‘India reshaping global IT, but remains small player’
By Frederick Noronha, IANS
Bangalore : Six decades after its birth, the global IT industry has grown into a trillion-dollar behemoth. But while India has played a stellar role in shaping the sector, its share in the pie is a minuscule three percent, say the authors of a new book.
"India showed that the characteristic of on-time and within-budget delivery is something that can be expected as the norm," said Priya Kurien, who has co-authored "Blind Men and The Elephant: Demystifying the Global IT Services Industry" with Was Rahman.
Digitisation changing face of Indian entertainment industry
By IANS
New Delhi : The face of the $11-billion Indian entertainment and media industry is changing beyond recognition with the invasion of digital technology, says a new joint study by a leading industry chamber and a global consultancy.
Rising disposal incomes, increasing density of alternative delivery platforms and digitisation are collectively changing consumption patterns in the media entertainment industry across the country, says the study released Wednesday.
Chidambaram’s wife, son hail budget
By IANS
New Delhi : Finance Minister P. Chidambaram got full support from his wife and son, who hailed the national budget for 2008-09 as "a complete budget" that took care of all sections of society.
"It is a good budget. There is something for all sections of society," said Nalini Chidambaram, eminent lawyer and wife of the finance minister.
When asked about the sops for women in the budget, she said: "I am not a feminist but it is good for all sections".
Siemens operating profit up 125 percent
By IANS,
Mumbai : Industry and infrastructure solutions provider Siemens Friday reported a 125 percent rise in operating profits at Rs.342 crore for the quarter ended Dec 31, 2009 compared to Rs.152 crore in the like period last fiscal.
The company's accounting period is October-September.
New orders during the period under review rose 161 percent to Rs.5,168 crore while net sales increased 13 percent to Rs.1,834 crore.
Help whites compete with foreign migrants for jobs: British watchdog
By IANS,
London : Britain's Equality and Human Rights Commission (EHRC) has warned that the country's immigrants may face the anger of the white working class currently disadvantaged in both education and employment when compared to foreign migrants.
EHRC chairman Trevor Phillips has said at a conference of the Confederation of British Industry that in some parts of the country, “the colour of disadvantage is not black or brown, it is white”.
UAE telecom operator launches remittance facility to India
By IANS
Dubai : The United Arab Emirates' (UAE) leading telecom services provider Etisalat Tuesday launched a pilot service for money remittance to India.
Etisalat will work with Mashreqbank, Tata Communications (formerly VSNL), Idea Cellular and HSBC India to roll out this new service following completion of the pilot phase, the company said in a statement here.
After Singur, land tussles now hit Jharkhand industries
By Nityanand Shukla, IANS,
Ranchi : After the ongoing land dispute over global automobiles major Tata Motors' super-cheap Nano car project at Singur in neighbouring West Bengal, Indian industries planning big ticket investments in the east Indian state of Jharkhand are now facing the heat of land acquisition tussles.
The latest incident took place Sep 12 this year when workers of a political party Jharkhand Disom Party (JDP) roughed up employees of cement maker Jupiter Cement in Kharsawa district.
The company's staff had gone to identify land for setting up a cement plant.
Global markets dive, Europe wrestles over common tactic
By DPA,
New York : A frantic global sell-off sent stock indices haemorrhaging to multiple-year lows and shut down markets in Russia and Brazil as the financial crisis swept from the US across Europe.
European Union (EU) leaders sought a common response to the crisis to send a message of reassurance, but one after another, individual nations went their separate ways with corporate bail-outs and support of bank accounts.
Hero Electric launches three new models
By IANS,
New Delhi : Hero Electric Tuesday launched three new electric vehicles priced between Rs.17,900 and Rs.32,796 at the 10th Auto Expo here.
The models, called E-Sprint, Optima Plus and Zippy, are priced at Rs.32,470, Rs.32,796 and Rs.17,900 respectively, all ex-showroom.
The company also plans to install rapid charging points to enable customers to fully charge the vehicles in an hour.
Illegal trade of small arms, guns threatens Kathmandu: Police
By IANS,
Kathmandu: Senior police officers in the Kathmandu Valley have warned that Nepali capital has been turned into a hub for illegal trade of small arms and guns.
ONGC to start coalbed methane production in December
By IANS,
New Delhi : Oil and Natural Gas Corp Ltd (ONGC) Monday announced it would begin its pilot production of coalbed methane (CBM) gas in Jharkhand from December.
The pilot productions will start in Parbatpur areas of Jharia block, a company statement said.
The peak commercial production would be reached in 2011 with 400,000 cubic metres per day for the next 10 years.
This announcement was made by ONGC chairman R.S. Sharma during his visit to Bokaro Saturday.
Sharma had gone to oversee the on-going hi-tech horizontal multilateral well drilling at the Parbatpur site.
India’s Sensex dips below 12,000 to two-year low
By IANS,
Mumbai : After opening on a weak note Monday, Indian equities plummeted Monday on fears of major pullout of funds by foreign institutional investors (FIIs) even as worries escalated over recession in the US economy and an overall global slowdown.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened sharply lower at 12,284.49 points, against Friday's close at 12,526.32 points.
Kashmir fruit traders to suspend trade across Line of Control
By IANS,
Srinagar : Fruit growers and traders in the Kashmir Valley have decided not to send their consignments across the Line of Control (LoC) Tuesday due to lack of communication, banking arrangements and contact with traders across the border.
