11 arrested, petroleum products worth millions seized
By IANS,
Agra : Eleven people were arrested early Wednesday and petroleum products worth millions of rupees were seized in a series of raids on storehouses to bust a black-marketing racket here, an official said.
Raghuvir Lal, senior superintendent of police Agra, said that 11 people have been arrested and more arrests were likely.
Three oil tankers were also seized.
A major racket in off-loading petroleum products - petrol and diesel - from tankers coming from Mathura refinery was going on for months, the police said.
Markets extend lead in afternoon
By IANS,
Mumbai : Indian equities markets moved up further Wednesday afternoon, with a key index ruling 2.68 percent higher about 90 minutes before the closing bell.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,956.03 points, was trading at 9,095.02 points - a rise of 231.92 points or 2.62 percent from its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) gained 2.62 percent from its last close to rule at 2,829.80 points.
British firm to invest Rs 40 crore to set up Freight Station
By NNN-PTI,
Chennai, India : UK-based Eredene Capital has proposed to invest around Rs 40 crore for setting up a Container Freight Station (CFS) near the Ennore port, partnering with the city-based Sattva Business Group.
"We would be investing around 85 per cent of the stake through (FDI) and the remaining 15 per cent would be shared by Sattva Business Group for setting up the CFS at Ennore port," Nikhil Naik, Chairman, Eredene Infrastructure Pvt Ltd, told PTI here.
Orissa to get Rs.1.2 billion ADB loan
By IANS
Bhubaneswar : The Asian Development Bank (ADB) has agreed in principle to provide loan assistance of Rs.1.2 billion for the Orissa Integrated Agriculture and Water Management project.
Monich Yakoyama, ADB's senior water management specialist for South Asian countries, disclosed during his visit to Bhubaneswar that an ADB team was examining the details of the project.
Chicago’s Tribune Company weighing bankruptcy option
By DPA,
Washington : Troubled media giant Tribune Company is consulting with bankruptcy experts to consider its options in the face of $13 billion in debt and plummeting advertising revenue, the Chicago-based firm said late Sunday.
In an article on the website of its flagship newspaper, the Chicago Tribune, a spokesman spoke of an "uncertain and difficult environment."
"We haven't made any decision," Tribune Company spokesman Gary Weitman said. "We're looking at all of our options."
Mumbai showcased at Davos as future global financial centre
By Dipankar De Sarkar, IANS
Davos (Switzerland) : Transacting 95 percent of the stocks of an economy projected to become the world's third largest, the city of Mumbai was Thursday showcased before businessmen and investors gathered in Davos as a future world financial centre to rival London and New York.
Drastic broadband cost reduction for Africa – thanks to Tata
By Fakir Hassen, IANS,
Johannesburg : South and East African broadband consumers will see dramatic cost cuts when the Seacom cable system, being developed in partnership with India's Tata Communications, comes on line in July this year.
Tata Communications will be an anchor tenant customer on the privately-owned Seacom cable, with the Tata-led South African consortium Neotel playing a major role in rolling out broadband access in the country in anticipation of increased uptake due to the lower cost.
Tariff wars eat into revenues, telecom industry grew 2.5 percent
By IANS,
New Delhi : Tariff wars ate into the revenues of telecom operators in 2009-10, with the industry logging only a modest 2.5 percent growth, having grown even in the year of the financial crisis at 20 percent, according to a survey.
"Intense tariff war caused the steep fall and overall slowdown in the performance in all segments, including cellular services that over the past several years have been leading the growth in earnings for the telecom services sector," said a report by industry journal Voice & Data.
Don’t support bankers helping currency hoarders: Bank union
Chennai : A major bank union on Wednesday said it does not support unscrupulous bankers who do not follow the prescribed procedures and who...
Kuwaiti parliament dissolved over fuel price row
Kuwait City : Kuwait's cabinet has resigned and parliament has been dissolved, triggering early elections following disputes between MPs and the government over fuel...
HCC ties up with Egyptian contractor for highway projects
By IANS,
Mumbai : HCC Infrastructure, a subsidiary of Hindustan Construction Company, Tuesday said it has tied up with a major Egyptian firm, Orascom Construction Industries (OCI), to jointly develop large national highway projects.
The company in a regulatory filing said it would seek to broaden the partnership with OCI other than bidding for projects on offer from the National Highways Authority of India (NHAI) and the two intend to create a portfolio of premium infrastructure assets across sectors.
Maytas launch first SEZ for IT, ITES in Hyderabad
By IANS,
Hyderabad : Maytas Properties Ltd, a leading property development company, Thursday launched its first special economic zone (SEZ) for IT and IT enabled services (ITES) here.
The company will invest Rs.25 billion ($595 million) in the SEZ, which will be part of its flagship integrated township, Maytas Hill County, coming up on 376 acres. Spread over 74 acres, the SEZ will have a built-up area of eight million square feet.
Investors’ verdict on Fortis nationalisation awaited
By DPA,
Amsterdam/Brussels : The shares of Fortis dived to a low of 3.99 euros before recovering at 4.70 euros ($6.87) by 11.00 a.m. (900 GMT) Monday as analysts waited market reaction to the partial nationalisation of the Dutch-Belgian insurance and banking giant.
Late Sunday night the governments of the Netherlands, Belgium and Luxembourg announced they had each purchased 49 percent of Fortis's businesses in their respective countries, supplying the bank a total of 11.2 billion euros.
State telecom firm’s revenues dip 21 percent
By IANS,
New Delhi : State-run telecom operator Bharat Sanchar Nigam Ltd (BSNL) has incurred a loss of nearly 21 percent in 2008-09, with revenues falling to Rs.11,505 crore last fiscal from Rs.14,499 crore the previous year.
The number of BSNL's landline connections, too, fell in the last six months, the government said Thursday.
Big fat Indian weddings? Not in Jharkhand
By IANS
Ranchi : Indian marriages are usually glittery affairs with people trying to outdo one another by throwing lavish parties. But that's not quite the case in Jharkhand, thanks to the high prices of gold, flowers, other wedding essentials and caterers.
In the last three years, the prices of all the things that go into the making of a wedding have almost doubled in the state. For instance, the price of 10 gm of gold was Rs.5,500 at the beginning of 2005 but has now gone up to Rs.11,000.
India’s central bank hikes rates to ease prices
By IANS,
Mumbai: In a bid to tame the price rise by sucking excess money out of the system, India's central bank Friday hiked two major policy rates by 25 basis points each, a move that industry said could impact growth.
The repo rate now stands revised to 5 percent and the reverse repo rate to 3.5 percent, marking an end to the easy monetary policy regime of the Reserve Bank of India (RBI).
The repo rate is the interest charged by the RBI on borrowings by commercial banks. A hike in the rates makes cost of borrowing costlier for the commercial banks.
Microsoft to launch Office 2010 for Indian users in June
By IANS,
New Delhi : Global software giant Microsoft Corp will launch the latest version of its popular application suite MS Office 2010 for Indian users in June, a top official said here Thursday.
"The Office 2010 will be available for both businesses and consumers in June," Microsoft Corp's India chairman Ravi Venkatesan told reporters here on the sidelines of an seminar on social inclusion here.
India, US seek mutual respect on trade talks
By Arun Kumar, IANS
Washington: India has advised the US to look for "convergence of respecting each other's sensitivities" as three senior US officials asked New Delhi to take the lead in pushing the stalled Doha round of world trade talks.
