London Stock Exchange ‘market of choice’ for West Asian companies
By IANS,
London : With Kuwaiti private equity fund Global MENA Financial Assets (GMFA) Friday becoming the latest West Asian company to get listed on the London Stock Exchange, this city is emerging as the market of choice for West Asian companies, according to Tracey Pierce, LSE's head of equity primary markets.
India’s aviation sector to take off in 2010
By P.Vijian, NNN-Bernama,
New Delhi : India is hosting an international aviation exhibition next month which the country hopes will spur its domestic airline industry which has suffered sluggish growth last year following the global economic downturn.
The Indian Aviation 2010 exhibition in Hyderadab from March 3 to 7 -- the second edition of the show -- is expected to draw 115 international exhibitors, including aerospace giants like Airbus, Boeing, Eurocopter, GE Aviation and Hawker Beechcraft.
Aqua Logistics starts Middle East subsidiary
By IANS,
Mumbai : Third party logistics firm Aqua Logistics Wednesday launched its Middle East operations and hoped to generate a business of Rs.80 crore next year.
Sensex drops, but closes marginally higher
By IANS,
Mumbai : Indian equities markets dipped sharply to give up most of the gains earned during the day's trading Friday, with a key index shutting shop 75.69 points higher after gaining more than 300 points.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 11,067.70 points, rose 75.69 points or 0.69 percent to close at 11,023.09 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 0.44 percent from the previous close to end trade at 3,348.4 points.
Indian CEOs most optimistic on economic growth: Gallup poll
By IANS
Davos : Indian CEOs are the most optimistic in the world on revenue growth and the country's populace among the more optimistic on prosperity for the next generation, according to two Gallup polls conducted in connection with the World Economic Forum in Davos.
Ninety percent of Indian chief executives - the highest from all countries - said they expect strong revenue growth in the next 12 months. In comparison, only about 73 percent of their Chinese counterparts think so and a low 36 percent in the US, the survey of 1,150 CEOs around the world showed.
GMR group to acquire ONGC stakes in Andhra refinery
By IANS,
New Delhi : State-owned Oil and Natural Gas Corp (ONGC) has decided to withdraw its stake from Kakinada Refinery and Petrochemicals (KRPL) in Andhra Pradesh, paving the way for construction major GMR to acquire the plant.
The company said Monday evening after the final KRPL board meeting that the decision was taken after it found the project non-profitable.
The KRPL project constitutes a 15 million tonne per annum refinery and a 450,000 tonne per annum petrochemical plant.
‘India Inc. should focus on investment, not trade’
By IANS,
New Delhi : Indian Inc. needs to shift its focus from trade to investment in order to compete with China, Minister of State for Commerce and Power Jairam Ramesh said here Monday.
In his address at the India-Africa business summit, Ramesh said India cannot compete with China in terms of lines of credit to increase trade, and should hence become more aggressive by creating value-addition of African products through enhanced investment.
Industrial growth must improve to drive economy: Montek
By IANS,
New Delhi : Planning Commission deputy chairman Montek Singh Ahluwalia Tuesday said there was need to improve the industrial growth rate if the economy had to register around eight percent growth rate.
"I do agree that the growth in industrial sector is rather slow. We need to improve it to maintain the growth momentum of eight percent or above," Ahluwalia told IANS.
"There is no doubt that economy will be slower this year than it was last year".
At the same time, he said it was still possible for the economy to grow around eight percent in the current fiscal.
China, South American trading bloc eye $200 bn trade
By IANS,
Mendoza (Argentina): China and South American trading bloc Mercosur pledged here to further promote economic cooperation and lift bilateral trade to $200 billion in 2016.
Budget disappoints travel industry, except for heritage tourism
By IANS
Mumbai/New Delhi : Even as the tourism and hospitality sector said it has been largely ignored by the national budget for 2008-09 that Finance Minister P. Chidambaram presented Friday, it welcomed the concessions to build hotels at India's world heritage sites.
"The budget failed to grant infrastructure status to the hospitality business which we were hoping since long. Even the pending issue of depreciation on hotel buildings has remained unchanged," said S.P. Jain, managing director of Pride Group of Hotels.
Equity markets continue downslide after opening with huge loss
By IANS,
Mumbai : Indian equities markets, which opened with a huge loss Monday, continued their downslide in early trade. Twenty minutes into trading, the Sensex was 466.01 points below its closing figure Friday.
Analysts said the market mayhem was due to international price of crude oil hitting a new high. The effect was felt especially in power, realty and cement stocks, all of which were under severe selling pressure.
Diesel prices hiked again by 45 paise from Saturday
By IANS,
New Delhi : Indian Oil Corp (IOC) raised diesel prices Friday by 45 paise per litre, in line with its policy of reducing under-recoveries or losses.
Burj Dubai is now world’s tallest manmade structure
By IANS
Dubai : Burj Dubai, the skyscraper being developed here by the United Arab Emirates' (UAE) Emaar Properties, has surpassed the height of the KVLY-TV mast in North Dakota in the US to become the world's tallest manmade structure.
Burj Dubai is now 629 metres (2,063.6 ft) high while KVLY-TV, which held the record for the world's tallest supported structure since 1963, has a height of 628.8 metres (2,063 ft), according to an Emaar statement issued here Monday.
Delhi government imposes limits on food grain stocking
By IANS,
New Delhi, April 14 (IANS) The Delhi government will beginning Tuesday intensify raids against hoarders and ensure that traders comply with the limits on stock, said a senior official Monday.
"Nobody is going to be spared if found guilty of violating the storage norms. Criminal proceedings will be initiated against traders for not maintaining the stock limit provisions," Vijay Dev, the Delhi government's food and civil supplies commissioner, told IANS.
China’s Dalian Wanda to set up industrial townships in India
New Delhi: The $100-billion Dalian Wanda Group of China is planning to develop industrial townships in India with built-in facilities such as schools, hospitals,...
Non-subsidised LPG cylinder price down Rs.42, jet fuel rate up 5.5 percent
New Delhi: State-run oil marketing companies on Thursday cut prices of non-subsidised LPG, or cooking gas by Rs.42 per 14.2 kg cylinder, on a...
Rajasthan announces Rs.1.26 bn relief to frost-bitten farmers
By IANS
Jaipur : The Rajasthan government has announced a relief package worth Rs.1.26 billion ($31.8 million) for the farmers whose crops have been hit by frost and extreme cold weather conditions this winter.
Under the package, the farmers would get a compensation of Rs.3,000 per hectare of non-irrigated land and Rs.4,000 per hectare of irrigated land. Besides, small and marginal farmers have been exempted from paying the electricity bills of the past four months.
High global oil prices bring unexpected bonanza for exchequer
By IANS,
New Delhi : High global oil prices, that saw a barrel of crude sell for nearly $150 per barrel at one point last year, has secured unexpected bonanza to the government in the form of royalty and profit petroleum, budget papers showed Monday.
Against the budgeted receipts of Rs.6,777.04 crore (Rs.67.77 billion/$1.35 billion) for this fiscal from petroleum, revised receipts from royalty, profit petroleum and oil exploration licensing fee have been pegged at Rs.9,423.23 crore (Rs.94.23 billion/$1.88 billion).
