GMR plans Rs.8 bn investment in new projects

By IANS, Hyderabad : GMR Industries Ltd (GIL), the agri business arm of the infrastructure major GMR Group, plans to invest Rs.8 billion ($200 million) in new projects. The company, which is mainly into sugar production with allied products like co-generation and distillery, plans Rs.2.5 billion rights issue by end of June to part fund its projects. R. Ramakrishnan, the new managing director of the company, told IANS that the investments include Rs.4.5 billion for acquisition of a sugar plant in Raibagh and expansion of another in Ramdurg, both in Karnataka.

Climate change leads to $300 bn business

By Joydeep Gupta, IANS, New Delhi : With the problems of climate change gaining urgency, tackling it has become a bigger business than software and biotechnology combined, a research report says. Global annual revenues from climate change businesses - which include renewable energy, nuclear power and energy management - have now surpassed $300 billion, HSBC's global banking and markets research team has found.

EU ecology expert wants Marshall plan on global warming

By DPA Copenhagen/Washington : Jacqueline McGlade, the European Union's chief environment expert, believes Europe needs a Marshall plan of investment - up to several percentage points of the 27-member bloc's gross domestic product (GDP) per year - to reduce the vulnerability to climate change. Europe also must lead by example on global warming, especially in reducing the use of coal and encouraging action in the developing world, the head of the Copenhagen-based European Environment Agency (EEA) said.

Tea production to go down due to weather: Tea Board chief

By Aparajita Gupta, IANS, Kolkata : Tea production in India will be marginally lower this year than in the year before due to erratic weather, says Tea Board of India chairman Basudeb Banerjee. "This year our production has been slightly lower than last year. We will be marginally down by 10-15 million kilograms this year (by the end of the season -- first week of December)," Banerjee told IANS. The production last year was 981 million kg.

Equity markets post gains for the week

By IANS, Mumbai : Indian equity markets registered gains for the week, piggybacking on the decline in inflation rate and strong global markets. Out of five trading sessions, three ended positive. Inflation based on the wholesale price index came down to 12.40 percent for the week ending Aug 16 2008, from the previous week's 12.63 percent. The benchmark index of the Bombay Stock Exchange (BSE), the Sensex rose 163.04 points or 1.13 percent to 14,564.53 in the week. The S&P CNX Nifty index of the National Stock Exchange gained 32.55 points or 0.75 percent to move to 4,360.

Kochhar named ICICI Bank chief executive

Mumbai, Dec 19 (IANS) Chanda Kochhar was formally named the next chief executive of ICICI Bank, India's largest in the private sector, here Friday. She will take over the reins May 1 from K.V. Kamath who replaces N. Vaghul as the bank's non-executive chairman. Kochhar, 46, a veteran with the bank and its joint managing director, has been serving on its board of directors since 2001. Having worked in virtually every department, her appointment came as no surprise given her administrative capabilities. But she wasn't always the only woman executive on the board.

Sensex 47 points lower despite positive start

By IANS, Mumbai : A couple of hours into trade Thursday, the benchmark index of Indian equities was 47 points lower than its previous close, having given up gains garnered just after the opening bell. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,264.1 points, was at 16,208.91 points, down 47.06 points or 0.29 percent from its previous close. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 4,845.8 points, against the previous close at 4,858.6 points, a loss of 0.26 percent or 12.8 points.

Petrol prices cut by Rs.2 a litre

By IANS, New Delhi : Petrol prices have been cut by Rs.2 per litre effective midnight Friday, state-owned Indian Oil Corp (IOC) announced.

India’s forex reserves down by $274 million

Mumbai : India's foreign exchange (forex) reserves declined by $273.8 million to $312.38 billion for the week ended May 30, led by a sharp...

Sensex soars in noon trade

By IANS, Mumbai : A benchmark index of Indian equities Friday soared in noon trade and was ruling 262 points higher. The buying spree spread to broader markets as well.

Andhra Pradesh poised for double-digit growth

By IANS Hyderabad : The southern state of Andhra Pradesh is poised to achieve annual economic growth rate of 10.37 percent against the national growth rate of 8.7 percent for fiscal 2007-08. The state recorded a growth rate of 8.87 percent during 2006-07. According to advance estimates published by the Central Statistical Organisation, the state achieved an average annual growth rate of 8.73 percent for four years, including the current year. Governor N.D. Tiwari presented these statistics in the state legislature Monday during his address on the first day of the budget session.

Indians take to olive oil for healthier tomorrow

By Shweta Thakur, IANS New Delhi : With lifestyle diseases like obesity and heart trouble becoming endemic in the country, Indians are increasingly taking to olive oil as the preferred cooking medium, prompting global manufacturers to eye this growing market. According to the International Olive Council (IOC), a non-profit organisation, Indians today consume some 2,000 tonnes of olive oil per annum, but the demand is expected to grow to about 10,000 tonnes over the next three years.

World Bank gives Tajikistan $38 mn

By IANS/RIA Novosti, Dushanbe: The World Bank will give Tajikistan $38 million in two grants to plug budget gaps and help improve the tax system.

Andhra Pradesh poised for another IT leap

By IANS Hyderabad : Andhra Pradesh, which is consistently registering an IT growth rate above the national average, is poised to take IT development to "quite another level" and establish itself on the global business map. The southern state, India's chosen IT hub and the preferred destination for multinational companies, has huge development potential with Hyderabad as an important IT hub followed by Visakhapatnam and emerging cities like Vijayawada and Tirupati.

Gold prices likely to come down

By Venkatachari Jagannathan, IANS, Chennai : Gold prices are likely to come down this week as the dollar is firming up and oil prices are going down, according to traders. "In the coming week we expect gold prices to go down by Rs.25 per gram as the US dollar is firming up vis-à-vis euro and the crude prices are coming down," Anantha Padmanaban, a partner at Chennai-based Nathella Anjaneyulu Chetty jewelers, told IANS. "Oil analysts are predicting crude to touch $80 per barrel, which means gold prices have to come down," he added.

Reliance hits new milestone in turnover

By IANS New Delhi : For the first time ever, Mukesh Ambani-promoted Reliance Industries Ltd's (RIL) three quarter turnover exceeded Rs.1,000 billion, the company said in a statement Thursday. The company declared turnover of Rs.358 billion for the third quarter of the current financial year. The company had reported turnover of Rs.334 billion and Rs.297 billion in the first and the second quarters of this financial year. The company also reported a record 26 percent growth in quarterly growth on year-on-year basis.

Stimulus package needed next fiscal also: Plan panel

By IANS, New Delhi : India will need a stimulus economic package in the next fiscal also as the country would continue to face the impact of global slowdown, Planning Commission Deputy Chairman Montek Singh Ahluwalia here said Friday. "The global slowdown will continue even in the next year and the stimulus package should be extended to the next fiscal also," he told reporters on the sidelines of a function here.

