Reliance Big Entertainment acquires shares in IM Global

By IANS, Los Angeles : Reliance Big Entertainment Limited Friday acquired an undisclosed majority shareholding in the Los Angeles and London-based international film sales company IM Global, which was founded by Stuart Ford in 2007. In February 2010, the two companies formed a sales alliance after which IM Global began distributing Reliance's Hindi film output internationally. The successful sales alliance has now progressed to Reliance acquiring a majority stake in the company, a press release said.

TGY launches automotive batteries, eyes global market

By IANS

Kolkata : Tata AutoComp GY Batteries Pvt Ltd (TGY), a 50:50 joint venture between Tata AutoComp Systems Ltd (TACO) and GS Yuasa International (GYIN), Japan, launched a range of eco-friendly two-wheeler and four-wheeler batteries here Monday.

Economic optimism spurs US stocks

By DPA, New York : Strong earnings reports Tuesday on Wall Street bolstered confidence in the rebounding US economy and fuelled a rise in major stock indices. "The tide of rising earnings and improving economy is just more important than some of the late distractions," David Kelly, chief market strategist for JP Morgan Funds, told the Bloomberg financial news agency.

Satyam a ‘governmental scandal’: Advani

By IANS, New Delhi : The Rs.70 billion (Rs.7,000 crore) accounting fraud at Satyam computer Services was not a corporate scam but a "governmental scandal", senior Bharatiya Janata Party (BJP) leader L.K. Advani said. "That all is not well with our corporate sector has been brought home with dramatic effect by the Satyam-Maytas scandal. But this is not simply a coporate scandal. It is also a governmental scandal," Advani said while speaking at the 81st annual general meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI).

India woos Qatar for investment in infrastructure

By IANS, Doha : India is looking at investment opportunities in Qatar's financial centres and special economic zones (SEZs) even as it opens up its infrastructure sector for investment from this gas-rich Gulf nation. "In this period of global turmoil, I feel that the complementarities between our two economies provide an opportunity for counter-cyclical strategies for growth in both the countries," Prime Minister Manmohan Singh said in an interview to the Qatar Tribune newspaper published Monday.

Gujarat NRE places $90 million order with Joy Manufacturing

By IANS, Kolkata : Gujarat NRE Coking Coal Limited, the Australian subsidiary of Gujarat NRE Coke Ltd, Monday said it has contracted Joy Manufacturing Company Pty Ltd for supply of certain equipment to raise operational efficiency at one of its mines. The total value of the contract is $90 million approximately.

Aries Agro to start two units by December

By IANS, Kolkata : Nutrition solutions major Aries Agro Ltd will start production at its upcoming manufacturing units in Lucknow and Panvel within two months, a top official said here Thursday. "Operations at our Lucknow plant would start next month while Panvel unit would be commissioned in December," Aries Agro executive director Rahul Mirchandani said on the sidelines of a conference. Once the Panvel plant in Maharashtra is commissioned, Aries Agro's annual capacity will touch 100,800 million tonnes from the present 73,800 million tonnes, he said.

India cuts value added tax, unveils package to pump prime economy

By IANS, New Delhi : A day after India's central bank cut key rates, the government Sunday unveiled a Rs.300,000-crore (Rs.3,000-billion/$60-billion) fiscal package with specific measures for various sectors to pump prime the economy and contain the adverse impact of the global financial crisis.

FDI policy to be finalised by June-July

By IANS

Mumbai : India's much-awaited policy on foreign direct investment (FDI) is likely to be announced by June or early July, a senior official said here Tuesday.

JLL Meghraj becomes India’s largest real estate services firm

By IANS

New Delhi : Jones Lang LaSalle (JLL) Meghraj, a joint venture company formed Tuesday, has become India's largest real estate services firm and targets revenues in access of $100 million by 2009.

BHEL Bhopal unit bags orders worth Rs. 69 cr.

By Pervez Bari Bhopal : Bharat Heavy Electricals Limited, (BHEL), Bhopal unit has bagged orders worth Rs. 69 crores for Transformers from M/s. North Eastern Power Corporation Limited, (NEPCO), for their 4 X 150 MW Kameng HEP outbidding MNC’s against stiff international competitive bidding. The project is situated in the state of Arunachal Pradesh and the scope of order includes 13 Nos. 400 kv Generator Transformers and 4 nos. of 400 kv Auto Transformers besides other dry type Transformers.

India is safe from global meltdown, says finance minister

New Delhi, Sep 30 (IANS) India's domestic market is safe from the global economic turmoil, Finance Minister P. Chidambaram said here Tuesday, contradicting Prime Minister Manmohan Singh's statement to a French paper. The domestic market is “safe, sound and attractive”, Chidambaram told reporters outside North Block, the seat of the country's finance ministry. Chidambaram, who did not rule out government intervention, if required, to protect investors' interests, added: “There is nothing to worry.”

Wockhardt withdraws IPO after poor public response

By IANS Mumbai : Volatile market claimed its first victim in the stock market Thursday when Wockhardt Hospitals Ltd quietly withdrew its Initial Public Offering (IPO). The issue was subscribed by a mere 18 percent on the last day of its closing Thursday. The company plans to refund the entire IPO money within 15 days. For listing on the bourses, 90 percent of the issue must be subscribed. Wockhardt had attempted to salvage the issue by extending the subscription closing date from Feb 5 to Feb 7.

ACC profit plunges 77 percent on plant closure

By IANS, Mumbai : India's second largest cement producer ACC Ltd Thursday announced a 77 percent decline in profit for the quarter ended Sep 30 on lower production due to plant shutdown.

Larsen and Toubro bags Rs.6,897 crore order

By IANS, Mumbai : Construction and engineering major Larsen and Toubro (L&T) Tuesday said it had bagged a Rs.6,897 crore order from Maharashtra State Power Generation Co. (Mahagenco) to build three boiler turbine units for an upcoming supercritical power plant of 1,980 MW. The plant, being built at Koradi, 20 km from Nagpur, is expected to add 50 million units to the national grid, the company said in a regulatory statement. The scope of work for the $8.5 billion technology, engineering and construction group extends from design and manufacturing to commissioning the boilers.

KPC in negotiations with China, India, Vietnam to build major oil projects

By NNN-KUNA Kuwait : Chief Executive Officer of Kuwait Petroleum Corporation (KPC) Saad Ali Al-Shuwaib has said that the company is negotiating with a number of institutions in China, India and Vietnam to build oil and petrochemical projects, including oil refineries. Al Shuwaib, in a statement to reporters during his participation in a symposium on industrial investment in the oil sector here Tuesday, said that the global trend now is combining the building of refineries and petrochemical projects because it is more economic.

