Infosys acquires UK SAP consulting firm for $753 million (Lead)
By IANS,
Bangalore : IT bellwether Infosys Technologies Ltd Monday announced the acquisition of United Kingdom-based SAP consulting firm Axon Group plc for $753.1 million (Rs.33 billion) in an all cash deal.
The acquisition process will be completed by November.
"The strategic combination of our groups will accelerate the realisation of our common aspiration -- that of becoming the most respected provider of business transformational services in the global market place," Infosys CEO Kris Gopalakrishnan told reporters at a press conference.
Fuel prices in India may rise Rs.3.50 per litre
By IANS,
New Delhi : Transport fuel prices in India may rise by up to Rs.3.50 per litre if an empowered group led by Finance Minister Pranab Mukherjee decides Monday to permit state-run oil retailing firms to charge market rates for such products.
Petroleum Minister Murli Deora, who is also a member of the empowered group of ministers on fuel pricing, has already briefed Prime Minister Manmohan Singh and Mukherjee in this regard, sources in the oil ministry said, ahead of Monday’s meeting here.
Silver Software expands India operations to spur growth
By IANS
Bangalore : Silver Software, a leading UK-based provider of software and safety engineering services in aerospace, railway signalling and telecom verticals, is expanding its India operations to meet its growth plans in the Asia-Pacific region.
The expansion plans include setting up a full-fledged software development centre in Bangalore and hiring 500 more engineers to take the headcount to about 900 over the next three years. Two-thirds of its engineers work here, while the rest are at its London and Madrid development centres.
Seafood-based products can become popular in middle east
By NNN-Bernama
Dubai : When Kami Food Services Sdn Bhd took part in the Dubai Seafood Expo last month, its manager Daniel Yong also decided to become a "cook" to showcase its frozen seafood products.
He was seen happily cooking away and distributing the tasty food.
Speaking to Bernama, Yong said although surimi/seafood-based products were not well known among people in the Middle East, he was optimistic that it will gain popularity.
This was because many among them have travelled widely and were now aware of the products, he said.
India’s exports up 22 percent in 8 months
By IANS
New Delhi : India's merchandise exports were up 22.08 percent in the first eight months of fiscal 2007-08 at $98.386 billion, but grew by a shade over eight percent in rupee terms due to the rising value of its currency.
As per latest trade data released here Tuesday, exports were up 26.82 percent in November 2007 at $12.425 billion, as against $9.797 billion in the like month of last fiscal. In rupee terms this meant an increase of 11.51 percent.
Himachal Pradesh seeks more power from central pool
By IANS,
Shimla : The Himachal Pradesh government has sought more power allocation from the central pool as the hydropower generation in the state has dipped by around 25 percent after several water channels froze at high altitudes.
Chief Minister Prem Kumar Dhumal has recently written a letter to Prime Minister Manmohan Singh, urging him to allocate 400 MW power to the state on a regular basis, which would help the hill state meet the soaring power demand during winter, a government statement said.
Exim Bank to raise Rs.170 bn this fiscal
By IANS,
Kolkata : The Export Import Bank of India (Exim Bank) plans to raise Rs.170 billion this financial year, a top company official said here Friday.
"We plan to raise Rs.170 billion this year, out of which $1.8 billion (Rs.72 billion) will be foreign currency borrowing," bank chairman and managing director T.C. Venkat Subramanian told reporters.
Last fiscal, the bank raised Rs.140 billion through debt both from overseas and Indian markets.
Markets off day’s high but hold on to gains
By IANS,
Mumbai : Indian equities markets slid from the day's highs but were still ruling considerably in the green about 90 minutes before end of trade Friday, with a key index trading about 303.88 points higher than its previous close.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 11,067.71 points, was up 326.26 points or 2.98 percent and ruling at 11,273.66 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE), gained 2.65 percent from the previous close to rule at 3,458.85 points.
Rajasthan plans E-kiosks for tourist information
By IANS
Jaipur : The Rajasthan government plans to set up electronic tourist information kiosks at important locations in the state.
"We are planning to open 121 kiosks with the help of the private sector. These will help tourists to easily access all the information they need about the state," officials said.
The kiosks would provide detailed information on all the tourist destinations in the state, which includes monuments, forts, palaces and museums.
Pepe Jeans ties up with Renault’s F1 team
By IANS
Mumbai : Leading casual wear brand Pepe Jeans London Ltd said it has signed up with Renault Formula 1 racing team as one of its worldwide sponsors for the next three years.
In a press statement released here Monday, it said Pepe's sponsorship deal would include prominent on-car branding, drivers' suits front-chest branding, team uniforms, garage panelling, drivers' appearances and more.
Sensex down 67.17 points in the afternoon trade
By IANS,
Mumbai: A benchmark index of Indian equities markets was Wednesday trading 67.17 points lower in afternoon trade, led by a selling spree in auto, oil and gas and metals stocks.
`China’s currency exchange rate responsive to market’
By IANS,
Beijing : The exchange rate of the yuan is responsive to market demand and is not being manipulated by the government, a senior official said Wednesday.
Equity markets end with marginal gain
By IANS,
Mumbai : Indian equities markets closed with a marginal gain Wednesday.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 17,065.61 points and touched a high of 17,293.34 before closing at 17,243.16. It went up by 12.98 points at the day's close or 0.08 percent, compared to its close Tuesday.
The S&P Nifty index of the National Stock Exchange, which opened at 5,105.70 points, closed at 5,117.65 points. It went up by 12.70 points or 0.25 percent from its previous close.
Saudi facility signs pact with IBM for nanotech R&D
By IANS
Dubai : Saudi Arabia's King Abdul Aziz City for Science and Technology (KACST) Tuesday signed an agreement with IBM Research to set up a Nanotechnology Centre for Excellence.
Arabian Travel Market 2010 opens in UAE
By IANS/WAM,
Dubai : The Arabian Travel Market 2010, an exhibition showcasing travel and tourism industry in the region, has opened here at the Dubai World Trade Center.
The event was inaugurated Tuesday by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, deputy ruler of Dubai.
The number of participants in the 2010 edition of Arabian Travel Market is 15 percent higher than previous year, according to organisers.
Sluggish work output, over-reliance on oil threats to Gulf economy
By IANS,
Dubai : Over-reliance on oil and gas and sluggish productivity are posing a serious threat to the economic expansion of the Gulf, according to a new report.
According to the report, titled 'Growing Beyond Oil', output per hours worked across the Gulf Cooperation Council (GCC) countries actually fell by 0.2 percent between 2000 and 2007 if the oil and gas sector is excluded.
Taj Hotels buys hotel in San Francisco for $58 mn
By IANS, New York : Taj Hotels, Resorts and Palaces, a part of the Tata Group under the Indian Hotel Company, Tuesday said it has acquired Campton Place in San Francisco - a 110-room, European style luxury hotel - for $58 million.
This is the group's first hotel in East Coast and the third in the country, after the lease entered into in 2005 to operate the The Pierre in New York's Fifth Avenue and full ownership of Taj Boston earlier this year.
