Fiat to build $1.7 bn car factory in Brazil
By IANS/EFE,
Rio de Janeiro : Fiat SpA has announced that it plans to invest 3 billion reais ($1.7 billion) to build a second plant in Brazil, the carmaker's No. 2 market after its native Italy.
Cuba to open new stage in foreign investment
By IANS
Havana : In what may be seen as an attempt to open up its economy, Cuba is preparing to invite more foreign investment in a "new climate" in the country and to prevent errors committed in the past, Foreign Investment Minister Marta Lomas said.
"There's a new climate for investment, the consolidation of the economy is a fact. We've had years with sustained growth of the economy and that allows there to be a new climate for doing new things," Spanish news agency EFE quoted Lomas as saying.
Budget anti-poor and serves Congress’ interests: Raman Singh
By IANS,
Raipur/New Delhi : Chhattisgarh Chief Minister Raman Singh Monday termed the union budget as "anti-poor" and aimed to serve the Congress party's "political interests".
Singh, who is in New Delhi, told reporters that the budget presented by Finance Minister Pranab Mukherjee in parliament "is anti-poor. The budget has taken care of the Congress party's political interests rather than addressing the problems of common people".
Sensex closes 355 points higher
By IANS,
Mumbai : A benchmark index for Indian equities markets closed 355 points higer Wednesday led by IT and auto stocks.
India needs $500 bn for core sector in next five years: PM
By Aroonim Bhuyan, IANS,
Muscat (Oman) : India needs over $500 billion in investments over the next five years for infrastructure development, Prime Minister Manmohan Singh said here Sunday.
"India is undergoing a major transformation. Our economy is expanding rapidly," Singh said at a gathering of the Indian diaspora in Oman at the Indian embassy here.
"We are laying particular focus on the development of our agriculture and the rural areas. Our financing requirements for the building of massive infrastructure in the next five years are estimated at over $500 billion," he said.
India’s forex reserves down
By IANS,
Mumbai: India's foreign exchange (forex) reserves went down by $32.7 million and stood at $293.52 billion for the week ended Nov 16, the Reserve Bank of India (RBI) data showed.
Suzlon picks up Areva’s stake in REpower
By IANS,
Mumbai : Leading wind power equipment manufacturer Suzlon Energy has acquired France-based Areva's 30 percent stake in German wind turbine maker REpower Systems.
This acquisition will consolidate the company's total holding in REpower to about 66 percent.
With this acquisition and through voting pooling agreement with Martifer of Portugal - another major shareholder of REpower - Suzlon enjoys voting rights of about 89 percent in REpower, subject to certain minority protection and other rights, the company said in a statement here Friday.
Office rents in Mumbai, Delhi still among ten highest in the world
By IANS,
New Delhi : Despite slow growth in rentals, Mumbai and Delhi remain among the world's 10 most expensive cities to rent office space in, according to CB Richard Ellis Group's semi-annual global market rents survey, results of which were announced here Friday.
However Mumbai, which was the world's second most expensive office market during the last survey in November 2007, is now in fourth place, though its rental of $210.97 per sq ft is still 41 percent higher than it was last November.
Economic highlights of UPA’s second tenure
By IANS,
New Delhi : The following are the economic highlights of the United Progressive Alliance (UPA) government's second tenure under Prime Minister Manmohan Singh, as spelt out in the 68-page "Report to the People" released here Tuesday:
- Clear signs of recovery, upturn in growth rate
- Foreign investment inflows robust
- New draft unveiled to replace 60-year-old income tax act
- India now third largest steel producer
- Record capacity created for electricity generation
- New thrust to spruce road and highway infrastructure
Tata has some values: Medha Patkar
By IANS,
New Delhi : Medha Patkar of the Narmada Bachao Andolan (NBA), who had joined hands with the Trinamool Congress chief Mamata Banerjee in the struggle against land acquisition for Tata Motors' Nano project in West Bengal, has welcomed the company's decision to shift the project.
“We are very happy with (Tata group chairman Ratan) Tata's decision to leave Singur. He has some values. He should have taken this decision long ago,” Patkar told IANS by telephone Saturday.
Deccan airlines to be renamed Kingfisher Red
By IANS,
Mumbai : Low-cost airline Deccan would now be called Kingfisher Red and would be a separate brand from Vijay Mallya promoted Kingfisher Airlines.
From Friday, Deccan would operate under the flight code IT instead of the current DN, sources told IANS late Thursday.
This would be the second branding exercise for the once called "common man's airline" after its merger with Kingfisher Airlines in December 2007. The legal merger of the two separate brands is expected by the end of this month.
Sensex dull in morning trade
By IANS,
Mumbai : A benchmark index of Indian equities Friday opened on a sombre note after a sell-off in the previous session.
Sensex ends 57 points lower
By IANS,
Mumbai : A key Indian equities index ended a lacklustre day of trading Wednesday 57 points lower than its previous close, with ITC, Hero Honda and Sun Pharma being among the top losers.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 17,402.24 points and shut shop at 17,343.82 points, down 57.74 points or 0.33 percent from its previous close at 17,401.56 points.
It had fallen to 17,322.8 points around noon.
South Indian Bank offers customers health insurance
By IANS,
Trissur (Kerala) : The South Indian Bank (SIB) Wednesday offered an insurance policy providing comprehensive health cover to its 3.50 million current and savings account holders across the country.
Launched in partnership with Cholamandalam MS General Insurance Company, this family floater policy is available for Rs.two lakh.
"We are sure that this initiative will address the healthcare needs of our customers," said V.A. Joseph, managing director and CEO of the Kerala-based bank.
Moserbaer deposits first payment for Himachal project
By IANS,
Shimla : Technology company Moserbaer Projects Pvt Ltd Wednesday paid the Himachal Pradesh government a part of the premium for executing the 144 MW Gondhla hydro power project in the state.
Company's chief executive officer Awadh B. Giri presented Chief Minister Prem Kumar Dhumal with a draft for Rs.43.92 crore (Rs.439 million) as 50 percent of the total premium, an official statement said.
The project will be set up in the Lahaul Valley on the Chandra river, a tributary of the Chenab.
Three kinds of organic food
By IANS,
New Delhi : Three kinds of farms in India produce organic food:
* Traditionally organic - farms that follow traditional agricultural practices and have never used chemical pesticides or fertiliser. These include small farms whose owners are organic farmers by default, as they cannot afford synthetic fertiliser or pesticides.
* In-convergence organic - farms that have recently switched to organic farming and are in the process of acquiring certification; they are under the purview of certifying agencies.
India’s rail budget promises new business model to fund expansion
By IANS,
New Delhi : Railway Minister Mamata Banerjee Wednesday presented India's rail budget for the next fiscal with the promise of a new business model to encourage private investment along with social commitment but without privatisation.
"Our objective is inclusive growth," she told the Lok Sabha, lower house of parliament, adding that her main consideration in this year's budget was social responsibility rather than mere commercial viability of projects.
India-Thailand free trade agreement by 2010: Thai PM
New Delhi, June 26 (IANS) India and Thailand have stepped up negotiations to conclude a landmark free trade agreement (FTA) by 2010, Thai Prime Minister Surayud Chulanont Tuesday told top businessmen here as he sought a greater role for India in "bridging the digital divide in Asia."