Orissa tribals thank Norway for banning Vedanta investments

By IANS New Delhi : A few days after Norway directed its pension fund to sell all shares of London Stock Exchange-listed Vedanta Resources Plc and not to invest in it further, a delegation of Orissa tribals Monday met Norwegian embassy officials here to express their gratitude. "A delegation of Dongaria Kondh tribals went and met two representatives of Norwegian finance ministry in the embassy and gifted them two photographs of Niyamgiri Mountain," said Simon, a supporter of the tribals.

South Africa mulls state competitor to Arcelor Mittal

By DPA Johannesburg : The South African government plans to take on the local subsidiary of steel giant Arcelor Mittal of London-based Indian steel magnate Lakshmi Mittal by building its own carbon steel plant, Business Day newspaper reported here Wednesday. A feasibility study into the costs and location of such a plant was being carried out under the auspices of South Africa's recently unveiled industrial policy, according to the paper. The move would involve South Africa competing with a former state-owned company.

State Bank of India net profit up 45.62 percent

By IANS, Mumbai: The country's largest lender State Bank of India (SBI) Saturday reported a 45.62 percent rise in its net profit for the quarter ended March 31. The bank said in a regulatory statement that its fourth quarter profit stood at Rs.2,742.31 crore, up from Rs.1,883.25 crore in the like period last year. SBI's total income in January-March increased 34.57 percent to Rs.22,060.61 crore from Rs.16,393.93 crore a year ago.

Sensex plunges over 300 points in early trade

Mumbai : A benchmark index of Indian equities markets, the 30-scrip Sensitive Index (Sensex), on Wednesday again plunged 312.59 points or 1.20 percent during...

Bharat Petroleum net down 91 percent

By IANS, New Delhi : State run fuel marketing company Bharat Petroleum Tuesday reported a 91 percent drop in its net profits for the quarter ended March 31, as margins were hit by selling gasoline, diesel and cooking gas at below cost. The company said its net profit after tax fell to Rs.584 million ($14.6 million) for the quarter ended March 31, from Rs.6.7 billion ($165.7 million) for the corresponding period of the last fiscal. The board, nevertheless, recommended a 40 percent dividend, a statement issued to the Bombay Stock Exchange said.

France buys Casanova manuscript for record $9.5 mn

By DPA, Paris/Frankfurt: The French government bought the manuscript of the autobiography of the legendary Italian womaniser and adventurer Giacamo Casanova for a record price, art advisor Christoph Graf Douglas told DPA Thursday. Douglas said that France paid the German Brockhaus publishing family more than 7 million euros ($9.5 million), a world's record for a written manuscript. The previous record for such a purchase was the 3.6 million euros, including fees and commissions, that was paid for the manuscript of Andre Breton's Manifesto of Surrealism in 2008.

Indians prefer mobile to bicycle for connectivity: minister

By IANS Mumbai : Lauding the growth of telecom sector in the country, Minister of State for Industries Ashwani Kumar has said Indians are now using mobile phones rather than bicycles for connectivity. Speaking at the two-day conference on Communications Convergence organised by the Indian Merchants Chamber (IMC) here Friday, Kumar said: "Eighty million phones are purchased every year in India compared to 15 million bicycles, which indicates that Indians now have adopted mobile as the easiest and faster way to achieve connectivity."

Black money: Deposits belie expectations of large windfall

New Delhi : The main reason given by the government for demonetising high denomination notes was to curb black money. Various estimates have been...

China money supply to increase 14 percent

By IANS, Beijing : China's central bank has set a target of 14 percent growth rate for its money supply in 2012.

Modi assures reforms, global CEOs want pace hastened

New York: In a 90-minute dinner meeting with 42 of the world's top corporate leaders here on Thursday evening, Prime Minister Narendra Modi...

City Union Bank to expand branch and ATM network

By IANS, Chennai : Private sector City Union Bank plans to open around 80 branches and add more automated teller machines (ATM) this year, a top official said Monday.

US eyes $40 bn arms market in India

By Arun Kumar, IANS Washington : Eyeing a potential $40 billion arms market, including a new multi-role fighter aircraft and missile-defence systems, the US is hoping to forge a long-term military relationship with India. "A significant Indian defence purchase from the United States - for example, of the new advanced multi-role combat aircraft that the Indian Air Force seeks - would be a great leap forward and signal a real commitment to long-term military partnership," a senior US official said.

India is fastest growing internet market

By NNN-PTI
 
Kolkata : India is the fastest growing internet market in the world with over 23 million active internet users, holding out prospect of a larger growth in the number of netizens.

The top eight metros were driving the growth of internet in India with fast growing adoption in smaller cities, said Manish Agarwal, Vice-President (Marketing) of rediff.Com, one of the leading online community portals.

Indian markets continue to test bottom

By IANS Mumbai : The Indian equities markets maintained their downward plunge in afternoon trades Friday as data showing a surge in inflation further dampened sentiments of already weak markets. All the sectoral indices were in the red. The worst hit were metal, realty, banks, power, oil and gas, consumer goods sectors, which were all down over 4 percent. At 1:14 p.m., the 30-share sensitive index (Sensex) of the Bombay Stock Exchange was down by 834.55 points or 5.05 percent at 15,707.153.

Indian equities end with marginal gain

By IANS Mumbai : The Indian equities market ended Wednesday with a marginal gain after starting the day on a firm note. The Sensex, the 30-share benchmark of the Bombay Stock Exchange (BSE), opened at 16,023.30 points and notched a high of 16,236.70 before closing at 15,750.40 points. It went up by 123.98 points or 0.79 percent compared to Tuesday's close. The National Stock Exchange (NSE) S&P Nifty, which opened at 4,741.40 points, closed at 4,754.20, after touching the day's high of 4,916.75. It closed 14.63 points or 0.13 percent higher, compared to its previous close.

Industrialised countries water down commitment to fight climate change

By Joydeep Gupta, IANS Bali : Industrialised countries Monday significantly watered down their commitment to fight climate change by getting a draft statement changed so that there is now no talk of them having to use a 25-40 percent reduction of greenhouses gas (GHG) emissions as the reference point for a post-2012 world. As the UN conference on climate change here got into hard-nosed negotiations at the start of its crucial second week, Canada was suspected by international NGOs to be behind the major change in the draft statement between Sunday and Monday.

SEBI bans 14 insurance companies from selling ULIPs

By IANS, Mumbai: Market regulator Security and Exchange Board of India (SEBI) has banned 14 insurance companies from selling Unit-Linked Insurance Products (ULIPs). The companies are Aegon Religare, Aviva, Bajaj Allianz, Bharti AXA, Birla Sun, HDFC Standard, ICICI Prudential, ING Vyasa, Kotak Mahindra, Max New York, Metlife India, Reliance Life Insurance, SBI Life Insurance and TATA AIG.

