Satyam bags SAP contract from top Oman conglomerate
By IANS,
Dubai : Leading Indian IT consultant and services provider Satyam has bagged a SAP implementation contract from one of Oman's largest business conglomerates, Khimji Ramdas.
According to the agreement signed between the two sides, Satyam will help Khimji Ramdas in standardizing and automating its business processes across its various divisions.
"The multi-module deployment will help Khimji Ramdas standardize and automate business processes across its numerous divisions," a Satyam statement said.
China evacuates 120,000 people as Typhoon Neoguri nears
By Xinhua,
Haikou : About 120,000 people have been evacuated from fish farms and low-lying coastal areas to safe places in south China's Hainan province as Typhoon Neoguri approaches the island.
The Hainan flood control authorities said till Friday, 42,000 residents had been moved to safety.
Neoguri was 120 km southeast of Wenchang city at 3 p.m. Friday, packing winds of about 120 km per hour. It is forecast to make landfall in the coastal area of Wenchang between midnight Friday and 4 a.m. Saturday.
The storm is expected to bring up to 150 mm of rainfall.
Software company in Rs.800 mn scam: ex-students
By IANS,
Chennai : A case of cheating has been registered Saturday against Shiv Kumar, the promoter of software company Vispro, for allegedly cheating software professionals to the tune of Rs.800 million ($20 million), the police said.
According to the police, Kumar promised jobs to more than 1,000 candidates who paid between Rs.35,000 and Rs.200,000 per head for learning software skills and eventually getting employment. He then disappeared with the money even without paying salaries to the employees of the company for the last three months.
Indian Railways posts 18.04 percent Q1 revenue growth
By IANS,
New Delhi : The Indian Railways earned a total revenue of Rs.195.49 billion in the first quarter of the current fiscal (April-June) as against Rs.165.61 billion in the comparable period of last year, representing a growth of 18.04 percent, a railways ministry statement said Monday.
The Railways' earnings from freight traffic increased to Rs.134.70 billion, up from Rs.110.36 billion in the comparable period of last year, representing a growth of 22.05 percent, the statement said.
European central banks to cut rates to ward off recession
By DPA,
London/Frankfurt : Faced with a looming recession and rapidly falling inflation, Europe's two leading central banks are expected to cut rates this week as monetary authorities around the world step up efforts to slash the cost of money.
Indeed, analysts are predicting that the Bank of England (BoE) and the European Central Bank (ECB) will each announce Thursday at least 50-basis-point reductions in borrowing costs in a fresh bid aimed at shoring up economic confidence in Europe.
Textiles exports may fall short of target
By IANS,
New Delhi : Textiles exports may fall short of the target and even witness negative growth, the government said here Tuesday.
“Recession in the US and European markets has slackened demand and exports, which grow at 11.5 percent in the first four months, may go negative,” Textiles Minister Shankar Sinh Vaghela told reporters.
Tata Housing to invest Rs.1,200 crore
New Delhi : Tata Housing Development Company, a unit of Tata Group, Monday said it will invest Rs.1,200 crore in 12 projects in eight...
Kerala farmers lap up insurance scheme
By IANS
Kozhikode : A Kerala government scheme to provide free insurance to more than 500,000 small farmers with landholdings of less than two hectares has elicited a good response, officials say.
Under the scheme, the dependants of farmers will get up to Rs.100,000 in the event of loss of limb of the farmer or death due to accident.
Registration for the scheme, named Kisan Sree, started Monday and will close Feb 14. Farmers in the age group of 17 to 70 will be covered by the scheme with the government paying the premium.
Ranbaxy hires former NYC mayor Giuliani for advice
By IANS,
New Delhi : Ranbaxy Laboratories Thursday said it had retained the services of former New York City mayor Rudy Giuliani to extend advice on the US regulator's decision to ban some 30 medicines produced at its two Indian plants.
Giuliani and his firm Giuliani Partners will advice and review the compliance issues related to the recent United States Food and Drug Administration (FDA) letters and import advisory, the company said in a statement.
Indian economy to grow 5.6 percent in 2014: UNCTAD
New Delhi: The Indian economy will grow at a rate of 5.6 percent in 2014, the United Nations Conference on Trade and Development (UNCTAD)...
Haldia clashes will affect investment, fears Buddhadeb
By IANS,
Kolkata: West Bengal chief minister Budhhadeb Bhattacharjee Thursday voiced 'grave concern' over clashes between rival trade unions in the industrial town of Haldia in East Midnapore district, and said these would impact investment in the state.
"It is of grave concern that such unfortunate incidents are taking place due to confrontation between rival trade unions in the Haldia industrial area. If this continues, I think this will lead to problems in domestic and foreign investment to the state," Bhattacharjee said in the Assembly.
Grasim Industries hikes its stake at Canadian JV
By IANS,
Mumbai : Grasim Industries Limited, a flagship company of the Aditya Birla Group, said Monday that it had increased its stake in AV Cell Inc., a joint venture company in Canada, from 25 percent to 45 percent for a sum of Rs.240 million.
Grasim's nationwide retail network includes 50 exclusive showrooms as well as 200 wholesalers and 25,000 multi-brand outlets through which it reaches its customers.
Government increases infrastructure funding
By IANS,
New Delhi : Infrastructure development continues to be a priority area for the United Progressive Alliance (UPA) government with Finance Minister Pranab Mukherjee increasing public investment in this sector.
"The investment in infrastructure for the growth of economy is critical. I have urged my colleagues in the central and state governments to remove policy, regulatory and institutional bottlenecks for speedy implementation of infrastructure projects," Mukherjee said while presenting annual budget for 2009-10 in parliament Monday.
Wal-Mart to source IT expertise from India
By IANS
New Delhi : US retail giant Wal-Mart Stores Inc Wednesday said it will continue to source technological expertise from India by working with the country's leading tech firms.
"Today IT is truly a global business and as we deepen our relationship with India, it only made sense that we take advantage of the 24-hour development cycle that India offers," Michael T. Duke, vice-chairman, Wal-Mart Stores Inc, said in a statement.
Railway Budget Highlights – 2
* Investment of Rs.8.5 lakh crore in next five years
* Over 20,00 suggestions received on improving facilities
* Four goals: Deliver sustained improvement in customer...
Strike threat may choke British airports August-end
By Venkata Vemuri, IANS,
London : If you are planning to land in the UK between Aug 25-29 for a holiday or join a university, check before you actually depart from home. Barring Heathrow, many airports may be choked, thanks to a strike threat by baggage handlers.
It is expected that up to 1.3 million people may have their holidays disrupted by strike action at two of Britain's busiest airports next weekend.
Baggage handlers and check-in staff at Gatwick and Stansted are to stage two 24-hour strikes, including one on Bank Holiday Monday, in a dispute over pay.
SAIL plans to double steel production by 2014
By IANS,
New Delhi : State-run steel maker Steel Authority of India (SAIL) plans to increase its annual capacity to 26 million tonnes by 2014 from the the current 14 million tonnes.