India to grow 7-8 percent this fiscal: ICICI chief
By IANS,
Kolkata : Despite the economic slowdown, the Indian economy is likely to grow 7-8 percent in 2009-10, ICICI Bank chief executive K.V. Kamath said here Saturday.
"The quarter-on-quarter growth should now start looking good. We will clearly grow between 7-8 percent in 2009-10," Kamath told reporters on the sidelines of the annual convocation of the Indian Institute of Management-Calcutta.
ArcelorMittal, Tata in race to bag Chhattisgarh mining rights
By Sujeet Kumar, IANS,
Raipur : ArcelorMittal, the world's largest steel maker, and Tata Steel, India's largest private sector steel producer, are locked in a race to win excavation rights to about 100 million tonnes of iron ore reserves in Chhattisgarh, Chief Minister Raman Singh said Sunday.
"As many as five companies, including Tata Steel and ArcelorMittal, are in the race," Raman Singh told IANS. The winner will form a joint venture with the state-owned Chhattisgarh Mining Development Corp (CMDC).
Orchid Chemicals sees Daiichi Sankyo as positive development
By IANS,
Chennai : The Chennai-based Orchid Chemicals and Pharmaceuticals Limited sees the acquisition of majority stake by Daiichi Sankyo of Japan in Ranbaxy Laboratories, India's largest pharmaceuticals company, as a positive development, according to a top company official Wednesday.
"The acquisition of Ranbaxy by Daiichi will not adversely affect us in India or constrict our entry into Japan," K. Raghavendra Rao, Orchid Chemicals managing director, told IANS here.
Challenges await for Microsoft after Bill Gates
By DPA,
San Francisco : Thirty-three years after he founded what has grown to become the richest and most powerful tech company in the world, Microsoft's Bill Gates Friday is relinquishing control of his baby to concentrate on philanthropy.
Gates will give up his full time role at Microsoft and his title as executive chairman. But he will retain the title of chairman and plans to work for Microsoft one day a week.
But though Microsoft can boast of unparalleled earnings and profits, its future is open to doubt as a gaggle of new competitors takes aim at its dominance.
Indian outsourcer HCL acquires data centre in US
By IANS,
Washington : Indian outsourcer HCL Technologies has acquired its first data centre in the US from one of its customers, a report here said. HCL actually acquired the data centre in October but delayed announcing it until this month pending the upgrade of the facility.
HCL also took over the data centre's staff and other operations, R. Srikrishna, senior vice president for sales for the North America business of HCL's Infrastructure Services Division, was quoted as saying by PC World.
India hopes to attract over $35 bn foreign investment
By IANS,
New Delhi : Foreign direct investment in India will top $35 billion this fiscal despite the current global financial turmoil, commerce minister Kamal Nath said here Monday.
"Liquidity will have some impact on FDI investments but that will be minimal,” he said on the sidelines of the India-Brazil South Africa Business Summit, even while maintaining that the $35 billion foreign investment targeted this year would be achieved.
India’s Navayuga Engineering enters UAE market
By IANS,
Dubai : Leading Indian construction firm Navayuga Engineering Co (NEC) has entered the United Arab Emirates (UAE) market with the ground-breaking ceremony of a water-front project by Abu Dhabi's leading master developer Tamouh Investments.
Senior managers of NEC and Tamouh took part in the ground-breaking ceremony for Sector 3, Plot 13 project of the City of Lights at Al Reem Island, 600 metres off the Abu Dhabi coast, an NEC statement said.
German companies urged to Make in India
Frankfurt : In a Make in India networking event with the German corporate sector here, the Indian consul general invited companies to visit and...
LIC offers critical illness cover for group policies
By IANS
Chennai : The Life Insurance Corp of India (LIC) has announced an attractive critical illness cover for its group insurance schemes.
Launching the scheme here Thursday, T.S. Vijayan, chairman of the LIC, told media persons that providing attractive insurance cover is one way of retaining employees, a problem that companies in India face today.
Expecting sizeable business with the new rider, Vijayan said it covers eight major critical illnesses most prevalent in India.
Sensex ends 200 points higher
By IANS,
Mumbai : Buoyed by a good set of corporate earnings, a key index of the Indian equities markets Thursday closed 200 points higher than its last closing figure.
The 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened lower at 15,169.23 points, shut shop at 15,374.37 points -- 200.91 points or 1.32 percent higher than Wednesday's closing figure.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) closed in the positive terrain, 1.27 percent up at 4,570.8 points.
Indian firms lack proper succession plan: survey
By IANS
New Delhi : Most members of India's globally recognised corporate community are not properly equipped with a sound succession plan that has a serious impact on a company's market valuations, says a new survey.
G20 nations meet Saturday to discuss market crunch
By DPA,
Washington : The Group of 20 (G20) that brings together emerging economies and industrial nations will hold an emergency meeting Saturday to consider joint efforts to tackle a debilitating financial crisis.
US Treasury Secretary Henry Paulson will host the gathering in Washington on the sidelines of the annual meetings of the International Monetary Fund and World Bank, and will include finance ministers and central bank heads from the world's largest economies.
Protests continue in Singur over land row
By IANS,
Kolkata : Protests against Tata Motors' small car project at Singur for allegedly forceful acquisition of farmland continued Sunday as the Congress blocked roads and a Trinamool Congress-supported group took out a big rally in the town.
Demanding that the West Bengal government and the Tata Motors return 400 acres taken from "unwilling" farmers, around 1,000 rallyists covered a two-km stretch of Singur - an affluent rural belt of Hooghly district - raising slogans against the state's Communist Party of India-Marxist (CPI-M)-led Left Front government.
Thales-Samtel JV to make global products in avionics
By Vishnu Makhijani, IANS,
New Delhi : French defence and aerospace major Thales says its joint venture with city-based electronic giant Samtel will enable India become part of the global supply chain for civil and military avionics.
"We will design and manufacture global products to make the joint venture a part of the global supply chain," Pierre-Eric Pommellet, senior vice-president of Thales' aerospace division, told IANS here.
Uttar Pradesh to install speed-control devices in buses
By IANS,
Lucknow : The Uttar Pradesh government has directed its road transport corporation (UPSRTC) to install speed-control devices in all its buses, an official said here Wednesday.
"The move intends to check overspeeding of buses that tend to cause road mishaps. Following the government directive, we will ensure fitting of speed-control devices in about 7,000 buses owned by the UPSRTC," Chief General Manager (Technical) A.K. Srivastava told IANS.
Regulator resumes questioning Ramalinga Raju
By IANS,
Hyderabad : The market regulator Thursday resumed questioning the disgraced Satyam Computer Services founder B. Ramalinga Raju in Chanchalguda Central Jail here over the Rs.70-billion (Rs.7,000-crore/$1.43 billion) accounting fraud at the IT bellwether.
Officials of the Securities and Exchange Board of India (SEBI), led by south zone general manager and investigating authority Sunil Kumar, returned to the jail in the morning to question Raju for the second consecutive day.
Photography finding toehold in Indian art market
By Madhusree Chatterjee, IANS,
New Delhi : The humble camera is now the artist's brush in India. Once dismissed as a mundane device to freeze dull official frames like weddings, births, gatherings and graduation ceremonies, the camera is now seen as an alternative genre of collector's art.