General Electric chief ‘paranoid’ over economic downturn

By IANS, New Delhi : US giant General Electric's chief executive Jeffrey Immelt says he is “paranoid” about the economic downturn, and plans to lower the company's exposure in the financial sector. “What we've learnt is that making us feel like that (that the worst is yet to come) is dangerous. I am paranoid and we are ready for whatever eventuality that might take place,” the head of the 130-year-old organization, which has interests in financial services, electronics and television networks, said in an interview to news channel NDTV at GE's headquarters in Connecticut.

Indian stock market opens with decent gains

By IANS Mumbai : The Indian capital market opened on a strong note Wednesday in alignment with global peers. Just minutes after the opening bell, the benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was posting a gain of 97.39 points or 0.51 percent at 19,225.12. The broader S&P CNX Nifty of the National Stock Exchange (NSE) advanced 35.95 points or 0.48 percent to 5,734.

Intel to roll out portable PCs in Indian schools

By Fakir Balaji, IANS

Jaipur : Global chipmaker Intel Corp is all set to roll out its Classmate PC, a portable mini-notebook, in Indian schools from August to digitally enhance the existing teaching format.

The Indian subsidiary of the $39-billion silicon firm has tied up with HCL Infosystems to hard sell the novel educational tool in thousands of schools across India for empowering students and teachers with computer literacy.

West Bengal government to sell potatoes

By IANS, Kolkata : Following a steep rise in prices of potatoes, the West Bengal government Thursday announced that it will now sell the tubers at Rs.13 per kg in the markets in and around Kolkata. "The government will directly buy potatoes from the cold storages in the state and will sell them at Rs.13 per kilogram in 12 different vegetable markets in and around Kolkata," Finance Minister Asim Dasgupta said. He said the service will be introduced from July 11 keeping in mind the growing potato crisis and rise in its prices.

Satyam Rajus’ bail plea dismissed

By IANS, Hyderabad : A court here Wednesday dismissed the appeal of Satyam Computer Services disgraced founder B. Ramalinga Raju, his brother B. Rama Raju and the company's former chief financial officer Vadlamani Srinivas for bail in the Rs.70 billion (7,000 crore) fraud case. S. Bharat Kumar, lawyer for the Rajus, said his clients have the option to move the same court again for bail or appeal to a higher court. "We will take a decision in the next two days," he said after the sixth additional chief metropolitan magistrate D. Ramakrishna rejected the bail plea.

Hit by slowdown, Orissa steelmakers seek bailout

By Jatindra Dash, IANS, Bhubaneswar : Orissa's sponge iron industry has been hit hard by the economic slowdown, notwithstanding a rush for new projects in the state, forcing existing players to cut production and downsize workforce, government and industry officials said. A steep fall in prices in the global market and high raw material costs have led the 100-plus sponge iron factories in the state, producing more than 1.2 million tonnes, to look at ways to cut costs while demanding a bail-out package from the state government.

SBI may review rates by May-end

By IANS, Kolkata : State Bank of India (SBI), the country's largest lender, may review rates by May-end as it has seen a steady rise in deposits last fiscal, a top official said here Friday. "Our deposits are growing at fantastic rates; we see an excess of supply over demand," SBI chairman O.P. Bhatt told reporters on the sidelines of the inauguration of the bank's inward remittance division. "We will see if further tweaking of deposit rates is required," he said, adding that in 2008-09 the bank increased its market share of deposits phenomenally.

Reliance Energy IPO sets world record

By IANS Mumbai : The initial public offering (IPO) by Reliance Energy has created a world record by garnering an astronomical $190 billion. "It will be go down as the largest ever subscription in any IPO anywhere in the history of global capital markets," a beaming Anil Ambani said here Saturday. "The IPO came at a time when the Indian markets and global markets were down. The IPO attracted a record subscription of $100 billion from foreign investors, which equals 40 percent of India's foreign exchange (Forex) reserves," he added.

Indian firm wins first legal tussle in Nepal over power

By Sudeshna Sarkar, IANS Kathmandu : Indian construction and power project developer GMR Group has crossed its first legal hurdle in Nepal, with the apex court refusing to heed private petitioners who urged that the firm's newly signed hydropower pact be stopped. The Hyderabad-based group became the first Indian company to break the jinx on Indian investment in Nepal's thorny hydropower sector by bagging a deal from Nepal's government to develop the 300 MW Upper Karnali hydropower project.

Central Bank not to cut Interest rates

By IANS Mumbai : The Central Bank of India is in no hurry to cut interest rates, according to chairman and managing director H.A. Daruwalla. "At present we are offering the lowest interest rates in the home loans sector. We will wait and watch the situation," Daruwalla told IANS. "This is the last quarter of the year where rates normally tend to increase. It would be unwise to say how rates will move during the next six weeks. We must also consider the demand-supply gap," she added.

Airtel still in talks with South Africa’s MTN

By IANS, New Delhi : India's leading telecom operator Bharti Airtel is still in talks with South African telecom giant MTN for a possible merger, a top official said Thursday. "Talks are going on between Bharti Enterprises, the parent of Bharti Airtel, and South Africa's MTN Group to form a global business combination," Akhil Gupta, managing director of Bharti Enterprises, told reporters. He, however, did not give details. The companies revived talks in May this year.

Rising rupee poses a problem: Chidambaram

By Arun Kumar Washington, Sep 26 (IANS) Finance Minister P. Chidambaram says the Indian rupee's continuous rise against the dollar has brought the country up against the problems of an appreciating currency with a challenge to its exports and tax revenue. "The depreciation in the value of the dollar versus the rupee has thrown up unexpected downside risks," he said in a lecture at the Peterson Institute for International Economics here Tuesday.

Bajaj auto workers union to meet on Sunday

By V. Vijayalakshmi, IANS Pune : The workers' union of Bajaj Auto Ltd's (BAL) controversy-struck Akurdi Plant has decided to meet here Sunday. All 1,400 workers - who have been sitting on the bench since Sep 1 after the management decided to close the plant near this city - will attend the meeting. This meet is being seen as a preparation for the workers' interaction with the BAL management scheduled next week.

Sensex closes 45 points down; Nifty slips below 6,000

By IANS, Mumbai: A benchmark index of Indian equities fell 45 points in a choppy session Monday on selling pressure in metals, power and telecom stocks.