"By the end of 2012 during our first phase of expansion, we have a target to achieve production up to 23.46 million tonnes per annum. In the second phase, we have a target to reach 26.18 million tonnes per annum," R.N Rawat, general manager, materials management, at SAIL said on the sidelines of a function here.
India registers 6.1 percent growth April-June
By IANS,
New Delhi : India registered a 6.1 percent economic growth during the first quarter of this fiscal (April-June), even as the manufacturing sector's output expanded by a relatively lower rate of 3.4 percent, official statistics said Monday.
The farm sector registered a 2.4 percent growth during the period under review, while services industries logged the maximum expansion of over 8 percent, showed the data on national income released by the Central Statistical Organisation (CSO).
World entering ‘danger zone’ on prices, WB warns G-8
By Arun Kumar, IANS,
Washington : World Bank Group President Robert B. Zoellick has called on leaders of the G8 as well as the major oil producers to act now to deal with surging food and energy prices, warning that the world is now "entering a danger zone."
Zoellick's call is contained in a letter to the head of the upcoming G8 summit in Japan, in which the Bank, World Food Programme (WFP) and International Monetary Fund estimate that about $10 billion is needed to meet short term needs of people hit hardest by the crisis.
India’s SME segment hit hard by rising rupee: report
By IANS
New Delhi : The unabated rise of the Indian rupee continues to adversely affect Indian exporters, especially small and medium enterprises (SMEs), says a leading industry body.
The exporters were recently given a relief package of Rs.14 billion by the government to offset their losses, but they termed it inadequate and urged a long-term strategy, said a survey conducted by the Associated Chambers of Commerce and Industry of India (Assocham).
Nano from Singur: Buddhadeb talks of his dream
By IANS,
Kolkata : It was his dream that Tata Motors small car Nano would roll out from the Singur facility, West Bengal Chief Minister Buddhadeb Bhattacharjee said here Saturday.
"It was my dream that Nano will roll out from Singur and that dream is not completely shattered," Bhattacharjee said while releasing a book, "Creating Employment Generation and Opportunity", by Communist Party of India-Marxist (CPI-M) candidate for Lok Sabha election from South Kolkata Robin Deb.
Satyam ties up with Microsoft for expansion
By IANS
Mumbai : Software services major Satyam Computer Services Ltd has decided to expand its relationship with Microsoft Corp by using its technologies at a Satyam delivery centre in Hyderabad.
According to an official communiqué by Satyam Computer Services Tuesday, a 350-seat delivery centre at Hyderabad to provide futuristic solutions using Microsoft technologies was inaugurated Saturday by Moorthy Uppaluri, CEO of Microsoft IT-Global.
Verizon to provide long-distance telephony in India
By DPA
Singapore : Telecom services provider Verizon Business has secured licences to provide international and national long-distance services in India, the Singapore branch of the company said Tuesday.
The company said it sees great potential in the Indian fixed-line market despite a decline in users last year.
Videoconferencing is more widely adopted now in the Asia-Pacific region, said Andrew Dobbins, regional vice-president.
India tops Dubai’s import destinations
By IANS,
Dubai : India has topped the list of Dubai's direct import destinations ahead of China in the first quarter of 2008, WAM news agency reported Tuesday.
According to the latest figures, released by Dubai World, India shared 13.14 percent of the emirate's total imports worth 12.6 billion United Arab Emirates dirhams ($3.43 billion) in the first quarter of the year.
China came second with 10.7 billion dirhams ($2.91 billion), followed by Switzerland with 7.2 billion dirhams.
State telecom firm’s revenues dip 21 percent
By IANS,
New Delhi : State-run telecom operator Bharat Sanchar Nigam Ltd (BSNL) has incurred a loss of nearly 21 percent in 2008-09, with revenues falling to Rs.11,505 crore last fiscal from Rs.14,499 crore the previous year.
The number of BSNL's landline connections, too, fell in the last six months, the government said Thursday.
Commercial interests patches up India and Pakistan: Pakistani author
By IANS,
Kolkata: India and Pakistan are being forced to patch up due to commercial and financial interests, feels critically acclaimed Pakistani novelist and translator Musharraf Ali Farooqi.
Sensex extends gains on positive Asian cues
By IANS,
Mumbai : A benchmark index for Indian equities extended its gains Thursday on positive cues from other major Asian bourses.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,410.88 points, was ruling at 16,546.28 points, 158.44 points or 0.97 percent up from its previous close at 16,387.84 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 4,965.65 points, up 0.98 percent from its previous close.
Key Indian market index touches new high
By IANS
Mumbai : Despite weak global cues, a key Indian market index posted its third record high in 2008 on the back of ICICI Bank's shares appreciating over six percent.
The 30-share sensitive index (Sensex) of the Bombay stock Exchange opened at 20,637.21 points and touched a new high of 20,861.83 before ending the day at 20,826 points, up 139.97 points over the previous day's close.
Sensex stays down after weak start
By IANS,
Mumbai : A benchmark index of the Indian stock markets was in the red shortly after noon Monday, down moe than 80 points from its previous close.
The 30-scrip Sensex of the Bombay Stock Exchange, which opened Monday at 16,185.26 points, was at 16,183.62 at 12.03 p.m., 80.68 points or 0.5 percent below its Friday's close at 16.264.30.
The broader Nifty index of the National Stock Exchange was at 4,801.55 points at the same time, 0.58 percent below its previous close at 4,829.55.
BEML displays new technology driven products at DEFEXPO 2008
By IANS
New Delhi : Land and ground support equipments major Bharat Earth Movers Limited (BEML) has displayed an array of technology-driven products at the Defence Exposition (DEFEXPO) 2008 here.
From its wide range of products, the company displayed a command post vehicle, BEML-Tatra driving simulator, armoured recovery vehicle, aircraft-towing tractor and weapon loading system (BHIMA) at the Feb 16-19 DEFEXPO at Pragati Maidan.
Kumar Mangalam Birla has no plans to join Kesoram board
By IANS,
Kolkata: Kumar Mangalam Birla, the chairman of the $29.2 billion (Rs.1.4 trillion) Aditya Birla Group Thursday said he has no plans to join the board of B.K. Birla group's company Kesoram Industries Limited or Century Enka in the near future.
Speculations had been making rounds for very long that K.M. Birla would take charge of these companies from his octogenarian grandfather B.K. Birla.
Satyam board meets Tuesday, may name new CEO
By IANS,
Hyderabad : The government-appointed directors of embattled Satyam Computer Services will meet here Tuesday to pick a new chief executive officer (CEO) and finalise funding arrangements to ensure the fraud-hit company's smooth operations in the next two months.
The six directors, making up the new board, said last Friday that they had shortlisted three candidates for the posts of CEO and chief financial office (CFO) and they will finalise the names this week.
