Six plots for hotels in Delhi fetch $184 million
By IANS
New Delhi : The capital's land development agency, Delhi Development Authority (DDA), Wednesday sold six hotel plots for a whopping Rs.7.25 billion ($184 million).
Of the eight plots offered for sale, developers purchased six plots with price tags ranging from Rs.126.1 million to Rs.2.5 billion.
According to DDA, 1,500 sq metres in Hari Nagar in west Delhi was purchased by D.G. Estates Pvt Ltd for Rs.215.35 million against a minimum price of Rs.156.2 million.
CBI charge sheet in Mallya case will name ex-Minister: BJP lawmaker
By IANS:
New Delhi, July 19:BJP's Nishikant Dubey on Thursday said in the Lok Sabha that the CBI will file a charge sheet against Vijay...
PM urges Indian IT to build credible security systems
New Delhi : Describing cyber-related risks as a global threat, Prime Minister Narendra Modi on Wednesday called upon India's IT community to serve...
Indian advertising braces for ‘cyberia’
By Madhusree Chatterjee, IANS
New Delhi : The face of Indian advertising is changing. The action has shifted to 'cyberia' and advertising firms are reorienting themselves for a toehold on the digital domain.
Industry insiders say the country's ad landscape will see more "integration and people-oriented niche campaigns" in the digital age.
Dubai-based Indian realtor to expand portfolio to 5 bn dirhams
By IANS
Dubai : Dubai-based Indian real estate developer Iris plans to expand its portfolio to 5 billion dirhams ($1.4 billion) this year as it announces the launch of its latest project, the 100-million dirham ($27.2 million) Iris Asmar.
"As the property market is growing at such a fast speed, the main concerns are finding good contractors and good consultants. Selling is not the challenge here. The challenge is finishing the project on time," the Gulf News quoted Ashwin Sheth, director of Iris Properties, as saying.
Rains in Punjab Haryana raise fears of damage to wheat crop
By IANS
Chandigarh : Most parts of Punjab and Haryana experienced widespread rainfall Saturday raising concerns among the farming community and agriculture experts about the threat to the ripe wheat crop.
Even though there were no reports of major damage to the standing wheat crop from both states due to the light to moderate rainfall in the last 48 hours, farmers are hoping that the rains stop and the situation does not aggravate.
Cathay Pacific cuts 10 flights to Canada, US
By IANS,
Vancouver : Cathay Pacific Airways, one of the six five-star airlines in the world, is reducing its flights to North America to cut costs because of high fuel prices.
In a statement issued Monday, the Hong Kong-based airline said it was cutting 10 North American flights and adding eight new flights to Australia and switching its bigger aircraft to 14 more profitable European flights each week.
Sensex ends flat, consumer durables gain
By IANS,
Mumbai : A benchmark index for Indian equities ended flat in a day of volatile trading Monday.
FMCG stocks weighed the markets down, while consumer durables shot up handsomely and PSU scrips made robust gains.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,400.33 points, closed at 18,398.91 points, almost unchanged from its previous close at 18,401.82 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut shop 0.19 percent higher at 5,540.9 points.
Indian packaging firm has global investment plans
By Arun Anand, IANS,
Dubai : In a move to strengthen its presence globally and consolidate its position in the domestic market, UFLEX Ltd, a leading Indian flexible packaging company, has announced its aggressive business and investment plans of more than $250 million for the next two years.
"We are setting up new units across the globe, primarily to cater to the global market. Our target is to have one billion dollar turnover by the year 2013," Ashok Chaturvedi, chairman and managing director, UFLEX Ltd told IANS at its Dubai plant.
Lamy wants faster trade liberalisation talks
Geneva, Oct 10 (Xinhua) World Trade Organisation (WTO) chief Pascal Lamy has urged the 151 members of the WTO to accelerate their pace of negotiations in order to make the Doha round of global trade liberalisation talks a success.
"We have regained a good level of momentum in our work and the challenge now is to accelerate it in the days and weeks ahead so that the necessary compromises can be found," Lamy told WTO ambassadors at a meeting of the organisation's governing general council Tuesday.
Government decontrols petrol; hikes diesel, kerosene, LPG
By IANS,
New Delhi : The Indian government Friday freed petrol from administrative control and hiked the prices of diesel, kerosene and cooking gas in a major policy reform that will help improve its fiscal position and release funds for other programmes.
Taking advantage of the current low international crude oil prices, the empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee approved a proposal to make prices of auto fuels market-driven and boost the revenues of oil exploring and marketing companies.
‘Bamboo industry has failed to pick up despite aid’
By IANS,
New Delhi : The bamboo industry in India is still struggling to cope with the challenges despite the massive financial assistance by the central government and the creation of the National Bamboo Mission (NBM) with an outlay of Rs.5.68 billion ($142 million) for promoting bamboo production, a report said here Tuesday.
India, which possesses 30 percent of the world's bamboo resources, contributes only four percent share of the global bamboo market, said a report prepared by the Food and Agribusiness Strategic Advisory and Research (FASAR).
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.
Life insurance products sales fall 38 percent in October
By Venkatachari Jagannathan, IANS,
Chennai : After growing at breakneck speed for the past several years, the Indian life insurance sector has hit the speed breaker with the industry witnessing a premium fall of nearly 38 percent in October over the September figures this year.
Even the number of policies sold by the industry players has gone down by 407,494 in October as compared to the previous month.
All possible help to entrepreneurs implementing MoUs within deadline: MP Industries Minister
By Pervez Bari, TwoCircles.net
Bhopal: Madhya Pradesh Industries Minister Jayant Malaiya chaired a two-day review meeting of MoUs signed with entrepreneurs for investment in...
Private-public alliance takes Hutch to the masses
By IANS
Lucknow : In a first of its kind arrangement, leading telecom operator Hutch and the Department of Posts Wednesday launched a public-private partnership to make all Hutch services available through post offices across Uttar Pradesh.
Chief Post Master General of Uttar Pradesh Neelam Shrivastava and Hutch Uttar Pradesh West CEO Rohit Adya launched the initiative at a joint press conference.
Hanoi’s red-hot property market changing city’s character
By Matt Steinglass, DPA
Hanoi : Developers are predicting another red-hot year for property in this Vietnam city, with retail rents rising to $200 per sq metre per month, new high-rise projects going up across the city, and the rice fields to the city's west and north transforming into suburban villas and shopping malls.
This is good news for some, but bad news for others.
With its cramped medieval Old Quarter, French colonial avenues, and scattered lakes and pagodas, this city of four million had long retained the feel of an overgrown village.
Tamil Nadu tipplers can now swig imported liquor
By IANS,
Chennai : With India losing an appeal filed by the US at the World Trade Organisation (WTO) against its customs duty regime and restrictions on liquor imports by some states, imported wine and spirits will soon flow into Tamil Nadu, an official at a state-run agency said.
On the condition of anonymity, the official of the Tamil Nadu State Marketing Corp (Tasmac), the sole liquor wholesale and retail agency in Tamil Nadu, told IANS that foreign brands such as Johnnie Walker (Red and Black Label), Smirnoff Black and Gordon's Dry Gin will be soon available at its retail outlets.
US to experience near recession: study
By Xinhua
Los Angeles : The US will experience a near recession situation in the final quarter of the year and the beginning of 2008, according to a new study on the country's economy.
The country's economic growth is expected to hover slightly above one percent, said the study released Wednesday.
The study by economists at the University of California in Los Angeles said that in the meantime, however, the unemployment rate would likely reach 5.2 percent by mid-2008, up from the current level of 4.6 percent.