Islamic Banking system introduced to FICCI
By TwoCircles.net news desk,
New Delhi: “If Islamic Banking is adopted in India, it will be beneficial to all segments of the society and a boon to the marginalized and minority community," said H. Abdur Raqeeb, national convener of Indian Centre for Islamic Finance (ICIF) at a programme of Federation of Indian Chambers of Commerce and Industry (FICCI) in New Delhi.
Migrant workers of Bahrain construction firm strike work
By IANS
Dubai : About 750 overseas workers, most of them Indians and employed in a Bahrain construction company, have gone on strike since Monday, demanding higher pay.
The workers, also including Pakistanis and Bangladeshis, have said they were paid between 60 and 80 Bahraini dinars (BD) a month by their employer, Almoayyed Conracting, and threatened not to return to work unless they get a better deal.
Sensex slips as Europe market opens weak
By IANS,
Mumbai : A benchmark index for Indian equities slipped 55 points down from a intra-day high of 16,895.73 points in afternoon trade Tuesday after European markets opened on a weak note.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,760.6 points, was ruling at 16,840.19 points, 59.12 points or 0.35 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 5,052.15 points, up 0.36 percent from its previous close.
Wind power key to meeting India’s energy needs
By Noor Mohammed, IANS
New Delhi, Nov 4 (IANS) Wind power is emerging as a key factor in India's quest for energy as fossil fuel-based power generation has failed to keep pace with the growing electricity requirement of a surging economy.
Wind power accounts for 7,230 MW of the country's 10,175 MW of renewable electricity generation capacity. The share of wind power in the country's total generation capacity stands at 7.5 percent.
JSW Steel, Siscol fix merger ratio at 1:22
By IANS
Mumbai : Steel major JSW Steel Monday said it would issue one share for every 22 held in Southern Iron and Steel Company Ltd. (Siscol) for merger of the two companies.
The company said in a communiqué to the Bombay Stock Exchange that as per the scheme of amalgamation, the equity shareholders of Siscol would be issued one share in the merged entity for every 22 shares held.
In this share swap ratio, the equity capital of JSW Steel would stand increased to Rs.1.79 billion from the existing Rs 1.64 billions.
Transafe Services profit up 130 percent
By IANS,
Kolkata : Logistics equipment provider Transafe Services Ltd posted a growth of 55 percent in turnover and 130 percent in profit after tax (PAT) in the first six months this fiscal compared to the year-ago period, the company announced here Tuesday.
The audited turnover of Transafe in the April-September period this fiscal stood at Rs.516.6 million as against Rs.333.7 million (unaudited) a year earlier.
The company has posted a PAT of Rs.50.1 million for the period, up from the previous corresponding period's Rs.21.8 million.
Telecom services: 3G players will be allowed in 2G space as well
By IANS,
New Delhi : Successful bidders for spectrum allocation for third generation (3G) telecom services will also be eligible to get spectrum space for second generation (2G) services, as and when any space becomes available, the Telecom Commission said here Tuesday.
“New 2G spectrum will be allocated as and when it is available. Currently 2G is saturated and we hardly have any spectrum available, so successful 3G bidders will have to wait in queue to avail of 2G spectrum,” said R. Ashok, member, finance, Telecom Commission, on the eve of bidding for 3G spectrum.
State Bank’s rights issue to mop up over $4 billion
By IANS
Mumbai : India's largest government-owned bank, the State Bank of India (SBI), will garner Rs.167.36 billion ($4.28 billion) from its long-awaited rights issue to the government of India, eligible existing shareholders and global depository receipt (GDR) holders, the bank announced here Monday.
The rights issue will be priced at Rs.1,590 per share, at a discount of around 35 percent on its current share price, said a statement released by the bank.
By the rights issue, SBI would be able to raise capital without diluting the government stake in the bank.
Apple launches world’s thinnest notebook in India
By IANS
Mumbai : Apple unveiled the world's thinnest notebook, MacBook Air, in India Wednesday.
Angeline Tan, product marketing manager of Apple, introduced the notebook here, which measures 4 mm at its thinnest point.
The MacBook Air was first launched at the MacWorld expo in San Francisco Jan 15.
In India, it will ship in two weeks through Apple authorized resellers and authorized dealers for a suggested retail price of Rs.96,100 ($2,421).
The features of the MacBook Air include a 13.3-inch liquid crystal display, a full-size backlit keyboard and a built-in video camera.
Markets lose more ground around midday
By IANS,
Mumbai : Indian equities markets continued their downward movement Tuesday morning on dismal cues from global markets, and around noon a key index was ruling 2.09 percent below its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 9,111.39 points at this time, 2.09 percent or 194.06 points lower than Monday's close. It had opened at 9,213.4 points, lower than its last close of 9,305.45 points.
Signs of economic recovery, says top Canadian bank CEO
By IANS,
Vancouver : The head of Canada's top bank said Tuesday the global financial system seems to have begun stabilizing even as the country's finance minister urged more governments to follow the US in buying toxic assets from banks.
Speaking in Vancouver, Richard Waugh, CEO of Scotiabank, said that the global economic recovery may begin as early as the end of this year as markets are showing signs of stabilsing.
He said bond markets seemed already in the recovery mode and equity markets could follow soon.
R-Com launches free unlimited call offer in Delhi
By IANS,
New Delhi : Reliance Communications (R-Com) here Tuesday launched the Reliance Mobile GSM Unlimited Free On-Net Calling Pack, an offer that will enable customers make free unlimited local calls to the company's GSM numbers.
"Now, upon doing a recharge of Rs.169, GSM subscribers can enjoy unlimited calling to any local Reliance Mobile GSM number," the company said in a statement.
Inflation India’s biggest challenge: Chidambaram
By Arun Kumar, IANS,
Washington : Indian Finance Minister P. Chidambaram considers inflation the country's biggest challenge today and regards becoming an open market as the way forward.
Expressing concern at "the relentless rise" of crude oil, commodity and food prices, he put partial blame for the rising food prices on the "foolish" diversion of food to fuel. But he did not name the US, where food crops like corn are used for making ethanol.
Haryana government staff to get new pay scales
By IANS,
Chandigarh : Government employees in Haryana will get revised pay scales on the lines of the Sixth Pay Commission shortly, Chief Minister Bhupinder Singh Hooda said Saturday.
Hooda said the revised scales, according to the recommendations of the Sixth Pay Commission, to all state government employees would be implemented with retrospective effect from January 2006.
The chief minister said the government had made a provision of Rs.15 billion in the annual budget for this financial year to give the revised scales.
Big jump in money for Commonwealth Games
By IANS,
New Delhi : The government has increased the allocation for the 2010 Commonwealth Games to Rs.3,472 crore from Rs.2,112 crore in the interim budget, Finance Minister Pranab Mukherjee announced Monday while presenting the union budget for fiscal 2009-10 in parliament.
Oil import bill a big strain on economy: PM
By IANS,
New Delhi: Rising oil import bills due to the high prices in international markets are putting a "big strain" on the Indian economy, Prime Minister Manmohan Singh said Wednesday.