"There has to be a convergence of respecting each other's sensitivities," Indian Commerce Minister Kamal Nath said late Wednesday as US Trade Representative Susan Schwab suggested it was New Delhi's responsibility to do so even if it entailed some sacrifice on its part.
Government to provide financial incentives for sugar export
By IANS,
New Delhi : The central government Wednesday said it would provide financial incentives to push export of sugar.
The government will provide Rs.3,333 per...
Kingfisher posts Rs.1,608 crore loss
By IANS,
New Delhi : Private carrier Kingfisher Airlines has reported a net loss of Rs.1,608.09 crore ($338.5 million) for 2008-09, but said it has plans to raise Rs.500 crore from the equity market.
The airline's expenses on employees cost stood at Rs.823.85 crore last fiscal, while expenses on aviation fuel and aircraft lease rental were respectively at Rs.2,602 crore and Rs.1,185.13 crore, Kingfisher said in a regulatory statement Wednesday.
The carrier's performance for the first quarter of the current fiscal was also dismal with losses touching Rs.242.71 crore.
BJP’s big contributor UP gets little in rail budget
Lucknow : Uttar Pradesh, which contributed 71 Lok Sabha members to the BJP's kitty, Tuesday did not get any preferential treatment in the rail...
Algeria’s Sonatrach announces two more gas discoveries
By NNN-APS
Algiers : Algerian national hydrocarbons company Sonatrach has announced two new gas discoveries in the southeastern part of the country.
The first find was made by Sonatrach on its own in the Ahnet Basin and the second was made in partnership with Norwegian company Statoil Hydro in the Gourara Basin, the company said in a statement Monday.
Kinfra to set up footwear park in north Kerala
By IANS,
Thiruvananthapuram : State-run Kerala Industrial Infrastructure Development Corp (Kinfra) Wednesday said it will set up a state-of-the-art footwear park in Malappuram district in north Kerala.
The park will come up on 120 acres in Vazhakkad, Malappuram, Kinfra said in a release.
"The park would be ready in two years and would have facilities for manufacturing footwear and raw materials needed for the industry," an official at Kinfra told IANS.
According to him, the park would emerge as a big support for around 200 footwear manufacturing units in north Kerala, he added.
Satyam board meets Tuesday, may name new CEO
By IANS,
Hyderabad : The government-appointed directors of embattled Satyam Computer Services will meet here Tuesday to pick a new chief executive officer (CEO) and finalise funding arrangements to ensure the fraud-hit company's smooth operations in the next two months.
The six directors, making up the new board, said last Friday that they had shortlisted three candidates for the posts of CEO and chief financial office (CFO) and they will finalise the names this week.
They also said that funding arrangements till March end would be tied up before Jan 28.
Honda launches new super-bike VFR1200F
By IANS,
New Delhi : Japanese automotive manufacturer Honda Friday launched its new 1,200 cc super bike, VFR1200F, hoping to start a new era of sports riding in India.
Priced at a whoping Rs.17.5 lakh (ex-showroom Delhi),
this is Honda Motorcycle and Scooter India's third offering in the sports biking segment after CB1000R and CBR1000RR Fireblade, which are 1000 cc bikes.
The super bike will be available in the Indian market after August 16 and will give a mileage of 15.9 km a litre if driven on the fuel efficient mode called mode-D.
Sensex ends below 16,000 points
By IANS,
Mumbai : A key Indian equity index Friday closed 1.07 percent down for the fifth consecutive day to end below the 16,000 points.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 16,135.87 points, ended 15,881.23 points (provisional) -- 171.49 points or 1.07 percent down from Thursday's close at 16,052.72 points.
The S&P CNX Nifty of the National Stock Exchange (NSE) followed a similar path and closed in the red at 4,704.25 points, down 0.97 percent.
Jammu Kashmir Chief Minister vows industrial growth of state
By KUNA,
New Delhi : The northern most Indian state Jammu and Kashmir, which has been plagued by terrorism for more than two decades, appears to be moving towards normalcy now.
In the last State polls, held in December, people in the state gave a blind eye to militants threats and voted in large numbers. And, now the new State Chief Minister Omar Abudullah has vowed to increase the pace of development in his state in areas like industry, tourism, agriculture and overall socio-economic development.
IMF granted new powers to raise income through investments
By DPA,
Washington : Members of the International Monetary Fund have approved a broad expansion of investment practices as part of an overhaul of how the crisis lender acquires income.
The IMF Board of Governors voted Tuesday for the new investment strategy, which includes creating an endowment from the sale of more than 400 tonnes of gold reserves, worth more than $11 billion. The US Congress must still approve the transaction.
Indian equities rise third straight day
By IANS
Mumbai : The benchmark stock market index Wednesday maintained its rise for the third consecutive day but posted only marginal gains over apprehensions of what the Indian budget, to be presented Feb 29, holds in store.
With modest cues emerging from global markets, the markets started with substantial gains but could not hold the momentum as heavy selling was seen in banking and IT scrips.
Brazil’s oil major Petrobras to boost production, export
By IANS,
Rio de Janeiro : Brazil's state-owned energy giant Petrobras will build a new refinery to boost production of gasoline and derivatives for both domestic and export markets as part of a major expansion plan.
Petrobras said in a statement that its 22nd refinery would be on stream in 2010 in Rio Grande do Norte state in the northeast and will produce gasoline, diesel and liquefied petroleum gas, EFE news agency reported Thursday.
It did not disclose the refining capacity of the new unit, which is part of a major expansion plan to augment its share in global oil export market.
Equity markets end in red for second straight day
By IANS,
Mumbai : Indian equity markets closed in the red Wednesday for the second day running, mirroring weak global cues.
The trading session was highly volatile ahead of market regulator Securities Exchange Board of India's meet to review the rules on issuance of participatory notes in the capital market.
Banking, realty and IT shares dragged the market down.
The markets started on a weak note and continued to trade in negative zone in choppy trade before ending the day in red.
Indian markets join Asian rally, Sensex up 175 points
By IANS,
Mumbai : A benchmark index for Indian equities joined the rally in other Asian markets and was ruling a percent higher two hours into trade Wednesday.
At 11.07 a.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,389.47 points, was at 17,558.93 points, up 175.75 points or 1.01 percent from its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 5,253.15 points, against the previous close at 5,198.1 points, a gain of 1.06 percent or 55.05 points.
Markets rally in last hour, post handsome gains
By IANS,
Mumbai : Indian equities markets surged in the last trading hour with a key index closing (provisionally) 1.47 percent higher than its previous close.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) shot up during the last session, closing 144.59 points or 1.47 percent higher than Monday's close.
The Sensex stood at 9,976.98 points after crossing the 10,000-point level just before close.
The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE) also rose sharply and closed at 3050.35 points or 2.32 percent higher.
Sterlite bags orders worth Rs.2.78 bn for power conductors
By IANS,
New Delhi : Sterlite Technologies Ltd Thursday said it has bagged contracts worth Rs.278 crore (Rs.2.78 billion) from the Power Grid Corp of India Ltd, Jaypee Powergrid, Rajasthan's state electricity board, and the Ethiopian Electric Power Corp.
The contracts, which are for Sterlite's moose and power conductors, would be supplied between September 2008 and December 2009, as per customers' requirements, a company statement said.
50 percent apple crop transported out of Himachal Pradesh
By IANS,
Shimla : The apple season in Himachal Pradesh is in full swing with 11 million boxes having been transported out of the state.
"Almost 50 percent of the total crop has been sent to various markets in the country," Director of the State Horticulture Department Gurdev Singh told IANS Friday.
He said around 500 apple-laden trucks move out of the state daily.