They also said that funding arrangements till March end would be tied up before Jan 28.
PricewaterhouseCoopers to launch India-Africa desk
By Fakir Hassen, IANS,
Johannesburg : Multinational assurance, tax and advisory services company PricewaterhouseCoopers will launch an India-Africa desk here Thursday in an effort to stimulate two-way foreign investments and joint ventures.
Project leader Troopti Naik said the international desk was being launched to facilitate business linkages and joint ventures between entities in India, South Africa and the rest of Africa, and vice-versa.
Indians losing interest in Gulf jobs, rue employers
By IANS
Dubai : Once the ultimate job destination for many middle class Indians, Gulf countries now face a severe crunch of skilled workers from the country thanks to India's steady economic progress and rise in incomes, say company heads in the region.
Gathering together at a function in the Qatar capital Doha to celebrate the 60th anniversary of India's independence, employers said that though they were extremely happy for India the economic expansion did pose a problem in getting skilled workers, reported the Gulf Times.
Sensex rises into green after weak start
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday made a steady start and was ruling 60 points higher, about 25 minutes after the opening bell.
At 9.24 a.m. the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,072.94 points, was ruling at 17,112.55 points, 60.01 points or 0.35 percent higher than its previous close at 17,052.54 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,117.35 points against the previous close at 5,101.5 points, a gain of 0.31 percent.
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.
Female condoms, an emerging market in India
By Nayanima Basu, IANS
New Delhi : Indian women are gradually waking up to the fact that their sexual health is in their own hands - if the sale of female condoms is anything to go by.
"The market for female condoms is just beginning to develop," said M. Ayyappan, chairman and managing director, Hindustan Latex Ltd (HLL), a state-run condom manufacturer and so far the only player in this market, told IANS.
Sensex moves into green after wobbly start
By IANS,
Mumbai : A key index of the Indian equities markets climbed back into the green Monday, about five minutes into trade, after a shaky start.
The 30-scrip index of the Bombay Stock Exchange (BSE), the Sensex, which opened lower at 15,350.89 points, was at 15,423.72 -- 44.76 points or 0.29 percent higher than Friday's closing figure.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) too was ruling in the green at 4,587.7 points, up 0.42 percent.
Telecom, auto ad budgets fall, sales grow: Assocham
By IANS,
New Delhi : Companies in the telecom and auto sectors have witnessed robust growth in turnover despite not increasing their advertisement budgets, according to the Associated Chambers of Commerce and Industry (Assocam), an industry lobby.
In a study titled "Cost-Benefit Analysis of Advertisement Campaigns", Assocham said: "The amount spent on the marketing expenses in proportion to the sales has undergone a substantial decline in 2008-09."
Banks not to hike rates till monetary policy review
By IANS,
Mumbai: Commercial banks will maintain a status quo on interest rates till such time the Reserve Bank of India (RBI) reviews its monetary policy April 20, an umbrella organisation of the banks said here Monday.
The Indian Bank's Association (IBA) conveyed this at a meeting with the central bank where the focus was on how to tame inflation while ensuring that the recovery of the country's economic growth is not hampered.
Canadian dollar touches three-year low
By IANS,
Toronto : The Canadian dollar touched its three-year low against the US dollar Tuesday, falling as low as 81.91 cents US during the day and closing at 82.15 cents US.
It was the first time since August 2005 that the loonie - as the Canadian dollar is called - fell below the 82-cent (US) mark.
The Toronto stock market continued to tumble, losing 455.60 points as prices of commodities and crude - Canada's main exports - continued to fall.
At closing, the Toronto Stock Exchange (TSX) composite index stood at 9795.8 points, eroding much of the 700-point gain made Monday.
Satyam starts bidding process for its sale
By IANS,
Hyderabad : Fraud-hit Satyam Computer Services Monday said that it had started the process to sell 51-percent majority stake in the company by way of a global auction after India's market regulator gave it the go-ahead last week to do so.
"Commencing today (Monday), all interested bidders should register their interest in participating in the bidding process," the company said in a regulatory filing.
The bids would have to come in by March 12, the statement added.
Software security market growth dips in Asia Pacific: Gartner
By IANS,
New Delhi : The growth of the information technology (IT) security market in Asia Pacific dipped to 28.3 percent in 2008 from 36 percent a year before, a leading global IT industry researcher said in a report released Thursday.
"This growth is remarkable considering in the fourth quarter of 2008, global economies began to feel the impact of the credit crunch and the global economic downturn," said IT sector tracker Gartner.
ONGC net falls 5.7 percent in second quarter
By IANS,
New Delhi : Oil and Natural Gas Corp (ONGC), India's largest oil producer, has posted a profit after tax (PAT) of Rs.48.08 billion (about $1.07 billion) in the second quarter this fiscal, down 5.7 percent from Rs.50.98 billion (about $1.13 billion) registered in the corresponding quarter last fiscal, it said here Thursday.
According to company sources, the fall in profit was primarily due to subsidy burden and falling prices of crude.
Jharkhand recommends water allocation to 22 steel firms
By IANS,
Ranchi : Jharkhand has recommended water allocation to 22 steel companies, according to their requirements, to expedite the greenfield steel projects in the state.
"The recommendation has been made according to needs of the steel companies. We have recommended those companies who are in the advanced stage of setting up greenfield projects," an official of the state industries department said Tuesday.
The list of 22 firms that should be allocated water on a priority basis was sent by the industries department to the water resources department (WRD) June 9, he added.
Energy security will be major factor for global power play: PM
By IANS,
New Delhi : With global crude prices spiralling to $135 per barrel, Prime Minister Manmohan Singh Wednesday said energy security will determine the future power play among nations and that China had made major inroads in this area.
"The world is not able to grapple with the crises it faces," the prime minister told the probationary officers with the Indian Foreign Service (IFS) here, referring to the crisis which India, like other energy deficient nations, faces.
Inflation surge prompts India’s central bank to hike cash ratio
By IANS,
Mumbai : Shifting its stand from an accommodative monetary policy to managing inflation, pegged at a high 8.5 percent by end-March, India's central bank hiked a key policy rate Friday to suck Rs.36,000 crore ($7.2 billion) out of the system.
The cash reserve ratio, which is the minimum liquid assets commercial banks have to retain against deposits, will stand revised to 5.75 percent in two phases -- up 50 basis points from Feb 13 and another 25 basis points from Feb 27.
All other policy rates remain unchanged.
‘SEZs will drive India’s infrastructure’
By Anuradha Shukla, IANS,
New Delhi : The merits or otherwise of special economic zones (SEZs) are under a raging debate in India but the realty industry is upbeat about the prospect of such zones and says it will drive infrastructure development in the country.
"Establishing world-class industrial infrastructure is an expensive proposition. Encouraging special economic zones is the best solution to create these pockets of growth," says Rohtash Goel, chairperson of realty major Omaxe.