Photographers say the genre is booming because of its affordability and easy availability. A good photograph can be replicated into several editions, whereas a painting has one original edition and limited reprints, which rarely fetch buyers.
Kerala minister to scout for investments in the US
By IANS,
Thiruvananthapuram : Kerala's Industries Minister Elamaram Kareem is leaving for a week-long trip to the US to scout for investments, after having lashed out at Prime Minister Manmohan Singh at public meetings for hobnobbing with the Americans.
At a public meeting in Kasargode, north Kerala, Friday, Kareem, a top Communist Party of India-Marxist leader, criticised the prime minister for improving ties with the US.
Speaking to IANS, Kareem confirmed that he is not only meeting top Indian businessmen during his visit but also American companies for investments in the state.
Real estate firm REBI to expand operations
By IANS
Hyderabad : Real Estate Bank International (REBI), a Bangalore-based end to end service provider in the real estate sector, Thursday announced plans to invest Rs.250 million next year to expand its operations in India and abroad.
Axon buyout will protect Infosys from US slowdown: CEO
By Fakir Balaji, IANS,
Bangalore : The acquisition of the Britain-based SAP consulting firm Axon Group plc is part of IT major Infosys' strategy to protect its business from a slowdown in the US and expand its global footprint.
"The buyout is part of our two-fold strategy. In the short term, it will de-risk us from the impact of tech slowdown in the US market though it will continue to be a major revenue contributor," Infosys CEO Krish Gopalakrishnan told IANS.
Add one enzyme, and corn can stand the cold
By IANS,
Washington : Add one enzyme, and corn plants will be able to stand the cold much better, scientists have found. The finding is crucial in a situation where the price of corn - the world's number one feed grain - is going up.
If corn's intolerance of low temperatures could be overcome, then the length of the growing season and yield could be increased wherever they are cultivated.
ICICI Prudential hires ex-servicemen to sell policies
By IANS
Chennai : Mumbai-based private life insurer ICICI Prudential Life Insurance Co Ltd has started hiring former Servicemen as unit managers in rural areas, said a top company official here.
Finding it difficult to get the required manpower, the company decided to tap the retired non-commissioned officers' segment, N.S. Kannan, executive director of the company, told the media here Thursday.
Lloyds TSB takes over HBOS to calm jangly British nerves
By Dipankar De Sarkar, IANS,
London : Lloyds TSB bank took over Britain's largest mortgage lender Thursday in a 12.2 billion pound ($21.3 billion) government-approved
rescue plan aimed at stabilising a jittery financial market.
The acquisition of rival Halifax Bank of Scotland (HBOS) was prompted by a 52 percent fall in the bank's shares Wednesday - a day marked by a global market scare and the nationalisation of American International Group (AIG), America's largest insurer.
Swiss bank UBS to cut 3,500 jobs
By IANS,
London : Swiss banking giant UBS, which employs 6,000 staff in Britain and 65,000 across the world, will chop 3,500 jobs, a media report said.
Bharat Petroleum stake sale under inter-ministerial consideration
New Delhi : The government is planning to sell part of its stake in the Bharat Petroleum Corp Ltd (BPCL) and the issue...
BHEL bags Rs.19 billion Pipavav power contract
By Noor Mohd, IANS
New Delhi : Bharat Heavy Electricals Ltd (BHEL) has won the Rs.19 billion contract from GSPC Pipavav Power Company (GPPC) to implement its 2 x 350 MW gas-based power project in the Amreli district of Gujarat.
"BHEL beat competition from Larsen and Toubro to bag this contract," said Sudir Shah, the company's official in charge of the tendering process.
Sensex ruling dull in noon trade
By IANS,
Mumbai : A benchmark index of Indian equities Tuesday was ruling dull around noon, having dropped from its early highs.
Sensex falls 1.5 percent; metal, realty stocks slump
By IANS,
Mumbai : A benchmark index for Indian markets was trading nearly 1.5 percent down in the Monday afternoon session due to heavy selling pressure in metal, realty and banking stocks.
Iran proposes OPEC to consider another oil cut
By Xinhua,
Tehran : Iran Saturday proposed the Organisation of the Petroleum Exporting Countries (OPEC) to again consider an output cut of one to 1.5 million barrels per day (bpd) to help maintain a balance between oil supply and demand, the state television IRIB reported.
"It is better for a decision to be made for another cut of one million to 1.5 million barrels per day," Iran's OPEC representative Mohammad Ali Khatibi was quoted as saying.
"So that a balance between supply and demand is reached," he added.
No Nandigrams in Andhra Pradesh, says minister
By IANS,
Chennai : Andhra Pradesh has been able to acquire 22,000 acres of land from people "through a peaceful process" for special economic zones (SEZs), a senior minister of the state said here Wednesday.
"Andhra Pradesh does not have any Nandigrams," J. Geeta reddy, minister for major industries, sugar, commerce and export promotion, told mediapersons here.
He added that tracts of land for SEZs were being acquired "through consultations".
Several Pakistani stalls remain vacant at trade fair
By Pupul Dutta, IANS,
New Delhi : Pakistan is partner country at this year's India International Trade Fair that opened Friday, but its exhibitors complain that cumbersome procedures have kept a third of their allotted 75-odd stalls vacant.
Their reason: the merchandise is yet to be cleared by the customs department, with as many as 40 containers stranded at the Wagah-Attari border post alone.
Sensex 339 points up in afternoon trade
By IANS,
Mumbai: A benchmark index for Indian equities Monday built on early gains and was trading 339 points higher in afternoon trade on positive cues from other Asian markets which rose after China announced that it will move towards a flexible currency.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,654.81 points, was ruling at 17,910.73 points, 339.91 points or 1.93 percent up from its previous close at 17,570.82 points.
Maruti to shut production at Gurgaon plant for one day
By IANS,
New Delhi/Gurgaon : Amidst a slowdown in petrol car sales, country's passenger car market leader Maruti Suzuki will observe a daylong shut-down at its Gurgaon plant Saturday.
India, Brazil Boost Economic Links
By Prensa Latina
New Delhi : Brazil and India agreed to boost their relations in agriculture and drug industries including food processing, engineering and aviation on the basis of the south-south cooperation.
Brazilian Prime Minister of Industrial Development and Foreign Trade Miguel Jorge and his Indian counterpart Kamal Nath arrived at those agreements during his visit along with other officials and business executives that will conclude on Friday.
India now second largest market for Nokia
By IANS
New Delhi : India has overtaken US as the second largest market after China for mobile phones manufactured by Finnish giant Nokia, the group's president and chief executive Olli-Pekka Kallasvuo said Thursday.
"India has quickly become one of the largest markets," Kallasvuo, who is on a three-day visit to India, told reporters here, adding that the Nokia facility near Chennai has started exporting handsets to 58 countries.
Construction equipment major fears 15 percent revenue fall
By IANS,
Kolkata : Multi-product construction and equipment manufacturing major JCB India could see nearly 15 percent dip in turnover this year, a top company official said here Wednesday.