The best quality apples in the country from the Chango, Ribba and Namgiya valleys of Kinnaur and Hurling in the Spiti subdivision have also reached the markets.
Markets on a see-saw, Sensex up over 318 points
By IANS,
Mumbai : It was a see-saw trading session till noon Tuesday at the Indian equities markets, with a key index pulling back into the green after slipping more than 373 points in the morning.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which had opened higher at 14,757.82 points, and slipped more than 373 points soon after, pulled back in the green to rule at 14,602.8 points, 318.59 points or 2.23 percent up from its close Monday.
Jet Airways defers plan for Mumbai-South Africa service
By Fakir Hassen, IANS
Johannesburg : Jet Airways, India's largest private carrier, has indefinitely deferred the plan to launch a Mumbai-Johannesburg service from this April in favour of more lucrative destinations like the US and China.
"We operate a business and have to consider the bottom line by looking at routes which are more profitable and deliver better yields," Jet Airways representative Alex Cost said.
Power Finance Corp’s net rises 63 percent
By IANS,
Mumbai : The net profit of state-run power infrastructure financing company Power Finance Corp increased by 63 percent to almost Rs.1,970 crore last fiscal from about Rs.1,207 crore in 2007-08, it announced Monday.
"The increase in net profit is mainly due to reversal of deferred tax liability of Rs.61,651.32 lakh (Rs.616.5 crore)," the company said in a regulatory statement.
The company's consolidated turnover increased 31.6 percent to Rs.6,572.02 in 2008-09 from about Rs.4,993 the year before.
Cisco partners Wipro for IT infrastructure solutions
By IANS
Bangalore : Global network equipment provider Cisco Systems Inc Wednesday announced a strategic alliance with Indian IT major Wipro Ltd to develop and deliver IT infrastructure solutions worldwide, said Cisco chief John Chambers.
The alliance, expected to bring in business worth $1 billion, will focus specially on the Middle East, Africa and India.
Gujarat to seek investment inflow from Japan
By IANS
Ahmedabad : Gujarat will make the pitch for substantial Japanese investment inflow at the Destination India Conference to be held in Tokyo Feb 19. Industries Commissioner Gauri Kumar, who is part of the Indian delegation, will represent the state in the meet.
The Indian team, led by union Commerce and Industry Minister Kamal Nath, will leave for Japan Sunday. Apart from senior government officials, the delegation comprises several members of the Federation of Indian Chambers of Commerce and Industry (FICCI).
Pakistan plans to unfreeze stock market by Oct 27
By DPA,
Karachi : Pakistan's main Karachi bourse Friday reluctantly decided to unfreeze itself by Oct 27 only if the government fixes a cap on interest rates on loans taken by top brokers, sources said.
"The decision to unfreeze is only tentative. We are watching the government to see if it will inject money into the market and put a cap on interest rates," Akeel Karim Dhedhi, chairman of local giant AKD Securities told DPA.
UTV Software announces book closure of UTVM IPO
By IANS
New Delhi : Top production house UTV Software Communications Ltd Tuesday announced the book closure of the initial public offering of its subsidiary UTV Motions Pictures Plc (UTVM) on the Alternative Investment Market (AIM) of the London Stock Exchange.
Gujarat to expand state transport bus fleet
By IANS,
Ahmedabad : The Gujarat State Road Transport Corp will buy 1,500 Volvo AC buses to attract more passengers, an official said here Friday.
The new buses, adding to the existing fleet of 7,300 buses, will cover more routes, said GSRTC secretary P.D. Patel.
The state will spend Rs.240 crore (Rs.2.40 billion) for the new buses in 2009-10.
India, Canada urged to develop economic linkage
By IANS,
Chennai : To have better economic relations and also increase the bilateral trade from the current $4 billion, India and Canada should work towards signing a Free Trade Agreement (FTA), a Canadian official said.
“Both the countries can pursue a FTA within the next 10 years. The countries can have economic linkage in agriculture, information technology, civil aviation, energy, defence technology, higher education and tourism,” Deepak Obhrai, parliamentary secretary to the Canadian foreign affairs minister, said here Wednesday.
We don’t have ‘master key’ to access encrypted data: BlackBerry
By Gurmukh Singh, IANS,
Toronto : With India's Aug 31 deadline for access to its ultra-encrypted messenger and email services approaching, BlackBerry maker Research In Motion (RIM) said it has no "master key" or "back door" to accommodate requests for access to encrypted data.
In a bid to dispel what it called three "misperceptions" about its smart phone, the Canadian company Thursday said that the first misperception is that "RIM has the keys to decode or decrypt the encrypted data that flows through the BlackBerry Enterprise Solution".
Sensex collapses below 13,000 mark again
By IANS,
Mumbai : Indian equity markets suffered huge losses by early Thursday afternoon, with metal, realty, power and capital goods stocks under heavy selling pressure.
At 12:30 p.m., the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was down by 666.50 points or 4.88 percent at 12,998.12, compared to its closing figure Wednesday. It had touched a low of 12,965.89 earlier.
At the same time, the broader based S&P CNX Nifty index of the National Stock Exchange was down by 188.00 points or 4.84 percent at 3,895.35.
Reliance Infocomm officials appear in court in call masking case
By IANS,
Chennai : Top officials of the erstwhile Reliance Infocomm Tuesday appeared before the chief metropolitan magistrate at Egmore here in a case related to masking of international calls as local calls and thereby causing loss to the government.
The case pertained to the time when Reliance Infocomm was still a functional company and part of the undivided Reliance Industries group.
Sensex ends flat as investors sell IT, telecom scrips
By IANS,
Mumbai : A key Indian equities index fell sharply towards the closing bell Thursday to end flat as heavy selling in blue chip IT and telecom scrips dragged down the benchmark index from its intra-day high.
The 30-scrip benchmark index of the Bombay Stock Exchange, Sensex, which opened at 16,908.02 points, shut shop at 16,843.54 points, up 36.88 points or 0.22 percent from Wednesday's closing figure of 16,806.66 points.
The index had gained 191 points during the day.
Qatar plans economy base shift from oil to knowledge
By IANS
Dubai : Qatar is planning to transform its economy from one based on energy to one that has knowledge as its mainstay.
"We expect to be an exporter of knowledge as well as gas," the Peninsula newspaper quoted Qatar Foundation's associate vice-president for higher education Ahmed Hasnah as saying at a three-day international conference on knowledge parks in Doha.
Stabilise markets, Sensex boom is senseless: CPI
By IANS
New Delhi : The Communist Party of India (CPI) Thursday asked the government to take urgent corrective measures to stabilise stock market operations and prevent "accumulation of huge wealth" by few at the cost of the common people.
France, Germany find little common ground on economy
By IRNA,
Paris : President Nicolas Sarkozy and Chancellor Angela Merkel met on Monday to work out a coordinated response to Europe's deepening recession.
But when it came to specifics, they agreed only on what they did not want: to follow Britain's lead and cut the sales tax.
With consumer prices receding in the euro zone, cutting consumer taxes "is not the right answer for France and Germany," Sarkozy said at a joint news conference with Merkel at the Elysee Palace.
BP announces Hayward’s departure, reports $17 mn quarterly loss
By DPA,
London : Oil giant BP Tuesday announced a record quarterly loss of $17.1 billion as a direct result of the Gulf of Mexico oil spill and said its embattled chief executive, Tony Hayward, would be leaving the company on Oct 1.
The 53-year-old's departure follows intense criticism of his handling of the catastrophic spill caused by an explosion on the Deepwater Horizon drilling rig in the Gulf of Mexico April 20.