Japan exports up 9.1 percent, trade surplus falls in November
By DPA,
Tokyo : Japanese exports rose 9.1 percent in November from a year earlier to 5.44 trillion yen ($64.9 billion), the government said Wednesday.
IBSA calls for ‘fair and acceptable’ trade
By Fakir Hassen, IANS
Pretoria : Indian Prime Minister Manmohan Singh Wednesday joined Presidents Lula da Silva of Brazil and Thabo Mbeki of South Africa in calling for a "fair and acceptable" resolution to the Doha Round of trade talks.
"We'll work towards a balanced and equitable conclusion of the Doha Round of talks," said Manmohan Singh at a joint interaction with the participants of the second IBSA Summit here.
Youth Congress in Kerala protests ‘Gandhi vs commando’ ad
By IANS,
Thiruvananthapuram : Youth Congress activists in Kerala will Monday launch protests against Idea Cellular Ltd's new television commercial which they say depicts Mahatma Gandhi in poor light.
Speaking to IANS, T.Siddiq, state Youth Congress chief here, said that Idea Cellular's latest TV commercial is outrageous and an insult to the Father of the Nation.
Coal India to restart excavation in 18 abandoned mines
By Aparajita Gupta, IANS,
Kolkata : The largest coal mining company of the country, Coal India Ltd (CIL), will extract coal from 18 abandoned underground mines owned by three of its subsidiaries - Eastern Coalfields Ltd, Bharat Coking Coal Ltd and Central Coalfields Ltd - in partnership with private players, a company official said.
"Underground mining would be revived in six abandoned mines of Eastern Coalfields, eight mines of Bharat Coking Coal, and four mines of Central Coalfields," the official told IANS here Tuesday on condition of anonymity.
Finnish firm to help predict weather during Commonwealth Games
By Richa Sharma, IANS,
Helsinki : A Finnish company has signed a $1.4-million deal with the Indian Meteorological Department (IMD) to provide 60 hi-tech automatic weather stations (AWS) and equipment to predict weather accurately during the 2010 Commonwealth Games in Delhi.
Vaisala, which has been developing environmental and industrial instruments for the past 70 years and was roped in for the Beijing Olympics last year, will provide the weather stations and equipment, said Martti Husu, the firm's vice president.
BSNL ties up with Beetel to offer low-priced handsets
By IANS,
Lucknow : The country's largest telecom provider Bharat Sanchar Nigam Ltd (BSNL) announced Saturday that it has tied up with leading telephone sets manufacturer Beetel for launching low-priced handsets in Uttar Pradesh.
"BSNL and Beetel jointly will launch mobile bundle offers in the state. The bundle offers would be available at a price range of Rs.1,043 and Rs.1,695 and the subscribers will also get free talk time of Rs.1,500," said BSNL chief general manager (UP East) Om Vir Singh.
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.
Government on right track but economic model needed: RSS
New Delhi : Rejecting criticism that it was acting like a "remote control", the RSS said on Friday that the Narendra Modi government was...
Airtel Bangladesh crosses five million subscriber-mark
By IANS,
New Delhi : Telecom giant Bharti Airtel Saturday said its Bangladesh operations -- Airtel Bangladesh -- has crossed the five million subscriber-mark.
Lupin acquires German pharma company
By IANS,
Mumbai : Indian pharmaceutical major Lupin Ltd has acquired Hormosan GmbH, a German sales and marketing generics company, it announced here Wednesday.
In a regulatory statement, Lupin said the Euro 6.8 million ($10.6 million) German firm specialises in the supply of pharmaceutical products to treat ailments related to the central nervous system (CNS).
Hormosan develops, licenses and markets a range of generic drugs in Germany and complements Lupin's product portfolio for the CNS and cardiovascular therapeutic segments, the statement said.
Markets close in the green
By IANS,
Mumbai : Indian equities markets closed just about in the green Thursday, with a key index ending trade 0.59 percent higher than its previous close.
The 30-scrip Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,905.56 points, pulled its shutters at 8,954.86 points, up 0.59 percent or 52.3 points.
The S&P CNX Nifty of the National Stock Exchange (NSE) closed at 2,789.55 points, 0.98 percent higher than its last close of 2,762.5 points.
The BSE midcap index was 0.09 percent higher, while the BSE smallcap index was down 0.7 percent.
Equities open weak, stay red on global cues
By IANS,
Mumbai : Following the global trend, Indian equities markets opened weak Thursday and stayed in the red 45 minutes into trading.
The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 9,884.59, down 235.42 points or 2.33 percent from its previous close Wednesday at 10,120.01 points.
The market had opened even weaker at 9,755.03 points, down 364.98 points or 3.6 percent from its previous close Wednesday and soon touched a low of 9,648.16 before recovering somewhat.
72 percent support demonetisation, says survey
New Delhi : About 72 percent of respondents agree with the demonetisation decision, says an online opinion poll carried out by SoGoSurvey to find...
Delhi’s Bukhara among top 20 restaurants in Asia
By Nirmala George, IANS,
Singapore : New Delhi's signature restaurant, Bukhara, has been named among the top 20 restaurants in Asia, according to a new pan-Asian restaurant guide published Saturday.
No other Indian restaurant made the cut to the 'best 20' list although the panel of judges shortlisted 28 restaurants in six Indian cities for The Miele Guide, a compendium of Asia's finest restaurants.
Sasan will showcase our capabilities: Anil Ambani
By IANS
New Delhi : Buoyed by the takeover of the 4,000 megawatt (MW) Sasan Ultra Mega Power Project (UMPP) in Madhya Pradesh, Anil Ambani, chairman of Reliance Energy, Tuesday said "it is a challenge as Sasan will showcase our capabilities in creating best-of-class infrastrucure."
China plans to build new oil reserve base in southwest
By Xinhua
Chengdu (China) : China will build a new strategic petroleum reserve in Wanzhou, a district in Chongqing municipality in the southwest, chief of Sichuan Bureau of Material Reserve Liu Shuxin said Thursday.
Wanzhou district government and the Sichuan Bureau of Material Reserve signed an investment agreement last Friday over launching a joint venture for building a new oil reserve base in Wanzhou, about 300 km away from Chongqing.
Stocks slump on fuel price hike worries
By IANS,
Mumbai : Worried about an imminent fuel price hike, the Indian equities markets ended the day with a huge cut.
A late selloff by investors saw the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, losing over 350 points, a few hours after Prime Minister Manmohan Singh told an Indian industry group that there was no option but to hike fuel prices.
ArcelorMittal to shut down two US steel plants
By Lalit K Jha, IANS,
New York : ArcelorMittal has announced it would shut down two of its steel plants in the US, rendering more than 550 people jobless.
The two plants are in Lackawana in New York and at Hennepin in Illinois.
While the Lackawana facility has 260 full-time employee, the Hennepin steel plant has 285 people. A company spokesperson said the Lackawana steel plant would be closed by April 30. The exact date of closing down the Hennepin plant has not been announced yet.
Mittal ranked richest Indian, Ambani brothers follow
By IANS
New York : London-based steel magnate Lakshmi N. Mittal once again topped the list of 40 richest Indians compiled by Forbes magazine, which says they are the wealthiest group in Asia with a combined net worth of $351 billion.