"We're expecting around 15 percent drop in our business in the 2008 calendar year, compared to last year, because of the global financial crisis," JCB India managing director Vipin Sondhi told reporters.
Essar wins Nigerian oil block
New Delhi, May 18, IRNA,
Ruias-led corporate house Essar group has won an offshore oil block in Nigeria with reserves of up to 80 million barrels.
Essar Energy Holdings Ltd, a unit of Essar Global, has bagged a shallow water offshore exploration Block 226 in the African country, industry sources said.
Nigeria had offered 45 exploration blocks in its latest licensing round, to which no Indian company except Essar had responded, PTI said.
Sundram Fasteners posts lower profit for 2007-08
By IANS,
Chennai : In spite of gaining Rs.131.5 million ($3.1 million) owing to foreign exchange fluctuations, auto component manufacturer Sundram Fasteners Ltd (SFL) has posted a lower net profit of Rs.694.8 million for 2007-08 against Rs.718.6 million of the previous fiscal.
The total sales marked a marginal increase at Rs.12.07 billion in the period under review against Rs.12.01 billion of 2006-07. SFL exported goods worth Rs.3.41 billion in 2007-08 compared to Rs.3.58 billion in the previous year.
Sensex moves up 80 points in morning trade
By IANS,
Mumbai : A benchmark index of Indian equities Wednesday moved up further after scaling the 20,000-point mark in the previous session.
Debt-ridden Chinese man had 25 credit cards
By IANS,
Beijing: A Chinese man who earned just over $300 a month had 25 credit cards. His parents were forced to sell their house to repay their son's debts.
Oil prices to ease with stable dollar, Iran peace: OPEC chief
By DPA,
Madrid : The president of the Organisation of Petroleum Exporting Countries (OPEC), Chakib Khelil, Tuesday said a steadying of the US dollar and eliminating the possibility of a war against Iran would be factors in stabilizing oil prices.
High oil prices were not caused by a lack of supplies, said Khelil, who is also the Algerian energy minister, during the 19th World Petroleum Congress in Madrid.
Jaitley to meet corporates Friday for budget views
New Delhi: Finance minister Arun Jaitley will meet industry leaders Friday for their views on the budget, to be presented in July.
Jaitley began consultations...
Equity markets flat in early trade
By IANS,
Mumbai : The Indian equity markets were flat in initial trade Wednesday, after a mixed opening. There was selling pressure on banking, IT, technology and auto stocks.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 47.31 points at 15,744.21 points. Ten minutes into trading, it fell to 15,667.52, a loss of 29.38 points or 0.19 percent from its closing figure Tuesday.
Cathay Pacific cuts 10 flights to Canada, US
By IANS,
Vancouver : Cathay Pacific Airways, one of the six five-star airlines in the world, is reducing its flights to North America to cut costs because of high fuel prices.
In a statement issued Monday, the Hong Kong-based airline said it was cutting 10 North American flights and adding eight new flights to Australia and switching its bigger aircraft to 14 more profitable European flights each week.
Violent investors ransack brokerage firm office
By IANS
Ahmedabad : Three stock market investors who broke into a brokerage firm here to demand their money back after failing to get allocation of high-profile Reliance Power shares, were arrested on charges of vandalism, said a police official.
"Investors in Reliance Power Initial Public Offer (IPO), had barged into Karvy Consultancy, a share brokerage firm situated at Ashram Road here, and ransacked the office. They broke furniture and glass panes of a door," said sub inspector B.K. Barot of Navrangpura police station Thursday.
Rice Prices Will Stay High for 10 Years
By Prensa Latina,
Bangkok : Experts in rice cultivation in Thailand, the world ó s number one rice exporter, estimated on Friday that prices will remain high for another decade because supply is insufficient to meet demand.
This perspective means farmers and enterprises should be supported, and investments should be made in research and development Dean Nipon Paupong-sathorn of Thammasat University Economy Department said in a Thai Rice Foundation seminar.
Volvo S60 concept brakes itself to avoid pedestrians
By DPA,
Stockholm : The new Volvo S60 concept unveiled ahead of the Detroit Auto Show later this month features a revolutionary new driver safety system which brakes the car automatically to avoid a collision with a pedestrian.
The technology, know as Collision Warning with Full Brake, monitors the road ahead using both radar sensors and a camera. It recognises not only other vehicles, but pedestrians who step into the path of the car. The system will be available in the production version of the S60 four-door coupe which is due to enter the showrooms in late 2009.
Kerala banks increase education loan portfolio
By IANS,
Thiruvananthapuram : Banks in Kerala have reported a huge increase in the number and amount of education loans sanctioned in the year ended June 30, 2008.
According to the figures released at the two-day State Level Bankers Committee meeting that ended here Tuesday, 12,958 education loans to the tune of Rs.4.95 billion ($110 million) were sanctioned during the period under review, up from 4,132 loans worth Rs.983.4 million for the year ended June 30, 2007.
Sale of Satyam promoters’ stake by lenders feared
By IANS,
Bangalore : The minority holding of promoters in Satyam Computer Services is feared to have been diluted by institutional lenders with which the shares were pledged through a holding firm, the IT bellwether said Monday.
“The promoters had pledged their shares with institutional lenders through SRSR Holding Ltd in September 2006. Their holding would have been diluted if the lenders had exercised the option to liquidate the pledged shares,” the Hyderabad-based company said in a statement.
Equities markets open in the green
By IANS,
Mumbai : The Indian equities markets opened in the green Friday.
The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a gain of 70.84 points at 15,914.41.
The S&P Nifty index of the National Stock Exchange opened at 4,680.55 points with a marginal gain of 3.60 points compared to its previous close.
Highways Authority awards Rs.3.4 bn contract
By IANS,
New Delhi : Hindustan Construction Co. Ltd, an infrastructure development company, has bagged a Rs.3.4 billion order from the National Highways Authority of India (NHAI) to construct a highway near here, the company announced Tuesday.
The order will be for constructing a 4.4-kilometre elevated six-lane highway at Badarpur off National Highway 2 (Mathura Road) near Delhi on a build, operate and transfer (BOT) basis, the company said in a statement.
The concession period is for 20 years including the estimated construction period of 24 months.
Sixth D-8 summit ends on high note
By KUNA,
Kuala Lumpur : The Group of Eight Islamic Developing Countries (D-8) summit concluded here late Tuesday on a high note with leaders agreeing to practical projects in efforts to increase trade and investment.
Malaysian Prime Minister Abdullah Ahmad Badawi said to this end, the private sector must be deeply involved in the programmes outlined in the roadmap agreed to by the leaders for the next 10 years (2008-2018).
Sensex fluctuates between red and green
By IANS,
Mumbai : A key Indian equities index, which gained more than 186 points an hour into Monday's trade, shed the gains later and was fluctuating between the red and green territories in the afternoon session.
About 90 minutes before the closing bell, the 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 11,065.1 points, was down 31.84 points or 0.29 percent to rule at 10,991.25 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE), lost 0.19 percent from the previous close to trade at 3,377.9 points.