Allaying apprehensions of investors after a military-led government took over power last September, the Thai leader assured that the country's economy was in top form and full democracy would be restored after elections, to be held before the year-end.
Equities markets maintain small gain in early trade
By IANS,
Mumbai : The Indian equities markets, which opened with a marginal gain Thursday, saw choppy trading early in the day, while they just about maintained their position in the green.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 35.14 points at 15,479.65. Ten minutes into trading, it had reached 15,586.41, a gain of 71.62 points or 0.46 percent from its closing figure Wednesday.
Samajwadi Party protests VAT in Uttar Pradesh
By IANS
Lucknow : Activists of Uttar Pradesh's opposition Samajwadi Party Thursday staged state-wide protests and demonstrations against the implementation of value added tax (VAT) from Jan 1.
In a memorandum addressed to President Pratibha Patil, the party demanded immediate reversal to the erstwhile sales tax regime.
India Inc rings caution as inflation hits three-year high
By IANS
New Delhi : Leading Indian industrialists and businessmen have called for caution as the annual rate of inflation shot up to a three-year high of seven percent for the week ended March 22, causing prices of essential commodities to rise.
Corporate India has also expressed hope over the government's recent fiscal measures to control the prices of important products such as food items.
On the right side of the border in Assam and Mizoram
The no man's land—the disputed region between Assam and Mizoram saw violent clashes between the forces of the two states leading to the...
Inflation rises in Britain
By IANS,
London : Britain's Consumer Prices Index (CPI) annual inflation grew by 2.8 percent in February, said the Office for National Statistics (ONS).
Markets end in red, Sensex slips amid high volatility
By IANS,
Mumbai : Indian equities markets closed in the red Monday, with a key index turning volatile to fall 43 points below its last close.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 11,065.1 points, higher than its Friday close, fell 230 points from the day's high to close at 10,979.5 points - a decrease of 43.59 points or 0.4 percent.
The Sensex touched an intra-day high of 11,209.66 points and a low of 10,863.28 points.
Reliance Power bags third ultra mega power project
By IANS,
New Delhi : The government Thursday handed over the letter of intent for the Tilaiya ultra mega power project (UMPP) to Reliance-Anil Dhirubhai Ambani Group (R-ADAG), being set up at an investment of over Rs.120 billion (Rs.12,000 crore/$2.4 billion).
This is the third UMPP awarded to group company Reliance Power, with the other two being at Sasan in Madhya Pradesh and Krishnapatnam in Andhra Pradesh.
UAE bank to acquire Royal Bank of Scotland’s retail business
By IANS/WAM,
Abu Dhabi : The Abu Dhabi Commercial Bank (ADCB) has signed a deal to acquire the Royal Bank of Scotland's (RBS) retail banking business in the United Arab Emirates (UAE).
The agreement was signed Wednesday and the acquisition is subject to approval by UAE Central Bank.
This would be the first acquisition of an international bank's retail banking franchise in the UAE by a local bank.
Wockhardt Hospitals confident of sustaining profits
By IANS
Chennai : The Mumbai-based corporate hospital group Wockhardt Hospitals Ltd is confident of maintaining its profits this fiscal, said a top official.
The company has earned a total income of Rs.2.59 billion ($65.7 million) and net profit of Rs.73 million ($1.9 million) for the nine-month period ended Dec 31, 2007.
This shows a sharp decline in the net profit of the company from the last fiscal figures. The hospital group had posted a profit of Rs.155.9 million ($3.9 million) and total revenue of Rs.2.36 billion ($59.9 million) in the last financial year.
Neesa group in expansion mode
By IANS,
Ahmedabad : The Rs.6,000 crore-Neesa group is set for a major thrust in the hospitality and leisure industry with three upcoming projects in Haryana, Gujarat and Rajasthan.
The group company Neesa Leisure Ltd (NLL) would increase its total inventory to over 1,000 rooms with the commissioning of new properties in Neemrana (Haryana), Dahej (Gujarat) and Jodhpur (Rajasthan), Neesa group chairman Sanjay Gupta told IANS.
Max New York Life to invest $609 million in India
By IANS
Lucknow : While launching a unit-linked pension plan, Max New York Life Insurance disclosed plans to invest Rs.24 billion ($609 million) in the country over the next four years.
Max's regional manager Anil Misra told IANS: "We have drawn up a blueprint to invest Rs.24 billion in expanding our base and network across the country over the next four years."
The new scheme follows the company's success with selling over 1.9 million policies across the country through its 29,000 agents, with more than Rs.54 billion in sum assured.
State Bank of India launches debit card in Canada
By Gurmukh Singh, IANS,
Toronto : State Bank of India (SBI) has launched its first debit card in Canada to raise its client profile here.
SBI is also looking at 84 locations globally to increase its association with international business, chairman O.P. Bhatt said Wednesday while launching the card here.
With seven branches across Canada, the State Bank of India-Canada (SBIC) - SBI's 100 percent-owned subsidiary - claims to have captured 65 percent of the trade conducted between that country and India.
Tension grips POSCO site after villagers clash
By IANS,
Jagatsinghpur (Orissa) : Tension gripped the project-site of the South Korean steel major Posco in Orissa after supporters and opponents of the mega-project clashed, an official said Thursday.
The trouble broke out Wednesday at Gobindpur village in Jagatsinghpur district, some 120 km from here. Villagers are divided over their support to the project, which is billed as the largest foreign direct investment in India.
Markets slip marginally at opening bell
By IANS,
Mumbai : Indian equities markets slipped at the opening bell Tuesday, with a key index ruling 0.17 percent lower than its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 8,942.01 points, lower than its 8,943.54 point close Monday. About 15 minutes into trade, it was at 8,928.42 points, 0.17 percent or 15.12 points lower than its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,773.75 points, 0.13 percent down from its last close of 2,777.25.
India on Bahrain telecom operator’s radar
By IANS,
Dubai ; India figures prominently in Bahrain telecom operator Batelco's overseas expansion plans.
Stating that the Middle East does not hold much scope for the company, Batelco chief executive Peter Kaliaropoulus Tuesday said: “The big opportunities are in Africa, or India and Asia-Pacific.”
The company is planning a $4 billion overseas acquisition drive.
According to Kaliaropoulus, only the Lebanese and Syrian markets in the Middle East were worth considering.
Jayalalithaa criticizes rail budget
Chennai : Tamil Nadu Chief Minister J. Jayalalithaa on Thursday said the 2016-17 railway budget had failed to meet the state's expectations but welcomed...
Inflation will moderate soon, say government economists
By IANS,
New Delhi : Two leading government economists Monday expressed optimism that inflation would moderate soon and added that there was no need to panic.
While Planning Commission Deputy Chairman Montek Singh Ahluwalia said here that the government's efforts to control inflation would have positive results in some weeks, Prime Minister's Economic Advisory Council (EAC) Chairman C. Rangarajan told reporters that inflation would come down to five to six percent in four months.
Sensex flat in afternoon trade
By IANS,
Mumbai : A benchmark index for Indian equities was ruling flat Thursday afternoon amid negative Asian cues.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,978.37 points, was ruling at 17,947.32 points, 29.91 points or 0.17 percent down from its previous close at 17,977.23 points.