Markets slip further in afternoon trade
By IANS,
Mumbai : Indian equities markets extended their losses Friday afternoon with a key index trading 1.79 percent lower than its previous close about an hour before close.
The sensitive index of the Bombay Stock Exchange (Sensex), which started at 8,804.15 points, was ruling at 8,656.08 points, 1.79 percent or 157.76 points down from its Thursday close of 8,813.84 points.
At the same time, the S&P CNX Nifty index of the National Stock Exchange was at 2,667.05 points, 1.72 percent lower than its previous close of 2,713.8.
Chinese petrol far below global levels even after price hike
By Andreas Landwehr, DPA,
Beijing : "Did you fill up before midnight?" one Beijing taxi driver called out to another Thursday night, making sure they all hit the Chinese capital's petrol stations before the clock struck 12.
The taxi drivers are affected by a 16-percent increase in petrol prices, in force since Friday, and can only hope that their companies will pick at least part of the increased tab.
But in the end, many may face earning losses from 10 to 20 percent.
"Can't be helped," one driver said, shaking his head. "It always hits us small fish."
And now, every fourth Indian is connected
By IANS,
Bangalore/New Delhi : Every one in four Indians has a phone now, thanks to the scorching pace at which the burgeoning telecom services sector grew in the last fiscal, says an annual survey .
With the total wireless subscriber base crossing 261 million as on March 31, wireless connectivity forms 22 percent of the total tele-density at 25 percent across the country, the survey adds.
The annual survey by Voice and Data of CyberMedia group revealed that the Indian telecom subscriber base zoomed by 66 percent year-on-year (YoY) in the fiscal under review over the previous year.
Google’s exit a plot, says China Daily
By IANS,
Beijing : Google's exit from China is a "deliberate plot", a Chinese daily said Thursday, adding that Google's services in India and some other countries were also "under scrutiny".
An article in China Daily stressed that the US company's withdrawal "from the Chinese mainland is a deliberate plot".
"Google's withdrawal is not a purely commercial act. The incident has from the beginning been implicated in Washington's political games with China."
Toyota Kirloskar sales down by 26 percent
By IANS,
Chennai: Japanese-Indian car joint venture Toyota Kirloskar Motor Saturday said its sales volumes declined by 26 percent last month as compared to November 2011.
West Bengal scraps Infosys, Wipro projects
By IANS,
Kolkata : The projects proposed by Infosys Technologies and Wipro in a township just outside the state capital has been scrapped, the West Bengal government informed the two IT majors Monday.
The projects were to come up in the proposed IT township at Rajarhat near Salt Lake but had become controversial in recent weeks following allegations that land sharks had been involved in acquisition of plots there.
Oil India to be listed on bourses
By IANS
New Delhi : A cabinet panel Thursday approved a proposal of Oil India Limited (OIL) for a fresh equity issue of 10 percent of its paid up capital through an initial public offer (IPO) to enable the company list itself on the stock exchanges.
"The fresh issue would meet SEBI (Securities and Exchange Board of India) requirements of listing the company's share on the stock exchanges," Finance Minister P. Chidambaram told reporters after a meeting of the cabinet committee on economic affairs (CCEA) chaired by Prime Minister Manmohan Singh.
Economic Survey sees 7-7.5 percent growth for current fiscal
New Delhi: The Economic Survey for 2015-16 tabled in parliament on Friday has pegged India's growth for the current fiscal in the 7-7.5 percent...
German federal agency aids carbon trading with India
By DPA
Frankfurt : German aid agency disclosed Tuesday it was helping Indian energy companies to market valuable pollution rights to companies in the West.
RWE Power AG, part of Germany's second biggest utility, had been the first buyer, said GTZ, an aid operator fully owned by the federal government in Berlin.
The carbon-dioxide-emission rights are being traded through a New Delhi office of GTZ.
Wage hike, attrition in IT industry easing: Ramadorai
By Fakir Balaji,IANS
Bangalore : The software-driven Indian IT industry is breathing easy as a result of demand for wage hike and attrition rate tapering off in the second-half of this fiscal, a top Tata Consulting Services' (TCS) official said.
"Salaries and attrition are flattening out in the software sector signifying maturity and increasing availability of talent pool for hiring. The demand-supply is also getting better," TCS managing director and CEO Subramanim Ramadorai told IANS in an interview.
Bihar poll diary: Campaigning in the time of call drops
By Brajendra Nath Singh
At least one thing is sure. Call drops don't just affect the common man. Even ministers are victims of the sudden...
Malaysian firm thrives on Valentine’s Day at air show
By IANS,
Bangalore : A Malaysian garment firm made hay Saturday at Aero India international air-show by selling designer T-shirts, caps, fighter aircraft models and a variety of novelties to celebrate Valentine's Day in a special way.
"We are giving one product free for every purchase made to celebrate Valentine's Day in our own way. The response has been overwhelming, with lots of couples and teenagers snapping up our attractive offering," V-GRO Marketing official M.O. Yap told IANS at the Yelahanka air force base, about 20 km from this tech hub.
Gujarat plans satellite towns to decongest bigger cities
By P.S. Anantharaman, IANS,
Ahmedabad : The Gujarat government is drawing up a blueprint called 'Rurban' to create satellite urban centres to decongest its bigger cities. These towns will have rural souls with urban amenities, says Chief Minister Narendra Modi who has conceived this idea.
The concept, according to government officials, will be marketed strongly at the January 2009 Vibrant Gujarat Global Investors Summit.
Markets open higher, continue rally
By ians,
Mumbai : Indian equities markets, on an upswing since last week, continued the good show Monday with a key index of the Indian stock market opening 2.12 percent higher than its previous close.
An hour into trading, the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 205.56 points or 2.12 percent higher than its close of 9,690.07 Friday.
The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE) was also up at 2,993.55 points or 2.47 percent from its close of 2921.35 points Friday.
MTN scoops top awards as talks with Reliance continue
By Fakir Hassen, IANS,
Johannesburg : South African mobile giant MTN continues to remain silent on its discussions with Indian company Reliance Communications, halfway through a two-week extension of an exclusivity talks agreement, but has been very vocal about two major awards it has won.
MTN won the inaugural African Business of the Year and Brand of the Year awards presented in London by the Commonwealth Business Council (CBC) African Business Awards.
‘UFO wrecked British wind turbine’
By IANS,
London : A giant wind farm turbine in Britain was “wrecked” by a mystery aircraft - probably an alien spacecraft, a tabloid reported Thursday.
The Sun said the turbine at Conisholme in eastern England lost a 66-feet blade and had another badly damaged at 4 a.m. Sunday - after locals spotted strange lights streaking towards the 290-foot-high generator.
Local UFO groups said they had many reports of activity in the area while Ecotricity, which owns the site, said it was keeping an open mind.
Bata net profit up 38.7 percent in first quarter
By IANS,
Kolkata : Footwear retailer Bata India posted a net profit of Rs.14.33 crore for the first quarter (January-March) of 2010 compared to Rs.10.33 crore during the corresponding period last year.
The net profit grew by 38.7 percent.
"This performance is the result of higher sales and profitability due to the expansion in our retail stores, a fantastic shoe line, improved inventory management and great customer service," Marcelo Villagran, managing director of Bata India Limited, said in a statement here Thursday.
Himachal seeks $500 mn loan to extend watershed project
By IANS,
Shimla : Buoyed by the success of a World Bank-aided watershed development project in the state, Himachal Pradesh is planning to replicate the project in other areas too, an official said here Tuesday.