UCO Bank ties up with Hyundai Motor India
By IANS,
Kolkata : UCO Bank has signed a pact with Hyundai Motor India Ltd for vehicle financing, a company statement said here.
"This tie-up will give us a platform from where different products of our bank can be marketed to prospective buyers of Hyundai Motor India cars throughout the country. Thus the bank's retail portfolio as well as customer base can be increased," S.K. Goel, chairman and managing director of the bank, said in the statement.
Hit by petro crisis, Nepal sends SOS to India
By IANS
Kathmandu : With just enough petroleum stocks left for 48 hours after Indian Oil Corporation (IOC) slashed its supplies on non-payment of dues, Nepal's government has sent an SOS to India.
Air Seychelles revenues up 23 percent
By IANS/WAM,
Abu Dhabi : Air Seychelles Wednesday posted its third quarter revenues of $13.8 million, up 23 percent compared to the second quarter.
Nilekani to chair panel on use of IT for tax administration
By IANS,
New Delhi : Former Infosys co-chair Nandan Nilekani will head a committee that will recommend to the finance ministry on how best to tap information technology for an effective tax administration and financial governance system.
Called the technical advisory group for unique projects, the panel has been given a timeframe of six months to make its suggestions, a finance ministry communique said Monday.
Essar Group to buy 59.13 percent stake in AGC
By IANS,
New Delhi : Diversified business conglomerate Essar Group Sunday said it will acquire Avaya's 59.13 percent stake in converged communication solution provider AGC Networks for Rs.206.19 crore ($44.5 million).
"The Essar Group will acquire Avaya's entire 59.13 percent stake in BSE/NSE-listed AGC Networks for USD equivalent of Rs.206.19 crore, or Rs.245 a share, subject to customary Indian regulatory requirements and completion of the open offer," it said in a statement.
Haryana lowers tax on Maruti-Suzuki vehicles
By IANS,
Chandigarh : The Haryana cabinet Tuesday reduced the rate of central sales tax on inter-state sales of Maruti-Suzuki vehicles from two percent to one percent to provide the auto major a level-playing field in the market.
At a meeting here chaired by Chief Minister Bhupinder Singh Hooda, the cabinet decided to reduce the tax from Nov 1.
With this reduction in tax, buyers of Maruti cars would benefit to the tune of Rs.1.4 billion (Rs.140 crore) for the remaining period of the current financial year, a government spokesman said here.
Key Indian stock index surges 500 points on opening
By IANS
Mumbai : The Indian equities market opened Wednesday with a huge positive gap in line with its global peers. Realty and banking stocks registered gains in initial trade.
The 30-share benchmark sensitive index of the Bombay Stock Exchange opened with a positive gap of 396 points at 16,023.30. Ten minutes into trading, the Sensex reached 16,145.69 points, 519.07 above its previous close.
At the same time the S&P Nifty of National Stock Exchange was at 4879.20 points, up 139.65 from its close Tuesday.
Sensex ends 185 points up; auto stocks zoom
Mumbai : A benchmark index of Indian equities markets Tuesday gained 185 points or 0.72 percent after the Reserve Bank of India (RBI), as...
No report of financial crisis affecting Indians in UAE: Envoys
By Aroonim Bhuyan, IANS,
Abu Dhabi : Indian missions in the United Arab Emirates (UAE) have not received any complaint of job losses or delays in salary payment from expatriate Indian workers in this Gulf nation following the global financial crisis.
"We have not received a single complaint about (Indians) not being paid," India's Ambassador to the UAE Talmiz Ahmad said at a press conference here Thursday organised on the occasion of Minister for Overseas Affairs Vayalar Ravi's visit to the country.
Expert panel on financial crisis meets Monday for solutions
By IANS,
New Delhi : An expert panel under Finance Secretary Arun Ramanathan meets here Monday to find solutions to help India weather the global financial turmoil, which has led stocks to crash and industrial growth trip to its lowest in a decade.
The panel, which has to submit a report to Finance Minister P. Chidambaram in a week's time, will also visit Mumbai to hold deliberations with financial sector regulators, including the central bank and the market watchdog, officials said.
Airtel Talkies brings movie content on mobiles pre-release
By IANS,
New Delhi : Movie buffs will soon be able to access movie content on their mobile phones much before the release of the film with Bharti Airtel Monday launching a new service - Airtel Talkies.
Airtel Talkies offers both upcoming new releases and all time classic movies in five languages - Hindi, Tamil, Telugu, Kannada and Malayalam.
Indian shares continue to surge
By IANS
Mumbai : Indian shares continued to trade firm for the second consecutive day Wednesday, buoyed by strong buying in banking, auto and capital goods stocks with a key index gaining 0.81 percent.
Biomass use for power on the rise: minister
By IANS
New Delhi : Biomass is increasingly being used to light those Indian villages where supplying electricity from the national grid is still not feasible, Minister of State for Renewable energy Vilas Muttemwar said here Monday.
The minister was replying to a question in the Rajya Sabha, the upper house of parliament.
Bharti shares open strong after Zain Africa deal
By IANS,
Mumbai : The shares of India's top telecom company Bharti Airtel opened strong on bourses here Wednesday, a day after it sealed a $10.7 billion deal to acquire the African assets of Kuwait's Zain.
The bluechip, among the 30 scrips that are part of the sensitive index (Sensex) of the Bombay Stock Exchange, opened at Rs.312.10 and soon moved up to Rs.316.50, against the previous close at Rs.310.95.
Some 10 minutes into trading, the scrip was up 1.33 percent at Rs.315.10.
Records falling ahead of gold’s onslaught
By DPA
New York : After the rapid run-up in the price of gold, leaving shattered records in its wake, investors are trying to figure out where the precious metal is headed next.
Gold leapt past $900 for the first time last week, and there is speculation in the commodity pits about the price of a fine ounce (31.1 grams) soaring to $1,000.
Beyond rational reasons, there are two base human motives heating up the rush for gold - fear and greed.
Investors have taken refuge in gold amid economic jitters, particularly concerns that the United States is slipping into recession.
Sensex rises in tandem with world markets
By IANS,
Mumbai : Indian equities advanced this week as concern about the euro zone debt crisis eased a bit after China assured the world it was not selling European bonds and investors and traders indulged in some bottom fishing after last week's sell-off.
Market sentiment was also boosted by a rapprochement between the Ambani brothers. Mukesh and Anil Ambani in identical statements May 23 said they were "hopeful and confident" of creating an "environment of harmony, co-operation and collaboration" after ending a 2006 non-compete accord.
Simplex eyeing projects in Middle East, Netherlands
By IANS,
Kolkata : Civil engineering and construction company Simplex Projects is eyeing projects in the Middle East and the Netherlands, a top official said here Thursday.
"We are in talks for projects in these countries, and in the next two months we will achieve something," company chairman and managing director B.K. Mundhra told reporters.
The company will focus on projects like construction, foundation and mass housing in these countries, he said.
Recently, it has bagged a Rs.20-billion (Rs.2,000-crore) contract for development of a housing project in Libya.
Delhi plot sold for Rs.266 million
By IANS
New Delhi : A commercial plot measuring 8,125 square metres has been auctioned in the Indian capital for Rs.266 million, the Delhi government said Tuesday.
The Delhi State Industrial and Infrastructure Development Corp (DSIIDC) auctioned two plots in the Narela industrial area in east Delhi, the company said. The other, measuring 300 square metres, fetched Rs.17.9 million.