Shape your personal narrative: BlackBerry boss’s mantra

By IANS, Toronto : Even as he faces a record $100-million penalty from market regulators, BlackBerry maker Research In Motion (RIM) co-CEO Jim Balsillie has been honoured with Canada's Outstanding Business Leader Award. Accepting the award from his hometown Wilfrid Laurier University at Waterloo near here, Balsillie Thursday gave a lesson in personal and career wisdom to aspiring leaders.

Rail budget may spare fare hikes, rationalise freight tariff

By IANS, New Delhi : With the Vision 2020 document for Indian Railways her guiding force, Mamata Banerjee will present the rail budget for the next fiscal Wednesday, which is widely expected to keep passenger fares untouched but rationalise freight tariff in a bid to shore up drying revenues.

Food inflation in India surges to 12.81 per cent

By IRNA, New Delhi : Food inflation in India surged to 12.81 per cent for the week ended July 3, while fuel inflation shot up to 14.27 per cent, reflecting the hike in oil prices. In the previous week food inflation was at 12.63 per cent and fuel inflation at 18.02 per cent. While vegetable prices fell by 5.70 per cent year-on year, costlier pulses and cereals kept food inflation higher. Potato became cheaper by nearly 43 per cent, while onion prices were down five per cent on an annual basis. Cereals turned dearer by 6.04 per cent and rice by 6.10 per cent.

Surge in Indian equities

By IANS

Mumbai : Indian shares Tuesday continued the upward surge buoyed by buying in select banking stocks and blue-chip shares with a key index rising 0.24 percent.

Chhattisgarh to spend Rs.14 bn on subsidised rice scheme

By IANS, Raipur : Chhattisgarh's Bharatiya Janata Party (BJP) government will spend a whopping Rs.1,440 crore (Rs.14.4 billion) next fiscal to provide rice at Rs.2 a kilogram to about 3.7 million families. Of these, some 70,000 families will get it at Re.1. The Chief Minister's Food Security Scheme was launched April 1, 2007 to provide rice at Rs.3 a kilogram. This has been subsidised further, the new rates becoming effective April 1 next. Members of the 3.7 million families account for about 65 percent of the state's 20.08 million population.

Punjab has huge potential for entrepreneurs: Experts

By IANS, Chandigarh : Despite the recession in the US and the global financial crisis, Indian markets are comparatively safe and still present extensive opportunities for entrepreneurs, experts say. A global organisation working for promoting entrepreneurship throughout the world feels that there is no dearth of scope for entrepreneurs in India, especially in Punjab which still possesses a huge potential for them.

ITD Cementation bags Rs.1.12 bn SICAL project

By IANS Mumbai : Southeast Asia's infrastructure construction major ITD Cementation India Ltd has bagged a Rs.1.12 billion project from the South India Corporation (Agencies) Limited (SICAL) Iron Ore Terminals. According to the company, the project entails the construction of several jetties, platforms, buildings and civil works to be completed in 22 months.

Brazil, Italy to press for tighter financial regulations

By IANS, Rome : Brazil and Italy have said they would propose creation of an economic system that would lay more stress on production than speculation during the upcoming financial summit in Washington, EFE reported Wednesday. Brazilian President Luiz Inacio Lula da Silva and Italian Prime Minister Silvio Berlusconi Tuesday told a press conference here that they would cooperate at this weekend's financial meeting of the Group of 20 industrialised nations and emerging markets like India, China and Brazil.

Sensex up 192 points in early trade

By IANS, Mumbai : A benchmark index of Indian equities rose sharply at the opening bell Monday and was ruling about 192 points higher ten minutes into trade. At 9.10 a.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,191.32 points, was at 16,384.41 points, up 192.78 points or 1.19 percent from its previous close. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 4,906.35 points, against the previous close at 4,844.9 points, a gain of 1.27 percent or 61.45 points.

Australia says its FTA with ASEAN is biggest trade agreement

By Xinhua, Kuala Lumpur : An Australian senior trade official said Tuesday that the ASEAN-Australia-New Zealand Free Trade Agreement is the most comprehensive trade agreement that Australia has ever negotiated. Australia was happy to see the conclusion of negotiations of the FTA with the Association of Southeast Asian Nations (ASEAN), said Australian Trade Minister Simon Crean.

Reliance Industries net profit dips 11.5 percent

By IANS, Mumbai: The net profit of oil-to-petrochemicals major Reliance Industries (RIL) dropped 11.5 percent to Rs.3,636 crore ($759 million) for the quarter ended June 30, compared to the Rs.4,110 crore it netted in the corresponding period last fiscal. In a regulatory statement Friday, the company said it has registered a turnover of Rs.33,309 crore ($7 billion), a decrease of 22.6 percent from the Rs.43,050 crore it earned in the year-ago period.

Uttar Pradesh businessmen arrested for protesting tax hike

By IANS, Lucknow : A large number of businessmen, protesting against the Uttar Pradesh government's decision to increase value added tax (VAT) and implementation of entry tax, were arrested here Monday, officials said. The industrialists, under the banner of Indian Industries Association (IIA), had organised a protest march and were proceeding towards Chief Minister Mayawati's residence to hand over a memorandum when the police arrested them in the Hazratganj locality. The march was part of IIA's statewide protest against the government move.

India may allow FDI from Bangladesh: Jairam Ramesh

By IANS

Dhaka : Minister of State for Commerce Jairam Ramesh indicated Sunday that India may soon allow foreign direct investment (FDI) from Bangladesh on a "case-to-case" basis, subject to security clearance.

"It is true that presently India prohibits FDI from Pakistan and Bangladesh. We have been reviewing these restrictions with a view to enabling FDI from Bangladesh into India on a case-to-case basis, subject to security clearance," Ramesh said while he was launching the India-Bangladesh Chamber of Commerce and Industry (IBCCI) here.

JP Morgan acquires stake in Dubai Mercantile Exchange

By IANS, Dubai : Leading global financial institution JP Morgan Tuesday acquired stake in the Middle East's first energy futures exchange, the Dubai Mercantile Exchange (DME). JP Morgan's move comes in the wake of DME announcing in August this year that global financial institutions and energy trading firms, including Goldman Sachs, Morgan Stanley, Vitol, Concord Energy, Casa Energy Trading, and a Shell group company, have become strategic investors in the exchange. The terms of sale of the equity sale to JP Morgan remain private and confidential, according to a DME statement.

Japan’s Daiichi Sankyo to acquire Ranbaxy

By IANS, New Delhi : The promoters of Ranbaxy Laboratories, India's largest pharmaceuticals company with global sales of $1.6 billion for 2007, Wednesday said they will sell their entire 34.8 percent stake to Daiichi Sankyo of Japan. The mega deal - the largest in India's pharmaceuticals space - is estimated to value Ranbaxy at $8.9 billion and catapult the combined entity as the world's 15th biggest drugs maker from the current 22nd position.

US stocks down on Fed outlook, oil prices

By DPA, New York : Major US stock indices plunged Wednesday as the price of oil climbed, financial shares plummeted and the Federal Reserve warned the economy has remained sluggish over the last two months. The US central bank said economic activity had "remained generally weak" in late April and May, according to its survey compiled from the reports of 12 district branches around the country. The so-called Beige Book report said consumer spending had slowed in the past months due to rising energy and food prices.