At the National Stock Exchange(NSE), the broader 50-share S&P CNX Nifty was trading at 5,393.1 points, down 0.12 percent from its previous close at 5,399.35 points.
German firm may set up rail plant in Chhattisgarh
By IANS
Raipur : Officials of MAN Ferrostaal AG, a German engineering major, has met Chhattisgarh Chief Minister Raman Singh and expressed a keen desire to set up a rail wheels-and-axle plant in the state, an official statement said Wednesday.
CEO Michael J. Walter and executive director John Tremus of MAN Ferrostaal met Raman Singh Tuesday evening here at the state secretariat and expressed interest in setting up the plant in a special economic zone (SEZ).
Tea Board to rap companies for defaults
By IANS,
Mejia (West Bengal) : The Tea Board ofr India would shortly issue notices to five tea exporters for not adhering to quality and quantity commitment for Iraq consignment, said a union minister here Sunday.
Minister of State for Commerce and Power Jairam Ramesh, who has come to visit Damodar Valley Corp (DVC) plant at Mejia in Bankura district of West Bengal, said: "We have asked the chairman of Tea Board, Basudeb Banerjee, to issue show-cause notices to five tea companies that have defaulted on quality and quantity commitments with Iraqi tea traders."
Solar energy could help light up India’s villages
By Joydeep Gupta
New Delhi, Nov 5 (IANS) With thousands of Indian villages still without electricity, renewable energy in the form of solar photovoltaic (SPV) cells could be an effective and cheap way to light up these areas, says an official of German solar energy major Conergy.
According to Jan Hartzel, corporate marketing director of Conergy, the market for SPV will grow 35 percent annually in the next five years.
India has around 80,000 villages without electricity and 25,000-odd among them have little chance of being connected to the power grid in the conventional way.
Infosys increases annual revenue guidance marginally
By IANS
Bangalore : Infosys Technologies Ltd. has revised its annual revenue guidance for the current fiscal (2007-08) marginally upwards by two to three percent in the wake of healthy top line growth in the second quarter (July-September).
In a notification to the stock exchanges here Thursday, India's second largest IT bellwether said as per the revised guidance, the consolidated income for the entire fiscal (FY 2008) would be about Rs.166-167 billion, projecting year-on-year (YoY) growth of 19-20 percent under the Indian GAAP.
Sensex trying to recoup losses in afternoon
By IANS,
Mumbai : A key index of Indian equities markets was trying to recoup losses Wednesday afternoon amid volatile trading conditions.
Around 2.27 p.m., the sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened marginally higher at 16,905.5 points was ruling at 16,877.36 points, 9.07 points or 0.05 percent lower than its previous close.
Around the same time, the Nifty of the National Stock Exchange (NSE) was ruling at 5,015.65 points, down 0.09 percent.
Japan’s DoCoMo to buy 26 percent stake in Tata Teleservices
By IANS,
New Delhi : Japan's leading mobile telecom operator NTT DoCoMo will pick up a 26-percent stake in Tata Teleservices for $2.7 billion (Rs.13,070 crore/Rs.130.7 billion), it was announced Wednesday.
DoCoMo will also make an open offer to acquire at least 20 percent of the outstanding equity shares of Tata Teleservices Maharashtra, part of the $62-billion Tata group, India's largest industrial house.
Indias energy major Reliance Industries discovers gas reserve in Southern
region NEW DELHI, Jan 15 (KUNA) -- Indias leading private sector energy major - Reliance Industries Ltd (RIL) - has discovered gas reserves in its Krishna offshore basin exploratory block in the countrys Southern state of Andhra Pradesh.
"This is the third gas discovery by RIL in the shallow water block in the Krishna offshore basin," a RIL statement said here Tuesday.
"This discovery, namely 'Dhirubhai-38' has been notified to the India government and Directorate General of Hydrocarbons," the RIL said.
Food inflation in India declines to 11.05 per cent
By IRNA,
New Delhi : Food inflation in India declined to 11.05 per cent for the week ended February 5 as pulses, wheat and potato prices declined.
Demonetisation proved a bigger pain than accident
By Mohit Dubey
Lucknow : Medical emergencies are never welcome. In times of demonetisation, it is a painful double whammy.
Some 10 days ago when a...
ADB forecasts 7.6 percent growth for developing Asian economies
By Xinhua
Manila : The Asian Development Bank (ADB) Wednesday said developing Asian economies would register a 7.6 percent growth in 2008 despite a slowdown in major industrial economies.
The Manila-based bank said in its annual publication Asian Development Outlook 2008 (ADO), that economies would expand by 7.6 percent in 2008 and 7.8 percent in 2009.
This follows the highest growth in almost two decades in developing Asian economies in 2007 when they registered 8.7 percent.
Cuba’s celebrated Havana Club rum to enter India
By IANS,
New Delhi : Havana Club, the celebrated Cuban rum, is entering the Indian market. Its white rum is being launched by Havana Club International, a 50:50 joint venture between the French alcoholic beverages giant Pernod Ricard and the Cuban government.
"We find the market in India very good for white rum," a senior official with the Cuban company said, adding that over the next two weeks Havana Club will be showcased in Gurgaon on the outskirts of the Indian capital, Bangalore, Goa and Kolkata.
Infosys revenue guidance $5 billion for 2008-09
By IANS,
Bangalore : Infosys Technologies Ltd has estimated consolidated revenue guidance of $5.05 billion for the new fiscal (2008-09), projecting year-on-year (YoY) growth of 21 percent over FY 2008 under the American accounting practice.
In a notification to the stock exchanges Tuesday, the IT bellwether said its consolidated revenue for this fiscal (FY 2009) under the Indian accounting practice was expected to be Rs.202 billion, projecting 21 percent YoY growth over the last fiscal (FY 2008).
Reliance Big enters US mobile content market
By IANS,
Mumbai : The Anil Dhirubhai Ambani Group (ADAG)-promoted Reliance Big Entertainment Friday announced the US launch of Jump Games, a publisher and developer of mobile video games.
According to a statement issued by the entertainment company, Jump Games is "aggressively looking" to acquire mobile content licences and brands for distribution to mobile phones worldwide.
"We are keen on building a global enterprise that leverages the top entertainment content across the globe," said Reliance Big Entertainment president Rajesh Sawhney.
India’s inflation at seven-year high of 8.75 percent
By IANS,
New Delhi : In what is more bad news for the hard-hit ordinary citizen, industry and policy makers alike, India's annual inflation rate shot up to a seven-year high of 8.75 percent for the week ended May 31, against 8.24 percent for the week before.
The rate - which has been inching closer towards the double digit level - had last touched a higher figure of 8.77 percent for the week ended Feb 10, 2001.
Punj Lloyd bags Rs.5,904 crore contracts in Libya
By IANS,
New Delhi : Engineering and construction conglomerate Punj Lloyd Friday said it has bagged three projects in Libya worth Rs.5,904 crore ($1.2 billion) for building commercial and residential complexes.
The contracts were awarded to Sembawang Engineers and Constructors - a wholly-owned Punj Lloyd subsidiary in Tripoli, Libya - by the International Investment and Services Co, the company said in a regulatory statement.
Under the contract, Sembawang will build a resort village, a residential township and a five-star hotel.