Microsoft plan would destroy value, says Yahoo!
By DPA,
San Francisco : In a sharp letter to stockholders, Yahoo! chairman Roy Bostock and CEO Jerry Yang said that the alliance between investor Carl Icahn and Microsoft would "destroy shareholder value" with a plan that they called "stupefying".
The letter came as the battle for the internet pioneer heats up ahead of a proxy shareholder vote set for Aug 1, in which Icahn is trying to replace Yang and the entire Yahoo! board with a slate that would reach a deal to sell all or part of the company to Microsoft.
Slide continues at Indian bourses
By IANS
Mumbai : In line with downward global trends, Indian stock markets Wednesday ended sharply in the red on the back of heavy selling in key sectors.
The markets that opened in the red failed to pick up after the day's opening and the slide continued in the afternoon as heavy selling was witnessed in banking, capital goods, real estate and oil scrips.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 17,991.29 points and notched a high of 17,991.29 before closing at 17,617.60 points. It lost 458.06 points or 2.53 percent at the day's close.
Petronet LNG net down two percent to Rs.1.05 bn
By IANS,
New Delhi : Petronet LNG Ltd, the Indian government's chief importer of liquified natural gas, has posted a drop in profits of 2.2 percent in the first quarter of 2008-2009, compared to the same period last year, the company said Monday.
In a regulatory statement, Petronet announced a net profit of Rs.1.05 billion in the quarter ending June 30, compared to Rs.1.09 billion in Q1 of 2007.
The total income in the same quarter has, however, risen 6.3 percent - from Rs.15.62 billion in 2007 first quarter to Rs.16.62 billion.
He’s visually impaired, but runs a flourishing spice factory
By Vidhu Aggarwal, IANS,
Ghaziabad : Baldev Gulati is visually impaired but that has not come in the way of his running a flourishing spice factory here - and training differently-abled people to help them get jobs.
He started the factory last March in the Navprerna neighbourhood in this suburb of the national capital and has so far trained 50 differently-abled people and facilitated jobs for them. Gulati currently employs 15 workers at his factory, the number depending on his sales and the placement requirements of different industries.
Faster money orders between UAE and India soon
By IANS
Dubai : An International Express Money Orders service between India and the United Arab Emirates (UAE) will start soon, following an agreement between the two countries, WAM news agency reported Monday.
The agreement has been signed recently by I.M.G. Khan, director general of India Post and Ibrahim Karam Ali Bin Karam, chief executive officer of Emirates Post, a press release by the UAE government said.
Barroso cautions France on bank bail-out plan
By DPA,
Paris : European Commission President Jose Manuel Barroso Sunday suggested Brussels may veto France's bank bail-out plan, warning that any deviation from the European Union (EU) regulations could lead to "the law of the jungle".
Asked about a report in the Financial Times that the European Commission had blocked France's aid to its six largest banks, Barroso told LCI television, "We are not blocking it. It is being thoroughly examined".
Sensex rallies 225 points, helped by RIL gains
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday shut shop 225 points higher, helped by gains in heavyweight scrip Reliance Industries, which moved up over 3.8 percent.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,778.29 points, ended at 16,997.91 points (provisional), 225.35 points or 1.34 percent higher than its previous close at 16,772.56 points.
‘Corporates have big role in tackling food, environmental crises’
By IANS,
New Delhi : The world is faced with unprecedented food and ecological crises and governments need the help of the corporate sector to tackle them, Commerce and Industry Minister Kamal Nath said here Saturday.
Giving away the annual corporate awards of The Energy and Resources Institute (TERI), Nath said the world has not given adequate attention to environmental crises, especially climate change, because the price of oil was not as high as it is now.
China’s Baosteel, Hansteel launch $2.6 billion joint venture
By Xinhua
Beijing : Baosteel Group, China's largest steelmaker, has launched a 19.4-billion-yuan ($2.6 billion) joint venture with Hansteel Group to build a steel plant at Handan city in north China's Hebei province.
The steel plant, Hangang Hanbao Iron and Steel Co., will be able to produce 4.6 million tonnes of high-grade steel plate annually on completion. Hansteel and Shanghai-based Baosteel will invest six billion yuan each for its registered capital.
Billions wiped off as Toronto market crashes
By IANS
Toronto : The Toronto stock market (TSX) followed the Asian and European markets Monday, crashing by 605 points and wiping billions off the shelf.
It was the biggest slump by the TSX in seven years. The market had crashed by 6.5 percent in February 2001 when the IT sector had gone bust. Compared to that day's plunge, the stock market went down by 4.75 percent Monday.
The TSX has been in a slump since October, going down by about 17 percent and wiping off over 300 billion Canadian dollars (US$ 290.1 billion) in the process.
PM scales up IBSA trade target
By Manish Chand, IANS
Johannesburg : Indian Prime Minister Manmohan Singh Wednesday called for considerably enhancing trade among India, Brazil and South Africa by 2012 with goals of energy security and a common social development strategy to benefit millions in these countries.
Indian pharma to be involved in $150 mn global vaccine venture
By Dipankar De Sarkar, IANS,
London : Indian generic drug companies will be the "first to be called" to collaborate with a $150 million joint venture between the US pharmaceutical giant Merck and British medical charity Wellcome Trust to develop and produce new vaccines in India.
The new company, MSD Wellcome Trust Hilleman Laboratories, will have 60 staff who will develop cheap vaccines for neglected diseases that are common in developing countries, CEO Altaf A. Lal said.
Maytas Infra CEO quits
By IANS,
Mumbai : Maytas Infra chief executive P.K. Madhav has resigned, the company announced Monday.
"P.K. Madhav, the whole-time director and chief executive officer of Maytas Infra, tendered his resignation from directorship as well as CEO of the company owing to personal reasons," Maytas said in a regulatory statement.
British electronics major forays into India
By IANS,
Bangalore : British electronic components major Premier Farnell Plc Wednesday announced a Rs.250 million investment in India.
"Our Indian subsidiary is part of our international foray into emerging markets in Asia and eastern Europe," Farnell chief executive Harriet Green said here.
The cities where Farnell Electronics India Ltd will operate with Bangalore as headquarters are Ahmedabad, Chennai, Coimbatore, Hyderabad, Mumbai, New Delhi and Pune.
RBI opposes penalty on loan prepayment, but takes no action
By IANS,
New Delhi: The Reserve Bank of India (RBI) does not approve of penalties on foreclosure of loans and admits there is no uniformity among banks on such matters, but appears to have done little to address the problem.
This is reflected in two separate sets of replies to a query under the Right to Information (RTI) Act on the issue of high rates of penalties charged on the prepayment of loans, in a practice followed by private, foreign and state-run banks alike.
Dena Bank hikes interest, deposit rates
By IANS,
Mumbai : Dena Bank Thursday announced hikes in its deposit and lending rates, joining a slew of other banks that have revised rates recently following the central bank hiked cash reserve ratio and repo rate.
A release issued by the bank said the deposit rates will be hiked by 25-100 basis points across various slabs, while the prime lending rate (PLR) will go up by 75 basis points to 14.25 percent from 13.5 percent, with effect from Friday.
China expects 30 percent growth in tax revenue
By Xinhua
Beijing : China's tax revenues are expected to surpass 4.9 trillion yuan ($668.8 billion) in 2007, up 30 percent year on year, the country's top tax official said here Tuesday.
Addressing a national conference on taxation, Xiao Jie, Director of the State Administration of Taxation, said the figure represented one of the highest annual tax growth rates since the country adopted reforms in 1978. He attributed the robust increase to stable economic growth and a rapid increase in industrial enterprise profits.