Sustained monsoon needed for bumper rice crop: experts

By Rajeev Ranjan Roy, IANS, New Delhi : An early monsoon may be a good omen for the beleaguered government fighting zooming inflation, but experts look for a stable rainy season ahead to have a bumper rice crop. "Early monsoon is good, but should be continuously stable. Farmers need regular monsoon rains from July onwards, when the cultivation of paddy crop starts in the country," says Dalip Kumar, an economist with the Delhi-based think tank National Council of Applied Economic Research (NCAER).

Extreme Networks looks at new avenues in India

By IANS Chennai : The US-headquartered Ethernet company Extreme Networks Inc is looking at new avenues in India, said a top company official here Tuesday. "We are looking at areas like web development and, service operations in India. In addition, software for new product protocol will be developed in Chennai," Mark Canepa, president & CEO, told mediapersons here. Extreme Networks, with annual $350 million turnover, has two software development centres in Chennai, employing about 100 people.

IBSA aims for free trade, agrees to promote n-energy

By Manish Chand, IANS Pretoria : India, Brazil and South Africa joined hands to promote peaceful uses of nuclear energy, UN reforms and a free trade area among them as they ended their second summit with an ambitious agenda of trans-national cooperation revolving around energy security and people-centric social development.

‘Cipla has not opposed takeover of South African partner’

By Fakir Hassen, IANS, Johannesburg : South African pharmaceutical major Adcock Ingram, which last month said it wants to take over rival Cipla Medpro, Wednesday said it has received no letter from the targeted company's Mumbai-based partner Cipla India opposing the acquisition bid. In its potential offer to acquire Cipla Medpro, Adcock said it wanted written confirmation from Cipla India that the supply agreement it has with its South African partner would continue, on no less favourable terms, until September 2025.

Israeli aerospace giant eyes Brazilian market

By IANS, Jerusalem : Israel Aerospace Industries (IAI) is operating its integrated command, control and communication center in Brazil, the company said in a statement.

Honda to recall 1,400 cars in South Korea

By IANS, Seoul : Japanese automaker Honda Motor will recall some 1,400 cars in South Korea for defective power window switch, authorities said Wednesday.

Indian-origin scientist pioneers ‘green’ steel technology

By Neena Bhandari Sydney(IANS) : Millions of tonnes of waste plastic will be recycled into steel. The breakthrough Australian 'green' steel technology, which cuts coke and coal demand and reduces emission, has been invented by a Mumbai-born University of New South Wales (UNSW) materials scientist, Veena Sahajwalla. Sahajwalla, an alumnus of the Indian Institute of Technology (IIT) at Kanpur, told IANS: "Plastic is simply another form of carbon. In making steel there's essentially no difference between the polyethylene plastic in shopping bags and a natural resource like coal."

Reliance Comm launches bundled mobile Internet data card

By IANS

New Delhi : Anil Ambani-promoted Reliance Communications (RCOM) Monday launched a bundled mobile Internet data card to promote the usage of mobile Internet services in the country.

Chinese economist named to top World Bank post

By DPA Washington : A Chinese anti-poverty expert has been appointed as the World Bank's next chief economist, the first person from a developing country to be named to the post. Justin Lin is the founding director of an economic research centre at Beijing University and holds a doctorate in economics from the University of Chicago. He was chosen after a global talent search, the bank said Monday.

Citigroup rescue plan close at hand, Pandit’s fate unclear

By Arun Kumar, IANS, Washington : The US government is close to finalising a rescue plan for Citigroup, whose stocks have been battered in recent days over worries about its financial health, but the fate of its Indian American CEO Vikram Pandit and other executives remains unclear, media reports said Monday.

India’s growth to fall further: Economist Group

By IANS, New Delhi : The Economist Intelligence Unit (EIU) has predicted a 5.6 percent economic growth for India, much lower than the 7 percent expansion forecast by the government and policymakers. “We expect India's GDP (gross domestic product) to grow by only 5.6 percent in 2008-09, compared to 9 percent last year," said Manoj Vohra, director of research at EIU, a think tank of the Economist Group. "India is not alone, China too appears to be heading for a sharp slowdown.”

Expert group’s report on fuel pricing by month-end

By IANS, New Delhi : An expert committee on fuel pricing, headed by eminent economist and former Planning Commission member Kirit Parikh, will submit its recommendations Jan 31. "I will give my report on January 31 concerning petroleum product pricing," Parikh told reporters Wednesday after a meeting of an expert group on low carbon economy, of which he is the chairman.

Indian trader bamboozles Australian stock markets

By Paritosh Parasher, IANS, Melbourne : 'Lightning fast buck', 'the fastest gun in the market' and 'high tech trader' are some of the phrases being used by the Australian media to describe the mercurial rise of a derivatives trading whiz-kid, Dinesh 'Danny' Bhandari. The Indian-origin chief executive of Sydney-based Tibra Capital has caught media attention recently as he debuted on BRW Young Rich List with a "conservatively-estimated" personal fortune of 40 million Australian dollars ($36.7 million).

TVS Motor logs 30 percent sales growth in January

By IANS, Chennai : Two and three wheeler maker TVS Motor Company Ltd closed January with an overall sales growth of 30 percent.

Maharashtra agrees to withdraw fee on ethanol

By IANS New Delhi : The Maharashtra government has agreed to withdraw a fee of Rs.1.5 per litre imposed on supply of ethanol to other states after a meeting between Petroleum Minister Murli Deora and the state's chief minister in Mumbai Monday. "Maharashtra Chief Minister Vilasrao Deshmukh stated his government will withdraw the export fee of Rs.1,500 per kilolitre (Rs.1.5 per litre), presently being imposed on ethanol supplies to other states while talking to media persons after his meeting with Deora," an official statement said.

Bharat Sanchar Nigam seeks nod for CDMA mobile

By IANS New Delhi : State-run Bharat Sanchar Nigam Ltd (BSNL) has sought the government's nod to start mobile phone services in the country using CDMA technology currently being offered by firms like Reliance Communications. Giving this information to the Lok Sabha, the lower house of Indian parliament, IT and Communications Minister A. Raja said the grant of permission has, however, been challenged by the Cellular Operators Association of India (COAI). The members of COAI comprise companies that offer services based on global standard on mobile (GSM) telecom.

Anil Ambani firm writes to Reliance Industries on gas issue

By IANS, Mumbai : Reliance Natural Resources (RNRL), an Anil Ambani group company, has written two letters to Mukesh Ambani's Reliance Industries seeking to settle the dispute over pricing of gas from the latter's Krishna Godavari finds. "We have written two letters to Reliance Industries, asking them to sit across the table to crash out the three-four relevant clauses so that they can be put in the agreement," RNRL counsel Mukul Rohatgi told a news channel Wednesday.

Bank of India raises interest rates on NRE term deposits

By IANS, Mumbai : Public Sector Bank of India Thursday said it would raise interest rates on non-resident external (NRE) accounts up to 9 percent from the new year.