Mittal is assessed to be worth $51 billion. Mukesh Ambani of Reliance Industries with $49 billion is second on the list, followed closely by his brother Anil, who is assessed to be worth $48 billion.
Sensex plunges 372 points amid weak global cues
By IANS,
Mumbai : A benchmark index for Indian equities Tuesday fell 372 points from its previous close amid heavy selling on weak global cues that ended a four-day upside move.
All the 13 sectoral indices on the Bombay Stock Exchange ended the day in red. Metal, realty, banking and energy scrips faced bulk of the selling pressure.
The 30-scrip sensitive index (Sensex) of the BSE, which opened at 16,942.82 points, shut shop at 16,572.03 points, 372.6 points or 2.2 percent down from its previous close at 16,944.63 points.
Sensex closes 41 points up
By IANS,
Mumbai : A benchmark index of the Indian equities market Monday gave up some of its intra-day gains on late selling pressure to close 41 points up.
Hundreds of Anganwadi workers from Delhi, Haryana demand govt worker status, pay hike, other...
The Anganwadi workers have been protesting since January 31 in New Delhi. They said they will not stop until their demands are met.
Suchitra...
Sterlite Industries buys US copper major Asarco
By IANS,
Mumbai : Sterlite Industries (India), a subsidiary of metals and mining major Vedanta Resources, has bought over the century old American Smelting and Refining Co (Asarco) for $2.6 billion (Rs.109 billion).
Announcing this here Saturday, the company said the agreement between the London-based Vedanta Resources and Tucson-based Asarco was now waiting for the approval of the US Bankruptcy Court in Texas.
The acquisition would be financed through a mix of debt and existing cash resources, said the company.
20 IT firms to take part in Kerala human resource summit
By IANS,
Kozhikode : Twenty IT companies, including industry leaders like Tata Consultancy Services (TCS), Satyam Computers and Wipro Technologies, are expected to take part in a human resource (HR) summit to be held in Kozhikode, Kerala, Saturday.
The HR summit titled 'Empowering IT @ Malabar' is being organised by Calicut IT Initiative (CITI), a citizens' initiative here, Nasscom (National Association of Software and Services Companies) and the Kerala State IT Mission, a state-sponsored agency for promoting IT in the state.
Jharkhand excels in vegetable production
By IANS
Ranchi : Jharkhand has registered a higher per hectare production rate in the yield of cauliflower, lady's finger and onion than the national average this year despite poor irrigation facilities and inadequate infrastructure.
Coal shortage hits NTPC’s power generation
By IANS,
New Delhi : Coal shortage is crippling the power production of state-run NTPC Ltd, which has reported a loss of 126 million units in generation between April and June this year, a union minister said here Monday.
"NTPC's power stations at Farakka, Kahalgaon, Sipat, Talcher and Korba were affected due to shortage of coal supply," Minister of State for Power Bharatsinh Solanki told the Rajya Sabha.
He said the Sipat plant was temporarily shut down for five days in May due to coal shortage.
Odisha expects record rice output
Bhubaneswar : Rice production in Odisha may climb to 97 million tonnes, an all time high in the state in the 2014-15 financial year...
India not easy to do business in: World Bank
By IANS
New Delhi : By ranking India at a low 120 despite its strong stock markets and an economic growth of over 9 percent, the World Bank Wednesday said it was not easy doing business in the country and even called its judiciary the "least efficient" in the world.
India was ranked 120th - though up 12 positions from last year - in the annual report titled "Doing Business 2008" issued by the World Bank and its private lending arm International Finance Corp (IFC).
India ranks below Tunisia, Botswana, Uruguay and Ethiopia.
Sensex ends flat as world markets tumble
By IANS,
Mumbai : A benchmark index for Indian equities Thursday ended flat as world stocks took a tumble following the US Federal Reserve's outlook of a softening economic recovery.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) Sensex, which opened at 17,874.71 points, closed at 17,909.46 points, 28.7 points or 0.16 percent down from its previous close at 17,938.16 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty also ended flat at 5,388.45 points.
Home crisis, weak dollar fuel US recession and recovery
By Chris Cermak, DPA
Washington : It was the dotcom bubble that sparked the last recession in the United States in 2001. This time, it is the housing market fuelling an economic crisis that some believe could be the most severe since World War II.
The picture is daunting: Declining home prices have forced consumers to tighten their belts, rising foreclosures have put investors at risk, creating a ripple effect throughout the economy.
Ironically, the main hope for rescue is in the falling US currency, which has spurred export and tourism.
Sundram Fasteners to expand international operations
By IANS
Chennai : India's auto component manufacturer Sundram Fasteners Ltd, part of the city-based TVS Group, is expanding its production capacities in China, Germany and Britain, and also looking at aerospace and petrochemical sectors for accelerated growth.
The Rs.15.77 billion ($397 million) revenue company operates plants in five countries - India, China, Britain, Germany and Malaysia - and makes auto components like fasteners, radiator caps, powder metal parts, cold extruded parts, hot forged parts, pumps and assemblies.
Dassault, Argentum ink pact on engineering design
By IANS,
New Delhi : Eyeing a share of the global $750 billion market, Dassault Systemes of France and India's Argentum Engineering Design (AED) Monday inked a landmark pact to provide automobile component solutions for original equipment manufacturers (OEMs).
"India is fast becoming a hub for automotive manufacture and design. This agreement will drive innovation and enhance efficiency in the Indian automotive industry," B.V.R. Subbu, founder and board member of AED parent Argentum Motors Pvt. Ltd., told reporters at the signing ceremony here.
Sensex plummets 169 points
By IANS,
Mumbai : A benchmark index for Indian equities Tuesday extended its losses in afternoon trade and was ruling 169 points lower than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,942.82 points, was ruling at 16,774.65 points, 169.98 points or 1 percent down from its previous close at 16,944.63 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,031.45 points, down 1.08 percent from its previous close.
Shergill triumphs in playoff in TATA Open
By IANS,
Jamshedpur : Gurki Shergill withstood a stiff challenge from defending champion Shamim Khan on the final day of the 8th TATA Open, an Aircel PGTI event, to eventually come up trumps in the playoff and bag his maiden professional title here Sunday.
Pune-based Shergill and Delhi golfer Shamim, the joint overnight leaders, carded identical scores of one under 69 in the final round to be once again tied at the top of the leaderboard with scores of 12 under 270 after the regulation 72 holes.
Hedge funds have new opportunities in global market: experts
By Aroonim Bhuyan, IANS
Dubai : The uncertainty in global market conditions presents new challenges and opportunities to hedge funds, according to leading industry experts.
"The uncertainty which looks set to be a keynote for 2008 is throwing up a wide range of new opportunities for skill-based managers adding further to the texture to the current hedge fund landscape," Peter Clarke, chief executive of Man Group, parent company of leading hedge fund manager Man Investments, said here Tuesday.
Chiripal group to make more denim fabric
By IANS
Ahmedabad : City-based textile company Chiripal Group of Industries said Thursday that it intends to produce denim fabric in larger quantities by expanding capacity of group company Nandan Exim Ltd.
Deepak Chiripal, managing director of Nandan Exim Ltd, told newsmen that the company would increase capacity of its plant to 40 million metres a year from the current 30 million.