States agree to cut fuel tax, but with caveat
By IANS,
New Delhi : In a bid to reduce the burden of high global crude oil prices on the average citizen, a panel of state finance ministers Monday agreed to cut sales tax on petroleum fuels but asked the centre to share half the burden.
"We will incur a loss of Rs.80 billion ($2 billion) by reducing the sale tax on fuels. The states cannot maintain the losses," said Asim Dasgupta, West Bengal finance minister and the chairman of the empowered group of finance ministers.
India bans onion exports for 15 days
By IANS
New Delhi : With spiralling onion prices bringing tears to the consumers, the government Tuesday banned export of the commodity for 15 days and hiked the minimum export price for pending tenders by $50 a tonne.
"We have decided not to issue any more no-objection certificates for at least 15 days," said Alok Ranjan, managing director for National Agricultural Cooperative Marketing Federation Of India (Nafed), the main agency for export of farm produce.
Pakistan cuts petrol price, hikes diesel
By IANS,
Islamabad : Pakistan Monday reduced the price of petrol but hiked diesel prices.
EU defends biofuels policy amid fears over food prices
By DPA,
Brussels : The surge in world food prices comes from causes such as rising demand in China and India, bad harvests and rising fuel prices, not European Union's (EU) biofuel policies, an officials from the 27-nations bloc insisted Wednesday.
The EU's current production of fuels made from plants is so small that it has had no significant impact on food prices, spokesmen for the European Commission, the EU executive, said.
Home, auto EMIs to remain intact, as RBI retains interest rates
Mumbai : Equated monthly installments (EMIs) paid on home, automobile and other loans would remain unchanged, as the Reserve Bank of India (RBI) left...
Bajaj Auto January sales up three percent
By IANS,
New Delhi: Two and three-wheeler major Bajaj Auto Saturday reported a three percent growth in overall sales for January 2013.
Risk to Indian rupee persists: Moody’s
By IANS,
New Delhi : Downside risks to the Indian rupee still persists despite some suspected interventions in the foreign exchange market by the country's central bank, global ratings agency Moody's said Tuesday.
"A number of central banks across the Asian region have likely intervened on foreign exchange markets," Moody's Economy said.
"The Bank of Korea, Bank of Thailand, Bangko Sentral ng Pilipinas and Reserve Bank of India are all suspected to have sold US dollars to boost domestic currencies in order to contain inflation," the agency added.
HDFC, Emirates NBD sign online money transfer deal
By IANS/WAM,
Dubai : The United Arab Emirates (UAE) based Emirates NBD has joined hands with HDFC Bank to help Indian clients remit money to India online -- and fast.
Indian nationals residing overseas can avail this facility to remit funds directly into their accounts in HDFC Bank, the second largest private sector bank in India, through Emirates NBD's online banking service.
India asks IMF to take lead role in tackling financial crisis
By NNN-PTI,
Washington : India asked the International Monetary Fund to be prepared to meet the borrowing needs of countries engulfed by the global financial crisis, warning that failure to address liquidity concerns may further risk the financial system's stability.
Hyundai planning to manufacture a ‘public car’
Jaipur, Jan 25 (IANS) Hyundai Motor India Ltd. (HMIL), one of India's fastest growing automobile manufacturer and car exporter, is planning to come out with a "public car" for developing countries.
"We are planning to come out with a public car that is suitable for India as well as other eastern countries," H.S. Lheem, HMIL managing director, said.
Refusing to divulge further details, he said it usually takes three years to bring out a new car. The new vehicle in the small car segment will presumably be brought out to compete with the Nano, Tata Motors' "People's Car".
Nano makes its debut run on Indian roads Friday
By IANS,
Mumbai : Deliveries of the first Nano cars begin here Friday, with Tata group chairman Ratan Naval Tata set to hand over to proud owners the keys of the small automobile that has been compared with Ford's Model T and the Volkswagen Beetle for the potential it holds in transforming the way people commute.
At 5:45 pm at the Concorde Motors Showroom in this city's central district, the 71-year-old chairman of the country's largest industrial house will also deliver on his promise of the world's least expensive car - an affordable, all-weather mode of transportation for Indians.
Some 900 projects in India hit by delays; nearly $10 bn lost
By Rajeev Ranjan Roy, IANS,
New Delhi : Spiralling prices, funds crunch, poor equipment and slow environmental clearances have delayed some 900 major infrastructure and other projects in India, burdening the exchequer with extra cost of over Rs.368 billion (nearly $10 billion), says an official report.
"It may be seen that a number of projects require review of the sanctioned cost," says the report on central government projects, mainly covering infrastructure, prepared by the Ministry of Statistics and Programme Implementation.
North Indian carrier looks for partner in south
By IANS
Mumbai : Gurgaon-based MDLR Airlines, flying regional routes in north India, is looking to partner an airline based in the southern part of the country to boost connectivity.
Confirming the development, Koustav Dhar, executive director of marketing and planning, said: "Yes, we are looking for a partner in the south. By the end of the year we will decide on the partner."
However, Dhar refused to disclose to name the south-based carriers MDLR is in talks with.
Industrialists appeal to West Bengal opposition to end Singur agitation
By IANS,
New Delhi : Former presidents of the Society of Indian Automobile Manufacturers (SIAM), the apex body of india's automobile industry, Wednesday appealed to the West Bengal opposition to end the ongoing agitation at the Tata small car plant in Singur.
Former managing director of Maruti Ltd Jagdish Khattar pointed out that Tata Motors' Nano project in Singur was in line with the aims of the common minimum programme.
US stocks tumble on lower spending, Dell’s earnings
By DPA,
Washington : US stocks retreated Friday, led by slower consumer spending and lower-than-expected earnings from computer maker Dell.
As incomes dropped an unexpected 0.7 percent in July, the US Commerce Department said growth in personal spending slowed to 0.2 percent.
Dell, the second-biggest personal-computer maker, posted its biggest drop in earnings since 2000, and attributed it to "continued conservatism" among US consumers, which was also spreading to parts of Western Europe and Asia.
Budget disappointing, say exporters
By IANS
New Delhi/Kolkata : The union budget for 2008-09 did not address the problems faced by the Indian exporters, who have been affected due to the rising rupee against the dollar, exporters said Friday.
"The budget has not addressed the problems faced by the exporters in view of appreciating rupee and stagnating traditional markets," said Ganesh Kumar Gupta, president, Federation of Indian Export Organisation (FIEO).
Obama to focus on opening new markets for US in India
By Arun Kumar, IANS,
Washington: President Barack Obama is leaving for India focused on opening on new markets for US products and creating jobs in America.
OPEC ready for more output cuts to boost oil prices
By IANS,
Vienna : The Organisation of the Petroleum Exporting Countries (OPEC) would further reduce output if oil prices remain low, a top official of the Vienna-based cartel has said.
OPEC Secretary General Abdullah al-Badri made the remarks at the annual meeting of the World Economic Forum in Davos Friday, IRNA reported.
Al-Badri expressed hope that the global oil demand would pick up by the end of this year or beginning next year.
Commerce ministry to receive feedback on tariff recommendations
By IANS,
Kolkata : A feedback report on tariff recommendations from across the country will be submitted to the commerce ministry this week, an official said here Monday.