"The Mid-Himalayan Watershed Development Project that is being implemented in 602 gram panchayats in the state has played an important role in boosting the economy of the local villagers. Now, the government is planning to get funding from the World Bank for extending the scheme to at least 2,500 panchayats out of the total 3,243 in the state," a government spokesperson said.
Gmail outage challenges Google engineers
By DPA,
San Francisco : A disruption to Google's Gmail service frustrated users throughout the world Tuesday and flummoxed engineers at the giant internet company.
Google said the problems started early in the morning and were not resolved until approximately 2330 GMT.
The problem prevented users from accessing Google email and stymied customers who use the popular software to sync their information with the Microsoft Outlook email programme.
Maruti Suzuki sales up 22 percent
By IANS,
New Delhi : India's largest car manufacturer Maruti Suzuki Tuesday reported a 22 percent rise in sales in February to 96,650 vehicles -- its best performance till date.
"This is the highest ever total monthly sales in the company's history (previous highest 95,649 units in January 2010)," said a company statement.
The company's domestic sales during February grew 20 percent to touch 84,765 units while exports rose 38.8 percent to 11,885 units.
ECB guarantees liquidity of Cypriot banks
By IANS/EFE,
Frankfurt : The European Central Bank, or ECB, said Thursday it would guarantee the liquidity of banks in Cyprus until March 25.
Sesa Goa plans to invest Rs.4 bn on new mines
By IANS,
Kolkata : India's largest exporter of iron ore in the private sector, Sesa Goa Ltd, plans to invest about Rs.4 billion in the next 12 to 18 months to develop new mines, especially overseas, a top company official said here Thursday.
"We are looking at acquiring iron ore mines abroad as prices of mines globally have fallen significantly over the past few months," P.K. Mukherjee, managing director of the flagship company of the Sesa Group, told reporters on the sidelines of a mining summit.
Rahul Gandhi reaches Gwalior to support protesting landless poor
Gwalior, Oct 6 (IANS) Congress President Rahul Gandhi reached Madhya Pradesh's Gwalior on Saturday to support the protesting landless poor who are marching towards...
World Bank launches new fund to help emerging countries
By DPA,
Washington : As wealthy nations deal with their own struggling economies, the World Bank launched a new fund Saturday to help emerging countries trade lessons amongst themselves.
The new programme was described as a "simple, low cost" means of helping developing economies learn about new ideas in their own back yards to help cut poverty, improve agriculture, manage their natural resources and improve political systems.
No terror impact, Indian equities still in green
By IANS,
Mumbai : Despite a general nervousness pervading the investor community due to the global financial and economic meltdown, the Indian equities markets showed resilience Friday and refused to panic following the terrorist attack here, the country's financial capital, with a key index still in the green mid-afternoon.
Mid-afternoon, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 9,041.75, up 15.03 points or 0.17 percent from its previous close at 9,026.72 points.
Canon not interested in manufacturing unit in India
By IANS
New Delhi : Japanese electronics major Canon says infrastructure is a "huge problem" in India and hence it is not keen on setting up a manufacturing unit here.
"Infrastructure is a huge problem in India, which is why we are not much interested in setting up a manufacturing unit here," Kensaku Konishi, president and CEO, Canon India Pvt Ltd, told reporters here on the sidelines of an event.
UAE to name companies employing illegal workers
By Xinhua
Abu Dhabi : The Ministry of Labour of the United Arab Emirates (UAE) has decided to put up on its website names of the business houses employing illegal workers, Gulf News reported Wednesday.
It is important to name the erring companies and inform the public they exploit workers, ministry official Humaid Bin Deemas was quoted as saying.
"A person who works for a company illegally is weak, cannot protect himself, is open to exploitation and can have no documents to prove his rights," he said.
‘New Zealand business confidence lowest since 1970’
By DPA,
Wellington : Business activity and confidence in New Zealand, which has been in recession since the start of 2008, is at its lowest since 1970, according to a survey of companies released Tuesday.
The New Zealand Institute of Economic Research (NZIER) said its quarterly survey of business opinion found 44 percent of firms reported a fall in their businesses in the last three months of 2008.
A net 43 percent said they expected their trading activity to decrease in the first quarter of this year.
Government mulling fuel price hike, duty cuts
By IANS
New Delhi : The government is contemplating a combination of fuel price hike and duty cuts to offset the impact of surging crude oil prices, a top official of the petroleum ministry said here Monday.
"The petroleum ministry will present before the Group of Ministers (GoM) meeting December 14 the latest updates on accumulating under-recoveries of oil marketing companies," petroleum secretary M.S. Srinivasan said here on the sidelines a conference of the Oil Industry Safety Directorate (OISD).
Inflation rate keeps climbing, now at 42-month high
By IANS,
New Delhi : India's annual rate of inflation shot up to a 42-month high of 7.57 percent for the week ended April 19 from 7.33 percent for the week before due to an overall increases in wholesale prices.
The inflation rate had moved up to 7.33 percent for week ended April 12 from 7.14 percent for the week before, as per statistics on the official wholesale price index released by the commerce and industry ministry Friday.
Sensex in the red on weak Asian cues
By IANS,
Mumbai : A key Indian equities index Monday joined its poorly performing Asian peers and was ruling 1.51 percent lower from the previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,584.86 points, was ruling at 17,326.19 points, down 264.99 points or 1.51 percent from its previous close at 17,591.18 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 5,196.85 points against the previous close at 5,262.6 points - a loss of 1.25 percent.
Maharashtra struggles to cope with impending drought
By IANS,
Mumbai : With the rains playing truant and the threat of a drought looming large over Maharashtra, the state government has warned people in major cities to brace themselves for severe water shortage in the coming days.
The government announced measures to combat the situation, including digging of 35,000 new wells and grant of Rs.3.5 billion to carry out Employment Guarantee Scheme (EGS) projects in the scarcity-hit talukas (sub-districts) in the state.
Last week, the government declared 164 out of 355 talukas as 'scarcity-hit' owing to failure of rains.
Markets slump on insipid interim budget
By IANS,
Mumbai : Indian equities closed in the red Monday as the interim budget presented by the government failed to shower any sops and boost investor confidence, leading to a key index ending 3.42 percent below its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange closed at 9,305.45 points, down 3.42 percent or 329.29 points from its 9,634.74 points close Friday.
The BSE midcap index was down 2.93 percent while the BSE smallcap ended 2.1 percent lower.
India’s Congress, South Africa’s ANC sign MoU
By IANS,
New Delhi : Congress president Sonia Gandhi and South Africa's ruling African National Congress chief Jacob Zuma Tuesday signed a pact for enhancing political exchanges between two of the oldest political parties in the world.
The memorandum of understanding (MoU) was signed after talks between top functionaries of the ANC and the Indian National Congress at Gandhi's 10, Janpath residence here.
Bangladesh may resume hilsa exports to India
By IANS
Dhaka : Bangladesh is reviewing a ban on export of the much-sought-after hilsa fish to India to obviate a retaliatory ban on export of rice from India.
Gold rush in full swing despite high prices on Dhanteras
By IANS,
Mumbai/Kolkata/Delhi : Undeterred by the skyrocketing price of the yellow metal, Indian cities witnessed a gold rush Thursday on the auspicious occasion of Dhanteras.
In Mumbai, where gold is going at Rs.17,000 per 10 grams, people came out in large numbers to purchase the precious metal in the belief it will bring them prosperity.