"The plant is operating at full capacity and the company is not deterred by the current trend of oversupply of denim fabric both in domestic and global markets," Chiripal said.
Ranbaxy, Orchid join hands
By IANS,
Mumbai : Two Indian pharma majors have entered into an agreement "to leverage the inherent strengths of each other", it was announced Tuesday.
The Gurgaon-based Ranbaxy Laboratories and Chennai's Orchid Chemicals and Pharmaceuticals are to establish a framework for enhanced cooperation, according to information filed with the Bombay Stock Exchange (BSE).
52 projects, but industrialisation eludes Jharkhand
By IANS
Ranchi : The Jharkhand government has signed memorandums of understanding (MoUs) with 52 companies in the past four years - but most projects have failed to take off.
In the past three years, only seven companies started their first phase of operation.
The MoUs were signed mainly in the steel and power sectors. The total proposed investment was more than Rs.2 trillion. The major companies included Tata Steel, Arcelor Mittal, Essar Steel and Tata Power.
Kashmir’s Kani shawl gets GI rank
By Sheikh Imran Bashir, AIP,
Srinagar: Kashmir's Kani Shawl has got the Geographical Indication (GI) rank that would legally prohibit people from selling duplicate Kani shawls made at other places, under the same name.
A Kani shawl is produced on a handloom from Pashmina fiber, which is known world- over as cashmere wool and comes from goats.
Kani shawls are woven on looms and also widely known as Jamawar. Two other shawls, Pashmina and Kashmiri Sozni have also got the Geographical Indication (GI) tag.
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.
Chidambaram presents India’s national budget
By IANS
New Delhi : Finance Minister P. Chidambaram Friday began presenting India's central budget for the the next fiscal year with the hope that the country will maintain a high growth rate of 8.7 percent even as challenges remained, notably in increasing farm production.
Thanking the United Progressive Alliance (UPA) government for allowing him to present all its five national budgets, Chidambaram said this was a "rare honour" which he shared with Prime Minister Manmohan Singh.
UAE, Syria sign air services agreement
By IANS,
Damascus : The United Arab Emirates (UAE) and Syria have initialled an air services agreement here, WAM news agency reported Friday.
The agreement was signed Thursday by Saif Mohammed Al Suwaidi, director general of UAE General Civil Aviation Authority, and Hazem Al Khadraa, director general of Syrian Civil Aviation Authority.
The two sides agreed to designate all UAE national airlines for unrestricted passenger flights to Syrian cities, with the exception of Damascus and meet again in 2009 to discuss potentials for an 'open sky' agreement between the two countries.
Etihad to fly to two more Indian destinations
By IANS,
Chennai : Etihad Airways, the national airlines of the United Arab Emirates (UAE), intends to increase flights to and from India, said a top company official here Thursday.
India is a major market for the five-year-old airline, which operates 41 flights between the UAE and six cities in India - Mumbai, New Delhi, Cochin, Trivandrum, Chennai and Kozhikode.
Etihad will add two more cities - Kolkata and Jaipur - early next year.
Tata’s Rs.25 bn titanium dioxide project in TN in limbo
By IANS,
Chennai : The future of the titanium dioxide project promoted by Tata Steel in Tamil Nadu lies with the state government, said a top official of the company here Friday.
"The project is in limbo. It is for the state government to take action for the project to proceed further," Tata Steel managing director B. Muthuraman told reporters on the sidelines of PanIIT 2008 conference.
The Rs.25-billion (Rs.2,500-crore) project got stuck as the steel major was not able to acquire the needed land - around 10,000 acres - at Sattankulam in Tirunelvelli district.
US trade team heads to India, eyes $150 bn nuclear pie
By Arun Kumar, IANS,
Washington : With the India-US civil nuclear deal in place, Washington is sending its largest ever nuclear trade mission to India with an eye on a major share in its projected $150 billion nuclear business.
Visiting India Dec 2-9, the team of commercial nuclear executives will be led by Jack Fuller, CEO of GE-Hitachi, a world-leading provider of advanced reactors, nuclear fuel and nuclear services.
It will also have senior executives from Westinghouse Electric Company, the other world leader in commercial reactors.
India, South Africa to play major global role: Anand Sharma
By Fakir Hassen
IANSJohannesburg : India and South Africa were set to play a "major role" in the world and both policymakers and industry should work together to outdo the target of doubling bilateral trade, India's Minister of State for External Affairs Anand Sharma said Monday.
Ambani brothers’ gas pricing dispute may be over soon
By IANS
Mumbai : Mukesh Ambani-owned Reliance Industries Ltd (RIL) has received a shot in the arm with the Bombay High Court allowing the government to go ahead with gas pricing, even as all eyes are on Thursday's hearing on the dispute over the firm's gas allocation.
RIL last Thursday announced the discovery of oil and gas in the Cauvery basin, off the eastern coast of India. That was RIL's second major success in deep waters after its achievement in the Krishna-Godavari (KG) basin.
Indian rice exports a ‘thoughtful gesture’: Dhaka daily
By IANS
Dhaka : India's decision to export 500,000 tonnes of rice to cyclone-hit Bangladesh despite scarcity at home is "a thoughtful gesture," a newspaper said Monday.
"Production in major rice exporting countries in the world has been low this year. As a result, many such countries, including India, had imposed export restrictions on rice to be able to meet their own deficits.
‘Only 10 percent of $22 bn pledged for food materialised’
By DPA,
Rome : Only 10 percent of the $22 billion pledged by international donors earlier this year to promote global food security has materialised so far, the head of a UN food agency said Thursday.
Food and Agriculture Organization (FAO) Director-General Jacques Diouf made his comments at a ceremony marking World Food Day at the agency's Rome headquarters.
Day one of India, GCC talks ‘fruitful’
By IANS
Mumbai : Talks on enhancing bilateral trade on the opening day of a two-day meeting between India and the six member states of the Gulf Cooperation Council (GCC) were "fruitful" leading to concrete decisions, the commerce and industry ministers of India, Oman and Saudi Arabia said here Tuesday.
Airtel starts mobile service in remote Himalayan valley
By IANS
Shimla : The Bharti Airtel Ltd launched its mobile services Wednesday in the remote Lahaul and Spiti district in the Himalayan state of Himachal Pradesh, company officials said.
The Lahaul Valley bordering Tibet remains cut off from the rest of the country for over half a year due to heavy snowfall in the high mountain ranges and passes.
"Airtel services will now be available in and around Udaipur, besides Keylong, the only town in the district," said R.V.S. Bhullar, CEO, Bharti Airtel Ltd, Himachal Pradesh Circle.
Assocham to facilitate Arab-Punjab trade ties
By IANS
Chandigarh : Trade and industry body Assocham Wednesday announced it will jointly establish with the Punjab government a mechanism to provide one-window facilitation to promote economic and trade activities between the state and the Arab countries.
The emphasis would be on agro-based products, auto components, agricultural equipment, sports goods and textiles and garments, the Associated Chamber of Commerce and Industry of India (Assocham) said at the seventh India-Arab Conference it organised here.