Jet, Kingfisher mull stake in Sri Lankan Airlines

By Neelam Mathews, IANS New Delhi : Naresh Goyal-controlled Jet Airways and Vijay Mallya's Kingfisher Airlines are among a host of carriers looking at acquiring a 43.6 percent stake in Sri Lankan Airlines, aviation industry officials said. The two carriers will be looking at buying the stake presently held by Emirates Airlines in the Sri Lankan carrier once their 10-year shareholder pact expires April 1, the officials added. The Sri Lankan government holds 51 percent stake in the carrier, while employees hold the rest.

Maharashtra chief minister woos investors across USA

By IANS

New York : Maharashtra Chief Minister Vilasrao Deshmukh has been doing a hardsell of the state as an investment destination to American investors during his current four-city trip during which he has promised to clean up Mumbai and make it more attractive to stay and do business in.

China wants its own Bangalore, invites Indian IT firms

By IANS Mumbai : China has invited Indian IT and business process outsourcing companies to set up more units in its IT parks and build them up at par with those in cities like Bangalore, Chennai and Pune. A delegation from Wuxi, an emerging economic zone in the Yangtze river delta, met representatives of software industries here and expressed a desire to convert their district into a "Bangalore of China".

MICEX, RTS partially closed Friday

By RIA Novosti, Moscow : Russian bourses Moscow Interbank Currency Exchange ( MICEX) and Russian Trading System (RTS) were partially closed Friday on instructions from the financial markets' regulator. Prior to their usual 10.30 a.m. Moscow time (0630 GMT) opening, both exchanges said they would remain closed and were awaiting further instructions, although an RTS spokesman said it would allow trading in repo contracts and bond repurchases. There was no immediate official word on when the two bourses will resume trading.

Disney plans billion-dollar theme park revamp

By DPA Los Angeles : The Walt Disney Company is planning to spend $1.1 billion to revamp its California Adventure theme park, which has been a disappointment to visitors since opening next to the famous Disneyland resort six years ago, the Los Angeles Times reported.

India, Norway to sign pact on fisheries

By IANS, New Delhi : India and Norway will expand cooperation by signing an agreement on the development of the fisheries sector, Science and Technology Minister Kapil Sibal said here Friday. “The cabinet today gave its approval for the signing of a memorandum of understanding on bilateral cooperation in the field of fisheries between India and Norway,” Sibal told reporters after the meeting chaired by Prime Minister Manmohan Singh.

Central government promises textile park to Kerala

By IANS, Kannur (Kerala) : Union Minister of Textiles Shankersinh Vaghela has said the central government will consider sanctioning projects like an integrated textile park in Kerala's Kannur district if adequate land is provided. Vaghela was speaking at a development seminar, Kannur Vision 2020, organised by the district committee of the Congress party here Sunday. Kannur district, around 300-km north of Kochi, is a major handloom textile centre in the state.

Birla Tyres resumes production at Orissa plant

By IANS, Bhubaneswar : Birla Tyres, a unit of the BK Birla Group company Kesoram Industries, resumed production at its Orissa plant Monday, a company official said. The factory at Balasore town, some 200 km from here, was closed down temporarily Feb 16 for the third time on account of poor market conditions. "We resumed full production today (Monday) even though the market condition has not yet improved. We will review the situation after 10 days," a senior plant official told IANS on condition that his name should not be disclosed because he is not authorised to speak to the media.

Equities end in red, key index down 200 points

By IANS, Mumbai : Bears once again had the last laugh Tuesday as Indian equities markets slipped into the red again late afternoon after being in positive territory for most of the day with a key index closing more than 200 points lower than its previous close Monday. Unrelenting selling pressure at the higher levels led to the markets finally going into the red, analysts said while explaining the market movements.

Indian auto industry in top gear despite global gloom

By V. Jagannathan, IANS, Chennai : Even as global auto majors went into reverse gear in 2009, the Indian industry largely bucked the trend, launching new models for the domestic market and registering significant growth in exports. The year saw the commercial rollout of the world's cheapest car, Tata Nano, as also some expensive models like the Rs.37.5-million (about $750,000) Phantom and the Rs.25-million ($250,000) Ghost (both from Rolls Royce), apart from Volkswagen's famed Beetle, priced at Rs.2 million ($40,000).

Britain to announce rescue package for banks

By DPA, London : The British government Tuesday approved a comprehensive rescue package to stabilize the banking system with a capital injection of an estimated 50 billion pounds ($87 billion), the BBC reported. In addition to the capital boost, aimed at shoring up the balance sheets of leading banks, the agreement includes the creation of a standby facility for the provision of any funds that might be needed to guarantee the day-to-day operations of banks.

Assuring high growth, India’s Economic Survey calls for sweeping reforms

By IANS, New Delhi : The Indian economy can expand as much as 7.75 percent this fiscal, says the country's Economic Survey for 2008-09, while calling for sweeping reforms in areas like foreign investment, divestment, taxation and the subsidy regime. "If the US economy bottoms out by September 2009 there would be good possibility for the Indian economy repeating its 2008-09 performance," said the country's annual economic report card tabled in parliament by Finance Minister Pranab Mukherjee.

Himachal Pradesh to set up 2,070 information kiosks

By IANS, Shimla : The Himachal Pradesh government has inked an agreement with Tera Software Ltd and GNG Trading Pvt Ltd to establish 2,070 information kiosks in Shimla and Mandi divisions, a senior official said here Tuesday. "The kiosks would provide online services in rural areas and people would be able to access the services without visiting district and subdivision headquarters," Secretary of the Department of Information Technology B.K. Aggarwal told IANS.

Third ‘stimulus like’ package by month-end: Commerce Secretary

By IANS, New Delhi : The government will come out with a "stimulus like package" by the end of this month to help the country's corporate sector tide over the impact of the current global financial crisis, Commerce Secretary G.K. Pillai said Thursday. "I don't think it would be a stimulus package like we had earlier but will be like that," Pillai said here on the sidelines of the International Plastic Conference, referring to two packages announced since December to pump-prime the economy.

Vodafone asked to refund money charged to users

By IANS New Delhi : The Telecom Regulatory Authority of India (TRAI) Thursday ordered Vodafone-Essar, a leading telecom operator, to refund all money that it has charged for providing value added services to its subscribers without their approval. "The authority had received complaints from the subscribers of Vodafone-Essar Mobile Services Ltd regarding provision of value- added services without consent," TRAI said in a statement. The firm admitted to "technical error", it added.

Market plunges following weak global cues

By IANS, Mumbai : The Indian equities market was trading with huge loss at the early trade Tuesday following weak global cues. Banking, telecom and select technology stocks were under selling pressure. The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a loss of 263.43 points at 13,067.08 points. Five minutes into the trade, the sensex was trading at 12,967.31 with a loss of 363.50 points or 2.72 percent.