"We have no knowledge about what happened to the 7,000 boxes of fruit we have already sent to Muzaffarabad since the LoC trade began Oct 21," Farooq Ahmad Malik, president of the Valley's fruit buyers' association, said here Monday. The LoC divides Kashmir between India and Pakistan.
Delhi to invest Rs.10 bn for market modernisation
By IANS
New Delhi : Delhi will spend Rs.10 billion to modernise and redevelop several major markets dealing with farm produce, Chief Minister Sheila Dikshit said Thursday.
Dikshit announced that a committee has been set up to modernise the fruit and vegetable market at Tikri Khampur area in northwest Delhi, in an area of 225 acres of land.
New Delhi : Delhi will spend Rs.10 billion to modernise and redevelop several major markets dealing with farm produce, Chief Minister Sheila Dikshit said Thursday.
Dikshit announced that a committee has been set up to modernise the fruit and vegetable market at Tikri Khampur area in northwest Delhi, in an area of 225 acres of land.
Pandit, top Citi bosses to forgo 2008 bonuses
By Arun Kumar, IANS,
Washington : Citigroup Inc.'s Indian American chief executive Vikram Pandit and chairman Win Bischoff would forgo bonuses for 2008, the ailing banking giant announced as it formalised its bailout agreement with the US government.
Bonuses for other top executives will be "reduced substantially," Pandit said in a memo to Citigroup employees Wednesday.
Inflation, quota to dominate remainder of budget session
By IANS,
New Delhi : Inflation, price rise and quota for backward class students are likely to dominate the concluding part of the budget session beginning Tuesday.
The Supreme Court's endorsement of 27 percent quota for other backward classes (OBC) students in higher educational institutions is expected to be discussed in both houses of parliament.
Parties like the Dravida Munnetra Kazhagham (DMK) and the Janata Dal (United) want a clarification on the 'creamy layer' which is to be excluded from the category of backward class students eligible for quota.
Sensex at two-month high on eurozone revival hopes, GAAR
By IANS,
Mumbai: A benchmark index for Indian equities markets Friday rallied to a two-month high, rising 439 points on hopes of a eurozone revival and the government clarification on tax laws.
Asian market for office space faces increasing slowdown
By IANS,
New Delhi : The market for office rentals in Asia has slowed further as a fallout of the global economic crisis, according to realty consultancy firm CB Richard Ellis' Asia Pacific Office Market Review for the third quarter of 2008.
“Leasing activity in India has slowed down during the third quarter. This was because businesses began to feel the impact of financial turmoil,” said Anshuman Magazine, chairman and managing director, CB Richard Ellis, South Asia.
India Inc. hails RBI’s liquidity easing measure
New Delhi : India Inc. Tuesday welcomed the Reserve Bank of India's decision to reduce assets liability of banks and thereby easing liquidity.
The Confederation...
India planning to double agri exports in five years
By IANS,
New Delhi : Despite the ongoing drought conditions and the global recession, India is working on doubling its agricultural exports to $18 billion in five years from now.
"Starting this year, we want to double our exports turnover from $9 billion to $18 billion," aid Asit Tripathy, chairman of the Agricultural and Processed Food Products Export Development Authority (APEDA), said here Tuesday.
APEDA is the government's agri export promotion agency.
Third day of questioning for Satyam’s Raju
By IANS,
Hyderabad : Investigators quizzed disgraced founder and former chairman of Satyam Computer Services B. Ramalinga Raju and two other former top executives of the company for the third day Tuesday in connection with the Rs.70 billion (Rs.7,000 crores/$1.43 billion) fraud.
Ramalinga Raju, his brother and former managing director B. Rama Raju, and former chief financial officer Vadlamani Srinivas were being questioned by officials of the Crime Investigation Department (CID) of Andhra Pradesh Police.
Commerce ministry to receive feedback on tariff recommendations
By IANS,
Kolkata : A feedback report on tariff recommendations from across the country will be submitted to the commerce ministry this week, an official said here Monday.
"The Centre for WTO Studies of the Indian Institute of Foreign Trade will submit a feedback report to the ministry on Sep 19 on tariff recommendations for sectors like chemicals, electronics/electrical products and industrial machinery," Bipin Menon, deputy secretary in the commerce and industry ministry, said during an interactive session organised by the Confederation of Indian Industry (CII).
Highlights of the Economic Survey
By IANS,
New Delhi : Following are the highlights of the annual Economic Survey for the current fiscal tabled by the Finance Minister Pranab Mukherjee in the Lok Sabha Thursday:
- Total water in reservoirs 90.48 billion cubic metres, which is lower than the 10-year average
- Improve food production, productivity and stock management
- Adequate stock of foodgrain to meet requirements under welfare schemes during current fiscal
- Outlook for India's trade sector in 2010 has brightened
- Bank credit to the commercial sector, shows revival since November 2009
West Bengal ‘proposals’ on table to resolve Nano impasse
By IANS,
Kolkata : The West Bengal government Friday made "some proposals" to resolve the Nano land acquisition controversy through its representative on the four-member panel formed for this purpose.
"The government has made some proposals, which we will communicate to our party chief (Mamata Banerjee) and then she will decide further course of action," said committee member and Singur legislator Rabindranath Bhattacharya of the Trinamool Congress.
He refused to spell out the proposal details.