"The Centre for WTO Studies of the Indian Institute of Foreign Trade will submit a feedback report to the ministry on Sep 19 on tariff recommendations for sectors like chemicals, electronics/electrical products and industrial machinery," Bipin Menon, deputy secretary in the commerce and industry ministry, said during an interactive session organised by the Confederation of Indian Industry (CII).
Indian banking sector untainted by current financial crisis: Bhatt
By EuAsiaNews,
Antwerp, Belgium : The head of India's largest commercial bank, State Bank of India (SBI), has said that the global financial meltdown has not effected the Indian banking sector and that the Indian economy will continue to grow, at the most pessimistic forecast, at 7 percent plus.
"The Indian financial system including both the public and private sector banks in India including the foreign banks operating in India is one of the soundest banking system in the world today," Om Prakash Bhatt, SBI Chairman told EuAsiaNews in an exclusive interview.
Ministry wants better marketing of airport infrastructure
By IANS,
Kolkata : Infrastructure such as new airports and perishable cargo facilities are under-utilised and need to be marketed better to tide over the slowdown, a senior central government official said here Friday.
Participating in an interactive session with members of the Merchants Chamber of Commerce, Civil Aviation Secretary M. Madhavan Nambiar said the ministry was looking at ways to ensure how "we can work together in this year of recession" to ensure proper utilisation of infrastructure.
India’s industrial growth slumped in August
By IANS,
New Delhi : India's industrial growth slumped to 1.3 percent in August this year, compared to a 10.9 percent growth in August 2007,...
Lucknow to get metro rail before 2017 polls: Akhilesh
Lucknow: Uttar Pradesh Chief Minister Akhilesh Yadav on Saturday announced that the Lucknow Metro will begin running before the 2017 state assembly elections.
Addressing...
Protestors prevent officials from entering Posco site
By IANS
Bhubaneswar : Hundreds of protestors in Orissa Thursday prevented the police and officials from entering the site of a proposed mega steel plant of Posco-India, a subsidiary of Pohang Iron and Steel Co.
The protestors prevented the team of officials, led by district police chief B.K. Sharma, from entering the proposed Posco plant site at Balitutha village in Jagatsinghpur district, some 120 km from state capital Bhubaneswar. Two groups, one opposing the project and the other supporting it, organised rallies near the site Thursday.
Bangladesh carrier to expand in India
By IANS
Mumbai : Bangladesh-based GMG Airlines is working on an aggressive expansion plan in India by introducing flights between Dhaka and Mumbai, Chennai and Guwahati.
"We aim to start flying to Guwahati from May and services to Mumbai and Chennai will be operational by July and December," Shahab Sattar, managing director of GMG Airlines, told IANS.
US growth at 3.3 percent in second quarter of 2008
By DPA,
Washington : The US economy grew at 3.3 percent in the second quarter of 2008, the government said Thursday in revised figures that showed strong international trade had helped stave off a feared recession.
The gross domestic product (GDP) figure was revised upward from an earlier estimate of 1.9 percent for the quarter, the Bureau of Economic Analysis (BEA) said.
Thursday's revision was up 1.4 percentage points, or $39.7 billion, from an estimate last month on increases in exports and private inventory investment and a downward revision to imports, the BEA said.
Patni Computer bags $200 million British deal
By IANS
Mumbai : Indian IT major Patni Computer Systems Wednesday said it has bagged a multi-year $200 million deal with Britain's The Carphone Warehouse, Europe's largest mobile phone retailer.
Under the agreement, Patni will become The Carphone Warehouse's technology partner for developing next-generation systems for the latter's global telecom and retail operations.
These services will be delivered across all its European locations by Patni's global consultants and also through its global delivery centres in India.
Sensex slips after early rise
By IANS,
Mumbai : A key index of the Indian equities markets slipped after rising almost 143 points soon after the opening bell Wednesday, and was ruling just 11.58 points up, about an hour into trading.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened higher at 15,882.39 points, as against Tuesday's close at 15,830.98 points. But it slipped to 15,848.32 points, 17.34 points or 0.11 percent down.
State Bank of India cuts interest rates by 75 basis points
By IANS,
Mumbai : The cost of credit for households and the corporate sector is all set to fall as the State Bank of India (SBI), the country's largest bank, has cut its prime lending rate by 75 basis points.
"The cut by 75 basis points should be announced later today," SBI chairman O.P. Bhatt told reporters on the margins of a banking conference here Thursday.
Markets trading in green, power and auto stocks decline
By IANS
Mumbai : The Indian equity markets extended their gains Thursday and were trading in the green early afternoon. There was buying interest in metal, IT and oil and gas sectors while capital goods, power and auto were under selling pressure.
The BSE (Bombay Stock Exchange) Small-Cap indices declined. Other Asian markets that opened before the Indian market edged higher after a US jobs indicator raised hopes of a milder recession than previously feared in the world's biggest economy.
Shipping Corp conferred Navratna status
By IANS,
New Delhi : Shipping Corp of India (SCI) has been conferred the Navratna status that gives it substantial autonomous powers, the government said Monday.
The country's premier shipping line, SCI will be the 17th Navratna company.
"Navratna status would enable Shipping Corporation of India to utilize the enhanced autonomy and powers delegated available to its board and thereby improve its performance further," said a government press release.
Wage talks fail to to break insurance sector stalemate
By IANS,
Chennai : The much expected wage talks in the state-owned non-life insurance sector has ended in a stalemate.
The employees unions were upbeat about getting better offer from the General Insurers Public Sector Association (GIPSA) as the heads of National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company were present for the first time at the negotiations in Mumbai Saturday.
The unions were hoping for a good wage settlement in the wake of a 14 percent growth the insurers have logged in 2009-10.
Gulf no longer an el dorado for Indian workers?
By IANS
Dubai : India's economic boom has made the Gulf less of an el dorado for its workers who used to earlier flock there for jobs, say company heads in the region.
At a function in Qatar's capital Doha to celebrate the 60th anniversary of India's independence, employers said that though they were extremely happy for India the economic expansion did pose a problem in getting skilled workers, the Gulf Times said in a report.
Dow plunges more than 300 points
By Xinhua
New York : U.S. stocks fell sharply on Thursday amid concern over cooling housing market and subprime loan crisis, with the Dow falling more than 300 points.
In the closing trading, the Dow Jones Industrial Average, which after falling as much as 449.77 in earlier trading, was down 311.50 points, or 2.26 percent, the biggest loss since Feb. 27, to 13,473.57. The Standard & Poor's 500 index fell 34.98 points, or 2.30 percent, to 1,483.11. The Nasdaq composite index fell 48.83 points, or 1.84 percent, to 2,599.34.
Tendulkar takes charge of PM’s Economic Advisory Council
By IANS,
New Delhi : Renowned economist Suresh Tendulkar took over Wednesday as chairman of Prime Minister Manmohan Singh's Economic Advisory Council (EAC).
He along with other members of the EAC - G.K. Chadha, Saumitra Chaudhuri, Satish C. Jha, and M. Govinda Rao - was present on the dais Wednesday when his predecessor C. Rangarajan presented the 'Economic Outlook for 2008-09'.
EAC has predicted a 7.7 percent growth in gross domestic product (GDP) in the current fiscal, against the 9 percent growth achieved in 2007-08.
Indian equity markets open lower, keep falling
By IANS,
Mumbai : Indian equity markets opened lower Tuesday and kept falling, with a key index more than 150 points below Monday's close, almost an hour into trading.
Weak markets in the US and elsewhere in Asia seemed to have prompted the slide in Indian equities as well.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at 9,821.57 points, against Monday's close at 9,928.35 points. Almost an hour later, it had dropped further to 9,773.25 points, 155.1 points or 1.56 percent below Monday's close.