Wipro says employee embezzles funds, probe on

By IANS, Bangalore : IT major Wipro Technologies Wednesday said it has detected embezzlement by one of its employees and the probe is on. The company did not give details of the fraud, but speculation was that it was around $4 million. "In December 2009, we noticed embezzlement by one of our employees. Pursuant to an investigation that is ongoing, steps have and are being taken by the company addressing the processes and people issues," Suresh Senapaty, executive director and chief finance officer of Wipro, said in a statement. The statement did not give any other details.

Agra builder pays Rs.367 mn income tax after raid

By IANS, Agra : A builder from Agra has paid Rs.367 million in income tax after a raid revealed his undeclared assets worth Rs.100 million, officials said Thursday. The income tax officials confirmed a cheque of Rs.367 million or Rs.3.67 crores had been received from Nikhil Estates after a search and seizure survey Tuesday evening that continued till late Wednesday. They said this was one of the biggest catches in this region. The Nikhil group, active in the hospitality sector here, is engaged in developing townships and also runs an engineering college.

Jindal Steel net profit dips 25 percent

By IANS, Mumbai : Jindal Steel and Power Wednesday reported a 25 percent dip in net profit to Rs.300 crore for the first quarter this fiscal as compared to Rs.402.3 crore in the same period last year. The total income decreased 16 percent to Rs.1,592.6 crore from Rs.1,902.7 crore, the company said in a regulatory statement. However, the Jindal group's net profit during the period soared 122 percent to Rs.988.4 crore as against Rs.443.6 crore in the year-ago quarter. The group's total income increased 27.7 percent to Rs.2,786.2 crore from Rs.2,180.3 crore.

Mashreq Bank’s new package to help expatriates in UAE

By IANS, Dubai : The United Arab Emirates (UAE)-based Mashreq Bank Wednesday launched a new product aimed at helping expatriates coming to this country to settle down quickly. Called 'On Arrival Package', customers can avail of the product even before their residency visa stamping process is completed, according to a Mashreq Bank statement. "Through this convenient and innovative package, we are providing financial support and peace of mind to new employees in the UAE," Douglas Beckett, head of retail banking at Mashreq Bank, said in the statement.

Nalco eyes Tajikistan, Congo for investment in smelters

By IANS, Bhubaneswar : National Aluminium Co Ltd (Nalco), India's second biggest producer of aluminium, Thursday said it is exploring the possibility of investing in smelters in Tajikistan and Congo. The company, which is also planning to set up smelter and power projects in Indonesia, South Africa and Iran, said it is eying Tajikistan and Congo because hydel power is cheaply available in those countries. “We may go to Tajikistan and Congo to invest in smelters,” Nalco chairman and managing director C.R. Pradhan said.

Nine win funding for rural innovation projects

By IANS Chennai : The Rural Innovation Fund (RIF), promoted by Microsoft India among others, has selected nine innovators, who will receive $15,000 (Rs.590,000) each to implement their projects to empower rural India. Microsoft India has established a RIF corpus of $200,000 to encourage innovations that will benefit rural India.

Britons hit – on air, rail and road

By Dipankar De Sarkar, IANS, London : British travellers and commuters were hit hard on a chaotic Friday after the collapse of one its largest tour operators and a fire in the rail tunnel connecting Britain with mainland Europe. Some 85,000 Britons were reported to be stranded abroad after the XL Leisure Group, Britain's the third largest package holiday group, went into administration.

Kamal Nath urges states to help control inflation

By IANS, New Delhi : Commerce and Industry Minister Kamal Nath Tuesday asked state governments to become more "proactive" in controlling inflation by taking action against hoarding to tame rising prices of food items and commodities. "We would like to see the state governments ensure that there is no hoarding, there's no profiteering. The state governments have the mechanism and they must ensure that the supply lines are not dropped," Kamal Nath said on the sidelines of a meeting here.

Budget to benefit agrarian rural economy of Odisha: Pradhan

Bhubaneswar : Union Petroleum Minister Dharmendra Pradhan on Monday said the Budget 2016-17 will largely benefit agrarian rural economies of Odisha. He said the thrust...

Sensex up 137 points, Dubai bailout helps

By IANS, Mumbai : News of a $10-billion bailout of Dubai World by the Abu Dhabi government had a positive impact on Indian equities markets Monday, sending a benchmark index up 137 points during afternoon trade. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,118.14 points, was ruling at 17,257.54 points around 1.30 p.m., up 138.51 points or 0.81 percent from its previous close at 17,119.03 points.

Made in Punjab towels mop up US, Europe markets

By Jaideep Sarin, IANS Ludhiana : If you happen to take a bath in an upscale New York hotel, chances are you will dry yourself with an exclusive towel 'Made in Punjab'. Punjab-based towel manufacturer Abhishek Industries, with its Trident brand of towels, has not only been able to capture the high and middle end markets across the US, Europe and several other parts of the world but is now doing business with some of the best brands and retail chains in these countries.

FDI inflow up 13 percent in December

By IANS, New Delhi : Foreign Direct Investment (FDI) inflow for December was up 13 percent at $1.54 billion during December 2009 against $1.36 billion in the corresponding period a year ago, the government said Thursday. The FDI equity inflow during April-December 2009 was $20.92 billion, while it was at $21.15 billion in the corresponding period in 2008.

Trade ministers begin make or break talks on Doha Round

By Xinhua, Geneva : Trade and agriculture ministers of more than 30 member countries of the World Trade Organisation (WTO) started talks here Monday seeking to make a breakthrough in the stalled Doha Round of trade negotiations. The focus of the talks will be on trade in agriculture and industrial market access, the two key issues that have eluded consensus since negotiations started in the Qatari capital of Doha in 2001.

Swraj Paul increases wealth in the midst of financial crisis

By IANS, London : Led by billionaire steel magnate Swraj Paul, wealthy Indian-origin businessmen in Britain have increased their wealth despite the global financial crisis, according to a list published Wednesday. Caparo founder and chairman Paul is among Britain's richest Asians who have increased their wealth by more than a third in the past year, the list published by Eastern Eye magazine revealed.

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.

Fertiliser major plans Rs.30 bn expansion at Gujarat plant

By P.S. Anantharaman, IANS, Ahmedabad : Leading fertiliser maker Indian Farmers Fertiliser Cooperative Ltd (IFFCO) has said it will expand the production capacity of its Kalol urea plant in Gujarat at a cost of Rs.30 billion once natural gas from the Krishna-Godavari basin starts flowing to the state. Set up in 1975 at an investment of Rs.750 million, the Kalol plant currently produces 550,000 tonnes of urea annually.

India had 16.5 mn service sector enterprises in 2007: Survey

By IANS, New Delhi : India had an estimated 16.5 million service enterprises in 2006-07, with 60 percent of them in rural areas and 90 percent in the form of sole proprietorships, official data showed Friday. The data, which helps government frame policies, assists demographers and gives key inputs for marketing strategies by the corporate sector, also showed that 33.5 million people worked in the service sector, 54 percent in rural areas.