Hanoi’s red-hot property market changing city’s character

By Matt Steinglass, DPA Hanoi : Developers are predicting another red-hot year for property in this Vietnam city, with retail rents rising to $200 per sq metre per month, new high-rise projects going up across the city, and the rice fields to the city's west and north transforming into suburban villas and shopping malls. This is good news for some, but bad news for others. With its cramped medieval Old Quarter, French colonial avenues, and scattered lakes and pagodas, this city of four million had long retained the feel of an overgrown village.

Perlos’ India plant starts operations

By IANS Sriperumbudur (Tamil Nadu) : Perlos Telecommunication and Electronic Components (India) Pvt Ltd, a subsidiary of Finnish mobile phone casings manufacturer Perlos Corp, has started production here Thursday. Inaugurating the Indian plant, Matti Virtanen, president and CEO of Perlos Corp, said the plant had sufficient space to double production. Built at an outlay of $30 million inside the Nokia Telecom Park, a special economic zone, Perlos' plant has a capacity to make six million instruments every month.

Cuba hosts Central American energy cooperation summit

By Prensa Latina Havana : Twelve developing economies from Central America and the Caribbean will meet Friday in the Cuban city of Cienfuegos in a bid to work out a mechanism for energy cooperation. The fourth Petrocaribe Summit will review the implementation of agreements and exchange opinions on efforts to consolidate it as a mechanism of energy cooperation and integration in the region.

Aviation fuel price hiked again

By IANS, Mumbai : Oil companies Monday hiked the price for aviation turbine fuel (ATF) by almost Rs.3,000 ($75) effective from Tuesday. This is the seventh price hike of ATF in the past six months. According to figures obtained from Indian Oil Corporation Limited (IOCL), ATF in Mumbai will cost Rs.71,630 per litre, up from Rs.68,626, whereas in New Delhi it will cost Rs.69,097 against Rs.66,226. With the new fuel price hike, most airlines are again expected to pass on the burden to the passengers.

Banks, ATMs mobbed for third day

New Delhi : Tens of thousands of anxious people massed outside banks and ATMs here on Saturday for a third day to deposit or...

Ratlam-Akola railway line to be made broad gauge

By IANS New Delhi : The metre gauge railway line linking Ratlam-Mhow-Khandwa in Madhya Pradesh and Akola in Maharashtra will be converted to broad gauge. The Cabinet Committee on Economic Affairs (CCEA) presided over by Prime Minister Manmohan Singh Thursday approved the railway ministry proposal. "The work would involve 472.64 km and entail an expenditure of Rs.14.21 billion," Information and Broadcasting Minister Priya Ranjan Dasmunsi.

Cherish India’s growth, I’ll tackle inflation: Mukherjee

By IANS, New Delhi : Finance Minister Pranab Mukherjee Friday assured every step to tame inflation, which he feels may be higher than 8.5 percent by end-March, and said a 7.2-percent economic growth was not a fantasy given the industrial rebound. "A 7.2-percent growth is not my pipedream, even though I have given up smoking pipes," Mukherjee told the Lok Sabha, the lower house of parliament, replying to a debate on the federal budget for the next fiscal, which he had tabled Feb 26.

Now Nifty breaches 5,000-point mark

Mumbai, Sep 27 (IANS) A day after a key Indian equities index topped the 17,000-point mark, another broad based index scaled the 5,000-point level for the first time ever Thursday, as stocks registered gains for the seventh straight day. The 50-share index of the National Stock Exchange (NSE), called the S&P CNX Nifty, saw a major rally in early hours of trading Thursday and surged 75.05 points to touch 5,015.55. It took the index 55 trading sessions to reach the 5,000-point mark from 4,000, compared with 203 sessions for breaching the 4,000-point level from 3,000.

Railway Budget Highlights – 6 last

* New governance structure required; more decentralisation and deregulation; accounting system to be revamped * Resources to be generated through public-private-partnerships * Suburban network in Mumbai,...

Balance of economic power shifts to developing nations

By Andrew McCathie, DPA, Berlin : The Group of 20 (G20) is likely to face a test next year of its new-found role as the world's top economic forum. Apart from its planned makeover of the world financial system, the G20 major industrial powers and the leading emerging economies will also begin rolling back the big fiscal stimulus packages launched by governments to counter the recession.

India’s $111 Billion Remittance Inflow: Triumph or Symptom of Economic Challenges?

Shriya Sharma, TwoCircles.net New Delhi: The landmark World Migration Report 2024, released by the International Organization for Migration (IOM) on May 10, 2024 and corroborated by data...

Slower economy cools down Indian realty market: experts

By Fakir Balaji, IANS, Panaji : It's time for a reality check for the Indian realty market, which is coming to terms with the downturn after riding on the economic boom over the last four to five years. "The economic slowdown, high interest rate, tight liquidity and the sub-prime crisis in the US are having a cascading effect on the Indian realty market," global realty consultant Cushman & Wakefield executive managing director (South Asia and Australia) Sanjay Verma said.

Maharashtra sect up in arms against Dow Chemicals unit in Pune

By IANS, Pune : Followers of the Varkari sect in Maharashtra Friday intensified their agitation against Dow Chemicals to press their demand for closure of the multinational company's unit near here for alleged pollution. The Varkaris staged a protest in Chakan, Alandi and Khed sub-districts. The Varkaris, known for their peace loving nature and devotion to Maharashtra's reigning deity Vithoba of Pandharpur, are up in arms against the infamous Union Carbide's sister concern setting up its Research and Development unit at Shinde Vasuli near Chakan, about 25 km from Pune.

Scottish MNC accused of under-paying Indian workers

By IANS, London : Scottish cash machine manufacturer NCR is facing accusations of paying its Indian workers less than the national minimum wage. Dundee West MP Jim Mcgovern claimed workers from India at the multinational company's Dundee plant were being paid 2.80 pounds ($5.57) per hour, equivalent to their wages back home. The national average is 5.52 pounds. Mcgovern also said the company transferred 10 workers from India to Scotland before announcing plans to cut 51 jobs at the plant. Even the jobs of the foreign workers are now under question, reported the BBC.

OPEC crude price continues to slide

By DPA, Vienna : The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) fell by another $0.77 Monday, OPEC said Tuesday. One barrel (159 litres) of OPEC crude stood at $56.80 Monday, compared with $57.57 at the end of last week. Since the end of September, the basket price based on 13 brands produced by cartel members has dropped by $33.52.

Market ends with gain for second straight day

By IANS, Mumbai : The Indian equities market ended Wednesday with a marginal gain for the second consecutive day amidst extreme volatility. Strong global cues triggered a gaining rally in early trade. However, profit booking by investors erased most of the early gains and by afternoon, the market turned flat but ended the day in the positive zone.