Nikkei falls to four-year low
By DPA,
Tokyo : Japan's key Nikkei 225 Stock Average fell to a four-year low Monday on worries about the financial crisis, despite US Congressional approval of a Wall Street bailout.
The benchmark Nikkei index ended the morning trading at 10,544.33, down 393.81 points, or 3.60 percent.
The broader Topix index of all first-section issues also fell 42.44 points, or 4.05 percent, to 1,005.53.
It is the first trading day in Tokyo since the US Lower House approved Friday, after tough negotiations, the $700-billion rescue package for the financial sector.
British, Indian varsities to start angel investment network
By Prashant K. Nanda, IANS
New Delhi : Many technological innovations and research findings by Indian and British varsities will no longer remain confined to laboratories and will find their way to the market thanks to monetary help and advice from the UK India Business Council (UKIBC).
British Prime Minister Gordon Brown, who arrives in India Sunday, will unveil a unique angel investment network during his visit.
Markets close with marginal gains
By IANS,
Mumbai : Indian equities markets, which opened firm Thursday, failed to keep the momentum throughout the day. A key index ended trade 0.28 percent higher than its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 8,803.69 (provisional), up 24.52 points or 0.28 percent over Wednesday's close.
Similarly, the broader S&P CNX Nifty index of the National Stock Exchange also closed higher at 2,720.85 points, 0.54 percent higher than its previous close.
Spanish banking giant affected by US securities scam
By IANS,
Madrid : Spain's largest, and Europe's second largest, banking consortium Grupo Santander has said it may stand to lose some $3.09 billion of its clients' deposits in a $50 billion securities scam reportedly engineered by Wall Street broker Bernard L. Madoff, EFE reported Tuesday.
Spokespersons for Santander put the number of clients involved at fewer than a thousand, adding that the money was diverted to the fraudulent securities scheme through a Santander fund called Optimal Strategic US Equity.
China’s 2007 GDP growth rate to be 11.3 percent: World Bank
By Xinhua
Beijing : China's gross domestic product (GDP) is expected to grow by 11.3 percent in 2007, the World Bank (WB) said in its quarterly report released Wednesday.
China's GDP grew by 11.5 percent in the first half of 2007.
The WB had previously revised its projection for China's GDP growth rate from 9.6 percent to 10.4 percent in its quarterly report released in May.
Markets recover, key index closes above 10,000 points
By IANS,
Mumbai : Buoyed by investor confidence stemming from falling rate of inflation, Indian equities markets closed strong Thursday with a key index (provisionally) rising 3.55 percent to close above 10,000 points.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) rose 344.82 points or 3.55 percent to close at 10,060.11 points Thursday as compared to the previous close of 9,715.29 points.
Earlier in the day, government data showed that India's annual rate of inflation dropped further to 6.84 percent for the week ended Dec 6 from 8 percent the week before.
ICICI Bank hauled up for issuing ‘out-dated’ cheques
By IANS
New Delhi : The ICICI Bank has once again come under the scrutiny of a Delhi consumer forum. This time it is for issuing two outdated cheques as a fine imposed by the forum.
The Consumer Dispute Redressal Forum in Sheikh Sarai, south Delhi, had imposed a fine of Rs.5,000 on the ICICI Bank in Connaught Place Nov 26 last year after its representative failed to appear before it on two consecutive dates on a complaint from a consumer.
Iran ready to revive liquefied natural gas deal with India
By IANS
New Delhi : Iran is ready to revive the stalled 5-million metric tonne per annum (MMTPA) liquefied natural gas (LNG) deal with India, said an Iranian minister after meeting Indian Petroleum Minister Murli Deora here Wednesday.
The Iranian minister also invited Indian companies to invest in Iranian gas fields and natural gas liquefaction projects so that they could bring additional LNG supplies to India.
Orissa plans ministry for smaller enterprises
By IANS,
Bhubaneswar: Orissa is planning to form a separate ministry that would exclusively focus on the problems of the micro, small and medium enterprises (MSME) and work for their growth, the state's top official said Thursday.
"Chief Minister Naveen Patnaik has formed a committee which will meet and consider the various aspects of the proposed ministry," Chief Secretary T.K. Mishra, who is heading the committee, said here at an entrepreneurs' meet.
Nine Nanos begin countrywide drive from Sanand
By IANS,
Sanand (Gujarat) : A fleet of nine Nanos driven by prospective customers who participated in an online contest, began a countrywide drive from here Wednesday to mark the inauguration of Tata's Motors' facility to roll out the world's least expensive car.
Called the Nano Superdrive, the nine-Nano rally was flagged off Tata Group chairman Ratan Tata, a company official said.
Manmohan Singh launches northeast charm offensive
By IANS,
New Delhi : Prime Minister Manmohan Singh Wednesday unveiled a roadmap for all-round development of the northeast region by 2020 that will spur investment, reduce poverty, enhance connectivity and bring the region on par with the rest of the country.
Launching a charm offensive to woo the people of the northeast region who have often complained of being neglected and alienated from the mainstream, Manmohan Singh formally released the 'Northeastern Region Vision 2020' report in the presence of chief ministers and governors of the northeastern states.
Money transfers from UAE to India made easier
By IANS
Abu Dhabi : United Arab Emirates' (UAE) postal service Emirates Post (EP) has signed a memorandum of understanding (MoU) with the Indian postal department to facilitate money transfers to India.
This will provide the Indian expatriate community in UAE the facility of sending money orders to their dependants using the chain of post offices spread over both countries.
Untimely rains spell doom for farmers
By Ritu Sharma, IANS
New Delhi : Ram Kishan Yadav, a 75-year-old farmer in the outskirts of the capital, looks worried as he scans the heavily overcast sky. His wheat crop, standing golden and ready for harvesting, has already taken a battering in the unseasonal rain and he does not want more showers.
The sudden thunderstorms and untimely rains during the past two days have spoilt around 10 percent of his standing wheat crop.
Reliance Natural Resources net up
By IANS,
Mumbai : Reliance Natural Resources Ltd (RNRL), a part of the Anil Dhirubhai Ambani Group, has posted a net profit of Rs.21.15 crore for the quarter ended Sep 30 as compared to Rs.20.1 crore earned in the like period last year.
The company's total income, however, decreased to Rs.66.15 crore for the period under review, from Rs.80.9 crore posted during the corresponding quarter last year, RNRL told the Bombay Stock Exchange in a regulatory statement Tuesday.
RNRL is engaged in sourcing, supply and transportation of gas, coal and liquid fuels.
India’s external debt is lowest, says Chidambaram
By IANS,
New Delhi : Home Minister P. Chidambaram Friday said in parliament that India's external debt is the lowest among the world's 57 biggest economies, including the US and Britain.
Replying to a question in Lok Sabha, the former finance minister said the external debt in proportion to the gross domestic product (GDP) is 18.9 percent. It is the lowest among other large economies.
Chidambaram also said there was no need to worry about the fiscal deficit.
Indonesia signs $889 mn power contracts with Chinese firms
By Xinhua,
Jakarta : Indonesia's state-run power firm PLN has signed two engineering procurement contracts worth $888.4 million with Chinese companies for construction of coal-fired power plants, a news report said Saturday.