Pakistan hikes defence spending

By DPA

Islamabad : Pakistan Saturday unveiled its budget for the coming year, with a nine percent boost to defence spending.

Tyres major Yokohama to invest Rs.9 bn in Haryana plant

By IANS Chandigarh : Japanese tyre manufacturer Yokohama Rubber Company will set up a new tyre manufacturing plant in Haryana worth over Rs.9 billion (around $200 million), the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) announced Tuesday. The company has been allotted a 25-acre plot by the HSIIDC at Bahadurgarh industrial estate on the newly developed Rohtak-Jhajjar industrial belt in Delhi's national capital region (NCR). The new industrial estate is being developed along National Highway (NH) 10 on an area of 755 acres.

Honda to recall nearly 500,000 vehicles

By IANS, Tokyo: Japanese automobile giant Honda Motor Co. will recall about 489,000 CR-Vs sold in the US and the Europe over problems in the vehicles' power window switch, Xinhua reported.

Bajaj Allianz plans to increase health insurance business

By IANS, Kolkata : Bajaj Allianz General Insurance plans to increase its health cover portfolio to 20 percent from the present 12 percent of the total business in the next two years, a senior official said here Wednesday. "We are looking at 20 percent health business of the total portfolio in the next two years," said Tapan Singhel, chief marketing officer of the company. He was here to launch the company's health insurance plan "Extra Care". The company now has 15 lakh customers in the health insurance business with 243 branches and around 10,000 agents.

OPEC crude price continues to climb

By DPA Vienna : The price for crud produced by the Organization of the Petroleum Exporting Countries (OPEC) continued to climb, OPEC said Thursday. On Wednesday, one barrel (159 litres) of OPEC-produced crude stood at $102.38, up $0.49 dollars from the previous day. OPEC crude followed international bullish trends by nearing its all-time high of $102.88 reached March 14. Crude and product futures were strong, with West Texas Intermediate (WTI) posted oil price shortly peaking on the New York Mercantile Exchange (Nymex) at $112.21 dollar per barrel.

Higher wages make Kerala the new ‘Gulf’ for migrant labourers

By Jeevan Mathew Kurian, IANS, Kozhikode : Kerala, with its higher wages and ample opportunities is emerging as the new "Gulf" for unskilled and semi-skilled labour from other states, even as far away as Orissa and West Bengal. The high wages, Rs.250-300 a day, for unskilled labour in the construction sector seems to be the main attraction for migrant labourers, say officials and manpower recruitment agencies.

Patnaik stresses on economic development in I-Day speech

By IANS Bhubaneswar : Top IT companies setting up shop and the government's plan to provide drinking water to 10,000 villages were some of the points highlighted by Orissa Chief Minister Naveen Patnaik Wednesday during his Independence Day address. Hoisting the tricolour at the Mahatma Gandhi Marg here, Patnaik paid tribute to the leaders who had sacrificed their life for the nation and said the country has progressed in various fields as had Orissa.

Sensex dull, broader markets gain, Asian cues weak

By IANS, Mumbai : A benchmark index for Indian equities Friday was quiet a little before noon after a choppy morning session. Other major Asian markets too were in the red. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,911.13 points, was ruling at 17,917.69 points, 8.23 points or 0.05 percent up from its previous close at 17,909.46 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was also flat at 5,384.15 points, up 0.1 percent from its previous close at 5,378.75 points.

India’s forex reserves down $0.76 billion

By IANS, Mumbai: India's foreign exchange reserves (forex) fell by $0.76 billion to $288.62 billion for the week ended June 22, official data showed.

Kerala to provide support for road projects

By IANS Thiruvananthapuram : Kerala's ruling Left Democratic Front (LDF) Saturday decided to sign an agreement assuring state support for all road projects taken up in the build-operate-transfer (BOT) mode after refusing to do so for a long time. Once the agreement is signed, the state would get a staggering Rs.30.53 billion for completing the four-laning of the National Highway 17, NH 47 and for three bypasses on NH 49.

India adds 6.19 mn GSM mobile phone users in January

By IANS New Delhi : India added 6.19 million GSM mobile subscribers in the month of January, according to industry body Cellular Operators Association of India (COAI). The data released Monday indicated that the number of GSM users till Jan 31, 2008 stood at 178.41 million. This, however, excludes the number of users added by Reliance Communications, which is mainly a CDMA major but has GSM operations being developed across the country. Bharti Airtel, India's leading mobile phone service firm, added 2.25 million subscribers, taking its total base to 57.41 million.

China’s largest free-trade harbour area opens

By Xinhua Tianjin : China's largest free-trade harbour area, seen as a significant move in the country's opening up strategy, started operation in the northern port city of Tianjin Tuesday. Dongjiang Bonded Harbour Area (DBHA), close to capital Beijing and located in the Bohai-rim region, "is designated as the pilot for others to adopt reforms and renovations to promote the opening-up drive," Li Kenong, deputy chief of China Customs, said at the inauguration ceremony.

Sensex rises after weak start, up 89 points

By IANS, Mumbai : A benchmark index for Indian equities moved up into the green after a weak start Tuesday and was ruling 89 points higher than its previous close, about an hour into trade. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,760.6 points, was ruling at 16,870.5 points, 89.43 points or 0.53 percent up from its previous close at 16,781.07 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,063.5 points, up 0.59 percent from its previous close.

BPO firms in Philippines looking at windfall from Satyam scandal

By Nirmala George, IANS, Singapore/Manila : With a billion dollar revenue fraud dealing the Indian IT sector a body blow, BPO firms in the Philippines are hoping to make capital by getting some of the business from the West. Leading politician Representative Joseph Santiago said the unravelling of the massive revenue fraud at Satyam Computer Services would dissuade multinational companies from seeking BPO services in India. He said firms in the Philippines could reap the bonanza with more Western firms diverting business to the Southeast Asian country.

OPEC crude price soars above $135

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

Rising rupee to hit Infosys by Rs.20 billion

By IANS Bangalore : The Infosys Technologies Ltd will suffer a loss of Rs.20 billion in revenue this fiscal (2007-08) due to rupee appreciation, a top company official said here Thursday. "We have factored in a loss of Rs.20 billion in consolidated income and Rs.2.5 billion in net profit due to rupee appreciation for the entire fiscal at the current rate of Rs.39.50 per US dollar," Infosys chief financial officer (CFO) V Balakrishnan told IANS.

HEC gets Rs.5 bn order from Bhilai Steel Plant

By IANS Ranchi : In one of its biggest orders to date, the state-owned Heavy Engineering Corporation (HEC) Friday got a work order worth Rs.5 billion from the Bhilai Steel Plant (BSL). Abhay Kanth, company secretary HEC, said: "HEC will be part of two major projects of BSL. First is an ore handling plant and the second a new coal handling plant valued at Rs.200 crore (Rs.2 billion) and Rs.300 crore (Rs.3 billion) respectively." The order will have to be completed in 30 months, he said.