Global carbon market grows 80 percent

By Joydeep Gupta, IANS New Delhi : The global carbon market grew by 80 percent in 2007, says a report by Point Carbon, a firm that analyses the international trade that has developed in an effort to address climate change. India has become the largest beneficiary of the trend since 2006.

Telecom minister to open Infocom meet Thursday

New Delhi: Communications and Information Technology Minister Ravi Shankar Prasad will on Thursday inaugurate a two-day conference on business, technology and leadership, Infocom, here...

Time to give strategic cast to India-Africa ties: Experts

By IANS, New Delhi: With a growing global interest in India's engagement with Africa and China's surge in the region, experts and officials Wednesday pitched for imparting a strategic vision to the burgeoning economic and diplomatic ties between New Delhi and the resource-rich African continent. Gurjit Singh, joint secretary in charge of East and South Africa in the external affairs ministry, outlined key features of India's Africa policy that revolves around increased trade and investment, capacity building and training.

Wall Street rebounds after big dip in oil prices

By DPA, New York : Major US stock market indices halted a three-day slide after the price of oil fell Thursday. The price of crude oil on the New York Mercantile Exchange (NYMEX) dropped 4.75 dollars per barrel to close at $131.93 per barrel. The oil market moved after the Chinese government announced a hike in subsidized petrol prices. China, the world's most populous country, has one of the fastest growing economies and is the second- largest consumer of oil, trailing only the United States.

Zimbabwe issues 10-billion-dollar note

By DPA, Harare : Zimbabwe's central bank Friday issued a 10-billion-Zimbabwe-dollar banknote, as inflation drove the value of the currency to new depths, according to state radio. A bulletin said the 10-billion-dollar note, issued simultaneously with 1-billion and 5-billion-Zimbabwe-dollar notes, "would go a long way in improving workers' access to cash." Only a week ago new notes of up to 500 million Zimbabwe dollars in value were issued in a bid by the Reserve Bank to ease mammoth queues at banks around the country caused by acute cash shortages.

Trinamool takes anti-Nano protest to Tripura

By IANS, Agartala : The opposition Trinamool Congress Wednesday held a demonstration here against Tata Motors' Nano project at Singur in West Bengal. "We are with those unwilling farmers whose land had been taken forcibly to set up Tata's Nano car project," said Arun Chandra Bhowmik, chairman of the Trinamool Congress Tripura unit.

Murjani group to close down all Build-A-Bear Workshops

By IANS New Delhi : Mumbai-based Murjani group, a leading global brand development firm, which owns the franchise for the US-based company Build-A-Bear Workshop is set to close all its retail-entertainments stores that sell customised stuffed toys.

Charter flight service takes off in northeast India

By IANS, Agartala : The Kolkata-based private airline Northeast Shuttles Ltd (NSL) Thursday announced that it has launched a chartered flight service in the northeast region. "The civil aviation ministry has given approval to operate this non-scheduled and charter passenger service, first-of-its-kind in the northeast," NSL managing director Sheba K. Mani said. "Our motto is to boost tourism and also to promote regional development in the northeast and to provide access to the small cities, towns, and remote areas of the region," she added.

Global economic expansion to slow down: IMF

By Xinhua Washington : The global economy will slow its continued expansion due to the recent financial turmoil trigged by the US sub prime mortgage difficulties, according to the World Economic Outlook released by the International Monetary Fund (IMF). "Credit conditions have tightened as increasing concerns about the fallout from strains in the US sub prime mortgage market led to a spike in yields on securities collateralised with such loans as well as other higher-risk securities," said the report released Wednesday.

BPO exports grow 21.4 percent

By IANS, New Delhi : India's third party business process outsourcing (BPO) services exports in 2007-08 grew 21.4 percent to Rs.264.23 billion, up from Rs.217.60 billion in the previous fiscal, according to a new study. In dollar terms, the growth was even more impressive at 36.6 percent to $6.6 billion, up from $4.8 billion last fiscal, said the study by Dataquest, the flagship publication of the CyberMedia group.

Indian in Britain awaits apology for ‘racial bias’

By Shyam Pandharipande, IANS Nagpur : More than two months after winning a racial discrimination case against a British telecom firm, an Indian management student in the University of Northampton is still waiting for a formal apology from the company. Talk Talk Direct Ltd., the call centre arm of leading landline service provider Carphone Warehouse Group, had called back Chetankumar Meshram in the middle of a training assignment in Delhi because his accent was not 'English enough'.

Insurance firm plans to bypass agents

By IANS, Chennai : In the distributor-driven Indian insurance market, Aegon Religare Life Insurance plans to toy with direct sales as part of its strategy to break even in three years. On an experimental basis, the company - a joint venture between the Religare group (44 percent stake), Bennett Coleman and Co. (30 percent), and the Netherlands-headquartered Aegon (26 percent) - intends to open four direct sales branches.

L&T bags electrical projects worth Rs.6.35 bn in Gulf

By IANS, Mumbai : Indian construction major Larsen and Toubro (L&T) has bagged four electrical projects worth Rs.6.35 billion (over $145 million) from the UAE and Oman in the Gulf region, the firm announced Tuesday. Giving details of the projects, the company said two of these orders valued at Rs.5.21 billion were granted by Abu Dhabi Water and Electricity Authority (ADWEA) for the construction and erection of five power sub-stations, including the laying of cables for power supply.

Indian Industries Association to promote small enterprises

By IANS, Lucknow : The Indian Industries Association (IIA) of Uttar Pradesh has announced that it has applied for empanelment in the Rajiv Gandhi Udyami Mitra Yojana (RGUMY), under which the body would assist young entrepreneurs to set up industries in the state. RGUMY, which was launched earlier this year by the ministry of micro, small and medium enterprises for promoting micro industries, had invited applications from industry bodies to train and monitor small enterprises under the scheme.

More Highlights of Indian budget (Part 11)

By IANS Foreign Exchange Derivatives Market to be set up Coal regulator to be set up Textile upgrading funding to get Rs.10.9 billion National highways to get Rs.129.7 billion Rs.440 million to improve infrastructure at 22 Sainik schools

Indian equities market opens in green

By IANS, Mumbai : The Indian equities market Thursday opened with a positive gap tracking strong Asian cues. The 30-share benchmark sensitive index of Bombay Stock Exchange (BSE) opened with a gain of 90.35 points at 16,288.76. At the same time, the S&P Nifty of the National Stock Exchange (NSE) opened at 4,890.60 with a marginal gain of three points compared to its previous close.

PM Manmohan to hold talks with Gulf nations on sourcing natural gas

By NNN-PTI, New Delhi : Prime Minister Manmohan Singh's maiden three-day visit to energy-rich Gulf nations from on Saturday is expected to feature discussions on sourcing natural gas to address India's food and energy security needs. Singh's discussions with the heads of state in Oman and Qatar are likely to be on sourcing feedstock for the joint venture fertiliser company in Oman as also liquefied natural gas for use back home, officials said.