Obama chooses former Clinton aide to head budget office
By DPA,
Washington : US president-elect Barack Obama announced Tuesday that he has selected an economic advisor from Bill Clinton's administration to head the White House office that oversees the federal budget.
Peter Orszag, 39, will leave his post as director of the Congressional Budget Office to head the Office of Management and Budget if his nomination is approved by the Senate.
Obama touted Orszag as someone who can help identify wasteful spending and save taxpayer dollars while the United States tries to recover from the growing economic crisis.
Japan commits $1.43 bn to India in new infrastructure loan
By IANS,
New Delhi : Japan Friday committed itself to a Rs.7,158.32-crore ($1.43 billion) loan to India for four infrastructure projects, making the country the largest cumulative recipient of Tokyo's overseas development assistance programme.
The bulk of the assistance, amounting to Rs.4,061.81 crore, is for the second phase of Delhi's mass rapid transit system to help India's national capital cope with increasing traffic, an official statement said.
India extends disputed export incentive scheme
By IANS
New Delhi : A popular export incentive scheme in India, challenged at the World Trade Organisation (WTO), has been given another extension, as the commerce ministry is yet to finalise an alternative mechanism, officials said. The tax refund incentive, called Duty Entitlement Passbook (DEPB) scheme, was about to expire Monday. It had come under severe criticism from the World Trade Organisation (WTO) that called it an export subsidy given by the government.
Key Indian stock index surges 500 points on opening
By IANS
Mumbai : The Indian equities market opened Wednesday with a huge positive gap in line with its global peers. Realty and banking stocks registered gains in initial trade.
The 30-share benchmark sensitive index of the Bombay Stock Exchange opened with a positive gap of 396 points at 16,023.30. Ten minutes into trading, the Sensex reached 16,145.69 points, 519.07 above its previous close.
At the same time the S&P Nifty of National Stock Exchange was at 4879.20 points, up 139.65 from its close Tuesday.
India tops in remittances from migrants
By Arun Kumar, IANS
Washington : With Indians at the top, migrants working in industrialised countries sent home more than $300 billion in 2006 -- nearly three times the $104 billion given in foreign aid to developing countries.
India with $24.5 billion took in more remittance than any other nation. It was followed by Mexico ($24.2 billion), China ($21 billion), the Philippines ($14.6 billion) and Russia ($13.7 billion), according to a new UN study.
Infosys to open IT SEZ in Thiruvananthapuram shortly
By IANS,
Thiruvananthapuram : The IT special economic zone (SEZ) being developed by software major Infosys on a 50-acre plot adjacent to the Technopark IT campus here will open shortly.
The SEZ would have two separate buildings, one is almost ready and work on the other is progressing, said M. Vasudevan, senior business development manager of Technopark.
"Each building has a capacity to seat 1,500 professionals. The first one will open shortly, some last bit of work on common amenities and a food court remains. The other building is also nearing completion," Vasudevan told IANS.
Exide ties up with British research firm
By IANS
Kolkata : Exide Industries Limited, India's leading manufacturer of lead acid storage batteries, Wednesday announced its collaboration with Britain-based research organisation Atraverda Limited to jointly develop bipolar technology to make batteries smaller and more eco-friendly.
"If successful, this would make lead acid batteries smaller, lighter and more environment-friendly. This joint research will enable Exide to develop bipolar lead acid batteries for a range of power storage applications," Exide managing director & CEO T.V. Ramanathan said here.
LIC inks MoU with UIDAI to deliver identity numbers
By IANS,
Mumbai : Life Insurance Corporation of India Wednesday signed a memorandum of understanding with the Unique Identification Authority of India (UIDAI) to act as a registrar for the delivery of the 12-digit identity numbers to the citizens of India.
With this MoU, LIC became the first institutional partner in the UID project from the financial sector. The UIDAI will access the country's largest life insurer's 20-crore strong policy database.
India is fastest growing market for Bell Helicopter
By Arjun Sen, IANS,
Hyderabad : After taking 52 years to sell its first 100 choppers in India, Bell Helicopter expects to sell its next 100 in less than five years as the country has emerged as an important market for the US company, a top official said.
"India is our fastest growing market in the whole world," said Bell's director of communications Greg Hubbard, who was here for the civil aviation show last week.
"When we started our India office in 1995 we had only four percent of the market share; today we enjoy 52 percent market share," Hubbard told IANS.
Late rally helps Sensex end 113 points up
By IANS,
Mumbai : A late rally helped the benchmark index for Indian equities close Thursday 113 points higher than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,087.63 points, closed at 17,211.56 points (provisional), 113.23 points or 0.66 percent higher than its previous close at 17,098.33 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut shop at 5,148.2 points against the previous close of 5,116.25 points, a gain of 31.95 points or 0.62 percent.
India’s hiring outlook most optimistic among 36 countries
By IANS,
New Delhi : India's job market is likely to return to pre-slowdown days in the third quarter of this fiscal as rising consumer spending is spurring demand for goods and services and employers are expecting to hire at a faster pace, a survey showed Tuesday.
"With a net employment outlook of 42 percent, Indian employers report the most optimistic forecast among all 36 countries and territories participating in our survey," said Manpower Inc. in a report.
Thiruvananthapuram Max New York expands presence in Kerala
By IANS
Thiruvananthapuram : Max New York Life Insurance, one of India's leading insurance companies, strengthened its presence in Kerala by opening its general office here.
This is the seventh branch in Kerala that began functioning here Tuesday.
Rajender Sud, the company's senior vice-president (agency)-west and south, said Max New York wanted people to view insurance as a financial protection and wealth creation instrument and not just a tax-saving tool.
Apple sells three million iPads over weekend
By IANS,
San Francisco: Apple announced Monday that it sold three million iPad mini and fourth generation iPad when the products went on sale this weekend.
Go Air to cut another 300 flights
By IANS,
Mumbai : Go Air, the Wadia Group-promoted low cost carrier (LCC) is likely to cut another 300 flights from August in the wake of sky-rocketing oil prices.
Last month, the airline had halved its operations to 800 flights and served pink slips to over 150 employees, a Go Air executive said.
In spite of repeated attempts, Go Air vice president Neeraj Kapoor could not be contacted.
According to an analyst from a leading brokerage firm, LCCs are finding the going tough on account of high operational costs and high fuel prices.
Jet Airways’ market share 26.1 percent in February
By IANS,
New Delhi : Leading private airline Jet Airways Wednesday reported a consolidated market share of 26.1 percent in the domestic segment in February.
Bank interest cuts will not benefit house hunters
By Abhijit Deb and Prabhat Sharan, IANS
Mumbai : The euphoria over banks cutting prime lending rates (PLR) may not spill over to the realty market as bankers and realty firms say they are unlikely to encourage house hunters.
Both state-owned and private sector banks recently reduced their PLRs 0.50 percent from 0.25 percent. This results in a reduction in interest rates of lending, including home loans.
Axis Bank's (formerly known as UTI Bank) senior vice-president Sujan Sinha said the cut in PLR would not affect the property prices in India.