Russia, Ukraine sign new gas contract
By RIA Novosti,
Moscow : Russia's energy giant Gazprom and Ukraine's energy company Naftogaz Monday signed a new contract on Russian gas supplies to Ukraine.
Russia's Prime Minister Vladimir Putin said Moscow and Kiev had reached agreement on all issues of gas transit and supplies.
He added that there would be no intermediaries in the Russian-Ukrainian gas relations.
Putin said Gazprom had been ordered to restart full natural gas transit to Europe via Ukraine.
Microsoft buys European shopping site for $486 mn
By DPA,
San Francisco : Hoping to boost its Internet power, Microsoft has bought Greenfield Online Inc, the owner of European price comparison site Ciao GmbH, for about $486 million, the company said in a statement.
The price of $17.50 a share represented a 1.4 percent premium over the previous closing price, but was 32 percent more than Greenfield was worth when it withdrew from a deal with Quadrangle Group LLC for $15.50 a share two weeks ago.
Abu Dhabi customs to have speedy import clearing system
By IANS,
Abu Dhabi : The Abu Dhabi customs department has signed here a Memorandum of Understanding with logistics company DHL Express for launching an Electronic Data Interface (EDI) system for faster clearance of imported goods, WAM news agency reported Wednesday.
The new system - called the 'Gold Card' programme - allows DHL customers to lodge and complete customs declaration process prior to the arrival of their goods.
India is a fast-growing market for consumer goods: Amway
By Arun Kumar, IANS,
Washington : A rapidly expanding middle class with high aspirations and a growing appetite for quality goods make India an attractive investment destination for consumer goods companies, says Amway chairman Steve Van Andel.
"The sheer size of the market, its relatively young population and economic and social stability all work in India's favour," Andel, who has been running America's leading $8.2 billion direct selling company since 1995, told IANS in an e-mail interview.
India says Doha deadlock is over livelihood security of one bln ppl
By KUNA,
Geneva : India's Commerce Minister Kamal Nath said that he was leaving Geneva with a very heavy heart over the Doha Development Round deadlock, concerning the livelihood security of one billion people from all countries.
He urged World Trade Organization (WTO) Director-General Pascal to treat this as a pause not a breakdown, and to keep on the table what was there because what was at stake were many benefits to Africa and the Least Developed Countries (LDCs).
"We must not allow those benefits to filter away," he added.
Steel ministry wants iron ore export duty hike
By IANS,
Kolkata : To keep down steel prices, the central steel ministry has recommended an additional five percent duty on iron ore exports.
"We have suggested that export duties on iron ore be raised by another five percent over the present level of 15 percent," Union Steel Minister Ram Vilas Paswan said here Tuesday.
The finance ministry is currently studying the proposal, he said on the sidelines of the foundation day celebration of MSTC Ltd.
"The demand from the domestic steel producers should be met first; the surplus could then be exported," he said.
Ashok Leyland targets 30 pc market share next fiscal
By IANS,
Chennai : Commercial vehicle maker Ashok Leyland is targeting sales of 90,000 units next financial year - a volume growth of around 38 percent over this fiscal's sales - and hopes to garner 30 percent of the market.
"We are looking at sales of around 90,000 units next fiscal. We hope to close this fiscal selling around 65,000 units," the company's chief financial officer K. Sridharan told IANS.
"The sector is expected to grow by 15 percent and our target market share is 30 percent," he added.
Court pulls up telecom firm for disconnecting phone
By Kanu Sarda, IANS,
New Delhi : A Delhi consumer court has taken a telecom firm to task for deficiency in service and harassing a septuagenarian by disconnecting his phone without explanation.
Tata Teleservices Ltd has been asked to pay Rs.46,500 as compensation to
Om Prakash Seth, 71, in a ruling this week by the Delhi State Consumer Disputes Redressal Commission that called the phone an "essential part of day-to-day life".
Panic sets in as oil, cooking gas supplies run dry in Tamil Nadu
By IANS,
Chennai : With tanker owners' unions joining the strike by over 55,000 employees of 14 public sector oil companies, panic set in Tamil Nadu since Wednesday afternoon after fuel stations put up "no-stock" placards.
This was a complete turnaround from vendors' confident statements earlier in the day.
French market watchdog okays Europe’s biggest energy merger
By DPA,
Paris : French natural gas supplier Gaz de France (GDF) and energy concern Suez said Monday that stock market authorities had given their approval to the companies' mega-merger, which could take place July 22, pending shareholders' approval.
The merger would create one of Europe's largest energy groups, GDF Suez, with the French state holding a blocking minority stake of 36.5 percent.
Sensex opens with an upswing
By IANS,
Mumbai : The Indian equities markets had a mixed opening Monday, with the Bombay Stock Exchange on the rise but the National Stock Exchange opening with a marginal loss.
The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a gain of 175.89 points at 16,591.46.
The S&P Nifty index of the National Stock Exchange opened at 4,869.25 points with a marginal loss of 0.85 points compared to its close Friday.
Get refreshingly new: gift a natural soap
By Shweta Thakur, IANS
New Delhi : For creative gift-hunters, lifestyle pundits have an unconventional suggestion this wedding season - soaps made of clove and strawberry extracts, honey, rose, coconut or palm oil and more!
Natural soaps are not new to the country because India has a rich heritage of herbal beauty therapies dating back to thousands of years. But gifting soaps on weddings is.
Asia-Pacific stocks plunge on Wall Street’s cue
By DPA,
Tokyo : Asian stocks took a big dive Thursday, reacting to a sharp fall overnight on Wall Street and wiping away gains from earlier in the week.
Japan's benchmark Nikkei 225 Stock Average plunged 6.53 percent to 8,899.14 while the broader Topix index of all first-section issues also lost 5.96 percent to close at 909.3.
The plunge came on the heels of a Wall Street decline brought on by a report showing rapidly rising job losses.
Growth to be fairly robust, inflation to moderate, says Finance Minister
By NNN-PTI,
New Delhi : The current fiscal may witness moderation in growth due to global financial crisis, coupled with certain other factors, but it will still be fairly robust at 7-8 per cent, while inflation will soften due to meltdown in global commodity prices, according to Finance Ministry.
China auto sales rose 6.7 percent in 2008
By Xinhua,
Beijing : Auto sales in China rose 6.7 percent in 2008 despite slackening sales on the global market, China Association of Automobile Manufacturers (CAAM) said Monday.
It was the first non-double digit growth for Chinese auto sales since 1999. The auto sales growth rate was 21.84 percent in 2007.
The sales totalled 9.38 million units last year in the world's second largest car market after the US, the CAAM said.
The country's carmakers rolled out 9.34 million motor vehicles last year, up 5.21 percent compared with 2007.
Hyundai February sales rise over 45 percent
By IANS,
New Delhi : Hyundai Motor India's domestic sales soared by over 45 percent in February compared to its sales the same month last fiscal, the company said Monday, but added that times were still challenging and nothing should be read into increased sales.
Cumulative sales increased by about 32 percent and exports by over 18 percent, a company statement said.
Pran to be India’s first Bangladeshi investor
By IANS
Dhaka : Bangladeshi beverage producer Pran is to set up a food and soft drink processing plant in Tripura with an eye on the vast market potential in India's northeastern region.
Pran, one of Bangladesh's leading brand names, Wednesday announced plans to build a factory, it first foreign manufacturing bid, taking advantage of India's recent decision to lift its ban on Bangladeshi investment.