JSW Steel profit down 5-10 percent
By IANS,
New Delhi : Rising raw material prices have squeezed profit margins of JSW Steel Ltd by 5-10 percent over the past few months, company managing director Sajjan Jindal said Wednesday.
"We have committed to the government to hold prices, but with rising ore and coal costs, our profit margin is definitely going to be impacted,” Jindal said during his first address to the media after taking over as president of industry body Assocham.
Ranbaxy labs fined Rs.50,000 for delaying medical report
By IANS,
New Delhi : Ranbaxy laboratories was Friday asked to pay a fine of Rs.50,000 to a family for delaying a crucial medical test report of a patient needed to begin a surgery. It gave the report after the patient had died.
The Delhi State Consumer Disputes Redressal Commission asked Specialty Ranbaxy Limited to pay the money to the family of V.K. Garg.
Microsoft, Reliance to offer Internet TV in India
Mumbai, Nov 5 (IANS) Microsoft has announced a tie-up with Reliance Anil D. Ambani Group (RADAG) here Monday to launch Internet protocol television (IPTV) and allied services in India.
Microsoft will power the service through a sophisticated fibre optic network in the country.
Microsoft CEO Steve Ballmer and RADAG chief Anil Ambani were present at the announcement ceremony.
Financial closure for Anil Ambani’s Butibori power project
By IANS,
New Delhi : The Reliance Anil Dhirubhai Ambani Group has tied up finances for its 300 MW power plant at Butibori in Mahrashtra and expects the project to be operational by 2011-12, it said in a statement Monday.
Announcing the financial closure with Axis Bank as the lead institution, the group said that the project would meet the power requirements of Butibori, Hingna and other industrial areas in Maharashtra.
Reliance Power plummets on market listing
By IANS
Mumbai : Reliance Power Ltd (RPL), which last month made a record initial public offer (IPO) of about $3 billion, slid sharply by more than 17 percent Monday despite listing at Rs.547.80 at the Bombay Stock Exchange (BSE), a premium of more than 20 percent over its offer price of Rs.450.
US tastes Indian mangoes after 18 years
By IANS,
Washington : The US has received its first consignment of Indian mangoes after 18 years.
At a mango festival hosted at the US-India Business Council (USIBC) headquarters here Tuesday, US Trade Representative Susan Schwab and Agriculture Secretary Mike Johanns each received from India's Ambassador Ronen Sen the first gift baskets of ripe Indian mangoes.
Economy needs more incentives: SBI chairman
By IANS,
New Delhi : India's largest bank State Bank of India (SBI) Thursday said the economy needed more incentives to weather the downturn than interest rate cuts and the government's fiscal stimulus package.
"We are going to review rates. There are a lot of things happening to stimulate demand in the economy. Still there is a feeling that more is required," bank chairman O.P. Bhatt told reporters at a banking conference here.
Bhatt said the bankers would discuss measures which the country needs to boost the economy.
With housing sales dropping, brokers eye rental market
By Anuradha Shukla, IANS,
New Delhi : With property sales plummeting by around 50 percent, real estate brokers have begun looking at the rental market to stay afloat.
"Eventually, we are depending on the rental market to keep our business going," said Atul Khanna of brokerage firm Khanna Properties, who joined the business in 2004 when the realty business was in full swing.
"Last year we used to have at least 10 bookings a week, but now it's a big deal if we manage 10 bookings a month," Khanna added, explaining the current focus on rentals.
NTPC plans to hedge foreign currency loans
By IANS,
Chennai: With India's electricty regulator permitting power generators to pass on the cost of hedging foreign currency loans to their customers, the National Thermal Power Corporation (NTPC) is working on a comprehensive hedging policy, a top company official said.
‘Modi regime fascist, must be dethroned at any cost’
By IANS:
Kolkata, July 18: Terming the Narendra Modi regime at the centre as a "fascist power" that is destroying the country's economy and creating...
Brazil’s economy will grow five percent in 2010: Minister
By IANS/EFE,
Brasilia : The Brazilian finance minister has said that his country's economy will grow by five percent this year and "pull away" from wealthy nations incapable of matching that pace.
Only Brazil, India, China and "a few more countries" will enjoy "meaningful growth" in 2010, Guido Mantega said, while the European Union is expected to grow by only 1 percent and Japan, 1.7 percent.
India to grow by 8.5-9 percent in long term: Mukherjee
By IANS,
New Delhi : Amid international economic uncertainty, Finance Minister Pranab Mukherjee Monday said he expectS India's GDP to grow by 8.5-9 percent in the medium to long-term period.
GDP prediction brings cheer to equities markets
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.
Petrol, diesel shortage hits Chhattisgarh
By IANS,
Raipur : Chhattisgarh is facing an acute shortage of petrol and diesel since Saturday, which has led to chaotic scenes at retail outlets Sunday.
Long queues of vehicles are seen at petrol pumps in Raipur and several other parts of the state with rumours doing the rounds that the situation would turn worse in the coming days.
Majority of patrol pumps have gone dry as three major government-owned suppliers - Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) - failed to maintain supply.
One in four Asian banks hit by online scam attempts
By DPA,
Singapore : More than 25 percent of banks in the Asia-Pacific region have been hit by attempts to steal online information over the last 12 months, but beefing up security is still not viewed as a prime concern, a study said Monday.
The survey by security software specialist ReadiMinds was conducted by Web and telephone polls across 11 economies including Malaysia, Hong Kong, Bangladesh, Vietnam, Cambodia and Singapore.
Mukesh Ambani, Lakshmi Mittal among world’s top ten rich
By Arun Kumar, IANS,
Washington : Reliance Industries chairman Mukesh Ambani has overtaken the London-based steel tycoon Lakshmi N. Mittal to emerge as Asia's richest person, as per the Forbes' list of world billionaires for 2009.
But Mukesh's younger and estranged brother Anil Ambani, who was the biggest gainer last year, dropped out of the top 10 list, with his stake in the telecom-to-energy empire losing over $31.9 billion over the past 12 months. The other major loser was realty baron Kushal Pal Singh, who runs the New Delhi-based DLF.
India’s Spice Corp launches $20 mobile phone
By IANS
Mumbai : Indian telecom company Spice Corp Ltd (SCL) has unveiled a no-frills mobile phone that will retail at about Rs.800 ($20) early April, the company's chairman said.
"Though we have taken various measures to reduce the cost price for the end user, it will be a technologically advanced instrument," SCL Chairman B.K. Modi told IANS Friday by phone from Noida, near Delhi.
He said this product will prove that India is not only equipped to give the best of technology but even the cheapest at most competitive prices.
India to grow 8-9 percent in next two years: World Bank
By IANS,
New Delhi : India's growth rate over the next couple of years will be 8-9 percent, World Bank president Robert Zoellick said here Friday.
"India's growth rates could over the next one to two years see a return to the 8-9 percent envisaged in the country's 11th (Five-Year) Plan," said Zoellick.
The government has been pegging the economy's growth rate for this fiscal around 6.5-7 percent.
"India has emerged from the economic crisis with a clear vision of what it will take to accelerate back to earlier growth rate and beyond," said Zoellick.