India’s inflation drops to two-year low
By IANS
New Delhi : India's annual rate of inflation based on wholesale prices fell to a two-year low of 3.52 percent for the week ended Sep 1, from 3.79 percent in the previous week, as prices eased for some food items.
This is the third successive week that the inflation rate, based on the Official Wholesale Price Index (WPI), has registered a decline.
It stood at 5.34 percent a year ago and peaked at 6.69 percent in early January.
Revised fuel prices in Indian metros
By IANS,
New Delhi : Following are the new prices of transport and cooking fuels in the four metros announced by Indian Oil Corp, after the Cabinet Committee on Political Affairs permitted a price hike with effect from midnight Wednesday:
Diesel (Previous prices in brackets)
-Delhi Rs.34.80 (Rs.31.80)
-Kolkata Rs.37.17 (Rs.33.96)
-Mumbai Rs.39.54 (Rs.36.12)
-Chennai Rs.37.73 (Rs.34.44)
Petrol (Previous prices in brackets)
-Delhi Rs.50.56 (Rs.45.56)
-Kolkata Rs.54.29 (Rs.48.98)
-Mumbai Rs.55.88 (Rs.50.94)
-Chennai Rs.55.07 (Rs.49.64)
Pride Hotels plans Rs.7.5-bn expansion
Ahmedabad, Oct 27 (IANS) Leading hotel chain Pride Group of Hotels will invest Rs.7.5 billion to expand its operations in India, a top official has said.
The group has already added 60 rooms to its existing 110-room five-star property here, making it one of the largest luxury hotels in Gujarat.
Srinagar-Muzaffarabad bus service resunes
By NNN-PTI,
Srinagar, India : The Srinagar-Muzaffarabad bus service, which was temporarily suspended last week in the wake of violence over Amarnath land row, resumed here this morning with 61 passengers leaving for Pakistan-occupied Kashmir (PoK).
Out of the 61 passengers, 58 were returning home to Muzaffarabad, officials said.
"Today's bus service was arranged in order to clear the backlog of last week," they said, adding the fortnightly bus service will also ply as scheduled on August 28.
Five states demand task force on draft mineral policy
By Jatindra Dash, IANS
New Delhi : Five mineral-rich Indian states Wednesday asked Prime Minister Manmohan Singh to constitute a task force to finalise the National Mineral Policy (NMP) 2007.
The chief ministers of Chhattisgarh, Jharkhand, Madhya Pradesh, Orissa and Rajasthan met here at Orissa Bhawan and signed a joint memorandum, which they will submit to the prime minister.
Cabinet to take call on fuel price hike: Deora
By IANS
New Delhi : Petroleum and Natural Gas Minister Murli Deora Wednesday said it is the Cabinet Committee on Political Affairs (CCPA) that will take a call on the petrol and diesel prices.
"It is for the cabinet to decide, I cannot comment on a cabinet matter," Deora told reporters while inaugurating a two-day international conference on gas hydrates organized by the Directorate General of Hydrocarbons in Noida, near Delhi.
World Bank to lend $400 mn for Pakistan’s education
By IANS,
Islamabad: The World Bank has approved a $400 million loan for development of Pakistan's education sector.
Donations to electoral trusts to get tax exemption
By IANS,
New Delhi : Donations to electoral trusts will be allowed a 100 percent deduction from the income of the donor for income tax purposes, Finance Minister Pranab Mukherjee announced here Monday in the union budget for 2009-10.
"The house will agree that it is desirable to bring about transparency in the funding of political parties in the country," Mukherjee said in his budget speech.
Equity markets stay in the green early afternoon
By IANS,
Mumbai : Indian equity markets stayed in the green early Monday afternoon. There was buying interest in banking, realty, oil and gas and PSU stocks.
At 1:00 p.m., the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was at 15,429.06, up 261.24 points or 1.72 percent from its closing figure last Friday. It had touched a high of 15,488.06 earlier Monday.
At the same time the broader based S&P CNX Nifty index of the National Stock Exchange was up by 69.05 points or 1.52 percent at 4,598.55.
US stocks end flat
By DPA,
New York : Major stock indices ended Tuesday little changed, erasing a rally earlier in the day prompted by President Barack Obama's remarks on a deal to extend tax cuts.
Gold price goes above 900 dollars level
By KUNA
London : The price of gold reached yet another all-time high Monday, hitting 904.60 dollars an ounce, as investors seek a haven from any potential US recession.
Gold prices have also risen on the back of expectations of further cuts in US interest rates, analysts said.
The weak dollar has also boosted the metal, as this makes it cheaper for holders of other currencies.
With platinum also hitting a new high, some analysts are now predicting that gold prices could reach 910 dollars an ounce.
Equities markets open on an upswing again
By IANS,
Mumbai : The Indian equities markets opened with a positive gap Thursday.
The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a gain of 140.66 points at 16,666.03.
The S&P Nifty index of the National Stock Exchange opened at 4,926.30 points with a marginal gain of 7.98 compared to its previous close.
Sensex closes 153 points higher
By IANS,
Mumbai : A benchmark index for Indian equities Tuesday closed 153 points higher with IT, banking and metal stocks gaining.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,402.68 points, closed at 17,595.05 points, 153.61 points or 0.88 percent up from its previous close at 17,441.44 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,282.8 points, up 0.9 percent from its previous close at 5,235.9 points.
New Dubai mall promises ultimate ‘shoppertainment’
By IANS,
Dubai : The Dubai Mall, one of the world's largest malls being developed by the United Arab Emirates (UAE)-based real estate major Emaar Properties, has unveiled what it calls the most sophisticated multimedia systems to be ever installed in a shopping mall.
The new feature will take visitors on a visual journey as a combination of dynamic and static images are displayed throughout the mall in a colourful array of shapes, sizes and formats, according to a statement issued by Emaar's retail subsidiary Emaar Malls.
The new mall is set to open Oct 30 this year.
Apex court orders restoration of tin fencing around Sahara City
By IANS,
New Delhi : The Supreme Court Wednesday ordered restoration of tin fencing around the Sahara group's Sahara City in Lucknow, pulled down by the Uttar Pradesh government Monday evening.
A bench of Justice Altmas Kabir and Justice G.S. Singhvi also appointed senior advocate Nageshwar Rao as court's special officer to supervise the restoration of tin fencing around the campus at Gomati Nagar, being developed by the real estate wing of the Sahara business group.
The restoration of tin fencing would be undertaken June 28-29 under the supervision of advocate Rao.
US business positive about West Bengal, seeks transparency
By IANS,
Kolkata: US entrepreneurs are positive about investing in West Bengal, which holds a lot of opportunity, but they want transparency and equal opportunities, US envoy to India Timothy J. Roemer said here Wednesday.
Refering to his discussions on the state's business environment with representatives of the American Chamber of Commerce here Tuesday, he said: "People working on the ground are positive."
Surging food prices could slow poverty reduction by seven years
By Chris Cermak, DPA
Washington : In order to hammer home the point of just how dire the food situation in poor countries has become, World Bank President Robert Zoellick resorted to holding up a bag of rice and a loaf of bread.
