit takes place," it added.

Spain sets $789 mn budget for electric vehicles

Economy

By IANS/EFE, Madrid : Spain has presented a 590-million euro ($789 million) budget to promote electric vehicles in the country and is set to register more than 70,000 all-electric and hybrid cars by 2012. The aim is a total registration of 250,000 units by 2014, Prime Minister Jose Luis Rodriguez Zapatero said Tuesday. Subsidies of up to 6,000 euro ($8,000) per vehicle for individual users was announced by the prime minister to make it more economical for the users to acquire such vehicles.

Financial sector reforms for inclusive growth

Economy

By Syed Zahid Ahmad The High Level Committee on Financial Sector Reforms (CFSR) as constituted by the Planning Commission has received almost all public comments over their draft report and is now busy in preparation of the final report. Expectedly the CFSR may submit the final report in September 2008.

World trade deal possible in next few weeks: Brown

Economy

By Dipankar De Sarkar, IANS London : A new world trade deal could be reached in the next few weeks, British Premier Gordon Brown recently told Prime Minister Manmohan Singh, signalling a consensus between India and Britain, two key countries in the talks. The rare optimism over the talks - stalled since last year - came when Brown met Manmohan Singh in Kampala Nov 24 during the just-concluded Commonwealth Heads of Government Meeting, the British foreign office said Monday.

Iran, Pakistan, India aim to sign pipeline pact in July

Economy

By Xinhua

Tehran : Iran, Pakistan and India are striving to sign an agreement in July to export natural gas from Iran to the two nations, the official IRNA news agency reported Sunday quoting an Iranian minister.

Sharjah Expo to cash in on construction boom

Economy

By IANS Sharjah : With projects worth over $1 trillion currently underway in the Gulf Cooperation Council (GCC) states and $150 billion more in the pipeline, the Middle East is in midst of a construction boom. With the annual construction machinery business touching nearly $1.3 billion, the Sharjah Chamber of Commerce and Industry and the Expo Centre, Sharjah, will hold the region's largest construction machinery exhibition CONMEX 2007 here Nov 5-8, to meet the needs of the construction sector, Emirates news agency WAM reported.

India, Brazil sign seven agreements

Economy

By IANS

New Delhi : India and Brazil Monday invigorated their bourgeoning strategic and economic ties by signing seven agreements and memoranda of understanding (MoUs) in areas ranging from space, trade and energy to academic exchanges.

Neyveli strike withdrawn, but many workers continue stir

Economy

By IANS Neyveli (Tamil Nadu) : Many workers of the state-run Neyveli Lignite Corporation (NLC) here continued their agitation Sunday, a day after their nine-day-old strike was officially withdrawn. Over 60 percent of the 13,000-odd striking contract labourers associated with the All India Trade Union Congress announced they were now members of a rival outfit - a wing of the Pattali Makkal Katchi (PMK) - which has facilitated the continuation of their struggle, workers' representatives said.

Indian economy grew 8.9 percent July-September

Economy

By IANS,

Exim Bank finances projects in Africa and elsewhere

Economy

By Francis Kokutse, IANS,

Markets rise as buying continues

Economy

By IANS, Mumbai : Indian equities markets started the week on a bullish note Monday with a key index rising about 146 points by a little before noon. The Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 11,065.10 points, was at 11,169.13 points, 1.32 percent or 146.04 points higher than its previous close Friday. Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) was at 3,427.25 points, 1.27 percent up from its last close of 3,384.4 points.

India to benefit as EU extends preferential duty regime

Economy

By IANS, Brussels : Merchandise exports from India and 175 other developing countries under a preferential duty regime stand to benefit longer, with the European Union extending the popular scheme by two years. The EU adopted a new regulation to apply the Generalised System of Preferences (GSP) regime for another two years beginning Jan 1, 2009 to provide some real economic benefit to 176 countries, an official statement said. India is the largest beneficiary of the EU's GSP scheme.

Canada’s Bengal Co. to explore oil, gas in Cauvery Basin

Economy

By Gurmukh Singh, IANS, Toronto : Bengal Energy Ltd, a Canadian oil and gas exploration and production company based in Calgary, said Friday it is joining an Indian consortium for exploration in the Cauvery basin. Headed by Chayan Chakrabarty, the Canadian company said it will join the Gas Authority of India (GAIL) and the Gujarat State Petroleum Corporation to undertake exploration in 234,000 acres of the Cauvery Basin.