ICICI Prudential hires ex-servicemen to sell policies
By IANS
Chennai : Mumbai-based private life insurer ICICI Prudential Life Insurance Co Ltd has started hiring former Servicemen as unit managers in rural areas, said a top company official here.
Finding it difficult to get the required manpower, the company decided to tap the retired non-commissioned officers' segment, N.S. Kannan, executive director of the company, told the media here Thursday.
Markets slip further despite low inflation
By IANS,
Mumbai : Indian equities slipped further Thursday afternoon despite cooling inflation numbers. About 90 minutes before close, a key index was 2.99 percent lower than its previous close.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,535.03 points, was at 8,194.32 points, a fall of 252.17 points or 2.99 percent from its previous close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) lost 2.6 percent from its last close to rule at 2,576.4 points.
Next fiscal will be painful for exports: Ficci
By IANS,
New Delhi : Aggressive pricing by Chinese exporters, coupled with lack of credit flow and cancellation of orders, is crippling India's exports, which may go down further in the first half of 2009, said an industry lobby survey, released here Sunday.
According to the report by the Federation of Indian Chambers of Commerce and Industry (Ficci), Indian exporters are facing 'meet the China price' challenge from across the market.
Many Indian exporters have already cut their prices by an average 10-15 percent or even more in some cases to retain their hold in the market.
Anil Ambani group to inject $550 mn for studio with Spielberg
By IANS,
New York : In a unique Bollywood-Hollywood partnership, the Reliance Anil Dhirubhai Ambani Group will invest $550 million to form a new venture with Steven Spielberg, allowing him to break away from his studio, DreamWorks, now owned by Viacom's Paramount Pictures, sources familiar with the deal said.
The Indian group will invest the money as equity, while another $750 million or so will come as debt from leading investment banker JP Morgan Chase for the new studio, whose name has not been divulged yet, the sources added.
We have lost one battle, but war is not lost: Buddha on Nano pull-out
By IANS,
Kolkata : Putting up a brave front after Tata Motors' decision to pull out the Nano project from his state, West Bengal Chief Minister Buddhadeb Bhattacharjee Sunday said the state might have lost one battle, but not the war.
"We have lost one battle, but the war is not lost," Bhattacharjee said in his first public comment after Tata Group chairman Ratan Tata Friday announced the withdrawal of the project that has thrown into uncertainty the state's future on the industrial front.
Sensex up 112 points in afternoon trade
By IANS,
Mumbai : Indian equities were trading in the green Wednesday afternoon, with a key index ruling 112 points higher than its previous close about 40 minutes before the closing bell.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher on strong Asian cues at 15,763.09 points, was trading at 15,800.22 points, up 111.75 points or 0.71 percent.
The broader-based Nifty of the National Stock Exchange (NSE) was also ruling in the green at 4,686.95 points, up 0.59 percent.
Hindustan Motors to report to BIFR
By IANS,
Kolkata : After losing more than 50 percent of its net worth, automobile manufacturer Hindustan Motors has decided to report to the Board for Industrial and Financial Reconstruction (BIFR) under the sick industrial companies act.
"We would also like to inform that the accumulated losses of the company at the end of financial year March 31, 2010, have resulted in erosion of more than 50 percent of its peak net worth during the immediately preceding four financial years," the company informed the National Stock Exchange.
Chinese firm to ply buses in Pakistan
By IANS,
Islamabad : A Chinese company is all set to sign an agreement that would allow it to operate 2,000 CNG buses in Pakistan's Sindh province.
Indian Oil looks at posting profits on petrol sale
By IANS,
New Delhi : The Indian Oil Corp (IOC) will make profits from its petrol sales from Saturday, even as it continues to post losses from other transport fuels and cooking gas, a top official said here Friday.
“Petrol margins will turn positive from tomorrow,” Indian Oil chairman Sarthak Behuria told reporters, while announcing the second quarter results for the state-run oil marketing company.
IOC, incidentally, has posted a loss of Rs.70.4 billion for the second quarter of this fiscal.
India’s food inflation ups further to 19 percent
By IANS,
New Delhi : There was no respite from galloping grocery bills as the country's annual food inflation, based on wholesale prices, upped further to 19.05 percent for the week ended Nov 28 from 17.47 percent the week before, as per official data released Thursday.
Inflation of primary articles rose 13.9 percent during the week against 12.53 percent in the previous week, while that for fuel rose a marginal 0.06 percent.
This was because petrol became cheaper by 11.86 percent, diesel by 5.88 percent and cooking gas by 7.42 percent.
ONGC refiner net down 6.3 percent
By IANS,
New Delhi : Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of state-run Oil and Natural Gas Corp (ONGC), has recorded a 6.3 percent drop in profits in 2008-09 at Rs.1,192.54 crore, down from Rs.1,272.23 crore earned the previous fiscal.
"In 2008-09 we suffered a huge inventory loss... it has already bottomed out. We don't anticipate a further inventory loss this fiscal," MRPL managing director Uttam Kumar Basu told reporters Wednesday.
Indian auto sector to log 12 percent growth in 2010: Fitch
By IANS,
Chennai : Credit rating agency Fitch expects the Indian automobile sector to log around 10-12 percent growth rate during 2010.
In its latest research report on the Indian auto sector, Fitch Ratings expects faster recovery in the passenger vehicle segment, which it predicts will grow 12-14 percent, as against 5-6 percent growth in the commercial vehicle segment.
Tata investment in Africa is worth billions
By Fakir Hassen,IANS,
Durban : As one of the first Indian companies to enter Africa almost six decades ago, the Tata Group, through its affiliate Tata Africa, now has a presence in 11 countries, with investments there worth billions of rands.
Tata Africa Managing Director Raman Dhawan was speaking at a gathering where the first Tata scholarships for post graduate students of the University of KwaZulu Natal were made here Thursday.
Emirates to operate Dubai-Hyderabad flights thrice a day
By IANS,
Hyderabad : Emirates, the international airline of the United Arab Emirates (UAE), plans to increase the frequency of its Dubai-Hyderabad flight to thrice a day.
With a world-class international airport operational here and the passenger traffic on the Gulf route growing by leaps and bounds, Emirates has decided to increase the frequency. It presently operates 11 flights per week.
HSBC launches new service for Indians in Australia
By IANS,
Sydney : HSBC Bank Australia is setting up a dedicated team to provide global financial services to the Indian diaspora in the country, a bank official said.
The new business will offer the banking products of HSBC Australia as well as refer customer enquiries to HSBC India, The Age reported Tuesday.
"Australia has one of the fastest growing Indian communities in the world, numbering some 240,000, so this new service makes commercial sense," Graham Heunis, head of personal financial services for HSBC in Australia, was quoted as saying in a statement.
Dhaka lobbies to be on US special aid package list
Dhaka, Sep 17 (IANS) Bangladesh is lobbying hard with the Bush administration to be included in the special aid package operated by the US' Millennium Challenge Corporation (MCC).
Its embassy in Washington has been asked to intensify aid diplomacy to ensure that Dhaka is included at least in the threshold programme, a prelude to MCC's compact funds.
"We're vigorously pursuing senior American aid officials to channel a slice of the specially-tailored assistance package," Economic Relations Division (ERD) secretary Aminul Islam Bhuiyan said Sunday.