"In Bangladesh, a two kilogram bag of rice now consumes almost half of the daily income of a poor family," he told reporters, noting the global price of rice has surged 75 percent in just the last two months.
Prime minister’s statement at meeting with industrialists
By IANS,
New Delhi : Following is Prime Minister Manmohan Singh's opening statement during a meeting with leading industrialists here Monday on the global financial crisis and its impact on the Indian economy:
"We are meeting at a time when the world economy is going through an unprecedented crisis which started in the financial sector in the US but has now spread globally. The financial crisis has exacerbated a global downturn that was expected earlier but is now likely to be more severe and prolonged.
Indian outsourcing to figure at British ‘summit’ on Jaguar Land Rover
By Dipankar De Sarkar, IANS,
London : British union leaders are to meet lawmakers from a key manufacturing belt Wednesday in what has been dubbed an 'MPs' summit' to discuss the fate of thousands of workers facing job losses at Tata-owned Jaguar and Land Rover (JLR) factories.
Although unions are not seeking to involve owners Tata Motors at this point in the negotiations, they will express strong reservations about reported long-term plans to outsource parts of JLR production to India and China, according to union officials.
IRDA is micro managing life insurers: Experts
By Venkatachari Jagannathan, IANS,
Chennai : The Insurance Regulatory and Development Authority (IRDA) seems to be trying to micro-manage the sector with its proposed measures on hiking the policy persistency (policy continuity/renewal) ratio, say life insurance industry experts.
In an exposure draft on persistency of life insurance policies, the IRDA has suggested a target of 20 policies per year for individual agents and a minimum first year premium income of Rs.150,000.
Land of Santa beckons Indian traveller
By IANS
New Delhi : With Indians looking at international travel like never before, Finland - the land of reindeer, Santa Claus and white nights - has drawn special packages programmes to attract this growing segment.
With over 16 airports and a lot of site seeing opportunities in the country, the Finland Tourist Board (FTB) has offered attractive packages for Indian tourists in a bid to attract them during summer vacations this year.
Microsoft close to making hostile bid for Yahoo!
By IANS,
New York : Microsoft Corp was expected to go for a hostile bid to acquire Yahoo Inc., with an announcement likely Friday, the Wall Street Journal has reported.
But the paper cautioned that the situation was fluid as discussions continued at Microsoft. Earlier Thursday, Microsoft chief executive Steve Ballmer declined to indicate the software giant's decision or when the company would announce its decision.
Railways to get Rs.200 bn loan from Japan
By IANS,
New Delhi : Indian Railways will likely get Rs.200 billion (Rs.20,000 crore/$4 billion) from Japan for their rail freight corridor project, Railways Minister Lalu Prasad said here Friday.
The Japan International Cooperation Agency (JICA) will release the funds by the end of 2009, Lalu Prasad told reporters after presenting the interim railway budget.
The minister had last month visited Japan to smoothen out the formalities for receiving the soft loan for the dedicated freight corridor project.
The first phase of the corridor will link New Delhi and Mumbai.
‘Pakistani banks fleecing depositors’
By IANS,
Islamabad : Pakistani banks are taking advantage of a weak regulatory framework to form cartels and rake in windfall profits, a new report says.
"The most important issue is that Pakistan has one of the highest interest rate spreads in the world," said Hamid Siraj of the non-profit NGO Consumer Rights Commission of Pakistan (CRCP) while commenting on the report, Dawn newspaper based here reported Saturday.
CRCP and the Asia Foundation have jointly authored the report, titled "Consumer financing in Pakistan: issues, challenges and way forward".
Indian equities slide further on weak global cues
By IANS,
Mumbai : A day after the mayhem in global stock markets following the bankruptcy filing by Lehman Bros and Merrill Lynch's takeover announcement by Bank of America, equities continued to slide in Indian bourses.
Fears of a much higher impact on future valuations of domestic stocks where the two financial powerhouses have stakes and large scale off-loading by foreign institutional investors contributed to the losses, analysts maintained.
Posco protestors release abducted officials
By IANS
Bhubaneswar : Anti-Posco activists in Orissa, who had detained seven employees of a dredging firm at Dhinkia village in Jagatsinghpur district, released then Friday morning, the police said.
The abducted people work for Dharitri Dreging Co, which is working in the region on behalf of Indian Oil Corp (IOC), A. Mishra, officer-in-charge of the local Kujanga police station told IANS.
Gujarat company’s starch unit goes on stream in Uttarakhand
By IANS,
Ahmedabad : The Ahmedabad-based Riddhi Siddhi Gluco Biols Ltd, the country's largest starch manufacturer, announced Tuesday that its maize grinding project at Uttarakhand has commenced production.
The plant, located in Pantnagar district, has a crushing capacity of 165,000 tonnes a year and has been set up at a cost of Rs.1,200 million. Maize powder has applications in pharmaceuticals, paper, textile and food industries.
There was a delay of nine months in the execution of the project.
Kerala’s per capita debt rising: Economic Review
By IANS
Thiruvananthapuram : Kerala needs to productively use Rs.200 billion it receives through annual remittances from people working overseas and increase its share of foreign direct investment (FDI) to reduce its per capita debt, the state's Economic Review for 2007 has said.
The review, released here late Tuesday ahead of the state's budget to be presented Thursday, said that per capita debt stands at Rs.12,681 in 2005, up from Rs.7,414 in 2001, the highest among the four southern Indian states.
Public transport declared essential service in Madhya Pradesh
By IANS,
Bhopal : The Madhya Pradesh government late Wednesday brought private bus operators under the provisions of the Essential Services Maintenance Act (ESMA) after they resorted to an indefinite strike which revoked little response.
The state government has declared the operation of public transport buses as essential service under ESMA, prohibiting refusal to work with effect from Aug 27 for a period of three months, officials said.
The indefinite strike from Wednesday morning, however, had evoked poor response as there was a division among various associations.
West Bengal tea garden workers get wage hike
By IANS,
Kolkata : Tea garden workers in West Bengal will get a daily wage hike of Rs.13.10 in phases that would take their present daily wage to Rs.67 in 2010-11.
The agreement over the hike was reached Saturday at a tripartite meeting between the tea plantation companies, workers unions and government representatives.
The participants of the meeting were members from West Bengal Labour Commission, Coordination Committee of Plantation Workers (CCPW) and Consultative Committee of Planters' Association (CCPA), which was formed by the tea garden owners.
Market watchdog meets minister over Satyam scam
By IANS,
New Delhi : India's capital market regulator C.B. Bhave met Corporate Affairs Minister P.C. Gupta Saturday evening to discuss the ongoing investigations into the Rs.70 billion (Rs.7,000-crore) Satyam accounting scam, a ministry official said.
“The ministry and SEBI (Securities Exchange Board of India) are jointly probing the Satyam scandal. Bhave has met the minister to discuss the developments that have unfolded of late,” he added.
Doha Bank’s brokerage firm to enter non-banking sector
By IANS,
Thiruvananthapuram : Doha Brokerage & Financial Services Limited (DBFS), an associate of Doha Bank headquartered in Qatar, is all set to enter the non-banking financial company (NBFC) operations in India soon.