Sensex up 507 points, Tuesday’s losers turn gainers

By IANS, Mumbai : A benchmark index of the Indian equities markets rallied smartly to end 507 points higher Wednesday, recouping the previous day's losses and more. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 15,487.97 points, shut shop at 15,912.13 points, 507.19 points or 3.29 percent above Tuesday's close at 15,404.94 points. Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE), too, was in positive terrain at 4,710.8 points, up 3.22 percent or 146.9 points from its last close.

Markets go bullish on New Year’s day

By IANS, Mumbai : Indian equities markets turned bullish on the first day of the New Year, with a key index gaining 2.66 percent over its previous close. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed in the green Thursday at 9,903.46 points, a rise of 256.15 points or 2.66 percent from its previous close of 9,647.31 points. The markets were largely positive with 2001 stocks advancing against 493 declining. Sixty-six stocks remained unchanged.

US-India business lobby launches move to lower trade barriers

By IANS Washington : The US-India Business Council (USIBC), representing 250 of the largest US companies investing in India, has launched a comprehensive initiative to bring down principal trade and investment barriers between the two countries. Focusing on barriers of commercial significance to its members, the business advocacy group aims to build towards substantial market opening arrangements designed to bring broadly inclusive growth to both countries.

Pavers England to make foray in Indian footwear retail

By IANS, New Delhi : Pavers England Footprints Ltd, one of India's leading footwear exporters, Tuesday announced its entry into the retail segment with an investment of $10 million. The company is a joint venture between Britain-based $60 million Pavers Foresight Smart Ventures and India's $50 million Forward Group.

Most Vidarbha farmers will not get loan waiver

By IANS Nagpur : Finance Minister P. Chidambaram Friday announced an agriculture loan waiver in the 2008-09 budget but a farmers' leader here said the move will not help most farmers in the Vidarbha region due to the two-hectare landholding cap. The region has witnessed the maximum number of suicides by debt-ridden farmers in the last few years. "Close to 60 percent farmers in Vidarbha have a landholding of more than two hectares and most of them are in distress on the Maharashtra government's own admission", said Vidarbha Jan Andolan Samiti leader Kishor Tiwari.

Indian equities bounce back after weak opening

By IANS Mumbai : Indian equities markets, which opened with a marginal loss Tuesday, bounced back soon after and were trading in the green on account of sustained buying in scrips across sectors, notably in capital goods, power, oil, cement and pharmaceuticals stocks. However, early in the afternoon, the markets started moving southwards again.

Sensex down 67.17 points in the afternoon trade

By IANS, Mumbai: A benchmark index of Indian equities markets was Wednesday trading 67.17 points lower in afternoon trade, led by a selling spree in auto, oil and gas and metals stocks.

British bailout: banks asked to freeze executive bonuses

By Dipankar De Sarkar, iANS, London : The British government Monday poured a massive 37 billion pounds ($65 billion) into three of the country’s biggest banks and wrested guarantees of a freeze on executive bonuses. In a move that was described as the biggest shakeup of British banking, leading to the effective nationalisation of one of them, the Royal Bank of Scotland (RBS), the Halifax Bank of Scotland (HBOS) and Lloyds TSB were expected to submit to strict new government regulations.

Mahindra launches its ‘Mom and Me’ store in Delhi

By IANS, New Delhi : Mahindra Group company Mahindra Retail Wednesday launched its "Mom and Me" store, which specialises in products related to infant and maternity care, in the national capital. "With the number of working mothers increasing, the concept of pregnancy and baby care has gone beyond the traditional idea," Mahindra Retail managing director K. Venkataraman told reporters. "After research, we started with test stores in Ludhiana, Ahmedabad and Pune," Venkataraman said.

Oil industry officials call off strike

By IANS New Delhi : Some 45,000 officials working for state-run oil firms Tuesday called off their indefinite strike after assurances from Petroleum Minister Murli Deora on enhancing their interim pay, pending a wage settlement. "We spoke to the petroleum minister and he has agreed to look into our demands for higher interim relief from the beginning of the year," said R.P. Srivastava of the Oil Sector Officers Association (OSOA).

Difficult to meet 4.6 percent fiscal deficit target: Pranab

By IANS, New Delhi: India is unlikely to meet the 4.6 percent fiscal deficit target for the financial year ending March 31, Finance Minister Pranab Mukherjee said Wednesday.

‘Indian banks better poised to cope with crisis’

By Aroonim Bhuyan, IANS, Dubai : Due to stricter prudential regulations put in place in the country, the Indian banking industry is better poised to cope with the current global financial crisis, according to a leading Indian banker. "The Indian banking sector is better placed to cope with the adverse consequences of the ongoing financial turmoil in the West," M.D. Mallya, global chairman and managing director of the public sector Bank of Baroda said here.

Sensex closes 339 points lower

By IANS, Mumbai : A benchmark index of Indian equities market Friday closed 339 points lower as traders continued to sell front-line stocks and downward pressure increased in the broader markets.

Fashion designers aim to create industry lobby

By IANS, New Delhi : A group of prominent Indian designers have come together to create what they hope will become an industry lobby much in the manner of those that promote India Inc. "It's a coming together of concerned minds. We aim to work toward capacity building of the fashion, design and manufacturing industry," designer Meera Ali said at the launch of the Fashion Foundation of India (FFI) here Thursday. "We will focus on key developmental activities for the industry and work toward marketing India as a designer hub," she added.

Rajasthan hotels booked full ahead of New Year

By IANS Jaipur : Those wanting to enjoy New Year's Day in Rajasthan need to think twice if they have not yet made reservations. A majority of hotels are booked full till at least the first week of January. Accommodation is so much at a premium that some hotels have pitched tents to accommodate guests. But that too is proving to be inadequate.

India will grow 8.2 per cent in 2010: ADB

By IANS, Manila : India will grow 8.2 percent in 2010 and 8.7 percent in 2010 but rising inflation will bog the country's policy makers, the Asian Development Bank (ADB) said Tuesday. An improving global environment, rising private consumption and investment are likely to underpin growth over the next two years, said the multilateral lending agency in its annual report. However, a surge in food prices following a poor monsoon and floods in some parts of the country as well as chances of fuel prices increasing in 2010 and 2011 will continue to challenge policy makers, it said.

India again saw gold rush despite robust stock markets

By Rohit Vaid and Priyanka Sahay, IANS,

Sensex ends week with significant gains

By IANS Mumbai : Indian stock markets ended with hefty gains after an extremely volatile session Friday. Power, capital goods and real estate stocks were the star performers of the day. The benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) shut shop for the week at 18,852.87, gaining 326.55 points or 1.76 percent. The broader S&P CNX Nifty of the National Stock Exchange (NSE) ended at 5,609, gaining 89.25 points or 1.62 percent.

Date for receiving telecom industry’s views on lock-in period extended

By IANS, New Delhi : The telecom regulator Wednesday extended the last date for receiving the industry's views on the proposed lock-in period on equity sale in new licence holding companies to Jan 27. On Jan 9, the Telecom Regulatory Authority of India (TRAI) had sought the industry's views on the lock-in period by Jan 20. According to telecom officials, this move is aimed at preventing operators from making windfall gains.