South Eastern Coalfields makes record coal production
By IANS
Raipur : The South Eastern Coalfields Ltd (SECL), a subsidiary of Coal India Ltd (CIL), has registered a record in coal production in 2007-08.
Officials said the company ended up producing 93.79 million tonnes (MT) against the 91.5 MT production target set for 2007-08, registering 102.35 percent achievement. In 2006-07, the company produced 88.5 MT.
Of the total production, SECL, which was awarded Mini Ratna status by the government in 2007, produced 77.054 MT of coal from its open cast mines and 16.737 MT from underground mines.
Interim budget highlights for 2014-15
By IANS,
New Delhi : The following are the highlights from the speech of Finance Minister P. Chidambaram who presented the interim budget for 2014-15...
Kerala cooperative banks sell rice to hold down prices
By IANS
Kozhikode (Kerala) : If you want to get rice at a discount now in Kerala, look for it at a cooperative bank. The state's cooperation department has started selling rice through cooperative banks to hold down the spiralling price of the grain in the state.
Recently, the price of rice shot up 25-30 percent across all varieties.
The initiative the cooperative department launched state wide on Dec 12 evoked such good response that the banks ran out of stock within a few hours.
Par-boiled rice is a staple for around 30 million people in Kerala.
BlackBerry lowers profit outlook, stock sinks
By Gurmukh Singh, IANS,
Toronto : BlackBerry stock sank Thursday as slow sales of its smart phones forced device maker Research In Motion (RIM) to slash its quarterly profit outlook.
What about internal colonialism, Mr. Tharoor?
By Jaspal Singh
Recently Shashi Tharoor, a Congress party Member of Parliament, participated in a debate on reparations for colonial rule by Britain in Oxford...
Extreme Networks looks at new avenues in India
By IANS
Chennai : The US-headquartered Ethernet company Extreme Networks Inc is looking at new avenues in India, said a top company official here Tuesday.
"We are looking at areas like web development and, service operations in India. In addition, software for new product protocol will be developed in Chennai," Mark Canepa, president & CEO, told mediapersons here.
Extreme Networks, with annual $350 million turnover, has two software development centres in Chennai, employing about 100 people.
Asian markets jump after rescue plans unveiled
By DPA,
Tokyo : Asia's stock markets surged Tuesday after the governments of the world's leading industrial nations announced plans to fight the global financial crisis.
Tokyo's stocks rocketed Tuesday with the benchmark Nikkei 225 Stock Average rising 13 percent in morning trading after Wall Street's overnight surge.
After being closed for a holiday Monday, the Nikkei rose more than 1,000 points to cross the important 9,000 barrier. Other markets in Asia also posted substantial gains.
India Colombia trade target set at $2 bn
By IANS,
New Delhi : India and Colombia have set a target to increase bilateral trade to $2 billion from the $650 million at present.
Colombian Ambassador to India Juan Alfredo Pinto Saavedra said this was his “immediate target”.
He was speaking at a function to mark the signing of a memorandum of understanding (MoU) between the Federation of Indian Export Organisations (FIEO) and the Colombian Association of Micro, Small and Medium Enterprises.
Unitech’s net profit down 28 percent
By IANS,
New Delhi : Realty major Unitech's net profit dipped 28 percent to about Rs.740 crore for 2008-09 from nearly Rs.1,031 crore posted the previous year, the company said Thursday.
Its total income in the year under review decreased to Rs.2,455 crore from Rs.2,970 crore earned in 2007-08, it said in a regulatory statement.
The group's consolidated profit was around Rs.1,198 crore, as compared to Rs.1,662 crore in the previous year, a fall of 27.92 percent.
The total income decreased from Rs.4,280 crore in 2007-08 to Rs.3,316 crore last fiscal.
Prime Minister reviews economy with industrialists
By IANS
New Delhi : Prime Minister Manmohan Singh Tuesday chaired a high-level meeting to review the performance of Indian economy and assess the impact of global slowdown and rising rupee on the country's growth.
"Our policy must be tuned to sustain nine percent growth even if world growth slows down and global food and fuel prices continue to remain under pressure," the prime minister told the meeting of the Council on Trade and Industry.
SEBI allows MFs to sell government securities
By IANS,
Mumbai : In an effort to further develop the debt market, market regulator Securities Exchange Board of India (SEBI) has decided to allow mutual funds (MFs) to sell government securities contracted for purchase in delivery versus payment (DVP III) mode.
Under the DVP III mode of settlement, MFs can sell government securities, already contracted for purchase without taking delivery, provided the approved central counter party, Clearing Corporation of India Ltd (CCIL), guarantees the transaction.
Pity India couldn’t enter APEC: Australian envoy
By IANS
Chennai : Australian High Commissioner to India John McCarthy welcomed India's growth and added that it was indeed a "pity" that the South Asian country could not enter the Asia Pacific Economic Cooperation (APEC) grouping this year.
McCarthy was speaking at a two-day seminar organised by the Australian High Commission on "Asian Century: Driving Global Trends".
Inflation could be in double digit in March: Mukherjee
By IANS,
New Delhi: Finance Minister Pranab Mukherjee Tuesday said that there could be a double-digit inflation in March.
"I will not be surprised if we have a double-digit inflation by March. We are primarily concerned with food inflation. It has to be tackled," Mukherjee told the Rajya Sabha during the discussion on the budget for 2010-11 financial year.
Driven by increasing food prices, India's annual rate of inflation, based on the wholesale price index, rose to a 16-month high of 9.89 percent in February from 8.56 percent in the previous month.
Bengal’s industries commend union budget 2015
Kolkata : Industry associations and businessmen in West Bengal gave the thumbs-up to Finance Minister Arun Jaitley for an industry-friendly budget, especially for reducing...
Centre launches pension plan for the poor elderly
By IANS
New Delhi : Prime Minister Manmohan Singh Monday launched an ambitious Rs.37 billion pension scheme for 16 million poor senior citizens.
The Indira Gandhi Old Age Pension Scheme, launched on the late prime minister's 90th birth anniversary, is expected to be projected as one of the major achievements of the Congress-led United Progressive Alliance (UPA) government in the next general elections, due by 2009.
Israel resumes fuel supplies to Gaza
By RIA Novosti,
Tel Aviv/Gaza : Israel resumed fuel supplies to the Gaza Strip Tuesday, a defence ministry spokesman said.
Israel closed Nov 5 all crossings into Gaza as border violence intensified following violations of a ceasefire deal. The fuel shortages forced Gaza's sole power plant to shut down Monday, causing blackouts in Gaza.
Israeli Defence Minister Ehud Barak signed a decree allowing a limited resumption in fuel supplies to Gaza, saying the deliveries would resume in full as soon as Palestinian militants stopped firing rockets on Israeli territory.
Tata Communications to lead wireless broadband alliance
By IANS
Mumbai : Leading telecom operator Tata Communications said Wednesday the company has been elected to lead the Wireless Broadband Alliance (WBA).
The company's vice president of planning and retail business, Prateek Pashine, has been appointed the chairman of WBA, a statement released here said.
Into its fifth year of operation, the WBA was created to drive the adoption of wireless broadband technologies and services around the world by developing a common commercial, technical and marketing framework for wireless network interoperability.