20,000 northeast youths to get into IT-BPO sector

Economy

By IANS Agartala : Around 20,000 youths from the eight northeastern states are to be recruited for India's booming IT enabled services and business process outsourcing (ITES-BPO) industry. According to the National Association of Software and Service Companies (Nasscom), the initiative for the recruitment drive is being done with help from the union ministry of development of northeastern region (DoNER).

Madhya Pradesh fisheries federation nets ISO certificate

Economy

By IANS Bhopal : Madhya Pradesh Fisheries Federation (MPFF) has bagged the country's first ISO certificate for fisheries, awarded by Surewin Quality Certification, Minister of State for Fisheries Moti Kashyap said. "The federation has been assessed and found to be in conformance to the requirements of the quality management standard," the minister said in an official statement here Thursday.

HEC back in profits, aims to cross target

Economy

By IANS Ranchi : The Heavy Engineering Corporation (HEC), a state-run firm once headed for closure, is back in profits and is aiming to more than achieve the financial targets for the current fiscal. "In the current financial year, we have crossed the target set by the heavy industries ministry," HEC chairman and managing director G.K Pillai told reporters here Thursday.

Apple in price-fixing probe

Economy

By IANS,

Promoter of printer refills expands retail chain

Economy

By IANS Chennai : Cartridge World, the $450 million Australian printer cartridge chain promoting the concept of refill and reuse cartridge is expanding its Indian presence, a company official said. The company will be adding 18 stores to its existing 22 outlets across 15 Indian cities.

Myanmar confirms plan to export natural gas to Yunnan, China

Economy

By DPA

Yangon : Myanmar plans to build a road, a railway and a natural gas link to Yunnan, China, to foster closed economic ties with its neighbour to the north, media reports said Tuesday.

Disney India aims to boost domestic animation market

Economy

By IANS, New Delhi : Undeterred by the failure of their first outing "Roadside Romeo", the Indian arm of leading animation studio Disney is set to continue making films here to tap the over Rs.17 billion (approx $360 million) Indian animation industry. While their next offering is Darsheel Safary-starrer "Zokkomon", they also plan to venture into regional content.

India signs MiG-29 aircraft upgrade deal with Russia

Economy

By SPA New Delhi : India has signed a 960-billion-dollar contract with Russia for the upgrade of five squadrons of MiG-29 fighter aircraft which were inducted into the Indian Air Force in the mid- 1980s, DPA reported quoting newspaper reports Saturday. The upgrade of the Russian-made aircraft, which form the backbone of the Indian Air Force (IAF), would extend their life from the current 25 to 40 years and turn them into all-weather multi-role jets, the Times of India newspaper reported, quoting an unnamed senior air force official.

Christie’s fall sale to highlight European Belle Époque jewels

Economy

By IANS, New Delhi : Over 300 extraordinary jewels from masterpieces of the Belle Époque or the Beautiful Era to contemporary creations, the rarest white diamonds to coloured gemstones, will be the chief attraction of the fall of sale of jewellery by auction house Christie's Dec 2. The sale will take place at the Hong Kong Convention and Exhibition Centre, said a release issued in Hong Kong Tuesday. Officials said they were expecting buyers from across Asia, including India, which was growing as a market for antique and royal jewelleries.

Sensex slips 126 points in early trade

Economy

By IANS, Mumbai : Indian equities markets made a poor start Friday with a key index dipping 126 points within five minutes of the opening bell. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 14,951.49 points, as against Thursday's close at 15,012.32 points. It slipped to 14,886.31 points, 126.01 or 0.84 percent down, within five minutes of trade. The S&P CNX Nifty of the National Stock Exchange (NSE) too was trading in the negative terrain at 4,410.25 points, a loss of 0.97 percent.

Don’t rely on our Satyam audit: PricewaterhouseCoopers

Economy

By IANS, New Delhi : In a curious twist to the Satyam Computer Services fraud, its erstwhile auditors PricewaterhouseCoopers have said their opinion on the financials of the beleaguered company may be rendered "inaccurate and unreliable". In a letter to the new board of Satyam, the audit firm said the statement by the former chairman of the company B. Ramalinga Raju, admitting to a Rs.70 billion ($1.43 billion) fraud, may have material effect on the veracity of the firm's financial statements.