"Gold symbolises Goddess Lakshmi. If the prices had been more reasonable, we had planned to buy at least 10 grams," said Minakshi Baikar-Kalbate, a housewife from Malad suburb, who bought two grams of gold Thursday afternoon.
SAIL to enter Kerala through joint venture
By IANS
Kozhikode : The ailing Kerala government-owned Steel Complex Limited (SCL) will be managed by public sector behemoth Steel Authority of India Limited (SAIL) as a joint venture project.
"A rolling mill with 60,000 tonne capacity at an investment of Rs.500 million will be set up at SCL by the joint venture," Kerala Industries Minister Elamaram Kareem said here Thursday.
"The draft of the MoU (memorandum of understanding) has been approved by the state cabinet and the board of directors of SAIL," he said. The joint venture will come into being next month.
India may grow at 7.8 percent in 2008-09: The Economist
By IANS
New Delhi : India's economic growth rate is expected to moderate to 7.8 percent in 2008-09, mainly on account of a global slowdown, said Economist Intelligence Unit (EIU), a marketing research wing of the prestigious publication, The Economist.
Christopher C. Doyle, EIU's country manager for India, told reporters Thursday that India was the second fastest growing economy in the world after China.
China may not harm its big stake in Indian market: Assocham
By IANS,
New Delhi : China has a big stake in India's growing market which it would be reluctant to harm industry body Assocham has said.
Tatas, Mahindra mum on reports of overseas bids
By IANS
Mumbai : Tata Motors and Mahindra and Mahindra, two leading players in India's automobile sector, Thursday declined to comment on a report in a British newspaper that they were planning to bid for Jaguar and Land Rover.
Tata Motors official spokespersons refused to confirm the deal while managing director Ravi Kant's office declined to comment. Similarly, the official spokesman of Mahindra and Mahindra also refused to comment when IANS reached him.
Mumbai : Tata Motors and Mahindra and Mahindra, two leading players in India's automobile sector, Thursday declined to comment on a report in a British newspaper that they were planning to bid for Jaguar and Land Rover.
Tata Motors official spokespersons refused to confirm the deal while managing director Ravi Kant's office declined to comment. Similarly, the official spokesman of Mahindra and Mahindra also refused to comment when IANS reached him.
Energy surplus northeast can power rest of India
By Sujit Chakraborty
Agartala : Power-surplus northeastern India is unable to supply power to the energy-starved states for want of adequate transmission lines, experts here...
Himachal seeks incentives for fruit processing industry
By IANS,
Shimla : Himachal Pradesh, one of India's major apple-producing regions, has requested the central government to set up an apple juice concentrate plant in Shimla district and extend special incentives to the state's fruit processing industry, an official statement said here Monday.
"Horticulture Minister Narinder Bragta has met Union Minister for Food Processing Industries Subodh Kant Sahai and requested him to set up an apple juice concentrate plant at Pragatinagar in Shimla district," the statement quoted Bragta as saying.
Sensex ends in red, volumes plummet on bandh day
By IANS,
Mumbai: Indian equities markets closed in the red Monday with trading volumes plunging in the wake of the "Bharat Bandh" called by opposition parties against the hike in fuel prices.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,473.83 points, closed at 17,441.44 points, 19.51 points or 0.11 percent down from its previous close at 17,460.95 points in dull trade.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,235.9 points, down 0.02 percent from its previous close at 5,237.1 points.
Slowdown, inflationary pressures affect automobile sales in August
By IANS,
New Delhi/Chennai: Production losses at Maruti Suzuki, high interest rates and rising fuel prices resulted in lower sales for the auto industry in August.
We hope to be a game changer in movie business: Anil Ambani
By IANS,
Mumbai: Industrialist Anil Ambani, who feels movies speak a language that transcends borders, said that Reliance Entertainment will hopefully act as a game changer and help the best in the business to realise their hopes.
Mahindra to relaunch Stallio motorcycle
By IANS,
Kolkata : With an eye to the fast growing motorcycle market in India, Mahindra Two Wheelers Ltd (MTWL) Monday said it will relaunch its 110cc bike Stallio later this year.
Maruti records its highest ever monthly sales
By IANS,
New Delhi : Indian car market leader Maruti Suzuki Wednesday reported its highest ever monthly sales of 23.6 percent for August at 104,791 units as compared to 84,808 vehicles for the like period of 2009.
According to the company, the domestic market for its cars grew at 32.5 percent at 92,674 units in August as compared to 69,961 cars for the corresponding period of last year.
"This is the highest ever monthly sales recorded by the company," the company said in a statement.
Hindustan Motors to launch upgraded Winner truck in Delhi
By IANS,
Kolkata : Automobile manufacturer Hindustan Motors will launch the Bharat Stage Four (BS IV) version of its mini-truck Winner in the national capital shortly, a top company official said here Friday.
"Our immediate priority is to launch the BS IV version of Winner in Delhi in seven to 10 days. After this, it will be launched in Mumbai," company managing director Ravi Santhanam told reporters on the sidelines of a seminar.
BS IV refers to the latest emission norms set by the Indian government to reduce the harmful effect of automobile fumes.
‘Meltdown forcing rich nations to shelve anti-greenhouse projects’
By IANS,
New Delhi : The global financial crisis is forcing developed countries to put off plans to build projects to curb greenhouse gases emissions in developing nations, an industry lobby report said Friday.
The study by the Associated Chambers of Commerce and Industry (Assocham) said this would affect many renewable energy projects in countries like India and China which need huge investments for their implementation.
Inflation crosses 12 percent, finance ministry says it’s stable
By IANS,
New Delhi : India's annual rate of inflation crossed the 12 percent mark to 12.01 percent for the week ended July 26 as compared to 11.98 percent the week before, data released Thursday showed.
The Wholesale Price Index (WPI) released by the ministry of commerce and industry showed an increase in the prices of primary articles by 0.1 percent, while that of non-food articles rose by 0.4 percent.
Bharti Axa General resets its business focus on villages
By IANS,
Chennai: Private non-life insurer Bharti Axa General Insurance Company Ltd has decided to focus on personal lines of business, targeting people in rural and semi-urban areas, instead of its earlier plan of pitching for corporate business.
The company is a 74:26 joint venture between telecom major Bharti and the French group Axa.
TCS strengthens Brazil business
By IANS
New Delhi : Tata Consultancy Services (TCS), one of India's leading IT services firm, Saturday announced the consolidation of its Brazilian operations with the acquisition of 49 percent stake of its joint-venture partner Grupo TBA.
Tata Group heads sustainable development effort in India: report
By IANS,
New Delhi : The Tata Group has emerged as the "top corporate leader" in sustainable development among Indian companies, according to the Sustainable Development Index that was launched here Tuesday by UK telecommunication major British Telecom.
The new index, developed by GlobeScan, an independent Canadian company that provides public opinion and stakeholder information for clients, is a measure of performance of business houses in sustainable development.
The survey is based on the feedback from top business leaders across India.
Next on list of India’s exports to Trinidad – steelpan
By IANS
New Delhi : With relations between India and Trinidad & Tobago (T&T) growing, India might just add one more item to its list of exports to the Caribbean nation in the days to come - the steelpan!
Fuel shortage cripples Mumbai
By IANS,
Mumbai : A majority of fuel-starved autorickshaws, taxis, schoolbuses and private vehicles in India's financial capital remained off the roads Friday morning, putting millions of residents to hardship.
The worst-hit in the morning were millions of office-goers, school and college students who were stranded at various points around the city in the absence of transport.
Although the bus service BEST managed to keep its fleet running, chaos prevailed as the buses were jampacked, forcing many people to walk down to the nearest railway station.