Indians’ indifference to health frustrates insurers, fitness chains

By James Jose, IANS, New Delhi : What do fitness chains and life or health insurance companies in India have in common? The answer: Consumer apathy. Wellness companies and life insurers had started wooing the Indian middle class thanks to its rising income levels and dramatic changes. But much to their surprise, they have realised that Indian consumers don't always care enough about being fit or ensuring contingency funds for the future.

Lok Sabha discusses National Waterways Bill

New Delhi : The Lok Sabha on Monday discussed a bill that provides for declaring certain inland waterways as national waterways. The National Waterways Bill,...

‘Increased borrowing will hamper interest rate cuts’

By IANS, New Delhi : The high government borrowing targets will leave very little room for interest rate cuts, Cabinet Secretary K.M. Chandrasekhar said Friday, adding that the troubled time is yet to come for the Indian Economy. "The high borrowing will leave little fiscal headroom for interest rate cuts," Chandrasekhar, the country's highest-ranked bureaucrat, told reporters on the sidelines of the annual summit of the Confederation of Indian Industry (CII). At the same time, he said, private banks were not doing enough to bring down interest rate.

Inflation data to be released Thursdays

By IANS, New Delhi : The government has decided to release inflation data on Thursdays instead of the current practice of announcing it on Fridays to avoid the leakage of the sensitive information. The decision was taken in the wake of a few instances where the sensitive data was leaked before the official announcement, creating unnecessary hype and panic in the market, a commerce ministry official said Wednesday.

Tata-owned Corus to shed 3,500 jobs: Report

By IANS, London : Workers unions were seeking urgent talks with Corus Monday after the Tata-owned steelmaker was said to be considering shedding up to 3,500 jobs. Although none of its plants will close down, unattributed media reports over the weekend and Monday said up to 10 percent of Corus's 24,000 workforce in Britain could be cut, raising fears of a general wave of British redundancies this week.

Rajasthan offers concessions to Honda Siel

By IANS Jaipur : The Rajasthan government has offered a host of concessions to Honda Siel Cars India Ltd (HSCI), which is setting up a new manufacturing facility in Alwar district with an initial investment of over $230 million. While providing sops to the company, the state government said in various notifications that it has decided to offer a 50 percent exemption on electricity duty, a lower central sales tax of 0.05 percent with respect to the sales of cars, sub-assemblies, spare parts and components manufactured by the company in Rajasthan.

US stocks mixed at week’s end on positive economic data

By DPA, New York: US stocks ended the week mixed as a key gauge of the US economy's performance released Friday suggested the country's recovery was beginning to gather steam.

Indiabulls to acquire Dev Property for Rs.10.9 bn

By IANS Mumbai : Realty major Indiabulls Real Estate Ltd (IREL) will acquire the entire stake of realty investment firm Dev Property Development for Rs.10.9 billion ($270 million). In a communication to the Bombay Stock Exchange Thursday, the company said the board of directors has approved the purchase of 100 percent of ordinary shares in the firm. Dev Property is listed at the Alternative Investment Market (AIM) of the London Stock Exchange.

Tax revenues to cross Rs.5 trillion by 2010: Assocahm

By IANS

New Delhi : India's revenues from corporate tax, income tax, custom and excise duties, and service taxes will touch Rs.580,816 crore (Rs.5.80 trillion or $143 billion) by 2009-10, according to a study.

Equity markets go flat

By IANS, Mumbai : Indian equity markets failed to hold on to the smart gains of Tuesday morning, as a key index dropped to hover just about 0.3 percent higher than its previous close, a little before noon. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading at 9,565.60 points around noon Tuesday, a rise of 32.08 points or 0.34 percent from its previous close of 9,533.52 points. Analysts called the early morning rise a technical bounce and felt that it didn't amount to much.

Reserve Bank keeps key interest rates unchanged

Mumbai : In line with expectations, the Reserve Bank of India (RBI) Tuesday decided to keep key interest rates unchanged in its fourth bi-monthly...

Acer readies notebooks with Ferrari design

By DPA

Ahrensburg (Germany) : Two new laptop series from Acer will offer customers fast performance and even a look inspired by the Ferrari racing car.

Markets quiet, still in the red

By IANS, Mumbai : Indian equities markets continued to trade below their last closing figure, with a key index ruling about 0.39 percent below it previous close, a little before noon Wednesday. The Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 9,745.77 points, stood at 9,670.39 points, 0.39 percent or 38.11 points below its previous close at 9,708.5 points Tuesday. The S&P CNX Nifty of the National Stock Exchange (NSE) was at 2,994.2 points, 0.89 percent down than its last close of 3,020.95.

Pilgrim influx benefits Madinah businesses

Madinah : The head of the Tourism Committee and member of Madinah Chamber of Commerce and Industry (MCCI) said pilgrims are expected to spend SR24 billion in Madinah this Haj season.

India, Africa should build ‘equitable global economy’: PM

BY IANS New Delhi : The first India-Africa Summit began Tuesday with a call from Prime Minister Manmohan Singh to work closely with Africa to build a "more equitable global economy and polity" and his announcement of preferential market access for least developed countries, 34 of which are in Africa. Under the duty free tariff preference scheme, India will unilaterally provide preferential market access for exports to all the 50 least developed countries. In addition, India has also decided to increase the line of credit to Africa from $2.15 billion to $9.7 billion.

Mukesh Ambani’s economic zone plan remains stuck

By IANS

New Delhi : A decision on Mukesh Ambani's application for a special economic zone near Mumbai was deferred by a high-level panel Thursday, which gave formal approvals to 23 proposals, including one from the Tatas.

MMTC looks to wheat, corn exports

By IANS, Panaji: With iron ore exports grounded, the Minerals and Metal Trading Corp (MMTC) has begun exporting wheat to make up for the losses through Goa's leading port, an official said.

India blames developed nations’ consumption for food crisis

By IANS, New York : Denying that increasing consumption by the middle class in developing countries has led to the current food crisis, India has blamed it on the developed countries' excessive and unsustainable consumption levels. Speaking at a special meeting of the UN's Economic and Social Council on "The Global Food Crisis", India's ambassador to the UN Nirupam Sen said Wednesday that the consumption trend in the developing countries has existed for a decade and, therefore, cannot explain rising prices over the last one year.

Income tax department to go customer friendly

By IANS Pune : The income tax department is all set to become more people friendly and heralding the change will be a new tax payer service (TPS) to be introduced later this month, a top official said here Saturday. Speaking at a post budget analysis organised by the Confederation of Indian Industries (CII), Chief Income Tax commissioner of Pune M. Narasimhappa said: "Out of all the people who pay tax we don't even get to see 98 percent. We have any kind of interaction only with the two percent who come under any kind of scrutiny.