Pakistani government raises employees’ salaries by 20 percent
By IANS,
Islamabad : The Pakistani government has raised the salaries and pensions of its employees by 20 percent, a senior minister has said.
The salary hike will be effective for employees in grades one to 16.
"On our request, the prime minister directed the concerned authorities to raise the government employees' salaries by 20 percent. It was also decided that those government employees who had retired before 2000 would get 20 a percent rise in pensions," Dawn Saturday quoted Minister for Overseas Pakistanis Farooq Sattar as saying.
Equity markets in the green in early trade
By IANS,
Mumbai : Indian equity markets, which opened lower Monday, moved into the green in initial trade.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a loss of 43.04 points at 14,681.14. By 10.35 a.m. it had reached 14,784.43, 60.25 points or 0.41 percent above its closing figure last Thursday.
But at the same time, the S&P CNX Nifty index of the National Stock Exchange was at 4,430.15, still a marginal 0.01 percent below its previous close of 4,430.70.
Italy’s interior and design magazine comes to India
By IANS,
New Delhi : Design, style, luxury and trends about interior décor will now be available at your fingertips as Italy's interior and design magazine Casaviva has forayed into the Indian market.
"Casaviva is a very high-end, luxury magazine that will focus on the home as the ultimate status symbol, providing inspirational ideas and cutting-edge concepts from the design capital of the world,” Casaviva's editor Anubha Charan said in a press release here Thursday.
Pushing trade pact high on India-EU summit agenda
By IANS
New Delhi : India and the European Union (EU) will start talks here Thursday to speed up bilateral trade with an eye to inking the much-awaited free trade agreement that has been facing several hurdles in the past.
The two sides will also seek to increase investments and address common concerns on issues such as climate change, public-private partnership, and infrastructure and logistics, officials said ahead of the 8th India-EU Business Summit.
Price rise, food security dominate global agro meet
By IANS
New Delhi : Skyrocketing prices of food grain and food security figured prominently at the Global Agro Industries Forum (GAIF) meet Wednesday, as Agriculture Minister Sharad Pawar attributed the phenomenon to the declining agricultural production.
"There is a worldwide concern about rising food prices, and food security in the coming years on account of declining production due to the climate change, rising demand because of economic growth and pressure on account bio fuels," Pawar said.
Bosch threatens second lockout as workers remain adamant
By IANS,
Bangalore : Automotive components major Bosch Ltd Thursday threatened to declare lockout at its main plant in the city as its agitated workers remained adamant over wage revision and healthcare benefits.
"We have served notice to the employees and their union to either restore normalcy or face lockout even at the Audugodi plant any time," Bosch vice-president Soumitra Bhattacharya told reporters here.
Maruti inaugurates new engine plant
By IANS,
New Delhi : In the run up to the launch of Maruti's upcoming compact 'A-Star', the company Tuesday inaugurated a new plant in Gurgaon, Haryana for its KB-series of petrol engines.
The new engines will be installed in A-Star, which was unveiled in the Paris motor show last year.
The plant, spread over an area of 20,300 square meters, will have an installed capacity of 240,000 units. The plant is part of the $1.8-billion investment plan, drawn by Maruti Suzuki and Suzuki Motor Corp earlier this year.
Japan's Suzuki Motor Corp holds 54.2 percent stake in Maruti Suzuki.
More British jobs moving to Mumbai, Bangalore
By Prasun Sonwalkar, IANS
London : Two major British companies, Capita and Experian, have set in motion plans to implements job cuts and move work to Mumbai and Bangalore, setting off fresh concerns among employee unions.
Nearly 400 Capita employees at Wythall near Birmingham have been told that their site is being shut and their jobs moved to Mumbai and other parts of Britain. Capita deals with clients' administration and customer service needs.
The company confirmed the closure of the Birmingham operation by the end of the year.
India poised to grow at 8 percent; inflation worrisome
By Arun Kumar, IANS,
Washington : Recovering rapidly from the global financial crisis, India is poised to grow at 8 percent this year, but inflation and excessive capital flows could pose a challenge, a gathering of world finance ministers was told Saturday.
"Current estimates are that real GDP had grown at 7.2 per cent during the just completed fiscal year 2009-10, up from 6.7 per cent during 2008-09," Reserve Bank of India (RBI) Governor D. Subbarao told the steering committee of the 186-nation International Monetary Fund (IMF).
Indian exports pick up but imports surge 63 percent
By IANS
New Delhi : India's merchandise exports in January showed signs of recovery with a 20.47 percent growth, even as imports of both non-oil and other items grew by over 60 percent putting pressures on the country's trade balance.
India's exports were valued at $131.41 billion in January, or 20.47 percent more than the figure of $109.08 billion for the corresponding month for last year but imports grew 63.57 percent to $225.04 billion from $137.58 billion.
Indian industry taking to green technologies with relish
By Joydeep Gupta, IANS,
Poznan (Poland) : Indian entrepreneurs are taking to green technologies with a relish and do not see intellectual property rights (IPR) as a barrier, a new international study has found.
Co-author of the study, David Ockwell of the University of Sussex in Britain, said that he had found Indian industry driving collaborations with firms around the world to work jointly on developing green technologies in the five areas studied:
* Integrated gasification combined cycle (IGCC) for power generation;
Reliance Energy buys back 650,000 shares
By IANS
Mumbai : The Anil Ambani promoted Reliance Energy has bought back 650,000 equity shares of the company since the start of the offer Tuesday at nearly Rs.1,279.23 a share aggregating Rs.831.5 million ($21 million).
The company's board had approved buy-back of equity shares up to Rs.8 billion ($200 million), amounting to 10 percent of the company`s equity and free reserves.
The remaining Rs.12 billion was intended for sale in the second phase, subject to necessary approvals by the shareholders. JM Financial Consultants is the manager to the buyback offer.
Reliance Communications, MTN talks called off
By IANS,
New Delhi : The globally-watched consolidation talks between Anil Ambani-led Reliance Communications, India's second largest private telecom company, and South Africa's MTN were called off late Friday.
Citing "legal and regulatory issues", the two companies said they have allowed their exclusive period of negotiations to lapse. The two groups intended to create one of the world's top 10 mobile telecom firms with 116 million subscribers across India, Middle East and Africa.
NYSE Euronext picks up 5 percent in MCX
By IANS,
Mumbai : The New York Stock Exchange Euronext (NYX) has acquired a five percent equity in India's largest commodity derivatives exchange, the Multi-Commodity Exchange (MCX), through its affiliate Euronext NV, it announced late Tuesday night.
NYX said a five percent equity investment is the maximum equity interest permitted by a single foreign investor in exchanges under Indian laws.
Tamil Nadu sets up committee to monitor price rise
By IANS,
Chennai : The Tamil Nadu government set up a special committee to monitor price rise Saturday, even as prices of some pulses went up significantly in the last 24 hours and the price of cauliflower more than doubled.
The chief secretary will head the special committee.
Chief Minister M. Karunanidhi Saturday called an emergency meeting of ministers and officials to review price rise in the state.
At the meeting, the DMK government decided to introduce a ceiling for wholesale and retail stocking of rice, wheat and pulses.
Sensex closes 180 points higher
By IANS,
Mumbai : A benchmark index of Indian equities markets closed 180 points up Tuesday on the back of good buying in IT, realty and auto stocks.
Cable & Wireless beats slowdown blues, grows by 35 percent
By IANS,
Bangalore : World's leading communication services provider Cable & Wireless grew by 35 percent in the first six months (April-Sep) of this fiscal despite the economic slowdown, a top company official said Wednesday.