Ajanta Pharma net profit up 49 percent
By IANS
Mumbai : Ajanta Pharma has reported a 49 percent increase in net profit for the quarter ended Dec 31, 2007 compared to the same period last year.
Net profit for the Oct-Dec quarter amounted to Rs.39.4 million ($1.01 million) compared to Rs.26.5 million ($67,948) during the corresponding period last year.
For the nine-month period ending Dec 31, 2007, the gross sales were to tune of around Rs.2.03 billion ($52.05 million) and net profit was Rs.90.4 million ($2.31 million), up by 24 and 49 percent, respectively, over the corresponding period the previous year.
After 48 years, government widens ambit for PF beneficiaries
By IANS,
New Delhi : After 48 years, the government Saturday widened the ambit for provident fund (PF) beneficiaries by reducing the threshold limit to 20 employees in case of co-operative bodies and 10 in respect of others.
The new decision means that a co-operative establishment with 20 or above workers will have to PF facility to them, while in other establishments, the benefit will be extended if the employees' strength is 10 or above.
Budget 2016: Jatiley allocates Rs 500 crore for SC, ST, women entrepreneurs
By TCN Staff Reporter
Delhi: In an attempt to help people from marginalised communities set up their own businesses, the Union Budget has allocated Rs...
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.
R-ADAG seeks SEBI probe into R-Com share fall
By IANS,
Mumbai : The Reliance Anil Dhirubhai Ambani Group (R-ADAG) has approached market watchdog Securities and Exchange Board of India (SEBI) to probe the dip in the share price of group company Reliance Communications (R-Com).
It has also charged the Mukesh Ambani-led Reliance Industries (RIL) with trying to impact R-Com's market valuation to derail ongoing the merger-acquisition talks between R-Com and South African telecom giant MTN.
Indian passenger traffic through Abu Dhabi airport grows
By IANS,
Dubai : India and the Philippines were significant contributors to Abu Dhabi International Airport's 22.9 percent year-on-year growth in passenger traffic in the month of August.
The Abu Dhabi Airports Company (ADAC) announced that a total of 869,868 passengers used the airport during August this year, compared to 707,671 last year, with the year-to-date figures crossing 5.9 million - up 34.3 percent against last year's 4.4 million over the same period.
Two flights to land at Hyderabad’s new airport Tuesday
By IANS
Hyderabad : Hyderabad's new international airport is all set to receive its first commercial flights as part of test operations Tuesday.
The GMR Hyderabad International Airport Limited (GHIAL) announced that a Kingfisher Airlines A320 and a Boeing 747 of Jet Airways will land on the runway at Rajiv Gandhi International Airport at Shamshabad, about 25 km from the city.
Asian property market weathers sub-prime rate storm
By DPA
Bangkok : Asia's property markets weathered last year's global financial storm triggered by the sub-prime crisis in the US and are expected to perform well in 2008, Jones Lang LaSalle predicted in its latest Asia Pacific Property Digest.
"Rental and capital value growth over the past 12 months has been generally strong, exceeding expectations in some markets, while yields have held firm or compressed. Investment volumes in Asia Pacific also held up well in 2007," said Jones Lang LaSalle, one of the leading real estate consultants in Asia.
SAP unsure of meltdown impact on its operations
By IANS,
Bangalore : Global enterprise software major SAP AG Wednesday said it was yet to assess the impact of global economic slowdown and financial crisis in the US on its operations worldwide as it was still on a "wait-and-watch" mode.
“Certainly the financial meltdown will affect us as much as the global economy. To what extent nobody knows. If slowdown continues, it will impact our operations,” SAP executive board member Peter Zencke told reporters here.
New scheme to generate 4 mn rural jobs in 5 years
By IANS,
New Delhi : The government has approved a new employment generation programme with an outlay of Rs.47.35 billion to create around 4 million jobs during 2008-12.
The Cabinet Committee on Economic Affairs (CCEA) meeting Thursday chaired by Prime Minister Manmohan Singh approved the scheme called Prime Minister's Employment Generation Programme (PMEGP).
India will run super-fast bullet trains
By IANS,
New Delhi : Enthused by an exhilarating ride on a Japanese high-speed train last week during his visit to Japan, Railways Minister Lalu Prasad Monday said India would soon have similar bullet trains on selective routes and that his ministry would start scouting for global consultants.
"The day is not far off when the bullet train will run in the country," Lalu Prasad told reporters here.
L&T to build $300-million township in Chennai
By IANS
Chennai : Engineering and construction firm Larsen and Toubro Ltd (L&T) will promote a 100-acre integrated township project on the outskirts of Chennai at a cost of Rs.12 billion ($306 million), a top company official said here.
"This is our second integrated township project in Chennai. Named as Eden Park, the project will be developed in four to five phases," K. Venkatesh, executive vice-president, developmental projects division, L&T-ECC, told the media here Thursday.
ECC is the construction division of L&T.
Indian company interested in buying Motorola’s mobile phone business
By DPA
New York : Indian electronics firm Videocon is interested in buying US company Motorola's struggling mobile phone subsidiary, the Indian company's chairman said Tuesday.
Venugopal Dhoot told the Financial Times that the company had conveyed its interest to Motorola, but he would not say how much Videocon was prepared to pay.
Motorola last week said it would split its loss-making subsidiary into a separate firm with its own listing on the stock market. The Schaumburg, Illinois-based company would not comment on a possible Videocon deal.