The first contract worth $642 million was signed Friday for the 700-Megawatt Tanjugn Awar-Awar plant in East Java, with a consortium of China National Machinery Equipment Corp. (Sinomac), China National Electric Equipment (CNEEC) and local firm PT Penta Adi Samudra.
IT, outsourcing growth seen dropping to 30 percent
By IANS
New Delhi : The annual growth of India's IT and BPO industries may fall to 30 percent for the next four years, after expanding by 35 percent in the past two years, says a study.
Equities end green on lending rate cut hint
By IANS,
Mumbai : Despite opening weak on profit booking, Indian equities markets surged late afternoon after Finance Minister P. Chidambaram hinted that banks would reduce lending rates and finished Tuesday in the green.
The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 10,631.12, up 293.44 points or 2.84 percent from its previous close Monday at 10,337.68 points.
Laird Technologies opens first offshore facility in India
By IANS,
Chennai : The US headquartered Laird Technologies Monday inaugurated its first offshore manufacturing facility in India.
Laird Technologies, a unit of the Britain-based Laird Group Private Limited Company, is a leader in the design and manufacture of customised, performance-critical products for wireless and other advanced electronics applications. It employs over 14,000 people across 40 facilities in 14 countries.
Set up with an investment of over $15 million, the Laird Technologies unit when fully operational will employ over 1,200 people at its Chennai facility.
Markets in red, Sensex sheds 370 points
By IANS,
Mumbai : Indian equities were down in the dumps Tuesday, with a key index losing 370 points over its previous close as investors booked profits across sectors.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 11,371.34 points, fell 370 points or 3.25 percent from the previous close to end trade at 11,001.75 points.
However, the S&P CNX Nifty of the National Stock Exchange (NSE) shed 3.17 percent to close at 3,362.35 points.
IT sector to grow 4-7 percent this fiscal: Nasscom
By IANS,
New Delhi : India's IT sector will grow between 4-7 percent this fiscal and is expected to see higher growth next year, a top industry official said here Tuesday.
"I think we are already seeing changes in trends that we had anticipated. The first half has been relatively flat, but the vector is right," said Som Mittal, president of the National Association of Software and Services Companies (Nasscom).
Reveal perks of NACIL top brass: CIC
By IANS,
New Delhi : The Central Information Commission (CIC) has asked the National Aviation Company of India Limited (NACIL), which operates national carrier Air India, to reveal the details of perks, privileges and facilities enjoyed by its chairman and managing director.
The decision came on an application of Right to Information (RTI) activist Subhash Chandra Agrawal who sought information on the perks, privileges and facilities enjoyed by chairpersons, managing directors and board members either on post or after their retirement.
Himachal inks $100 mn loan pact with World Bank
By IANS,
Shimla: Himachal Pradesh Saturday signed a $100 million loan agreement with the government of India and the World Bank to support green initiatives in the state.
Mumbai eastern freeway project gets underway
By IANS,
Mumbai : The Maharashtra government Thursday announced the launch of the Rs.5.3 billion ($126 million) eastern freeway project (EFP) to provide a direct link to the Eastern Express Highway (EEH) and south Mumbai.
Mumbai Metropolitan Region Development Authority (MMRDA) joint director D. Kawathkar announced here that the EFP work got underway with the completion of four pillars at the Nawab Tank Overbridge in south Mumbai today.
China considering attending G20 summit on financial crisis
By Xinhua,
Beijing : China is "actively considering" attending a summit meeting of the Group of 20 developed and emerging countries (G20) on the global financial crisis, a foreign ministry spokesman said on Thursday.
"China wants the international community to coordinate and strengthen cooperation to jointly cope with the global financial crisis and maintain global financial stability," said Qin Gang at a regular press conference.
China would maintain communication and coordination on the issue with all parties.
Morning after getting a battering, Sensex up 226 points
By IANS,
Mumbai: A benchmark index of the Indian equity markets was in recovery mode Thursday morning after the battering it took the previous day. The index was up 226 points about 90 minutes after the opening bell.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,317.16 points, was at 16,516.03 points, up 226.21 points or 1.38 percent from its previous close at 16,289.82 points.
The Sensex had fallen over 490 points or 2.9 percent Wednesday.
‘Pakistan’s oil reserves will last only 6 days’
By IANS,
Islamabad : Pakistan's petroleum reserves will last only six days and its furnace oil stock will run out in nine days, a media report said Monday.
Confirming this, Petroleum Ministry Additional Secretary G.A. Sabri told GEO TV: "We are currently importing petroleum products based on 10 days' inventory keeping in view the dollar constraints."
He also expressed optimism the situation would improve in the next few days.
Decoding Modi’s victory and secular politics
By Manish Chand, IANS
Narendra Modi's repeat landslide victory in Gujarat against the spectacular odds stacked against him - anti-incumbency, the odious hangover of the 2002 riots, an unforgiving Muslim minority, BJP spoilers and a hostile media - has exposed the fragility and speciousness of secular politics practised in the country by those who are quick to seize on the secularism mantra as the sole rallying point.
Jaipur Hotel suite voted Asia’s Leading Suite at World Travel awards
By IANS,
New Delhi : The Durbar Suite of the Raj Palace Hotel, Jaipur has been voted Asia's Leading Suite at the World Travel Awards ceremony at Shanghai.
A total of 167,000 travel professionals, including 110,000 travel agents worldwide, took part in the voting process. Other Indian suites to make it to the Top Ten included Kohinoor Suite at The Oberoi Udaivilas, Udaipur, Maharaja Suite at The Leela Palace Kempinski, Bangalore, Presidential Villa at Kumarakom Lake Resort and Royal Imperial Suite at The Imperial, New Delhi.
Reliance Capital net profit down 55 percent
By IANS,
Mumbai : The Anil Ambani-led Reliance Capital Friday reported a 55.6 percent fall in net profit to Rs.153.29 crore for the quarter ended June 30 as against Rs.345.3 crore in the like period last year.
The company's total income for the first quarter stood at Rs.1,468.12 crore, down 3.05 percent from Rs.1,514.40 crore in the corresponding quarter the previous fiscal.
Reliance Capital has interests in asset management, mutual funds, life and general insurance, private equity and proprietary investments among other financial services.
ONGC to invest $356 mn in Venezuelan oil asset
By IANS
New Delhi : The overseas arm of Oil and Natural Gas Corp (ONGC) is going to invest $356 million over the next five years to buy a 40-percent stake in a major hydrocarbon asset in Venezuala, it was announced here Wednesday.
Under an agreement signed in Caracas late Tuesday, ONGC Videsh Ltd (OVL) will form a 40:60 joint venture with Petroleos De Venezuela to jointly develop the San Cristobal field at Junin in the country's Orinoco region.
India concludes free trade pact with Asean
By IANS,
Singapore : India and the 10-member Association of Southeast Asian Nations (Asean) Thursday concluded a free trade pact in merchandise goods that will pave the way for a free trade area in the region by 2016, officials said.
"It is an important milestone for our region," India's Commerce Minister Kamal Nath told a press conference here after concluding the far-reaching pact with Singapore's Industry Minister Lim Hng Kiang.