Mobile number portability to increase margins: Airtel
By IANS
New Delhi : Hailing the government's move to introduce number portability in mobile telephony, Bharti Airtel chief Sunil Mittal said it would bolster the operator's bottom line.
"If at all, it will increase margins as we will get high-value customers," Sunil Mittal, Bharti's chairman, told reporters on the sidelines of an event here Wednesday when asked about the government's decision to introduce this, initially in Delhi, Mumbai, Kolkata and Chennai.
France to inject $14 bn into six major banks
By DPA,
Paris : France will inject 10.5 billion euros ($14 billion) into the country's six biggest banks in an effort to provide capital for business and consumer lending, Finance Minister Christine Lagarde announced late Monday.
The government is to subscribe to subordinated debt issued by the six banks but will not gain voting rights.
In all, Paris could eventually inject 40 billion euros into the financial system by this method, as part of the 360-billion-euro rescue package forged earlier in October.
Milk prices up by Rs.2 in Bihar
By IANS,
Patna : Millions of people in Bihar will have to pay Rs.2 more for a kg of milk from Friday, officials Thursday said.
India-Indonesia trade to hit $10 bn mark
By Xinhua
Jakarta : Trade between India and Indonesia is expected to hit a historic high of $10 billion by 2010, says Indonesian President Susilo Bambang Yudhoyono.
"The bilateral trade target of $10 billion for 2010 can be achieved if the two nations seriously develop and enhance the existing cooperation," the president said Monday while inaugurating an Indian motorcycle factory.
Kotak appoints Hasan Askari as advisor
By IANS,
Mumbai : Banking and finance services major Kotak Mahindra group Monday appointed Hasan Askari as advisor to help expand its global operations.
An investment banker since 1975, Askari will be based in Europe and will monitor Kotak's teams both in India and international locations.
Kotak Mahindra Bank vice-chairman and managing director Uday Kotak said: “This appointment reflects our commitment to play a more prominent role in the global arena. We look forward to work closely with Hasan as we actively seek to expand our group internationally."
Karnataka plans farm loans at one percent interest rate
By IANS,
Bangalore: The Karnataka government plans to extend farm loans at one percent interest under the cooperative sector to help farmers increase output, Governor H.R. Bhardwaj said Thursday.
Guidelines for smaller exchanges in December
By IANS,
Chandigarh : India's market regulator will to announce the guidelines and procedures in December for setting up of smaller exchanges that will cater to small and medium enterprises, it announced here Wednesday.
"In the initial phase, three to four licences will be provided to companies who have net worth income of Rs.100 crore (Rs.1 billion)," T.C. Nair, whole time director at the Securities and Exchange Board of India (Sebi) said at a function organised by the Associated Chambers of Commerce and Industry.
Sensex ends losing streak with 250-point surge
By IANS,
Mumbai : The Indian equities market ended a four-day losing streak Wednesday, with the Sensex surging almost 250 points. The rally was led by banking, telecom and metal stocks.
The market started on a firm note, slipped into negative zone early afternoon but made a strong comeback before close.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 16,358.62 points and touched a high of 16,563.30 before closing at 16,525.37. It went up by 249.78 points at the day's close or 1.53 percent, compared to its closing figure Tuesday.
Sterlite bags contracts worth Rs.600 crore
By IANS,
New Delhi : Optical fibre cable maker Sterlite Technologies Tuesday said it has bagged contracts worth Rs.600 crore ($130 million) in India and Africa.
In a regulatory statement, the company said it received contracts for its telecom and power products.
Following the announcement, the company's scrip hit a 52-week high at Rs.334.90 on the Bombay Stock Exchange during the day, but settled lower at Rs.328, up 5 percent over its previous close.
Hit by demand slump, Sweden’s SKF planning to cut jobs
By IANS,
New Delhi : Sweden's leading bearing maker SKF Thursday said it was considering cutting jobs globally as part of the company's restructuring activities to cope with the "changing demand situation".
"The job cuts are part of our restructuring activities which take place annually, in the face of less demand we are looking at downsizing specially in our automotive component business," SKF president and chief executive Tom Johnstone told reporters.
British award for magazine for Indian professionals
By IANS,
London : A magazine aimed at the lucrative highly skilled expatriate Indian market has been honoured by one of Britain's largest media forums.
How-Do media network selected Asian Lite, published by New Asian Media Ltd and edited by Buddhdev Pandya, MBE, as one of the eight best magazines in the Manchester region.
The award was presented at a function at the Manchester United Stadium at Old Trafford Thursday.
Oman to launch first bio-refinery in Gulf region
By Xinhua
Abu Dhabi : An Omani company is set to launch the first bio-refinery in the Gulf region, which will produce ethanol mainly from date palms for use in motor vehicles as a substitute for petrol and diesel, local newspaper Khaleej Times reported Friday.
Zimbabwe court blasts leaders for worsening economy
By DPA,
Harare/Johannesburg : The protracted wrangling by Zimbabwe's political leaders is furthering the deterioration of the nation's economy, Zimbabwe's high court head said Monday.
"Our political leaders should put aside their political differences, vendettas if any and put the nation of Zimbabwe first," said judge president Rita Makarau. "As a result of the differences between our political leaders, the economy has been battered, and battered most severely."
Ford India exports engines to Thailand, Figo to S. Africa
By IANS,
Chennai : Ford India, the Indian arm of the American automobile manufacturer Ford Motor Company, has started shipping out diesel and petrol engines to Thailand and the fully built Figo small car to South Africa, a top company official said Friday.
Nano will certainly be brought to Africa: Tata Africa head
By Devirupa Mitra, IANS,
Lusaka (Zambia) : India's 'people's car' will certainly drive down the roads of Africa, with the Tata group conducting research on the rules and regulations of the different markets in this vast continent.
"(Tata) Nano is definitely the future in Africa," Raman Dhawan, managing director of Tata Africa Holdings Ltd, told IANS in an interview here.
Tata Africa Holding is the main promoter company for the Indian conglomerate Tata Group's businesses in Africa, where it has a presence in 10 countries.
Lohr Industrie to set up manufactory in Pune
By IANS
Chennai : French automaker Lohr Industrie will manufacture car carriers - a truck that carries passenger cars - at Pune in Maharashtra.
The 350 million euro ($517 million) Lohr has entered into a 51:49 joint venture with Stokota India.
The duo is in the process of incorporating the joint venture company, Lohr India Auto Transport, for the purpose.
"Till date, we have invested around $2 million for the project and production is expected to start in April," said Philippe Fortmann, CEO of the company.
Residents living above century old mine fires to be shifted
By IANS,
Ranchi : The Jharkhand government and Coal India Limited (CIL) are preparing a rehabilitation package for 67,000 families to shift them from the Jharia mine area where fires has been raging below the ground for almost a century.
Jharia is in Dhanbad district, around 270 km from state capital Ranchi. It has huge deposits of coal, under the control of Bharat Coking Coal Limited (BCCL).