Mangalam Timber offers merger with Mangalam Cement
By IANS,
Kolkata : Mangalam Timber Products Ltd (MTPL), a B.K. Birla company, has offered to merge itself with another group firm, Mangalam Cement.
In a regulatory filing to the Bombay Stock Exchange, Mangalam Cement said the company has received a letter from MTPL proposing amalgamation.
"Mangalam Cement Ltd has informed the BSE that the Company has received a letter from Mangalam Timber Products Ltd (MTPL) informing that the Board of Directors of Mangalam Timber Products Ltd has recommended amalgamation of MTPL with Mangalam Cement Ltd."
Your money is safe, prime minister assures citizens
By IANS,
New Delhi : In a bid to calm nerves on account of the global financial tsunami, Prime Minister Manmohan Singh Monday said the crisis had slowed the country's growth but sought to reassure citizens that their money in banks was safe and that steps were being taken to minimise the adverse impact of the downturn on the economy.
Tata Nano plant in Gujarat inaugurated
By IANS,
Sanand (Gujarat) : Tata Motors' new manufacturing facility for the Nano, the world's most inexpensive car, opened here Wednesday, nearly two years after the company was forced to shift out of Singur in West Bengal over a land row.
The new plant was inaugurated by Gujarat Chief Minister Narendra Modi and Tata Group Chairman Ratan Tata, who seven years ago had dreamt of making the affordable family car.
"We belong to Gujarat and are happy to return to Gujarat," said Tata. "I am glad that we will now be able to manufacture the Nano across the country."
Chile proposes FTA, India hesitant
By Liz Mathew, IANS,
Santiago : India and Chile can enter into a free trade agreement (FTA), suggested Chilean President Michelle Bachelet. But Indian officials are not sure if this is the best way to better trade ties.
Speaking after signing four agreements with India - on air services, science and technology, sports and cooperation in Antarctica - at the palace of La Moneda, Bachelet said Chile was open to a FTA with India.
World trade deal possible in next few weeks: Brown
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.
SREI Infra net profit drops 53 percent in 2008-09
By IANS,
Kolkata : Non-banking finance company SREI Infrastructure Finance has posted a net profit of Rs.50.36 crore for the year ended March 31 - a fall of 53 percent from Rs.107.96 crore recorded the year before.
Total income fell by 30 percent to Rs.322.27 crore last fiscal from Rs.462.15 crore in 2007-08, the company said in a statement Friday.
Consolidated disbursement by the SREI group during 2008-09 stood at Rs.6,620 crore as against Rs.5,736.93 crore the year before, recording a growth of 15.39 percent.
Case for interest-free banking and finance
As many as 75 countries across the world have adopted the system. The operational term in many cases is not ‘Shariah’ but “interest-free” banking.
By...
Rs.21 bn tax evasion by lottery distributors detected
By IANS
Bangalore : Two Tamil Nadu-based paper lottery distributors have evaded service tax of about Rs.21 billion ($52.5 million) in the last five years, officials here said after detecting what they described as the county's biggest tax evasion case in recent years.
The total turnover of the two lottery distributors, with their main office in Coimbatore and all-India presence, since 2003 would be around Rs.180 billion, a senior official of the Central Excise Intelligence said here.
Pakistan may bring down petrol price
By IANS,
Islamabad : Pakistan is expected to bring down petrol price next month.
Oman’s deputy PM in India, talks on Friday
New Delhi : Oman's Deputy Prime Minister Sayyid Fahd Bin Mahmood al-Said Wednesday began his four-day visit to India that is set to invigorate India's political and economic ties with the oil-rich Gulf state that is home to 400,000 expatriate Indian workers.
The Omani leader was warmly received at the Air Force Station at Palam airport by Minister of State for External Affairs E. Ahamed. He was given a tri-service guard of honour, which is normally reserved for visiting heads of state and government - a gesture that underlined special ties between India and Oman.
Market closes 500 points down
By IANS,
Mumbai : The Indian equities market again closed deep in red Tuesday.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex) opened at 13,480.02 points, touched a low of 12,904.09 before closing at 12,961.68 points. It went down by 499.92 points or 3.71 percent at the days close.
The National Stock Exchange (NSE) S & P Nifty, which opened at 4039.75 points, closed at 3896.75 points. It went down by 143.80 points or 3.56 percent.
Rolls-Royce to cut up to 2,000 jobs next year
By DPA,
London : Aero-engine maker Rolls-Royce said Thursday it would cut up to 2,000 jobs worldwide as a result of the current economic "uncertainties."
Rolls-Royce, which employs 39,000 workers globally, of whom 60 percent are based in Britain, said the announcement was the first stage in a more general programme aimed at matching the group's capacity more closely with the expected load in its facilities.
India may have to import rice this year: Mukherjee
By IANS,
New Delhi : Expecting a 14-15 million shortfall in paddy production and procurement this year, India may import rice to shore up its stocks, Finance Minister Pranab Mukherjee said here Wednesday.
"There is a projection that there will be a shortfall of our kharif (summer) crop. So we may have to make some imports," Mukherjee told reporters on the sidelines of an event organised by the Union Bank of India.
"As of now, the government has six million tonnes of surplus rice and seven million tonnes of wheat stocks," the minister added.
Kolkata hawkers block inauguration of Spencer’s mall
By IANS,
Kolkata : Small shopkeepers and hawkers stopped RPG group vice chairman Sanjeev Goenka from inaugurating a new mall here Friday morning, saying they would not allow the corporate sector to enter the retail business.
Banded under Hawkers Sangram Committee, a national association of small traders and hawkers, the protesters prevented Goenka from entering the mall, belonging to the RPG group's retail chain Spencer's.
BJP welcomes PM’s nudge to banks to give poor preference
New Delhi : The Bharatiya Janata Party (BJP) on Sunday welcomed Prime Minister Narendra Modi's appeal to banks to give preference to the needs of...
Healthy buying pushes markets up
By IANS,
Mumbai : Healthy buying across the sectors pushed up Indian equities markets Tuesday for the second day in a row, with a key index gaining 1.92 percent over its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed in the green at 9,716.16 points after touching an intra-day high of 9,785.04 points, a rise of 182.64 points or 1.92 percent from its previous close of 9,533.52 points.
Equities open strong, stay green on Manmohan’s assurance
By IANS,
Mumbai : Indian equities opened strong Monday and were in positive territory mid-afternoon with Prime Minister Manmohan Singh assuring industry leaders that Indian banks were safe and the government will take all necessary steps to keep the economy protected from the global financial turmoil.
The markets opened strong with a key equity index more than 400 points higher than its previous close Friday following the weekend rate cuts announced by the central bank to lower the cost of borrowings for commercial banks and its steps to infuse additional liquidity.
Sensex off to a green start
By IANS,
Mumbai : Anticipating an industry-friendly budget, a key index of the Indian equities markets started the week in the green five minutes into trading Monday, rising 116 points from its last closing figure.
The benchmark 30-scrip composite Sensex, which opened higher at 14,962.12 points, was ruling at 15,029.05 points, 116 points or 0.78 percent higher than Friday's closing figure.
Similarly, the Nifty of the National Stock Exchange (NSE) was ruling at 4,450.9 points, 0.6 percent higher than its previous close.
India’s growth pegged at 8.7 percent, amid concerns
By IANS
New Delhi : India has grown into a trillion dollar economy with an anticipated growth of 8.7 percent for this fiscal even as poor infrastructure, rupee appreciation, inflation, lower export growth, failing farm growth and US slowdown pose some major challenges, says the official Economic Survey.