Mallya picks 26 percent stake in Air Deccan
By IANS
Bangalore : Business tycoon Vijay Mallya Thursday picked up 26 percent equity stake in Air Deccan, India's first low-cost carrier, for Rs.5.5 billion at Rs.155 per share through his holding firm United Breweries (Holdings) Ltd, which operates Kingfisher Airlines.
Crucial meeting on hiking fuel prices Monday evening
By IANS,
New Delhi : Transport fuel prices in India may rise by up to Rs.3.5 per litre if a high-power group led by Finance Minister Pranab Mukherjee that meets here Monday evening permits state-run oil firms to charge market rates for such products.
According to officials, also on the cards could be a hike in prices of kerosene and cooking gas, when the empowered group of ministers meets at 4.30 p.m. at North Block.
Saudis spend 30 percent of income on phone, internet
Riyadh : People in Saudi Arabia spend 30 percent of their income to pay their phone and internet services bills, the Consumer Protection Association...
Industrial production grows 15.1 percent in February
By IANS,
New Delhi : India's industrial output in February grew at a slower rate of 15.1 percent, official data showed Monday.
The production in January was 16.7 percent.
The index of industrial production (IIP), which measures factory output, stood at 10.1 percent during April 2009-February 2010 against 3 percent in the same period of 2008-09, data released by the Central Statistical Organisation showed.
Metro Cash & Carry officials to meet West Bengal minister
By IANS,
Kolkata : Officials of Metro Cash & Carry, the wholesale division of the Germany-based Metro AG that planned to open an outlet here two years ago, would meet West Bengal's agricultural minister Tuesday to resolve the stalemate over a fresh licence to start the operation.
"The company officials are coming to the city Tuesday to meet me," Naren De, the minister, told reporters here.
Bharti Airtel moves to close deal with Dhaka telecom firm
By IANS,
Dhaka : Indian telecom firm Bharti Airtel is close to acquiring a majority stake in the Bangladesh operations of Warid Telecom, with officials of both companies meeting key officials to wrap up the deal, a newspaper report said Wednesday.
The Indian company is looking at buying a 70 percent stake in Warid and has received a favourable response from the Bangladeshi firm's promoters -- the Abu Dhabi group -- who are here to thrash out the deal.
Modernise rapidly, Antony urges defence production companies
By IANS
Ghaziabad : With research and development being the "key engine" for economic growth and development, India's defence production companies should "modernize rapidly" to match the changing threats to national security, Defence Minister A.K. Antony said Saturday.
India approves duty free access to garments from Sri Lanks, Bangladesh
By NNN-NewsLK
Colombo : India agrees to allow duty-free market access for garments from Sri Lanka and accordingly up to six million pieces will be allowed into the Indian market free of duty.
For an additional two million pieces, exporters will have to pay concessional duties.
Similarly, the Indian Union Cabinet has given its approval to allow duty-free market access to India for eight million pieces of garments per calendar year from Bangladesh without any sourcing conditions.
La Opala to open new unit in Uttarakhand
By IANS
Kolkata : La Opala RG Ltd., one of the leading tableware manufacturing companies in India, would set up its second production unit in Uttarakhand in north India.
Fairs planned to boost horticulture exports to Gulf
By IANS,
Bangalore : Fairs will be organised in the Gulf as part of the efforts to increase exports of Indian horticulture produce to the region, a central minister said here Saturday.
"There is a huge scope to export horticulture produce to the Gulf region," Minister of State for Agriculture K.V. Thomas told reporters on the margins of a horticulture fair.
Thomas inaugurated a four-day "Orange Festival", where 11 states are displaying oranges, mosambi, kinnow, acid lime and other citrus fruits. Grapes, pomegranates, dry fruits and spices are also on show.
Reliance Capital eyes major expansion, banking, overseas foray
By IANS,
Mumbai : The Anil Dhirubhai Ambani Group's Reliance Capital has unveiled an ambitious plan for the next three-five years, including an entry into banking industry, globalisation of operations and tripling the customer base to 50 million.
"We have drawn up exciting growth plans for the next three to five years," Anil Ambani, chairman of Reliance Capital, informed his shareholders ahead of the company's annual general meeting here later this month.
Bharat Electronics to secure parliament with hi-tech gadgets
By IANS,
Bangalore : State-run Bharat Electronics Ltd (BEL) will soon make India's parliament house a highly protected place with its hi-tech electronic gadgets, a top official said Wednesday.
"Parliament will have an extra security cover in the next six-eight months with access control system to monitor movement of members, officials and visitors," BEL chairman and managing director Ashwani Kumar Datt told reporters here.
Railway ticket cancellation, refund rules amended
New Delhi : Railway ticket cancellation and refund rules have been amended, parliament was told on Monday.
Granting refund of confirmed railway ticket up to...
Indian equities surge, bounce back from bear excesses
By IANS,
Mumbai : Indian equities opened strong Friday and two hours into trading were showing signs of a sharp but expected bounce back following the bear market excesses of the last few weeks, analysts said.
Sentiment was also helped by the big upswing in the US markets a day earlier following the cut in the key interest rate by the US Federal Reserve to 1 percent, the lowest in the modern era.
Postal outsourcing: Britons sending Christmas cards via India
By Prasun Sonwalkar, IANS
London : Don't be surprised if you see British citizens queuing up in post offices in India to post Christmas cards to friends and family in Britain. Many Britons have found that the Indian postal system is cheaper and more reliable than Royal Mail.