No roaming charges for Aircel subscribers in south India

Chennai: Aircel subscribers in Tamil Nadu, Andhra Pradesh, Karnataka, Kerala, Telangana and Puducherry will not be charged for incoming calls while they are travelling...

Achuthanandan hoping centre, Tamil Nadu won’t oppose Vizhinjam port

By IANS, Thiruvananthapuram : Kerala Chief Minister V.S. Achuthanandan Friday expressed hope that neither the centre nor Tamil Nadu will stand against the proposed Rs.53.48 billion port at Vizhinjam near here. "The (state) cabinet today cleared the project and will send it to the centre for clearance. See, this is one project that has been in the pipeline for several years and during the previous Congress government's time, everything was ready but the centre did not clear it due to security reasons. This time we do not see any such issues," Achuthanandan told reporters.

Credit outlook for Indian banks dim, says Moody’s

By IANS, New Delhi : The credit outlook for the Indian banking system remains negative because of poor asset qualities and rising problem loans, according to global rating agency Moody's. "The fundamental credit outlook for the Indian banking system remains negative, having changed from stable in January 2009," said Moody's Investors Service division in its new Banking System Outlook on India report released Monday. According to it, this reflected "the challenging economic conditions and rising levels of problem loans and the resulting adverse implications for asset quality".

High court clears ground for Tata Nano in Singur

By IANS Kolkata : Nano, the Rs. 100,000 ($2,500) car Tata Motors unveiled at Auto Expo 2008 in New Delhi Jan 10, overcame a major roadblock at its cradle in West Bengal with the Calcutta High Court Friday ruling the contentious land acquisition in Singur legal and in social interest. In what is seen as a major victory for the reformist Buddhadeb Bhattacharjee- led Left Front government in West Bengal, the Calcutta High Court said the land acquisition in Singur was done with a social purpose and it will help generate employment in the area.

More Highlights of Indian budget (Part 12)

By IANS Food subsidies at Rs.326.67 billion Defence spending to rise 10 percent PAN requirement for all financial marketswindow.onload = function() {var adsPercent = 1;if(Math.random() <= adsPercent)...

Dhaka’s new notebook users are mostly gamers

By IANS, Dhaka : Computer businessmen of Bangladesh call 2009 the Year of the Notebook due to the growing popularity of the small computers here. They noted 30 percent rise in sales, mainly to youths who are home-users or go for gaming. The businessmen said Thursday about 40 percent of the customers were gamers. According to them, the entry-level home users come to the market for relatively cheaper computers within 25,000 Taka ($355) on an average. Many home users buy laptops at higher prices too, but most of the computers with high configurations go to gamers' homes.

Karaikal port gets connected to rail network

By IANS, Karaikal : The Karaikal port built by Karaikal Port Private Ltd, a wholly owned subsididary of Marg Ltd, crossed a milestone Wednesday when the first train from the port siding was flagged off by Puducherry Chief Minister V. Vaithilingam and Minister for Home and Port E. Valsaraj. Present on the occasion was the Puducherry Governor Iqbal Singh and central Minister of State for Planning and Parliamentary Affairs V. Narayanasamy and officials of Southern Railways.

Dell to invest more in India to maintain high growth

By IANS, New York : Dell, the world's second largest personal computer maker, will invest more in India in the coming years to match the growth of its products there, which is expected to continue. Dell's revenue in India grew year-on-year by 52 percent, higher than the 30 percent growth in China. The company's product shipments to India grew 10 times faster than the industry average, while the growth in notebook shipments to China was three times the industry average.

Government allows Maytas to withdraw SEZ

By IANS, New Delhi: The government Tuesday allowed the cash-strapped Maytas Properties to surrender its biotech special economic zone (SEZ), known as Maytas Ventures. The Board of Approval (BoA), under the commerce ministry, also asked Maytas to refund Rs.31 lakh, which was offered to the company as service tax exemption. The Hyderabad-based company, promoted by the family of B. Ramalinga Raju, the disgraced former chairman of the scam-hit Satyam Computers, had earlier asked the government to "denotify" the project due to weak market conditions.

IT honchos slam budget for ignoring industry demands

By IANS Bangalore : Honchos of Indian IT industry Friday slammed the union budget for not extending tax holiday and increasing excise duty on packaged software and levying service tax on customised software. "The budget is not positive to the IT industry. Smaller firms should have been given tax relief to counter the impact of a sharply appreciated rupee. The increase in excise duty on packaged software will lead to increased piracy," Krish Gopalakrishnan, managing director and chief executive officer of Infosys, said in a statement here.

Nano project vendors still hope against hope

By IANS, Kolkata : They had invested millions in their small units, all meant to serve the Nano. Now with Tata Motors announcing the pullout of its small car project from West Bengal, these vendors in Singur are just beginning to tot up their losses and trying to close their eyes to the writing on the wall. More than 50 vendors had set up shop in Singur, in Hoogly district around 40 km from Kolkata, to provide the knick knacks for the Rs.100,000 Nano. The units ranged from upholstery, spare parts, plastic, paint and other accessories needed for the world's cheapest car.

India, Britain see progress at G20 in tackling tax havens

By Arvind Padmanabhan, IANS, London : India and Britain see progress at the G20 in addressing the lack of transparency among tax havens that hide behind strict secrecy laws in their banking system to protect people who park their funds with them. Briefing reporters after a meeting between Prime Minister Manmohan Singh and his British counterpart Gordon Brown, Foreign Secretary Shivshankar Menon said G20 leaders were coming to a consensus on the need to share information on bank accounts by the tax havens.

Hong Kong gallery brings Giclee prints to India

By IANS, New Delhi : As art prices spiral beyond the reach of common buyers, dealers are improvising on trade practices and artistic tools to stay afloat. One such attempt is being made by a Hong Kong-based online art gallery that is entering the Indian market with Giclee or ink jet-prints of art works. On Wednesday, the Fuschia Tree tree art gallery will make its debut with a show titled "The Mint Green" at the Attic in Connaught Place in the heart of the national capital.

Punjab National Bank rules out further cut in interest rates

By IaNS, New Delhi : The state-owned Punjab National Bank (PNB) feels it would be difficult to lower lending rates any further if the government did not slash interest rates on existing deposits.

Canada’s exports slip lower, but economy creates more jobs

By IANS, Toronto : Despite Canada's main exports - commodities and oil - slipping lower and North America's third largest stock market here closing the last day of the week on a sluggish note, the economy has created thousands of new jobs in October. The TSX composite index closed at 9,542.88 points. Compared to Thursday when the index fell 3.36 percent or 331.79 points, the closing day of the week saw a decline of just 12 points. The day's major losers were the metals sector that fell by 2.3 percent and consumer commodities which slipped 2.1 percent.