According to BCCL officials, in Jharia 70 major mine fires have been raging underground in an area of around 400 sq km.
Economic survey highlights-2
* Long-term external debt accounts for 78.2 percent of total external debt at end-December 2013 against 76.1 percent at end-March 2013. Long-term debt at...
Mid, smallcap scrips drive Sensex recovery
By IANS,
Mumbai : A key index of the Indian equities markets bounced back Wednesday owing to buying interest in power, capital goods and healthcare stocks. The index, which was flat in earlier sessions shut shop 98 points higher than its previous close.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,376.82 points, ended trade at 14,422.73 points - 98.72 points or 0.69 percent lower than Tuesday's close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) ended the day 1.08 percent up at 4,292.95 points.
TruJet airline commences operations
Hyderabad: Regional carrier TruJet commenced operations on Sunday, connecting Rajahmundry and Tirupati in Andhra Pradesh with Hyderabad.
Civil Aviation Minister P. Ashok Gajapathi Raju flagged...
Satyam ‘one-off delinquency’: Kamal Nath
By IANS,
New Delhi : Commerce Minister Kamal Nath continued to maintain that the Rs.70 billion fraud at Satyam Computer Services was a "one-off delinquency", though Prime Minister Manmohan Singh has called it a "blot" on India's corporate image.
"One cannot smear the Indian corporate sector. Such exceptions have happened in other parts of the world also - and they have been treated so," Kamal Nath told the "Partnership Summit 2009" referring to the financial fraud at the Hyderabad-headquartered IT major.
Singur burns Nano replica as car is unveiled before world
By IANS
Singur (West Bengal) : As Tata Motors unveiled its people's car in a blaze of glory and publicity in New Delhi Thursday, those who had lost their land to the automobile project in West Bengal's Singur torched a yellow replica of the Rs.100,000 Nano amid lusty chants of "Vandemataram".
Indian equity markets open lower, keep falling
By IANS,
Mumbai : Indian equity markets opened lower Tuesday and kept falling, with a key index more than 150 points below Monday's close, almost an hour into trading.
Weak markets in the US and elsewhere in Asia seemed to have prompted the slide in Indian equities as well.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at 9,821.57 points, against Monday's close at 9,928.35 points. Almost an hour later, it had dropped further to 9,773.25 points, 155.1 points or 1.56 percent below Monday's close.
Despite Rs.64,924 cr debt, Punjab says it is growing
By IANS,
Chandigarh: Despite a debt touching Rs.64,924 crore, Punjab is moving closer to the national growth rate of 7.2 per cent, Finance Minister Manpreet Singh Badal said Tuesday.
"In 2008-09, the growth rate for Punjab was 6.40 per cent against the national growth rate of 6.70 per cent. The advance estimates for 2009-10 indicate the growth rate for Punjab at 6.7 per cent against 7.2 per cent for the national economy. Thus, Punjab's growth rate is moving closer to the national growth rate," Badal said, presenting the state's budget in the assembly.
GST Bills passage fails to cheer Indian equities
Mumbai, (IANS): The passage of a major tax reform in the country failed to cheer the Indian equity markets on Thursday.
The key indices were...
Costly firecrakers may dampen Diwali in Bangalore
By Maitreyee Boruah, IANS,
Bangalore : With firecrackers priced around 40 percent higher than last year, the sound and sparkle of Diwali may be missing here this time, both traders and customers fear.
The firecrackers have become dearer as the cost of both raw materials and labour have increased drastically, say traders.
Revellers may have to be content with earthen lamps, candles, designer lights and sweets.
New sops to attract $254-million investment in solar power
By IANS
New Delhi : The government announced incentives Wednesday to promote solar power generation, which it expects will attract private investments worth Rs.10 billion ($254 million) in the next five years.
"In view of high cost of solar power generation technology, my ministry will provide finance assistance amounting to Rs.12 per kilowatt (KW) and Rs.10 per KW of electricity supplied from solar photovoltaic and solar thermal power plants, respectively, to the national grid," Minister of New and Renewable Energy Vilas Muttemwar said here.
Bharat Electronics to secure parliament with hi-tech gadgets
By IANS,
Bangalore : State-run Bharat Electronics Ltd (BEL) will soon make India's parliament house a highly protected place with its hi-tech electronic gadgets, a top official said Wednesday.
"Parliament will have an extra security cover in the next six-eight months with access control system to monitor movement of members, officials and visitors," BEL chairman and managing director Ashwani Kumar Datt told reporters here.
Unitech allotted spectrum for three service areas
By IANS,
New Delhi : Real estate major Unitech has been allotted 4.4 MHz of spectrum in three service areas, the company said Monday.
“The Department of Telecommunications (DoT) has issued the letter to the company`s telecom subsidiaries for allotment of 4.4 MHz of spectrum in 1800 MHz GSM band in respect of Haryana, Himachal Pradesh and Kolkata service areas,” a company statement said.
With this, the company has been allotted initial spectrum in 16 service areas out of the total 22 service areas.
Switzerland also wants to woo Indian budget traveller
By IANS,
New Delhi : Switzerland sees no let up in the inflow of Indian tourists to the European country and hopes to attract even budget tourists in the coming season with accommodations at relatively inexpensive apartments, loaded with Indian food.
"In the past few years we have seen major influx of Indian tourists to Europe in general and Switzerland in particular," said Swiss Ambassador Philippe Welti, launching a major promotional aimed at the tourists from this country.
Magma Shrachi posts 58 percent jump in revenue
By IANS,
Kolkata : Retail asset finance company Magma Shrachi Finance Ltd reported Rs.1.38 billion ($32.8 million) total revenue for the first quarter of the current fiscal against Rs.874 million over the same period last year, a 58 percent increase.
Magma Shrachi vice-chairman and managing director Sanjay Chamria said: "We have been successful in enhancing our disbursements significantly leading to healthy increase in our asset base."
Assets under management of the company as on June 30, 2008, stood at Rs.80.05 billion.
Himachal to allot power projects on free supply amount
By IANS,
Shimla : The Himachal Pradesh government will allot power projects to those bidders who offer more free supply to the state, instead of seeking bids on an upfront premium basis, Chief Minister Prem Kumar Dhumal announced here Sunday.
The move is aimed at generating more financial resources and speeding up allotment of hydro-projects, Dhumal said at a seminar organised by Himachal Pradesh Power Corp Ltd.
Sensex 54 points down in choppy trade
By IANS,
Mumbai : A benchmark index for Indian equities was 54 points in the red after more than two hours of volatile trading Monday.
At 11.19 a.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,186.9 points, was at 16,099.3 points, down 53.29 points or 0.33 percent from its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 4,804.95 points, against the previous close at 4,826.85 points, a loss of 0.45 percent or 21.9 points.
Aptech launches aviation academy in Kolkata
By IANS
Kolkata : Aptech Ltd, a global learning solutions company, launched a new centre of its aviation training wing, Avalon Aviation Academy, in Kolkata Saturday.