There have been several instances when Britons travelling to India for other purposes at this time of the year have used their trips to carry their Christmas cards along and post them in India instead of in Britain.
New Bangalore airport faces probe by legislatorst
By Vishwanath Karnic, IANS,
Bangalore : The two-month old Bangalore international airport, a Rs.25- billion ($625-million) greenfield project, faces a probe by a Karnataka legislators' panel over alleged deviation in design and lack of sufficient facilities for passengers as well as visitors.
"The new airport is no better than an ordinary bus stand", "It is substandard", "There is no proper seating arrangements for passengers and visitors" - these are the terms in which state legislators and ministers describe the new airport.
Cement demand in UAE to touch 26 mn tonnes by 2011
By IANS
Dubai : Demand for cement in the United Arab Emirates (UAE) is likely to touch 26.2 million tonnes by 2011, a local investment bank has predicted.
"The most important driver for cement consumption anywhere in the world is infrastructure and real estate development," Hassan Awan, investment research associate at The National Investor (TNI), told the Gulf News.
"Real estate development is at its historical peak in the UAE and with extravagant projects in the pipeline, the demand is expected to be very strong in the future," he said.
FICCI suggests ways to check surging inflation
By IANS
New Delhi : Enhancing productivity levels, developing agricultural infrastructure and rationalising the agro-market can help check the soaring prices of essential commodities, says a leading industry body.
The wholesale prices of primary products such as fruits, vegetables, wheat, spices and condiments have increased by 4.41 percent as of the week ending July 14, said the survey by the Federation of Indian Chambers of Commerce and Industry (FICCI).
Markets close as investor mood turns negative
By IANS,
Mumbai : Indian equities markets ended in the red Friday as investor mood turned negative, with a key index closing almost 2.05 percent lower than its previous close Wednesday.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) shut shop down 2.05 percent or 196.75 points to 9,390.13 points (provisional), after opening lower than the last close of 9,586.88 points.
The broader S&P CNX Nifty index of the National Stock Exchange (NSE) closed at 2,868.4 points, 1.78 percent lower than the previous close.
States asked to push infrastructure schemes to spur growth
By IANS,
New Delhi : With two fiscal stimulus packages in the backdrop, the central government Saturday urged states to hasten the implementation of all public expenditure programmes, especially for infrastructure, to cushion the impact of global meltdown on the Indian economy.
Cabinet Secretary K.M. Chandrasekhar, along with chief secretaries of state governments and top officials of key economic ministries, took stock of the progress being made in executing various measures announced over the past two months.
Regressive FDI norms hurting defence industry: FICCI
New Delhi: Regressive foreign direct investment (FDI) policy of the government has hurt Indian defence industry, the Federation of Indian Chambers of Commerce and...
India seeks Australian mining expertise to meet energy demand
By Neena Bhandari, IANS,
Sydney : As India seeks Australian expertise in the mining sector to meet its growing energy demand, over 50 Australian companies are heading to Kolkata to showcase their abilities at the International Mining and Machinery Exhibition (IMME 2008) which opens Wednesday.
Despite the global downturn, India's economic growth averaged nine percent in the past four years and is forecast to be seven percent this year.
ADB to help India develop cleaner power sources
By DPA,
Manila : The Asian Development Bank (ADB) said Saturday it was extending a rupee-denominated loan worth $113 million to a private Indian firm that will develop two wind power projects.
The Manila-based ADB said the wind energy facilities would be built in the states of Gujarat and Karnataka by a wholly Indian-owned subsidiary of CLP Holdings of Hong Kong.
"The project will help India's economic growth and energy diversification in an environmentally sustainable manner," said Shantanu Chakraborty, an investment specialist at the ADB.
Highlights of President Obama’s address at business summit
By IANS,
Mumbai: Key quotes from US President Barack Obama's address to a 400-strong gathering of business leaders at a summit organised by the United States-India Business Council (USIBC):
Speed up government projects to thwart slowdown: Industry
By IANS,
New Delhi : Industry lobby Confederation of Indian Industry (CII) has urged the government to set up a monitoring and implementation agency comprising a few top government officials and private sector managers to speed up public sector infrastructure projects in a bid to confront the current economic slowdown.
Cola companies contribute to dipping water table
By IANS
New Delhi : Water tables in the country are dipping because of withdrawal of ground water by soft drinks and bottled drinking water companies among others, Minister of State for Water Resources Jai Prakash Narayan Yadav told the Rajya Sabha Tuesday.
Railways to spend Rs.41,426 crore to modernise network, services
By IANS,
New Delhi : The government planned to spend Rs.41,426 crore ($8.29 billion) to modernise the rail network and improve customer services, Railway Minister Mamata Banerjee said while presenting her ministry's budget in parliament Wednesday.
Out of this, Rs.4,411 crore will be spent to lay 1,000 km of new lines and Rs.1,302 crore for improving passenger amenities.
The spending would be financed through a gross budgetary support of Rs.15,875 crore, diesel cess of Rs.877 crore, internal resources of Rs,14,523 crore and extra-budgetary resources of Rs.10,151 crore.
UAE to host first Arab intellectual property forum
By Xinhua
Abu Dhabi : The United Arab Emirates (UAE) will host the first Arab Intellectual Property Forum here next Tuesday, local media reported Thursday.