Addressing reporters here Saturday, K.V. Samuel, vice-chairman of DBFS and senior manager treasury and investment of Doha Bank, said the Reserve Bank of India had given them the licence to go ahead.
Price rise sends UPA partners into a tizzy
By IANS
New Delhi : Increasing prices of essential commodities are giving the ruling United Progressive Alliance (UPA) partners pre-poll jitters.
Restive with the inability of the Manmohan Singh government to bring down prices, rumblings are growing louder within the UPA. On top of a three-year high inflation at 7 percent, the unseasonal rainfall and its damage to rabi crops throughout the country is adding to the UPA government's and its allies' woes.
Bata net profit up 38.7 percent in first quarter
By IANS,
Kolkata : Footwear retailer Bata India posted a net profit of Rs.14.33 crore for the first quarter (January-March) of 2010 compared to Rs.10.33 crore during the corresponding period last year.
The net profit grew by 38.7 percent.
"This performance is the result of higher sales and profitability due to the expansion in our retail stores, a fantastic shoe line, improved inventory management and great customer service," Marcelo Villagran, managing director of Bata India Limited, said in a statement here Thursday.
ETA Engineering soon to commission Sriperumbudur plant
By Venkatachari Jagannathan, IANS
Chennai : ETA Engineering Pvt Ltd, one of the country's leading electro-mechanical contracting companies, will shortly commission its new integrated facility at Sriperumbudur near here.
"Built at an outlay of Rs.300 million ($7.5 million), the new plant will manufacture industrial and commercial air conditioning equipments like air handling units, package chillers, package air conditioners, ductable split air conditioners, scroll chillers and others," S.K. Sinha, chief executive officer of ETA told IANS.
Steel Authority net profits up 20 percent
By IANS,
New Delhi : India's largest steel manufacturer, the state-owned Steel Authority of India Ltd (SAIL), has recorded 20 percent increase in net profit in the first quarter of 2008-9, it said Monday.
In a regulatory statement, SAIL announced a net profit of Rs.18.35 billion for the quarter ended June 30, compared to Rs.15.25 billion for the correspoding period last year.
Its total income increased 26.9 percent to Rs.114.21 million in the quarter ending June 30, compared to Rs.83.45 billion in the corresponding period last year.
ArcelorMittal to cut 9,000 jobs worldwide
By IANS,
Luxembourg : Steel-making giant ArcelorMittal might slash up to 9,000 jobs across the globe, approximately three percent of its total workforce, through voluntary redundancies, the company said in a statement Thursday.
‘India will protect interests of its auto industry’
By IANS
New Delhi : India must protect the interests of its auto industry from the impact of free trade pacts with other countries that allow imports at zero or reduced tariff, Heavy Industry Minister Sontosh Mohan Dev said Thursday.
"We have to see that a lot of free trade agreements that are being signed by India should not stand in the growth path of our automobile industry, as it is only 15-year-old," Dev told the inaugural event of Auto Expo 2008 here.
Markets continue gaining streak, Sensex up 329 points
By IANS,
Mumbai : Indian equities markets continued their upward movement for the third consecutive day Friday, with a key index ending trade over 329 points higher than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 14,319.87 points, rose 329.24 points or 2.2 percent to close at 14,625.25 points.
The S&P CNX Nifty of the National Stock Exchange (NSE) followed the Sensex to end in the green, gaining 2.51 percent to close at 4,446.1 points.
US offers India $170 mn deal for sale of 24 harpoon missiles
By Arun Kumar, IANS,
Washington : The US has offered India a $170 million deal for the sale of two dozen Harpoon air to ground anti-ship missiles to modernise its air force anti-surface warfare mission capabilities and improve its naval operational flexibility.
The Pentagon announced the possible sale of the Harpoon missiles to India as Defence minister A K Antony met his US counterpart Robert Gates Tuesday "to discuss ways to deepen the bilateral security cooperation and exchange views on regional and international issues of mutual interest."
Work on seawater channel for Kalpakkam N-plant begins
Chennai(IANS) : Construction work on a seawater intake channel for the 500 MW prototype fast breeder reactor project at Kalpakkam has started.
The indigenously designed faster breeder reactor is being built by Bharatiya Nabhikiya Vidyut Nagam Limited (Bhavini).
The half kilometre-submarine tunnel being built by Gammon India Limited is expected to be ready in 30 months' time, project director Prabhat Kumar told IANS here.
The seawater taken in will be de-salted and used to cool the reactor condenser.
According to Kumar, work on the Rs.34.92 billion-project is progressing well.
Rains cheer Himachal’s apple growers
By Vishal Gulati, IANS,
Shimla : Apple growers in Himachal Pradesh, India's major fruit basket, are hoping for a good crop this year because of favourable weather following rains in the last few days that have brought the temperature down and added moisture to the soil.
"The weather has been really good this time and my estimation is that the apple crop would be good as compared to the previous year," horticulture director Gurdev Singh told IANS.
Indian stocks surge on strong global cues
By IANS
Mumbai : Indian capital markets opened with gains of around 500 points on the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) on strong global cues Wednesday.
Around noon, the Sensex was trading at 19,727.39 points, gaining 691.91 points or 3.63 percent over Tuesday's close.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) was trading at 5,873 points, gaining 177.30 points or 3.11 percent.
India’s central bank leaves key rates untouched
By IANS,
Mumbai : The Reserve Bank of India (RBI) left key interest rates unchanged and projected an economic growth of 7.5-8 percent during the current fiscal in its mid-term review of the monetary policy here Friday.
"Aggregate supply conditions in the Indian economy have shown resilience in the second quarter of 2008-09 in the face of a deteriorating global macroeconomic and financial environment," RBI Governor D. Subbarao said.
UAE interior contractor to list on London, Dubai bourses
By IANS
Dubai : Depa, a leading provider of interior contracting services in the Middle East and North Africa (MENA,) has announced that it would pursue primary listing of its shares on the Dubai International Financial Exchange (DIFX) and a listing of global depositary receipts (GDRs) on the London Stock Exchange (LSE).
The Depa group of companies operates principally in the luxury fit-out sector with a focus primarily on the hospitality, commercial and residential property, airport, retail, yacht and specialist fit-out sectors.
Aussie Bank shifts 500 New Zealand-based jobs in India
By NNN-Bernama,
Melbourne : ANZ National Bank, one of Australia's top financial services groups, has announced it is to move 500 New Zealand jobs to Bangalore, India.
ANZ National chief executive officer Graham Hodges says no New Zealand staff members would lose their jobs, however.
Major economic pact with Japan by 2007-end: Kamal Nath
By IANS
New Delhi : India hopes to conclude a far reaching economic pact with Japan by the year-end to tap the full potential for bilateral trade and investment relations, Commerce Minister Kamal Nath said Wednesday.
"We need to ensure that the comprehensive economic partnership agreement (CEPA) is concluded by the end of this year which would open up many opportunities in both," Kamal Nath told the India-Japan Business Forum meeting, attended by the Who's Who of the Indian and Japanese industry.