"There is no doubt the economy has moved to a higher growth plane, with growth in gross domestic product (GDP) at market prices exceeding 8 percent in every year since 2003-04," said the annual report card on the Indian economy.
European car sales plunge as economic downturn deepens
By DPA,
Berlin : European car sales plunged 25.8 percent in November, data released Tuesday showed as global economic downturn continues to deepen.
Releasing the data, the Brussels-based European Automobile Manufacturers' Association (ACEA) said the last time that new car registrations in Europe dropped at such a pace was in 1999 and 1993.
Treat frost-hit crops as national calamity: MPs
By IANS
New Delhi : A group of parliament members cutting across party lines demanded in the Lok Sabha Tuesday that frost-affected crops be treated as "national calamity" and distressed farmers be given compensation.
During zero hour, the MPs led by Hannan Mollah of the Communist Party of India-Marxist (CPI-M) and Girdhari Lal Bhargava of the Bharatiya Janata Party (BJP), raised the issue of cold wave and frost destroying crops in various parts of the country.
Global slowdown, oil price hike to hit Indian IT growth
By IANS,
Bangalore : The booming Indian information technology (IT) sector is set for a slower growth in the current fiscal due to global economic slowdown, surge in crude oil prices and lower technology spending in the US, a top industry official said here Monday.
"The Indian IT industry is projected to grow at 23-24 percent this fiscal as against a robust growth of 29 percent in the last fiscal in dollar terms," National Association of Software and Services Companies (Nasscom) chairman Ganesh Natarajan told reporters here at a technology event.
Punjab planning direct bus service to Delhi airport
By IANS,
Chandigarh : The Punjab Road Transport Corporation (PRTC) is holding talks with Delhi transport authorities to start a direct bus service from various cities in the state to the Indira Gandhi International Airport in the national capital, Transport Minister Master Mohan Lal said here Thursday.
Kaseya begins India operations with $10 mn investment plan
By IANS,
Mumbai : US-based global IT services provider Kaseya will set up the world's first super network operating centre (NOC) in Bangalore by mid-June as part of its $10 million investment plan in India.
Announcing the launch of the its Indian operations here Thursday, Kaseya India managing director Girish Krishnamurthy said the NOC will serve the company's global customers.
"India offers many opportunities for Kaseya and we expect it to become the second largest market, next to the US, where we manage two million computers," he said.
Don’t panic when fuel warning lights up
Berlin, Sep 13 (DPA) Motorists should not immediately panic when the warning lamp lights up indicating that the fuel tank is empty because most cars have an adequate reserve to last for a stretch of 50 km, according to a test by the German magazine AUTO/Strassenverkehr.
The magazine tested 10 different car models with some vehicles even managing to drive a distance of 150 km before coming to a standstill after the warning lamp lit up.
Milk prices not to increase in Bihar
By IANS,
Patna : Amid indications by the Central government that milk prices may rise in the near future, the Bihar government today assured people that the rates will not be hiked in the state.
"There is no plan to increase milk prices in Bihar. We will not hike milk rates," Chief Minister Nitish Kumar told newspersons at a function here.
"In Bihar, there was no shortage of milk and the COMPFED has already announced that it will not increase milk prices," Kumar said.
Microsoft begins Hotmail upgrade
By DPA
San Francisco : Microsoft began a massive upgrade of its Hotmail email system, hoping to match advances by competitors like Google and Yahoo.
GE-BHEL consortium gets $550 mn ONGC contract
By IANS,
Agartala : A consortium comprising the US-based General Electric (GE) and India's state-run Bharat Heavy Electricals Ltd (BHEL) has been awarded a Rs.22 billion ($550 million) power generation contract by hydrocarbons exploration major Oil and Natural Gas Corp (ONGC), it was announced Tuesday.
"After outbidding France-based Alstom, the BHEL-GE consortium won the bidding process last week for generation of 740 MW of power from natural gas produced by ONGC," ONGC spokesperson Sanjeev Sharma said.
Oil firms asked to make unbranded diesel available
By IANS,
New Delhi : The petroleum and natural gas ministry Wednesday asked oil marketing companies to make unbranded diesel available at all their retail outlets across the country, fulfilling one of the demands of the striking transporters.
The transporters, who began their strike Wednesday morning, have said they had been forced to buy premium diesel at higher and unregulated prices. They demanded the availability of cheaper unbranded fuel.
Farm loans of Rs.1 bn written off in Tripura
By IANS,
Agartala : State-owned commercial and regional rural banks have waived off Rs.1 billion worth of agricultural loans to small and marginal farmers in Tripura, officials said here Tuesday.
"Agricultural loans, disbursed between April 1997 and March 2007 to small and marginal farmers, whose land holdings are up to two hectares, would be waived along with the interest," said Samar Sen Gupta, assistant general manager of the United Bank of India.
The banks have finalised the list of the beneficiaries.
Kerala seeks JVs with public sector for its sick units
By IANS
Kozhikode : With a majority of government-owned industries in Kerala sick, the state is trying to form joint ventures (JV) with central public sector companies for their revival.
"The companies under the central government have got good technology and financial strength. The companies here have out-of-date machineries. We need huge sums to revive these units," Kerala Industries Minister Elamaram Kareem told reporters Thursday.
Gati aims $2.5 bn turnover, allies with European major
By IANS
New Delhi : India's leading courier and cargo delivery firm Gati Ltd said Monday it was targeting revenue growth of Rs.10 billion ($2.5 billion) by June 2009, and announced an alliance with European parcel service giant General Logistics Systems (GLS).
"We have a huge presence across the country and we are building our network through our warehousing facilities both in metros and tier-II cities as we have set a target of becoming a Rs.1,000 crore (Rs.10 billion) company by June 2009," Mahendra Agarwal, Gati's managing director and CEO, told IANS.
India’s industrial output falls 1.2 percent in February
By IANS,
New Delhi : India's industrial output fell 1.2 percent in February against a growth of 9.5 percent in the like month of last fiscal, while the provisional drop reported for January has been revised now to a marginal growth of 0.39 percent.
As per data on index for industrial production (IIP) released Thursday, manufacturing output, which accounts for the bulk of the weight in the overall index, declined 1.4 percent in February, against 9.6 percent growth in the like month of last year.
Jaipur to host jewellery awards
By IANS
Jaipur : In recognition of the work of jewellers, Gold Souk and Jaipur Jewellery Show (JJS) have announced the launch of JJS Gold Souk Jewellery Awards here Tuesday.
The awards will be given at a function on Dec 23. They will honour stalwarts of the jewellery industry for their achievements.
Disclosing this here at a press conference Tuesday, Ashish Gupta, joint managing director, Aerens Gold Souk Group, said: "The jewellery awards are a platform to bring the jewellery industry together and honour them for their achievements and contribution to the trade."
Australians want to say it with roses, from India
By Neena Bhandari, IANS,
Sydney : More and more Australians may soon be expressing their enduring love with roses from India as a delegation heads to Bangalore to facilitate a joint venture between India's largest producer of fresh cut roses, Tanflora, and Australia's largest provider of floral bouquets, The Lynch Group.
Coimbatore company creates ‘confidence’ in South America
By R. Viswanathan, IANS,
The name of a small but confident company from Coimbatore in Tamil Nadu has inspired confidence among Latin American clients in Peru, Ecuador, the Dominican Republic and Argentina, who have given it orders worth $500,000 for textile machinery. And this, perhaps, is only the beginning.