The centre, opened at Salt Lake in eastern Kolkata, offers diploma in cabin and ground crew services, and certificate courses in fares and ticketing, personality development and customer service.
No shortage of funds for Sardar Sarovar dam: minister
By IANS
New Delhi : The Sardar Sarovar dam project on the Narmada river does not face a shortage of funds, Minister of State for Water Resources Jai Prakash Narayan Yadav told the Rajya Sabha Tuesday.
The central government has decided to include the Sardar Sarovar project in Gujarat under the Accelerated Irrigation Benefits Programme to speed up the construction of the Narmada Main Canal and distributaries for early development of irrigation facilities in the area, Yadav said in a written reply.
ArcelorMittal asks Poland to stop Russian steel import
By IANS,
Warsaw : Steel giant ArcelorMittal, which controls 70 percent of steel production in Poland, has asked the Polish government to stop importing Russian steel which is making a big dent on the profitability of the Lakshmi Mittal-headed steel behemoth.
The Russian steel, which is much cheaper than steel produced by ArcelorMittal, has flooded the Polish market in recent days and a big part of the imported steel is also being re-exported to other European countries. This has badly affected ArcelorMittal's business in the country, EuAsiaNews reported.
World leaders for larger grouping to tackle economic crisis
By Xinhua,
Washington : World leaders have called for a new global financial architecture to tackle the current financial crisis, the most serious since the Great Depression of the 1930s.
"The G7 (the Group of Seven industrialized nations) is not working. We need a better group for a different time," said World Bank President Robert B. Zoellick in a recent speech.
He said that the way the world tries to solve its economic problems needs to be rethought amid today's global crisis, including turning the Group of Seven into a steering group that empowers rising economic states.
Russian president urges Apec greater global role
By RIA Novosti,
Moscow : Russian President Dmitry Medvedev has urged the Asia-Pacific Economic Cooperation (Apec) forum to play a stronger role in ensuring global security and overcoming the financial crisis.
The 21-member grouping of the Pacific Rim economies, which includes Russia, the United States, China, Japan, South Korea and Australia, will converge on the Peruvian capital Lima for a summit meeting Saturday.
Haryana rural power distribution through franchisees
By IANS
Chandigarh : The supply of electricity and management of distribution systems in rural Haryana will soon be given to franchisees, preferably the panchayats (elected village bodies).
Haryana's financial commissioner and principal secretary (Power) Ashok Lavasa said Wednesday that under the franchisee model of power distribution, memoranda of understanding (MoU) were being signed between the village panchayats and the state's two power distribution agencies - Dakshin Haryana Bijli Vitran Nigam (DHBVN) and Uttar Haryana Bijli Vitran Nigam (UHBVN).
Nepal ban on sand, stone export to hit India
By Sudeshna Sarkar, IANS,
Kathmandu : Nepal's decision to ban the export of sand, boulders and crushed stone to prevent environmental degradation is going to hit hard India's booming construction industry, especially in the Terai plains close to the Nepal border.
A parliamentary panel on natural resources Monday directed the coalition government to immediately stop the export of sand and stone to India after growing concern that the depletion was making the region environmentally fragile.
Private sector for India-US investment treaty by year-end
By Arun Kumar, IANS
Washington : The US-India Private Sector Advisory Group (PSAG) has asked the two governments to negotiate a bilateral investment treaty by end of 2008 while continuing to promote sectoral openings.
The group identified these among four key targets in a vision statement presented to Indian Commerce and Industry Minister Kamal Nath and US Trade Representative (USTR) Susan C. Schwab at a meeting of the US-India Trade Policy Forum (TPF) in Chicago Feb 20.
New York to cut 3,000 government jobs: reports
By DPA,
New York : Hard economic realities are hitting New York City, with Mayor Michael Bloomberg deciding Thursday to cut City Hall's workforce by 3,000 and end contracts of 1,000 police officers, news reports said.
Bloomberg also plans to raise income tax for residents by either 7.5 percent or 15 percent, depending on their incomes.
Reliance Retail enters jewellery market
By IANS
Bangalore : Mukesh Ambani-promoted Reliance Retail Thursday announced its foray into jewellery retail. The firm plans to open 300 jewellery stores across India in the next three years.
"We plan to open 300 exclusive jewellery specialty stores, some of which will be owned by the company while others would be franchised," Bijou Kurien, president and chief executive (lifestyle) of the company said at a press conference here.
Sensex pares early losses
By IANS,
Mumbai : A benchmark index of Indian equities Wednesday moved up from opening lows, but was ruling flat about 30 minutes into trade.
Economist on India: Much to offer to IT world, more to gain
By IANS
London : India has much to offer to the IT world but has even more to gain from it by piggybacking on foreign inventions to move to the front of the technological pack, The Economist says.
India and China have made clever use of foreign technology - assembling it, copying it, servicing it and customising it - but, as Simon Cox explains in a special report in this week's Economist, their firms have yet to create too much to rival it.
While "techno-nationalists" may worry about this, economists would find much to applaud, he adds.
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.
Key meeting of Tata and Ford union bosses this week
By Dipankar De Sarkar, IANS
London : Tata Motors executives are to meet with officials of the British union representing Ford for their first detailed talks on Tata's bid for Jaguar and Land Rover.
The talks will be the first since representatives of the union, called Unite, were briefed by Tata on their bid Nov 20, prompting union bosses to declare Tata as their preferred bidder.
"We haven't really met Tata yet since the presentation last year, so this will be a very important meeting," Eddie Barrett of Unite told IANS.
Income Tax department to set-up 264 special counters
By IANS,
New Delhi: The income tax department Monday said it would set up 264 counters in the city from July 21 to 31 to help tax payers file their returns.
"We would set up 264 special counters to receive income tax returns from July 21 to July 31," Income Tax Delhi Circle-I Chief Commissioner Meenakshi Singh said.
The special counters to help tax payers file their returns will be set up in two designated locations at Mayur Bhawan from July 21 to 23 and at Pragati Maidan from July 28 to 31.
Bangladeshi batteries seek global market
By IANS,
Dhaka : A Bangladeshi car battery maker is targeting export of a million pieces to Australia and Europe by next summer after covering markets across South Asia, including India, and Africa.
Rahimafrooz Globatt Ltd exported 175,000 pieces of car batteries worth $5.5 million during October-June period last fiscal.
India and other South Asian countries except Pakistan are among its major markets.
The other countries are Singapore, Kuwait, Qatar, United Arab Emirates, Tanzania, Angola and Namibia.
OPEC crude oil basket down 34 cents, settles at USD 95.95
By KUNA
Vienna : The Organization of Petroleum Exporting Countries' (OPEC) basket of 12 crudes dropped 34 cents on Wednesday to settle at USD 95.95 per barrel, after being at USD 96.29 the day before.