Indian equities on upswing, benchmark index crosses 16,000 mark

By IANS Mumbai : Mirroring strong global cues, Indian stock markets Tuesday clocked their second highest single-day gain as a benchmark index breached the 16,000 mark. The markets that opened in the green as per international cues continued on an upswing, gaining over 6 percent. Important sectors like metals, realty, oil and gas and banking scrips found full favour with investors. All other sectoral indices closed in the green.

‘OPEC ready to pump more oil to keep market stable’

By IANS Abu Dhabi : The Organisation of the Petroleum Exporting Countries (OPEC) would take every necessary measure to maintain market stability, including pumping more oil, OPEC member United Arab Emirates' energy minister said Thursday. Mohammed bin Dhaen Al Hamli made the comments before travelling to Vienna for the extraordinary OPEC meeting that will open Friday, WAM news agency reported. He said world oil prices might remain volatile due to the current state of the global economy that has been exacerbated by the sub-prime mortgage crisis in the US.

Equity markets end at 15-month low

By IANS, Mumbai : Indian equity markets ended at a 15-month low Tuesday following a 654-point drop in the Sensex. Banking, capital goods, metal and power stocks were the worst hit. All the sectoral indices ended the day in the red. The markets started on a weak note and kept going down through the day. The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 13,067.08 points and touched a low of 12,605.00 before closing at 12,676.19. It went down by 654.32 points or 4.91 percent compared to its closing figure Monday.

L&T bags Hyderabad Metro Rail project

By IANS, Hyderabad : Engineering and construction major Larsen and Toubro (L&T) has bagged the Rs.12,132-crore Hyderabad Metro Rail (HMR) project. A three-member committee selected L&T out of six companies that bid for the mega project, which was initially awarded to Maytas Infra in 2008. The authorities called for fresh global bids last year after scrapping the deal with Maytas, a sister-concern of scam-hit Satyam Computer Services, as it failed to achieve financial closure.

Bahrain plans tie-up to boost oil output

By IANS, Dubai : In a bid to boost the productivity of its only oilfield, Bahrain will tie up with a global oil firm and deploy the latest technology to this end. A weekly cabinet meeting chaired by Bahrain's deputy premier Shaikh Mohammed Bin Mubarak Al Khalifa reviewed the feasibility of the Bahrain Oil Field undergoing a major development with help from global oil firms, the state-run Bahrain News Agency (BNA) reported.

India on a hiring spree: survey

By IANS New Delhi : With the economy surging and the emergence of newer sectors, the Indian job market is poised for greater dynamism and growth as companies are busy chalking out extensive hiring plans, says a survey. Employers across all the industry verticals ranging from services, real estate, retail and manufacturing have expressed an increase in their hiring activities, according to a quarterly survey conducted by Manpower Inc., a global HR consultancy firm.

FIA blames economic crisis for BMW’s F1 pull-out

By DPA, Paris: Motorsport's ruling body, the FIA, reacted with disappointment Wednesday to the news that German carmaker BMW is pulling out of the sport at the end of the 2009 season, blaming the global recession for the decision. "It has been clear for some time that motor sport cannot ignore the world economic crisis. Car manufacturers cannot be expected to continue to pour large sums of money into Formula One when their survival depends on redundancies, plant closures and the support of the taxpayer," said the organization in a statement.

Detailed planning went into mammoth tribal rally

By IANS New Delhi : Elaborate planning had gone into organising the massive rally by 25,000 landless tribals to the Indian capital, with collections and financing for the foot march beginning three years ago. The planning was enough to ensure that the legion of marchers had enough logistical support to continue their struggle for a long time. Ekta Parishad, the main organiser of the rally, had asked their branches in the villages and districts across the country to start the collections for financing the foot march three years ago.

“They only demolish homes of defenseless and weak,” despite UN intervention, demolition at Khori...

The Supreme Court ordered the demolition of a settlement in Khori Gaon in Faridabad, Haryana on June 7 and given the municipal corporations until...

Tata Steel Q3 net profit rises to Rs.14.02 bn

By IANS Mumbai : India's steel major Tata Steel Ltd posted a net profit of Rs.14.02 billion ($350 million) for the quarter ending Dec 31, compared to Rs.10.55 billion in the corresponding period of the previous fiscal. Total income for the quarter increased from Rs.60.72 billion to Rs.320.96 billion. Diluted earnings per share (after exceptional items) stood at Rs.20.40 as against Rs.18.19 in the same quarter a year earlier. The employee separation compensation was Rs.650 million for the third quarter, compared to Rs.500 million in the same quarter the previous fiscal.

Pollution solutions for telecom base stations

By Pupul Dutta, IANS, New Delhi : With the demand for renewable energy solutions going up in the industrial world, Luminous Teleinfra, engaged in manufacturing packaged electrical power and power conditioning products, is offering green solutions for telecom base stations that promises to help operators reduce pollution as well as operating expenses. The base station subsystem (BSS) is a section of a traditional cellular telephone network that is responsible for handling traffic and signalling between a mobile phone and the network switching subsystem.

Sensex ends over 200 points in the red

By IANS, Mumbai : The Indian equities markets closed deep in the red Thursday. The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 16,666.03 points and closed at 16,316.26, going down by 209.11 points or 1.27 percent compared to its closing figure Wednesday. The S&P Nifty index of the National Stock Exchange, which opened at 4,926.30 points, closed at 4835.30. It went down by 83.05 points or 1.69 percent from its previous close.

Left, SP MPs walk out against food prices

By IANS, New Delhi : Left and Samajwadi Party (SP) MPs Friday walked out of the Lok Sabha in protest against rising food prices and demanded a White Paper on inflation. Ramachandran Dome of the Communist Party of India-Marxist (CPI-M) raised the issue and asked the government to explain the causes that have led to the situation. Gurudas Dasgupta of the Communist Party of India (CPI) backed the demand. He called for the White Paper. As the issue was discussed in the house last week, Speaker Meira Kumar didn't allow the MPs to raise it again.

Kashmir paralysed as traders join transporters’ strike

By IANS, Srinagar : Life in the Kashmir valley was thrown completely out of gear Wednesday with traders joining transporters in their strike against the hike in fuel prices. Day three of the transporters' strike saw all markets in this summer capital of Jammu and Kashmir closed and roads deserted because of non-availability of public transport. Government offices, banks, educational institutions and business establishments recorded very thin attendance as the administration here tried to mobilise state owned State Road Transport Corporation buses to mitigate commuter suffering.

Insurance bill passed by Lok Sabha, suspense in Rajya Sabha

New Delhi/Chennai : The Lok Sabha on Wednesday passed the insurance sector amendment bill, which seeks to hike the foreign equity cap on domestic...

India may emerge as data hub for nearby countries: Gartner

By IANS, Mumbai : With India's data storage capacity expected to double by 2012, it may emerge as the data centre hub for nearby markets such as West Asia, east Africa and southeast Asia, according to a research report prepared by global information technology (IT) market tracker Gartner Inc. India's total data centre capacity, including both captive and hosted, will grow 31 percent from 1.337 million square feet in 2007 to 5.143 million square feet by 2012, Gartner said in a media release here Wednesday.
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