The two-day forum, to be organized by the UAE's economy ministry, is part of the government's efforts to combat intellectual property rights (IPR) violations that impede full economic potential of the country and the region.
Ranbaxy promoters to sell stake to Japan’s Daiichi
By IANS,
New Delhi : The shares of Ranbaxy Laboratories, India's largest pharmaceuticals firm, were up 4.8 percent Wednesday after talks to offload the promoters' stake to Japan's Daiichi Sankyo entered the final stage.
The present promoters of the company, led by Malvinder Mohan Singh and Shivinder Mohan Singh want to offload their stake of 34.82 percent in a deal estimated at $2.7 billion.
Indian economy doing well, no oil price cut: PM
By IANS,
On Board Air India One : India's economy is on a sound footing, Prime Minister Manmohan Singh has said, vowing to tide over the impact of the global fiscal crisis. But he refused to cut fuel prices because of the huge subsidies the government still provides.
Speaking on a variety of subjects on his way home from Oman and Qatar, Manmohan Singh also denied that his Congress-led government was biased against the governments of Kerala, West Bengal and Tripura because they were run by the Communist Party of India-Marxist (CPI-M).
Two more carriers offer pan-India number portability
New Delhi: Two more service providers will provide pan-India mobile number portability from Friday, enabling customers to retain their mobile phone number while relocating...
West Bengal goes all out to woo German investment
By IANS,
Kolkata : The industrialisation process seems to have got a filip after Industry Minister Nirupam Sen visited Germany in April 2008, Chief Minister Buddhadeb Bhattacharjee said here Monday.
"The visit has accelerated business relationship between the two countries," the chief minister said, addressing Bengal-Bavaria Business Summit 2008.
A Bengal Centre was been set up in Germany April 15. The centre would establish contacts with Germany and European companies and governments and help to bring in more companies to India, he said.
Oil price goes above $100 a barrel
By DPA
New York : The price of crude oil has scraped above the $100-a-barrel mark in recent months, but for the first time it actually closed above the psychological ceiling.
Prices settled at $100.01 a barrel on the New York Mercantile Exchange Tuesday, while futures reached $100.10 - the highest intra-day price since trading began in 1983.
Recent political tensions between the US and the world's fifth largest oil exporter, Venezuela, were blamed for some of the upward price pressure.
Pakistan’s low-income groups to get ration cards
By IANS
Islamabad : In what has been described as a "poverty driven measure", the Pakistani government will introduce ration cards from next month to provide essential food items at subsidised rates to people of low-income groups.
The decision was taken at a meeting convened Wednesday by caretaker Prime Minister Mohammedmian Soomro to review the performance of the Utility Stores Corporation (USC), which is meant to provide clean and hygienic food and non-food items to people especially to poor section of the society at cheaper rates.
Court stays revocation of Chenab hydro project to L&T
By Sanjay Singh, IANS,
New Delhi : The Himachal Pradesh High Court has restrained the state government from taking any further action on its move to revoke the award of the 420-MW Reoli Dugli Hydro Electric Project to Larsen and Toubro and call for fresh bids.
The court said no further steps be taken by the state government till further orders, based on the writ petition filed by L&T Power Development Ltd that was named winner of the project in October.
Googlephone is coming next week for $530
By DPA,
San Francisco : A day after Google announced a media event for its Android mobile phone system next week, new details leaked out Wednesday about the first ever phone to be sold directly by the web search giant.
According to technology blog Gizmodo the Nexus One will be sold unlocked on a Google website for $530. The phone will work on GSM cellphone networks and will be offered at a subsidised price of $180 in the US by fourth-ranked carrier T-Mobile with a two-year talk and data contract costing $80 a month.
India to clock 9 percent in 11th Plan period: Ahluwalia
By IANS,
New Delhi : Planning Commission Deputy Chairman Montek Singh Ahluwalia Sunday said the average economic growth during the current Five-Year Plan period would be 9 percent.
"I think we will be able to achieve an overall growth, which will on an average come to 9 percent," Ahluwalia said at the India Economic Summit here of the World Economic Forum.
The current Five-Year Plan period, India's 11th, runs till 2012.
"India's GDP (gross domestic product) grew by 6.7 percent last fiscal while it consecutively grew for over 9 percent in the earlier years," he noted.
Budget ignored us: disabled rights groups
By IANS,
New Delhi : More than 25 leaders of different disabled rights groups from across the country will come together to protest against the union budget, which they say, ignored them. They plan to protest outside Finance Minister Pranab Mukherjee and Railways Minister Mamata Banerjee's residence next week.
Javed Abidi, director of National Centre for Promotion of Employment for Disabled People (NCPEDP), said that while the budget has something for all other sections of the society, there was nothing for the disabled.
Tata to partner Singapore firm for private jet company
By IANS
Mumbai : Singapore-based private jet operator BJets Monday announced that it will partner the Tata Group to set up a private jet company, where aircraft will be partly owned by users.
BJets has placed an order for a fleet of 50 new jets worth more than $600 million (Rs.24 billion). However, the company has declined to reveal the size of Tata Group's investment in this venture.
The Briley Group is the majority shareholder in BJets. The other significant shareholder is the Indian Hotel Company Ltd (IHCL), a part of the Tata Group.