Britain for cigarettes in plain packets to check sales
By Venkata Vemuri, IANS,
London : As Britain marches on to make itself smoking-free, new schemes are on the way to pipe out the smoke. The one that has the tobacco industry worried is the move to force tobacco firms to sell cigarettes in plain, unbranded packets.
The department of health is considering outlawing the use of logos, colours and graphics on packets and requiring them to be sold in plain packaging. Officials say it will strip cigarettes of their glamorous image and reduce the numbers of young people taking up the habit.
Lalu lays foundation stone of rail wheel factory in Chapra
By IANS,
Patna : Railways Minister Lalu Prasad Tuesday laid the foundation stone of his dream project, a Rs.14.17 billion rail wheel factory, at Bela in Chapra district of Bihar.
After laying the foundation stone, Lalu Prasad announced that the much awaited construction work would start soon at Chapra, which falls in his parliamentary constituency.
The factory is expected to go into production in 2010.
Jet fuel rates raised by 8 percent, non-subsidised LPG by Rs.5
New Delhi : Indian Oil Corp (IOC), the nation's largest oil company, on Sunday increased Aviation Turbine Fuel (ATF) -- or jet fuel --...
India, Pakistan begin to ‘cement’ ties
By Manish Chand, IANS,
Islamabad : "See how times have changed; now it's the Pakistan army that is helping to build India!" This witty one-liner, referring to Pakistani company Fauji Cement that exports cement to India, can often be heard in business and diplomatic circles here as the two countries cement trade ties as part of their growing rapprochement.
US stocks rise on housing optimism
By DPA,
New York : Major US stock indices posted gains Tuesday amid improving housing figures, but financial stocks fell amid some new share offerings by top Wall Street firms.
Sales of existing homes jumped 6.7 percent in April from the month before, according to the National Association of Realtors, as record low mortgage rates and home prices are slowly driving buyers back into the market.
OPEC not to increase oil production
By Xinhua
Vienna : The Organisation of Petroleum Exporting Countries (OPEC) says it will not hike production in the coming months because the global oil market is currently well supplied.
Markets close in the red
By IANS,
Mumbai : Indian equities markets shut shop in negative terrain Thursday, with a key index falling 0.64 percent from its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 9,198.42 points (provisional), down 0.64 percent or 59.05 points. It had opened at 9,334.47 points, higher than its Wednesday close of 9,257.47 points.
At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) closed at 2,807.8 points, 1.46 percent lower than its previous close of 2,849.5.
Hyundai to increase car prices from January
By IANS,
New Delhi : Automobile major Hyundai Motor Wednesday said it will hike prices by 1.5 percent to two percent across models from January 2012.
Reliance to enter footwear business
By IANS
Chennai : Reliance Retail has decided to enter the footwear market with a chain of 100 shoe stores across the country under the brand Reliance Footprint.
"An average Indian uses only 1.1 pairs of footwear in one year," said G. Sankar, chief executive, footwear business of Reliance Retail, outlining the company's expansion plans at the 26th international footwear conference that began here Friday.
The women and children footwear segment is vastly untapped and men's footwear makes up 50 percent of the market, he said.
Offer subsidies to exports sector: Assocham
By IANS,
New Delhi : The government should announce subsidies to the crisis-hit exporters in the forthcoming foreign trade policy to make India's exports sector more competitive, the Associated Chambers of Commerce and Industry (Assocham) has said.
"Subsidies need to be extended to Indian exporters by substantially reducing excise and local levies and other export duties," Assocham president Sajjan Jindal said in a paper submitted to Commerce and Industry Minister Anand Sharma.
The government will announce the foreign trade policy for the next five years Aug 27.
Train to boost economic development of Kashmir: Lalu Prasad
By IANS,
Srinagar : The introduction of train services in the Kashmir valley will create avenues for development in the region, Union Railway Minister Lalu Prasad said here Saturday.
Prime Minister Manmohan Singh flagged off the valley's first train from the Nowagam railway station here.
Speaking to media persons on the sidelines of the inaugural function, Lalu Prasad said: “Vadi mein train aanay se vikas ka raasta kholega. Berozgari door ho jayegi (The arrival of the train in the valley will open up new avenues for development and remove unemployment).
Rajasthan hotels booked full ahead of New Year
By IANS
Jaipur : Those wanting to enjoy New Year's Day in Rajasthan need to think twice if they have not yet made reservations. A majority of hotels are booked full till at least the first week of January.
Accommodation is so much at a premium that some hotels have pitched tents to accommodate guests. But that too is proving to be inadequate.
Singapore, Gulf Cooperation Council agree on free trade
By DPA
Singapore : The Singapore government said Thursday it has substantively concluded negotiations with the six-nation Gulf Cooperation Council (GCC) for a free trade agreement (FTA).
The final round of talks, held from Jan 28 through Thursday, was the last of four that started in January 2007.
The GCC includes Bahrain, Saudi Arabia, Oman, Qatar, the United Arab Emirates and Kuwait.
Officials on both sides will begin legal scrutiny of the agreement, "which is expected to conclude shortly," a joint statement said.
Inflation rate to average at 5 percent this fiscal: Industry
By IANS,
New Delhi : Rising commodity prices globally, delayed monsoon and fiscal and monetary measures are likely to push up India's annual rate of inflation and average near 5 percent this fiscal, according to an industry lobby.
"The surge in international commodity markets led by energy, metals and food is likely to push domestic prices up," the Associated Chambers of Commerce and Industry of India (Assocham) said, and cautioned that if the monsoon fails or remains below the average, the consequences could be far-reaching.
Reliance Life Insurance’s income up 152 percent
By IANS,
Lucknow : Reliance Life Insurance Co Ltd (RLIC), part of the Anil Dhirubhai Ambani Group (ADAG), Thursday said its premium income has grown by 152 percent during April-July this fiscal, in sharp contrast to the overall life insurance industry growth of 1.6 percent during the same period.
"We have registered a premium income of Rs.1,112 crore (Rs.11.12 billion)," RLIC chief executive P. Nandagopal told reporters here.
The company also plans to infuse fresh capital of over Rs.10 billion in the next six months, which will take its capital base to Rs.30 billion, he added.
Land around post offices to be given on rent
By IANS,
Chennai : The government is considering a proposal to put to commercial use across the country the land owned by the loss-making Department of Posts.
Launching the foreign money order service and a special scented stamp here Saturday, Minister of Communications and IT A. Raja said: "The Department of Posts is suffering a loss of Rs.5 billion. Our proposal to develop all the vacant sites owned by the department is under consideration of the Committee of Secretaries."
Murthy to step down, Sikka is new CEO of Infosys
Bangalore : In a dramatic development, India's second largest global software major Infosys Ltd. Thursday announced that Vishal Sikka would be its new chief...
Gujarat Industries Power to set up two more units
By IANS,
Ahmedabad : Vadodara-based Gujarat Industries Power Co Ltd (GIPC) will set up two more lignite-based thermal power projects, each with 250 MW capacity, taking its total power generation capacity to 1,000 MW, a top official said.
The project includes development of a captive lignite mine, said S.L. Bose, GIPC executive director, responsible for the execution of lignite-based thermal power projects.
The power stations are expected to come up at a site close to the existing Surat Lignite Power Plant (SLPP) at Nani Naroli, in Surat district.