This drop comes just one day after OPEC agreed to maintain its production ceiling at the current 29.6 million barrels per day, with the exception of Iraq which did not fall within the production quota system.
According to the OPEC bulletin, the average annual price of the basket last year was USD 69.10 per barrel.
India”s telecom subscriber base for 2007 increased – India regulatory body
By KUNA
New Delhi : India has achieved a total telecom subscriber base of 272.87 million till last year, according to data released on Friday by Telecom Regulatory Authority of India (TRAI).
Till December 2007, India had registered 272.87 million telecom subscribers, TRAI said.
India also recorded 233.62 million subscribers in the wireless segment till December last year, according to the data.
The number of broadband subscribers till December 2007 was 3.13 million, TRAI said.
The Indian government has set a target of 500 million telecom connections by 2010.
Chennai entertainment group defies downturn, plans investment
By Venkatachari Jagannathan, IANS,
Chennai : Despite mounting losses in the aftermath of the global meltdown, city-based entertainment group Pyramid Saimira feels it is the right time to invest. It is planning to establish at least 800 theatres all over the country.
It is to invest between Rs.6 billion and Rs.8 billion on film production and distribution and another Rs.2 billion for theatre acquisitions over the next two years.
Railway budget highlights 8
By IANS,
* Targeting freight carriage of 1,025 million tonnes to bring in Rs.89,339 crore; passenger earnings estimated at Rs.36,073 crore; gross reciepts estimated at Rs.1.32 lakh crore.
Six core sectors grew by 9.4 percent in January
By IANS,
New Delhi : Key sectors of the economy grew 9.4 percent in January against 6 percent the previous month, official data released Thursday said.
According to the data released by the commerce and industry ministry, electricity production increased 5.6 percent in January 2010, crude oil 9.7 percent, petroleum refinery products 3.8 percent, coal 6 percent, cement 12.4 percent and finished carbon steel 16.2 percent.
The six sectors have a weight of 26.7 percent in the index of industrial production (IIP) that measures country's factory output.
Fight for Indian skies catches Forbes’ fancy
By IANS,
New York : The fight for dominance of Indian skies between Jet Airways founder Naresh Goyal and Kingfisher owner Vijay Mallya has earned them a place in a new list called 'Battling Billionaires' published by the Forbes magazine.
Goyal, the established player in India's air travel business with a net worth of $1.4 billion, is being challenged by Mallya, the upstart who floated Kingfisher Airline only a few years ago and is worth $1.2 billion, the US business magazine said.
Mamata cuts short West Bengal shutdown
By IANS,
Kolkata : Giving relief to the people suffering from back-to-back shutdowns in West Bengal, Trinamool Congress chief Mamata Banerjee Friday asked her party workers not to disrupt long-distance trains and allow shops to open after 4.30 p.m., one and a half hours before the scheduled end of her party's protest against fuel price hikes.
The Trinamool Congress had originally called a 6 a.m. to 6 p.m. shutdown, the same as the state's ruling Left Front did Thursday.
Inflation hits new high, worries Chidambaram
By IANS,
New Delhi : With India's wholesale inflation, the weekly measure of price trends, rising to 7.83 percent for the week ended May 3, the government may take more steps to control prices.
The weekly measure of price trends rose to a three-and-a-half-year high of 7.83 percent for the week ended May 3, up from 7.61 percent in the week preceding it.
Shortage of 28,000 health centres in India: Economic Survey
By IANS,
New Delhi : There has been an improvement in the health sector but India faces a shortage of over 28,000 health centres, the Economic Survey 2008-09 said Thursday.
"There is a shortage of 20,855 sub centres, 4,833 primary health centres (PHCs) and 2,525 community health centres (CHCs) as per the 2001 population norm," the survey said.
Kerala signs accord with Gas Authority for pipeline network
By IANS,
Thiruvananthapuram : Kerala State Industrial Development Corp (KSIDC), the investment promotion agency of the state government, has tied up with Gas Authority of India Ltd (GAIL) for developing gas pipeline infrastructure.
The partnership will lead to attracting investments to the tune of Rs.8,500 crore in the state, officials said.
The agreement was signed by KSIDC managing director Alkesh Sharma and GAIL executive director (marketing) J. Wason in the presence of Chief Minister V.S. Achuthanandan.
Bharat Sanchar Nigam’s 3G services in Orissa by year-end
By IANS,
Bhubaneswar : State-run telecom operator Bharat Sanchar Nigam Ltd (BSNL) will expand its third-generation (3G) network across Orissa by the year-end, a senior company official said Sunday.
BSNL launched 3G services, a mobile communications system that enhances performance of multimedia applications, high speed mobile broadband and Internet access, in the state March 25.
Currently, the service is available in 33 urban centres in the state, said BSNL chief general manager for Orissa A.N. Ray.
After Bangalore, Volvo eyes other Indian cities
By Fakir Balaji, IANS,
Bangalore : Swedish transport solutions major AB Volvo is gearing up to emerge as the preferred choice of public transport in Indian cities.
Having become a popular vehicle on inter-state and inter-city routes across the country for private operators as well as state-run transport corporations, Volvo says its air-conditioned buses will change the way millions of commuters are ferried in the cities on chaotic roads.
Car sales rise 39.5 percent in April: SIAM
By IANS,
New Delhi : Indicating robust consumer demand despite a rise in prices, car sales in India grew by 39.5 percent to 143,976 units in the first month of this fiscal from 103,227 units sold in April 2009, data released by the Society of Indian Automobile Manufacturers (SIAM) here Monday showed.
Companies exported 37,479 cars in April against 29,307 units in the same month last year - a jump of 27.88 percent.
Indian rupee plunges to a week’s low
New Delhi : The Indian rupee on Thursday tumbled to its lowest level in the last one week after the army announced that it...
Opec oil price falls
By DPA,
Vienna : The price for oil produced by the Organization of the Petroleum Exporting Countries (Opec) fell by $1.79 Tuesday, although the cartel is expected to approve a drastic cut of oil production during a meeing Wednesday in the Algerian city of Oran.
Opec's basket price of crude oil stood at $40.74 per barrel (159 litres) Tuesday, the Vienna-based cartel announced Wednesday.
Infosys net down 2.4 percent in first quarter
By IANS,
Bangalore : Infosys Technologies Ltd registered a net profit of Rs.1,488 crore (Rs.14.88 billion) for the first quarter (April-June) of this fiscal, a decline of 2.4 percent from same quarter of last fiscal at Rs.1,525 crore as per the Indian accounting standard.
In a regulatory filing Tuesday, the IT bellwether said its consolidated income, however, grew 13.3 percent year-on-year (YoY) to Rs.6,198 crore for the quarter under review from Rs.5,472 crore in the same period of last fiscal.
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.
Bihar polls, US data dent markets; Sensex down 76 points
Mumbai: Anxiety over Bihar polls outcome coupled with upcoming US jobs data dented investors' sentiments in the Indian equity markets and plunged a barometer...