Delhi markets deserted after Mumbai blasts
By IANS,
New Delhi: A day after India's financial and entertainment hub Mumbai was hit by three serial blasts, the usual bustle in the busy markets here was missing Thursday.
Food prices to decline after winter crop: Sharad Pawar
By IANS,
Bangalore : Food prices will decline after the rabi crop as production of wheat, rice, pulses, oil seeds and sugarcane during the winter is expected to be higher than in the drought-hit kharif season, union Agriculture Minister Sharad Pawar said Saturday.
"Cultivation of foodgrains and other essential commodities like pulses in the rabi season is expected to be good, leading to reduction in food prices early next year," Pawar told reporters on the margins of a function here.
"Shortage of sugar and pulses is a temporary phase due to lower production in kharif season."
Iran stops accepting US dollars for its oil
By Ria Novosti
Tehran : Iran has stopped selling its oil for US dollars, the Iranian ISNA news agency reported, citing the country's Oil Minister Gholamhossein Nozari.
"In line with a policy of selling crude oil in currencies other than the US dollar, the sale of our country's oil in US dollars has been completely eliminated," ISNA reported Saturday.
He also said, "The dollar is no longer a reliable currency."
Iran is the world's fourth-largest crude oil producer.
Asia-Pacific tourism forecast to soar
By DPA
Singapore : Tourism in the Asia-Pacific region is forecast to soar with nearly 500 million visitors arriving by 2010, generating $4.6 trillion, an industry report said Thursday.
The Pacific Asia Travel Association (PATA) said travel within Asia would account for two-thirds of all tourist arrivals around the region.
The report attributed the growth of low-cost carriers and the opening up of the aviation sector in many countries to more choices for consumers with rising disposable income.
Bharti Airtel to launch internet TV soon
By IANS,
Kolkata : Bharti Airtel Ltd, which has already started a trial run of its proposed internet protocol television (IPTV) services in New Delhi, is planning its commercial launch in six cities soon, a top official said here Monday.
"We are currently covering 1,000 households in New Delhi on a pilot basis. Issues like infrastructure capabilities and different pricing models are being tried there," Atul Bindal, president of Telemedia Services of the company, told reporters on the sidelines of the launch of Airtel's direct-to-home (DTH) service in Kolkata.
Budget a recipe for disaster: Yashwant Sinha
By IANS
New Delhi : Former finance minister and senior Bharatiya Janata Party (BJP) leader Yashwant Sinha Saturday termed the union budget 2008-09 as "a recipe for long-term economic disaster".
"This is a 100 percent political budget. Finance Minister P. Chidambaram announced a loan waiver of Rs.60,000 crore (Rs.600 billion) for farmers but has not stated where this money will come from," Sinha said during a presentation on the budget at the BJP headquarters here.
Northeast to be power self-sufficient by 2014
By IANS,
Shillong : Power Grid Corp of India CMD S.K. Chaturvedi Monday said the northeastern states would produce 5,000 MW power and be self-sufficient by the end of 2014.
Sify joins hands with Microsoft to bridge digital divide
By IANS
Chennai : Sify Limited, a leader in consumer internet and enterprise services in India with global delivery capabilities, has announced that it will work with Microsoft India to help bridge the digital divide in the country.
Sify will partner with Microsoft and enable easy access for Microsoft's initiatives through its over 3,500 I-Way cyber cafés as well as through its home Internet access services.
Sify will offer its cyber café subscribers access to licensed Microsoft Office software to begin with, so that they can use the cafés as a virtual office for their needs.
Marriott to build luxury hotel near new Bangalore airport
By IANS
Bangalore : Global hospitality major Marriott International will build a luxury resort hotel near the Bengaluru international airport at Devanahalli, about 40 km from the centre of this city.
The $13-billion Marriott has tied up with Bangalore-based leading property developer Prestige Group to set up the 300-room hotel on a 275-acre plot on the fringes of the picturesque Nandi Hills.
Agitations hamper Jindal steel plant production
By IANS
Jajpur (Orissa) : Production at the Jindal Stainless Limited steel plant in the Kalinga Nagar industrial complex, the steel hub of Orissa, was hampered Thursday following an agitation by a group of labourers, police said.
One platoon of armed police force was deployed to avoid any untoward incident, Jajpur district police chief D.S. Kuttey told IANS.
Jajpur (Orissa) : Production at the Jindal Stainless Limited steel plant in the Kalinga Nagar industrial complex, the steel hub of Orissa, was hampered Thursday following an agitation by a group of labourers, police said.
One platoon of armed police force was deployed to avoid any untoward incident, Jajpur district police chief D.S. Kuttey told IANS.
India’s annual inflation rises 7.31 percent in December
By IANS,
New Delhi : India's annual rate of inflation, based on wholesale prices index, rose sharply to 7.31 percent in December from 4.78 percent in the previous month mainly on account of increasing food prices, official data released Thursday showed.
The annual inflation rate was 6.15 percent in December 2008.
The latest data released by the commerce ministry showed prices of food articles jumped 19.17 percent last month, while those for primary articles rose 14.88 percent, and fuel, power, light and lubricants by 4.29 percent.
No cap on number of telecom operators in one area: TRAI
By IANS
New Delhi : There should not be any limit on the number of telephony operators providing services in a particular area, as it would be driven by demand, the Telecom Regulatory Authority of India (TRAI) recommended Wednesday.
The Indian telecom watchdog submitted a set of recommendations to the Department of Telecommunications (DoT) in its aggressive efforts to reform the telecom licensing policy and liberalise the merger and acquisition norms in the sector.
TVS to invest Rs.200 crore for capacity expansion
By IANS,
New Delhi : Two and three-wheeler maker TVS Motors Thursday said it will invest Rs.200 crore by April next year to increase production to meet rising demand.
"we are increasing our capacity to 28 lakh units from 21 lakh units per annum to meet the growing demand. We will investment Rs.200 crore by April 2011," said Venu Srinivasan, chairman, TVS Motor Company, on the sidelines of an automobiles conference.
The company this year expects to sell 18 lakh two wheelers in the domestic market and export 2.5 lakh units. It also expects to sell 50,000 three-wheelers.
India inks US Foreign Account Tax Compliance Act
New Delhi : India and the US on Thursday signed an inter-governmental agreement to implement the Foreign Account Tax Compliance Act (FATCA) towards greater...
RBI mid-quarter policy review highlights
By IANS,
Mumbai : Highlights of the Reserve Bank of India (RBI) mid-quarter review of monetary policy announced Thursday:
Sensex closes with 171 points gain
By IANS,
Mumbai : A benchmark index for Indian equities Friday closed trade with a 171 points gain.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,692.66 points, closed at 16,837.76 points (provisional), 171.36 points or 1.03 percent up from its previous close at 16,666.4 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,058.3 points, up 1.1 percent from its previous close at 5,003.1 points.
Range bound Indian equities struggle to stay afloat
By IANS,
Mumbai : With positive cues from their Asian peers, Indian equities opened on a positive note during the penultimate trading week for 2009 beginning Monday, but struggled to remain in the green amid high volatility.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at 10,102.42 points, against Friday's close at 10,099.91 points, but immediately dropped to the negative territory at 10,070.56 points.