"The global recession was challenging, as there were delays in decision-making by enterprises on investments in the communications infrastructure space. Yet we have done well to achieve 35 percent growth in the first half," Cable & Wireless India managing director Sunanda Das told IANS by phone.
Markets close in the green, Sensex up 2.2 percent
By IANS,
Mumbai : Indian equities closed in the green Monday, with a key index ending trade 2.22 percent higher than its previous close.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,793.89 points, ended at 8,8,950.87 points (provisional) - an increase of 194.26 points or 2.22 percent.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 2.11 percent from its last close to shut shop at 2,776.65 points.
The BSE midcap index ended 2.22 percent higher, while the BSE smallcap index was up 2.25 percent.
‘Tata-backed air-power car within a year’
By IANS
London : A car running on compressed air and backed by the Tata Group will hit the Indian market within a year, says the French engineer who is working on the invention.
Guy Negre's OneCAT will be a five-seater with a glass fibre body, weigh just 350 kg and cost just over 2,500 pounds (about Rs.200,000), the BBC reported.
The project is backed for an undisclosed sum by Tata, which says it may also use the technology for power generation.
Centre explores options as truckers’ strike enters seventh day
By IANS,
New Delhi : The nationwide strike by transporters continued for the seventh day Sunday despite several states using provisions of law to term it illegal even as Union Surface Transport Minister T.R. Baalu called a meeting with his state-level counterparts here Monday to find ways to end the impasse.
The central government once again said it was willing to hold talks with the protesters to find a solution but the All India Motor Transport Congress (AIMTC), which called the agitation, made it clear that no parleys were possible until their leaders were let off by authorities.
Nissan Motor and Ashok Leyland ink deal
By IANS
Chennai : Hinduja group's Ashok Leyland Ltd and Japanese auto major Nissan Motor Co Ltd have decided here Monday to promote three joint venture companies in the light commercial vehicle (LCV) segment in India.
Carlos Ghosn, president and CEO of Nissan Motor, and R. Seshasayee, managing director of Ashok Leyland, signed the agreement.
A total outlay of $500 million is expected for the three companies. The partners would also leverage each other's dealer networks in global markets.
Antony favours defence budget at 3 percent of GDP
By IANS,
New Delhi : Defence Minister A.K. Antony says India's budget for the military should be pegged at three percent of the GDP to match that of the country's neighbours.
"Actually, considering our economic boom, our allocation for defence is not matching. Every year it is now coming down. It is below two percent while the average (for the neighbourhood) is three percent," he told reporters on the sidelines of the two-day Unified Commanders Conference here Tuesday.
Tilaknagar Industries to invest Rs.1.5 bn for expansion
By IANS,
Mumbai : Mumbai-based alcoholic beverages manufacturer Tilaknagar Industries Ltd plans to invest Rs.1.5 billion for the expansion of its plant and setting up a grain-based spirit project.
According to the company announcement here Tuesday, the amount will be raised through debt, equity and internal accruals.
Tilaknagar Industries is primarily engaged in manufacturing and marketing of Indian Made Foreign Liquor (IMFL). Its products are exported to Western Africa, the Middle East, the Far East and the Caribbean countries.
Sensex closes 120 points lower, heavyweights drag
By IANS,
Mumbai: A benchmark index for Indian equities Wednesday closed 120 points lower, hit by late selling, ahead of the expiry of July futures contracts.
Heavyweights Reliance Industries, L&T and HUL acted as a drag on the index.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,077.85 points, closed at 17,957.37 points, 120.24 points or 0.67 percent down from its previous close at 18,077.61 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended 0.61 percent in the red at 5,397.55 points.
Mixed opening for equity markets
By IANS,
Mumbai : The Indian equity markets opened on a mixed note Friday.
The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a gain of 80.06 points at 15,168.05 points.
The S&P CNX Nifty index of the National Stock Exchange opened at 4,504.20 points with a marginal loss of 0.05 points from its last close.
HDFC Bank ties up with Qatar National Bank
By IANS,
Dubai : India's HDFC Bank has tied up with Qatar National Bank (QNB) to offer a range of products and services to expatriate Indians in Qatar.
"The alliance with QNB will enable us to offer Indian expatriates in Qatar the convenience of carrying on their banking in Qatar and India, and access to a host of financial services in a seamless, quick and cost-effective manner," reports quoted Abhay Aima, HDFC Bank's group head for private banking, NRI and international consumer business, as saying.
Kerala to get more rice, wheat: Pawar
By IANS,
New Delhi : Kerala, hit by a foodgrain shortage after the central government cut its quota, will get a special allocation of 10,000 tonnes rice and 20,000 tonnes wheat ahead of the Onam festival, Agriculture Minister Sharad Pawar has said.
In an interview to Malayalam TV channel 'Jai Hind', Pawar said the state would get the special allocation at a reasonable rate before the festival, to be celebrated in September.
Tata Motors tweaks Nano, claims improved mileage
By IANS,
Mumbai : Tata Motors Monday unveiled several new features for the Nano car, including improved fuel efficiency, at no extra cost.
‘Slumdog Millionaire’ highlights impending global crisis: NGO
By Gurmukh Singh,IANS,
Toronto : A Canadian NGO working in the slums of India Tuesday hailed multiple Oscars for ``Slumdog Millionaire' as the film has highlighted the hard life of people in urban slums the world over.
Criticising of those who have slammed the film for ``glamorizing poverty'', the organization said "Slumdog Millionaire" has put the hard truth about urban slums before world audiences.
$502 mn World Bank loan for Vietnam’s infrastructure
By Xinhua,
Hanoi : The World Bank has approved a loan of over $502 million to help Vietnam improve its urban infrastructure, expand the rural electricity network and facilitate the accession to finance in rural areas.
The money will be spent on three infrastructure projects: investment in central Da Nang city, rural electricity, and rural finance, the bank said in a press release here Friday.
India’s broadband airwaves auction to fetch $8.6 billion
By IANS,
New Delhi : With the auction of airwaves for broadband services concluding Friday after 117 rounds over 16 days, the government is set to reap yet another bonanza of $8.6 billion that promises to prune the country's fiscal deficit even further.
Together with the money generated from the auction of airwaves for third generation (3G) mobile phone services, the broadband spectrum auction is set to fetch Rs.106,262 crore to the government, against the Rs.35,000 crore it had expected.
SC gives Sahara 18 months to pay up Rs.36,000 crore
New Delhi: The Supreme court on Friday gave 18 months to Sahara to repay Rs.36,000 crore of the investors money which its two companies,...
Kingfisher Airlines gets 5-star rating from Skytrax
By IANS
Mumbai : Private carrier Kingfisher Airlines has been given the prestigious "5-Star Airline Status" by Skytrax, the world's leading independent travel forum and air travel information organisation.
The UB Group-promoted Kingfisher Airlines is the only domestic carrier to get this ranking.
The other Indian airlines are Jet Airways and Air India, which have been given three star ratings by Skytrax.
The other airlines falling in the 5-star status category are Singapore Airlines, Qatar Airways and Cathay Pacific Airways.
Kapil Dev to endorse Olive Telecom
By IANS,
New Delhi : Indian cricket legend Kapil Dev has been appointed the goodwill ambassador for Olive Telecom in India.
"It is a pleasure to be associated with a brand like Olive because of its innovative cutting edge technology and the significant role that the company is playing in bringing innovative convergence devices for its users," Kapil Dev said in a statement.
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