Rudrapur to have first five-star hotel in 2009
By IANS
New Delhi : Realty companies Assotech and Supertech have formed a 50:50 joint venture to build a five-star hotel in the industrial town of Rudrapur in Uttarakhand, which would be managed by US-based Carlson Group as Radisson Hotel Metropolis.
Expanding circle of influence: Importance of mentoring in the business world
By Uday Salunkhe, IANS,
Rationalise direct taxes to mitigate slowdown effects: CII
By IANS,
New Delhi: The Confederation of Indian Industry (CII) has urged the government to rationalise direct taxes which would help consolidate the manufacturing sector, mitigating the effects of the global slowdown, and also facilitate its transition to the next level of growth.
Ranbaxy shares gain as US government withdraws motion
By IANS,
New Delhi : Share prices of India's largest drug maker Ranbaxy Laboratories gained 9.08 percent on the Bombay Stock Exchange (BSE) after the company confirmed in a regulatory statement Wednesday that the US Department of Justice (DoJ) has withdrawn its legal motion against it.
The DoJ had filed the motion in the district court of Maryland in July to access data and documents, which, it had claimed, Ranbaxy and its legal consultancy firm Parexel were not disclosing.
Shilp Gravures acquires Vadodara-based firm
By IANS,
Ahmedabad : Shilp Gravures, a city-based player in electronically engraved rollers for the printing industry, has diversified into processing of printing plates for digital flexography by acquiring a Vadodara-based firm for Rs.32 million.
The company has acquired A Consultants which is in the business of processing plates for digital flexography and intends to establish facilities Ahmedabad, Pune and Delhi over the next two years, according to Shilp Gravures managing director Ambar Patel.
UAE bourse advises investors to go for exchange traded funds
By IANS,
Abu Dhabi : Even as mayhem prevailed in Gulf markets along with the rest of the world, the Abu Dhabi Securities Exchange (ADX) said Thursday it believes exchange-traded funds (ETFs) are an ideal diversification tool for Gulf markets.
At a financial brokerage forum here, ADX deputy director Rashed Al Baloushi explained how ETFs worked and how these have been expanding globally.
"An ETF is a collective investment vehicle that trades on a stock exchange, similar to a listed security," Al Baloushi explained.
Indian It Exports To Mideast Will Grow 30 Pc: ESC
By Bernama,
Dubai : India's IT exports to the Middle East are expected to cross US$1.30 billion in 2008, an increase of 30 percent compared to US$1 billion last year, Press Trust of India (PTI) quoted Electronics and Computer Software Export Promotion Council of India (E.S.C.) as saying.
According to E.S.C., an autonomous body under the Indian Ministry of Communications and Information Technology, Indian I.T. exports are growing at more than 30 percent annually and are expected to cross US$50 billion this year and touch US$100 billion by 2012.
Lantern age in Bihar sparks public outrage
By IANS
Patna : The return of the lantern age in Bihar due to massive power cuts has forced people to the streets, leading to violent protests and deaths by police firing. Bihar is India's only large state with virtually no electricity generation of its own.
Five people were killed and over 12 injured in two days in Kahalgaon of Bhagalpur district, as police fired on a crowd protesting acute power shortages outside power utility NTPC Ltd's plant.
The government has ordered a judicial probe into the incidents on Friday and Saturday last week, officials said here.
Polish companies seek closer ties with India
By IANS,
Warsaw : More Polish companies are seeking to boost cooperation with Indian firms even as their businesses increased manifold after Poland became a member of the European Union (EU) in 2004, EuAsiaNews reports.
Increasingly, Indian companies are making a mark in Poland. Mittal Steel, which produces 80 percent of the country's steel, has opened the gates for other companies to follow, the report said Sunday.
Indian companies such as Tata Consultancy Services, Wipro, Zen Sar and Thomson group acquired by Videocon have already set up their bases in Poland.
Biocon to set up joint venture in Dubai
By IANS
Bangalore : Biocon Ltd, India's leading biotechnology firm, has entered into an agreement with Neopharma, a leading Abu Dhabi-based pharma company owned by an Indian, to set up a joint venture (JV) in Dubai's biotech and research park - Dubaitech.
Bangalore : Biocon Ltd, India's leading biotechnology firm, has entered into an agreement with Neopharma, a leading Abu Dhabi-based pharma company owned by an Indian, to set up a joint venture (JV) in Dubai's biotech and research park - Dubaitech.
Mumbai firm to develop SEZ near Omani port
By IANS,
Dubai : Mumbai-based infrastructure development company SKIL has been signed to develop a special economic zone (SEZ) near the port of Sohar in Oman.
An agreement to this effect was signed recently by the government of Oman, the Port of Rotterdam in the Netherlands and SKIL, according to a press release issued by the Sohar Industrial Port Company (SIPC).
The new SEZ will be situated adjacent to the port of Sohar, 240 km northwest of the Omani capital Muscat.
China to ban tobacco promotion by 2011
By Xinhua
Beijing : China, the world's largest tobacco producer and consumer, will ban all forms of tobacco promotion by January 2011.
A ban on tobacco advertising has been in place since 1996, but firms have managed to sidestep the rules and promote their brands in other more subtle ways such as sponsoring sporting events, or using their logos without mentioning "cigarettes" on television, radio and in newspapers and magazines.
Beijing : China, the world's largest tobacco producer and consumer, will ban all forms of tobacco promotion by January 2011.
A ban on tobacco advertising has been in place since 1996, but firms have managed to sidestep the rules and promote their brands in other more subtle ways such as sponsoring sporting events, or using their logos without mentioning "cigarettes" on television, radio and in newspapers and magazines.
Indian economy better placed today, reforms will be pursued: Modi
New Delhi: Prime Minister Narendra Modi on Friday said almost every key indicator of the Indian economy was better placed today than 17 months...
Indian equities crash on weak global cues
Mumbai, Oct 27 (IANS) A key Indian equities index fell below the 8,000-point mark as the bear hug continued Monday on the back of overall panic and weak global cues.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened lower at 8,599.58 points and moved up to 8,739.48 points, some 15 minutes into trading. But nervousness set in soon after, and pulled the index down to 7,985.07 points 45 minutes post noon.
At that level, the 30-share bellwether index was ruling at a loss of 715.64 points, or 8.22 percent.
BGR Energy gets nod for desalination plant
By IANS
Mumbai : The Andhra Pradesh based BGR Energy Systems Ltd has received a pre-qualification approval for the Rs.7.5 billion Kutch Desalination Plant project in Gujarat.
For this project, BGR has formed a consortium with Spanish companies Inima Medioambiente, S.A. (OHL Group) and Aqualia, Gestion Integral Del Agua, S.A. (Group of FCC).
Violence in Andhra as Kapus launch stir for quota
Visakhapatnam: Violence broke out in Andhra Pradesh's East Godavari district on Sunday as thousands of protestors from Kapu caste set afire a train and...