Factsheet on the Tata group

By IANS New Delhi : A factsheet on the Tata group, India's largest private sector business conglomerate, founded by Jamsetji Tata in the mid 19th century: Past titans: Jamsetji Tata, Sir Dorab Tata, Sir Ratan Tata, J.R.D. Tata, Naval Tata Chief Executive: Ratan Naval Tata, 70 Headquarters: The landmark Bombay House in downtown Mumbai Promoter companies: Tata Sons and Tata Industries Shareholding: About 66 percent of equity capital of Tata Sons held by philanthropic trusts endowed by members of the Tata family

Singapore to import eggs, fish from Andhra Pradesh

By IANS

Hyderabad : The government of Singapore has agreed to import eggs, fish, fruits, vegetables and other food requirements from Andhra Pradesh.

Raipur airport to be upgradeed with Rs.1.36 bn investment

By IANS, Raipur : The Airports Authority of India (AAI) will invest Rs.1.36 billion for construction of a new integrated terminal at the Raipur airport, Civil Aviation Minister Praful Patel said here Friday. "The AAI will be investing Rs.136 crore (Rs.1.36 billion) for a new integrated terminal at Raipur airport to make it an international-standard airport," Patel said here at a function to lay the foundation stone for the new terminal building.

Sensex recovers to close in the green

By IANS, Mumbai : Indian equties markets that opened in the red Monday and stayed in negative territory for much of the day staged a late recovery to close in the green. However, important sectoral indices like realty, automobiles, capitals goods, metals and power took a drubbing. The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 16,641.45 points and notched a high of 16,822.21 before closing at that mark. It gained 85.14 points or 0.51 percent compared to its close Friday.

Iran-Oman aiming for $1B trade exchange

By NNN-IRNA Tehran : Foreign Minister Manouchehr Mottaki said Tehran and Muscat are trying to increase their trade exchanges level in the framework of joint cooperation development from 200 million dollars to one billion dollars. In a press conference with Omani Minister Responsible for Foreign Affairs Yousuf Bin al-Alawi Bin Abdullah here Saturday, Mottaki said, "The two countries intend to promote their trade and economic ties to the level of their political relations."

China to build $1.2-bn helicopter production facility

By Xinhua, Tianjin (China) : China will build a commercial helicopter production base here at a cost of about $1.2 billion, authorities have said. The Aviation Industry Corporation of China (AICC), the country's largest helicopter maker, signed an agreement with the municipal government last week to start work on the base in the first half of this year at a cost of $1.2 billion, Feng Zhijiang, head of the Tian Free Trade Zone, said Monday.

India emerging as global hub for data hosting services

By Fakir Balaji, IANS, Mumbai/Bangalore : Convergence of technologies, domain expertise and falling bandwidth tariffs are making India a hot data hosting and remote infrastructure management (RIM) site for global enterprises, says a top industry player. For the next wave of outsourcing in back office operations, top Indian players such as Reliance Infocomm, Tata Telecommunications, Sify and Netmagic Solutions are bracing up to provide a range of IT managed services, including data hosting, mission critical applications, networking and RIM to domestic and overseas enterprises.

Inflation a short-term challenge: Montek

By IANS, New Delhi : Inflation is a short-term challenge, arising out of crude oil price increase, Planning Commission Deputy Chairman Montek Singh Ahluwalia said here Wednesday. "It is properly handled and should not affect the medium-term average growth rate of 9 percent," he said on the sidelines of a function. Referring to the current fiscal, Ahluwalia said the growth rate could be 8 percent or “a little less than that, say around 7.9 percent”. India's annual rate of inflation hit a 13-year high of 11.42 percent for the week ended June 14.

Syamal Gupta retires as Tata BP Solar chairman

By IANS, New Delhi : Tata group veteran Syamal Gupta has retired as chairman of Tata BP Solar after 53 years with India's largest industrial house. He will be succeeded by the company's chief executive Reyad Fezzani. Gupta, who started his career with the Jamshedpur-based Tata Steel, went on to become chairman of a number of Tata companies including Tata International, Tata Elxsi, Tata Advanced Materials and TCE Consulting Engineers. He has also been instrumental in the international forays of several group companies, a statement issued Friday by the group said.

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.

Sensex opens over 200 points down as oil touches new high

By IANS, Mumbai : Indian equities markets opened in the red Thursday, thanks to a fresh high in international crude oil prices. Oil touched $122 a barrel Wednesday. The market sentiment was also hit hard by the results of UBS Switzerland, which made a provision for sub-prime losses of $17 billion. The fact that other Asian markets were trading weak did not help either.

Tata Steel posts Rs.14.88 bn net profit

By IANS, Mumbai : Tata Steel Ltd, part of the $55 billion Tata Group, Thursday announced a net profit of Rs.14.88 billion for the first quarter of 2008-09 compared to Rs.12.22 billion over the same period last year. The company's total revenues increased to Rs.61.77 billion during the quarter from Rs.43.05 billion in the corresponding quarter last year.

Unfazed by Satyam fraud, Britain hails India success story

By IANS, New Delhi : Unfazed by the mammoth fraud in Indian IT bellwether Satyam, Britain Tuesday hailed India as a “success story”, saying one rotten apple does not soil the whole barrel, even as an optimistic New Delhi urged the international community “not to press the panic button".

Mexican multiplex chain forays into India

By IANS, New Delhi : At a time when Indian multiplexes are going through a dry spell following a tussle with film producers, the world's fifth largest multiplex chain has announced its foray into India with 110 screens across eight cities. Cinepolis, the largest multiplex chain outside the US, will build the first set of theatres in India in the second half of 2009. The facilities will have more than 14 screens at one location, a senior company official said.

Financial markets tumble around the world

By IANS, New York : Stock markets the world over were depressed with key indices in North America, Europe and Asia touching long-term lows and investors worrying about the effectiveness of state efforts to counter one of the biggest economic crises in recent memory. In the US, big losses on Monday sent two major gauges of Wall Street - the Dow Jones industrial average and Standard and Poor's 500 - tumbling to their lowest levels in nearly 12 years.

Iran produced over 10.5m tons petrochemicals in 6 months

By NNN-IRNA Tehran : Affiliated complexes of National Petrochemical Company (NPC) have produced 10.6 million tons of different types of products in the first half of the current Iranian calendar year (started March 21, 2007), said NPC Sunday. The figure is tantamount to 73 percent of nominal capacity, achieving 96 percent of the goal targeted by the plan, reported PIN.
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