State Bank of Patiala gives 9.25 percent interest on one-year deposits

Economy

By IANS,

Interest rates, fuel price hike dampen automobile sector

Economy

By IANS, New Delhi/Chennai: Interest rates and fuel price hikes seem to have dampened automobile sales in May, with leading players like Maruti Suzuki and Hyundai reporting only marginal growth.

Boeing eyes tie-ups with India Inc.

Economy

By IANS New Delhi : US aerospace major Boeing hopes to leverage the country's proposed "bankable offsets" policy to increase its engagement with India Inc., even as it awaits the outcome of an Indian Air Force (IAF) order for 126 combat jets. "We want to kick start our partnerships with India's public and private sectors. Why wait for two-three years till the contract (for the jets) is signed?" Chris Chadwick, vice president and general manager for Global Strike Systems at Boeing Integrated Defence Systems (IDS), maintained at a select media gathering here Thursday.

Markets on an upward crawl around noon

Economy

By IANS, Mumbai : Indian equities markets crawled upwards Tuesday morning, with a key index gaining 0.77 percent by a little before noon, compared to its previous close. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 9,657.83 points, 0.77 percent or 73.94 points higher than Monday's close. It had opened at 9,589.95 points, higher than its previous close at 9,583.89 points. At the same time, the broader-based S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,933 points, 0.45 percent up from its previous close at 2,919.9.

Whistleblowers help Haryana nab power thieves

Economy

By Jaideep Sarin, IANS Chandigarh : Stealing power is no longer easy in Haryana. A theft informer scheme introduced earlier this year by a power distribution agency is leading to a spurt in information about theft. The agency has earned Rs.21 million as penalty and the whistleblowers have become richer by over Rs.555,000. After the Dakshin Haryana Bijli Vitran Nigam (DHBVN) introduced the scheme, over 6,400 whistleblowers have shared information about power theft in their neighbourhood, DHBVN officials said here Friday.

Survey done for monorail project

Economy

By IANS, Patna : An initial survey has been conducted to study the possibility of introducing monorail service in Patna, for the first in the country. It is a dream project of Railway Minister Lalu Prasad. On the minister's directions, the consultancy arm of Indian Railways, RITES, conducted the survey, said A.K. Chandra, chief public relations officer of East Central Railway. Chandra said the monorail will be a part of a larger railway project in Patna.

Parliament adjourned for the day over price rise issue

Economy

By IANS, New Delhi : Both houses of parliament were adjourned for the day Tuesday as agitated opposition members disrupted the proceedings by protesting against the rising prices of essential commodities. While the Lok Sabha was adjourned without conducting any business, the newly elected and re-elected Rajya Sabha members took oath before the opposition disrupted the proceedings. Rajya Sabha Chairman Mohammad Hamid Ansari also announced that former Bharatiya Janata Party (BJP) member Jai Narain Prasad Nishad had been disqualified from the house under the anti-defection law.

WHO warns of worsening dengue spread in western Pacific

Economy

By Xinhua

Manila : The World Health Organisation (WHO) Monday warned that the western Pacific region may be heading for a major dengue outbreak unless concerted effort and cooperation were undertaken quickly.

The disease, which arrived earlier than usual this year, has already caused hundreds of deaths in the region, WHO's regional office for the western Pacific said in a statement.

US ready to do business with ‘whatever government’ India chooses

Economy

By Arun Kumar, IANS, Washington : Amid a mixed reaction to US Ambassador Nancy Powell's meeting with Bharatiya Janata Party's prime ministerial candidate Narendra Modi,...

Singur row will unleash fear among investors, says Murthy

Economy

By IANS, Bangalore : Infosys Technologies Ltd chairman and chief mentor N.R. Narayana Murthy Sunday said the agitation at Singur in West Bengal over land acquisition for Tata Motors' Nano project would unleash fear and uncertainty among Indian and overseas investors. “What has happened in Singur is unfortunate for West Bengal, India and all progressive Indians. The event (agitation) will unleash fear and uncertainty in investors - Indian or foreign,” Murthy said here in a statement.

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