Turkey, India discuss multi-purpose pipeline project
By NNN-KUNA,
Ankara : Officials from Turkey, Israel and India met here to discuss erecting a multi-purpose multi-billion euro pipeline passing through the Mediterranean and the Red Sea.
The meeting on Saturday, the first in a series of many others, grouped Turkey's Selahattin Cimen, director general of Israel's infrastructure ministry Hezi Kugler and manager of India's state-run oil company B.M. Bansal.
Sajjan Jindal plans deep seaport in Orissa
By IANS,
Kolkata : The Jindal South West (JSW) group is planning to invest Rs.15-20 billion to set up a deep seaport in Orissa, a top company official said here Friday.
"We plan to invest Rs.15-20 billion to set up a deep seaport in Orissa, which will cater to our upcoming steel plant at Salboni [in West Bengal]," JSW Steel vice chairman and managing director Sajjan Jindal told reporters on the sidelines of a meet organised by Associated Chambers of Commerce and Industry of India (Assocham).
Hearing on Raju’s bail petition adjourned to Thursday
By IANS,
Hyderabad : A court here Monday adjourned hearing on the bail petition of disgraced founder and former chairman of Satyam Computer Services B. Ramalinga Raju and two others to Jan 22. The three are in police custody now.
The court also adjourned the hearing on the petition of market regulator Securities Exchange Board of India (SEBI), seeking permission to question Ramalinga Raju and also on Raju's petition seeking special status in jail.
Sensex starts weak, down 0.23 percent in morning trade
By IANS,
Mumbai : A key Indian equities index gave up its gains Tuesday morning after opening in the green and was ruling on a flat note in early trade -- about 0.23 percent down from its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at 17,230.86 points, against Monday's close at 17,180.18 points but soon fell to 17,140.22 points, down 0.23 percent or 39.96 points in about 30 minutes of trading.
IL&FS investment banking arm launches UK operations
By IANS,
London : The investment banking arm of Infrastructure Leasing and Financial Services (IL&FS), one of India's leading infrastructure development and finance companies, has launched its British operations to tap European channels of financing.
"The Indian infrastructure and manufacturing sector requires large investments both in the form of debt and equity. The domestic funding will therefore need to be complemented with financing from international sources," the company said.
Crude oil price slides below $90 a barrel
By Xinhua,
New York : The crude oil price Monday tumbled below $90 a barrel for the first time in eight months as worries over falling demand exacerbated by the spread of financial turmoil.
The Light, sweet crude for November delivery dropped by $4.22 to $89.66 a barrel as of 1450 GMT on the New York Mercantile Exchange. Futures fell to as low as $88.89 a barrel in the early morning pre-session trading.
Special IT regions to lure foreign investment
By IANS
New Delhi : India is working out a policy to set up IT investment regions to attract foreign investors, even as it grapples with setting up of special economic zones in the country.
"The government is in the process of formulating a policy for setting up information technology investment regions (ITIRs) in consultation with other ministries and departments," Shakeel Ahmed, minister of state for communications and IT, informed parliament Monday.
TATA-AIG to offer travel insurance for GoAir passengers
By IANS
Mumbai : Non-life insurer TATA-AIG General Insurance Ltd has signed a deal in which it will offer travel insurance to low-cost carrier GoAir's passengers that includes compensating them for flight delays.
The cover will be available on all online bookings made at GoAir's website.
Domestic passengers booking a GoAir ticket will be offered the option of buying the insurance cover at a premium of Rs.129.
The insurance ensures compensation of up to Rs.10,500 for flight delays beyond a specified time.
Oman Air to fly to Indian city of Kozhikode from June 5
By NNN-PTI,
Dubai : Oman Air will launch its services to Kozhikode on June 5, making it the ninth destination for the airline in India.
"The Indian sector is one of the most prospective markets for us because of the biggest Indian community in Oman as well as other AGCC countries," Oman Air's senior sales manager Abdulrazaq bin Juma Al Raisi, said.
Muscat-Kozhikode route will be one of the most profitable routes for the company, he said.
Oman Air will operate 7 flights a week, once daily, using Boeing 737-800 planes.
Reliance Communications shares drop 1.5 percent
By IANS,
Mumbai : The shares of Reliance Communications, which is in tie-up talks with South African telecom giant MTN, fell 1.7 percent Monday over a rival group's claim that it has the first right over its majority equity, should it be sold.
The shares of the company opened slightly higher at Rs.545, against the previous close at Rs.543.35 and moved higher to the day's high of Rs.549.70. The scrip finally settled lower at Rs.531.00 with a loss of 1.52 percent.
The 52-week high for the scrip was Rs.844 on Jan 10.
Raju financed business of chief minister’s son, alleges Naidu
By IANS,
Hyderabad : The Satyam Computer Services fraud rocked the Andhra Pradesh assembly Monday with Leader of Opposition N. Chandrababu Naidu alleging that IT firm's former chairman B. Ramalinga Raju financed the business of Chief Minister Y.S. Rajasekhara Reddy's (YSR) son.
However, the ruling Congress party hit back by accusing Naidu of receiving money from Raju, including for the education of his son in the US.
British Telecom announces 10,000 job cuts, India left untouched
By IANS,
London : UK-based telecom major British Telecom Group (BTG) Thursday announced plans to cut 10,000 jobs at home and overseas, but said this would not affect the Indian operations of the company.
"The Indian operations would not see any retrenchment. The majority of the job cuts are UK based. It is too early to know country specific job cuts", a company spokesperson said.
British Telecom has 600 employees in India.
Finance Minister P.Chidambaram’s Budget Speech 2008-09
By IANS
New Delhi : Following is the text of the 2008-09 Budget speech by Finance Minister P. Chidambaram:
Mr. Speaker, Sir
I rise to present the Budget for 2008-09. This House and the United Progressive Alliance Government have bestowed upon me the honour of presenting all five Budgets on behalf of a Government - a rare honour that I have the privilege to share with only one of my distinguished predecessors, Dr. Manmohan Singh.
I. THE ECONOMY: AN OVERVIEW
Delhi to set up IT, jewellery special economic zones
By IANS,
New Delhi: The national capital will have two Special Economic Zones (SEZs) - one for gold and jewellery and the other for information technology (IT), to be set up at a cost of Rs.785 crore, an official said Sunday.
The facilities are expected to provide direct employment to 54,000 people and indirect employment to 162,000, Delhi State Industrial and Infrastructure Development Corp (DSIIDC) chairman Chetan Sanghi said in a statement.
"The central government has permitted the DSIIDC to go ahead with the projects that will approximately cost Rs.785 crore," Sanghi added.
Markets trading with loss, banking stocks fall in early trade
By IANS,
Mumbai : A day after the CRR hike by Reserve Bank of India, the Indian equities market opened Wednesday with a sharp cut. Banking, realty and PSU stocks were the worst hit.
The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a loss of 250.51 points at 13,856.07 points. Ten minutes into trade, the sensex was trading at 13,920.45 with a loss of 186.13 points or 1.32 percent.
At the same time, the S&P Nifty of National Stock Exchange was trading at 4,140.35 points with a loss of 50.75 points or 1.21 percent compared to its last close.