Markets hold on to gains in afternoon
By IANS,
Mumbai : Indian equities held on to their morning gains Tuesday afternoon on the back of increased buying in banking and realty stocks. A key index was ruling 1.89 percent higher about 90 minutes before the closing bell.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 9,549.52 points, was trading at 9,601.86 points - a rise of 177.84 points or 1.89 percent from its previous close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 1.61 percent from its last close to rule at 2,893.85 points.
Investors have faith in Madhya Pradesh, claims CM
By Pervez Bari, TwoCircles.net,
Bhopal: Madhya Pradesh Chief Minister Shivraj Singh Chouhan has claimed that state's progress is unthinkable without development of trade and industry. He said that Madhya Pradesh is the only state in the country which is devoid of political narrow-mindedness. Here people of all the sections are united so far as development is concerned.
Etihad to fly to two more Indian destinations
By IANS,
Chennai : Etihad Airways, the national airlines of the United Arab Emirates (UAE), intends to increase flights to and from India, said a top company official here Thursday.
India is a major market for the five-year-old airline, which operates 41 flights between the UAE and six cities in India - Mumbai, New Delhi, Cochin, Trivandrum, Chennai and Kozhikode.
Etihad will add two more cities - Kolkata and Jaipur - early next year.
What is there for the common man in the rail budget
By IANS,
New Delhi : It has been dubbed a populist budget by critics but the rail budget presented Friday by Railways Minister Mamata Banerjee has enough goodies targeted at the ordinary rail traveller:
- No increase in fares
- New 'izzat' scheme for poor to travel up to 100 km for Rs.25
- Low-cost, air-conditioned 'yuva trains' for youth at Rs.299-Rs.399
- New scheme for good quality food at affordable prices
- Special Trains to ferry perishable farm produce, rural craft
- Promise of clean toilets, potable water at stations, trains
Bhutan’s Tala power project exceeds generation forecast
By IANS
New Delhi : The 1,020 MW Tala hydroelectric project in western Bhutan, the biggest joint project between India and the Druk kingdom, has already exceeded the power generation forecast for 2006-07, a year ahead of its official commissioning.
France, Germany find little common ground on economy
By IRNA,
Paris : President Nicolas Sarkozy and Chancellor Angela Merkel met on Monday to work out a coordinated response to Europe's deepening recession.
But when it came to specifics, they agreed only on what they did not want: to follow Britain's lead and cut the sales tax.
With consumer prices receding in the euro zone, cutting consumer taxes "is not the right answer for France and Germany," Sarkozy said at a joint news conference with Merkel at the Elysee Palace.
India’s factory output logs fastest growth in decade, up 16.8 percent
By IANS,
New Delhi: India's industrial production registered a better-than-expected growth of 16.8 percent in December to log the fastest expansion in a decade, helped by a strong showing by the manufacturing sector that saw its output surge 18.5 percent.
The high growth comes against the backdrop of a 0.2-percent decline registered in the index of industrial production (IIP) in December 2008, as per latest data released by the Central Statistical Organisation
India Inc now looks forward to expand rail network
By IANS,
New Delhi : Indian industry is largely satisfied with the rail budget proposals to keep freight rates mostly frozen and the decision to co-opt the private sector in expanding the country's railroad network.
At the same time, leading industry lobbies have hoped for more clarity in the days ahead on how Railway Minister Mamata Banerjee plans to take the help of the private sector in executing various projects.
Bajaj to split into auto, finance, new business
Mumbai/New Delhi, May 17 (IANS) One of India's oldest business houses, the Bajaj Group, Thursday announced its plans to split into three separate core businesses of auto, financial services and new businesses but its patriarch denied there was any rift between his two sons.
Rahul Bajaj, the chairman of its flagship company Bajaj Auto Ltd. (BAL) and a member of the Rajya Sabha, stressed that "de-merger" was important to tackle its expanding business to remain focused and competitive. He denied the company had been split between his two sons.
Hyundai says sales down, urges government to do more
By IANS,
New Delhi : Hyundai Motors India Ltd, the country's second largest car maker, Monday said the slowing domestic demand, fall in exports and increasing input costs have crippled sales this year, and urged the government "to do more" to save the auto industry.
The company has received orders for 9,000 units for January, well below the expected 25,000, while the orders for February and March stand at 11,000 and 4,000 units respectively.
Reliance Industries completes KG-D6 block’s design capacity assessment
By IANS,
New Delhi: Mukesh Ambani-led Reliance Industries Ltd announced Monday that it completed the assessment of design capacity of gas production facilities at D6 block in Krishna Godavari basin last week.
"Reliance Industries Limited (RIL) announces that it has successfully carried out an assessment of the design capacity of the KG D6 deepwater gas production facilities," according to a company press release released Monday.
London shares rebound over five percent
By Xinhua,
London : London stock market closed higher Monday, gaining more than five percent.
The FTSE 100 index ended with 219.66 points, or 5.41 percent higher at 4282.67, as investors hoped the global financial crisis would ease after government moves to bail out banks take root.
Banking shares led the growth with Royal Bank of Scotland added 23.18 percent, followed by insurer Prudential which rose by 22.31 percent.
Royal & Sun Alliance Insurance dropped 3.08 percent, whereas Brit Insurance Holdings shed 8.1 percent.
Cornerstone to open 300 outlets by year-end in India
By IANS
Hyderabad : Zerostock Retail Private Ltd Thursday announced the launch of Cornerstone, its premier men's wear brand with the opening of five exclusive outlets here.
The company plans to open 15 more stores over the next 10 days in six cities - Bangalore, Chennai, Kolkata, Pune, Kochi and Jaipur.
Aiming to have a pan-India presence, the company will invest $4 million for a total of 30 stores by the end of March. It plans to have 300 stores by the end of 2008 and 1,000 stores by the end of next year.
Make real estate part of college curriculum: DLF head
By IANS
Hyderabad : Real estate, housing and urban development issues should be included in the college curriculum to make the infrastructure industry more professional, K.P. Singh, chairman of the DLF Group, said Saturday.
"There is a mushrooming growth of thousands of fly-by-night builders who made rampant unauthorised constructions all over the country," he said at the seventh graduation day of the Indian School of Business, here.
"This in turn led to haphazard growth and cities are now full of unauthorised shanties, slums and a substandard urban infrastructure," Singh added.
Magma Fincorp to give Rs.532 crore in loans in Punjab, Haryana
By IANS,
Kolkata: Asset financing company Magma Fincorp Monday said it would disburse Rs.532 crore in retail loans in Punjab and Haryana in the 2010-11 fiscal.
"By penetrating deeper, we will focus on providing asset finance to the economically disenfranchised in the state," Sanjeev Chandhok, regional sales manager said in a statement.
Construction equipment and tractor finance have been the major growth drivers this year for Magma in Punjab & Haryana. Magma has 11 branch offices in Punjab and five in Haryana.
Markets soar during afternoon trade
By IANS,
Mumbai : Indian equities markets rose smartly during Thursday afternoon trade with a key index touching an intra-day high of 10,015.18 points.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 10,009.24 points around 2:10 p.m., a rise of 3.03 percent or 293.95 points over its close Wednesday at 9,715.29 points.
The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE) was ruling at 3,028.00 points, rising 2.5 percent over its previous close .
India, China to fuel Asia Pacific’s air traffic growth
By IANS
Mumbai : Airlines operating in the Asia Pacific are expected to take delivery of one new aircraft every day over the next five years, and this growth is expected to be propelled by India and China, says a new study.
There will be a 49 percent increase in the total number of aircraft in the region's fleet, according to the Sydney-based Centre for Asia Pacific Aviation (CAPA), an international aviation consultant.
India announces scheme to boost rubber production
By IANS
New Delhi : The Indian government has approved Rs.4-billion ($100 million) scheme for re-plantation and fresh raising of rubber plantations in the country to enhance the latex production.
The Rs.4.13 billion scheme, which was approved by the cabinet last week, would focus on re-plantation and fresh cultivation of rubber in the non-traditional areas, mainly in the northeastern states.
Equity markets close in the green
By IANS,
Mumbai : Indian equity markets closed in the green Friday.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 15,036.57 points, touched a high of 15,228.82 before closing at 15,167.82. It went up by 50.57 points or 0.33 percent compared to its closing figure Thursday.
The S&P CNX Nifty of the National Stock Exchange, which opened at 4,518.35 points, closed at 4,529.50. It went up by 5.65 points or 0.12 percent from its previous close.
Indian Oil gains from Sri Lanka’s fuel price hike
By P.K. Balachandran, IANS
Colombo : Monday's hike in the administered prices of petrol and diesel in Sri Lanka is bad news for the already overburdened consumer, but good news for the cash-strapped petroleum companies, including the Indian-owned Lanka Indian Oil Corp (LIOC).
"The hike will help the oil sector stabilise and grow. The government's approach to pricing has been practical," K. Ramakrishnan, chairman and managing director of LIOC, told IANS Monday.
India may exceed 2020 nuclear power target: Kakodkar
By IANS,
New Delhi : India is expected to exceed the nuclear power target of 20,000 MW by 2020, thanks to the removal of curbs on the import of technology and fuels by the international community, says a top scientist in India's nuclear establishment.
"We can well exceed the 2020 target,” said Anil Kakodkar, chairman of the Atomic Energy Commission, a state-run agency that overseas fundamental research in nuclear energy, as also the development of applications for average citizens.
Triple crises could reverse gains in Africa: IMF
By DPA,
Washington : Sub-Saharan Africa is facing a spike in inflation and a slowdown in growth over this year and the next as it deals with the triple threats of food and fuel price surges and some spill-over from the financial turmoil, the International Monetary Fund warned Friday.
The region is still showing stronger growth than much of the world. Growth will fall to 6 percent in 2008 and 2009, down from 6.5 percent in 2007, according to the IMF's semi-annual economic report on the region.
Union Bank installs software to curb money laundering
By IANS
Mumbai : The Union Bank of India (UBI) will install an anti-money laundering software provided by IT solutions company 3i Infotech, it was announced Wednesday.
Declining to reveal the cost of the deal, a 3i Infotech spokesperson said: "It is a non-disclosure agreement."
Anirudh Prabhakara, CEO of 3i Infotech, said that banks nowadays have heightened awareness on matter relating to money laundering. Most of the banks have started focusing on the anti-money laundering systems, he added.
India set to grow by 8.8 percent in 2010, predicts IMF
By Arun Kumar, IANS,
Washington : Predicting an 8.8 percent growth for India this year, the International Monetary Fund (IMF) says strong domestic demand will support the recovery in both India and China as the total world output goes up by 4.2 percent.
In projecting India's growth of 8.8 percent in 2010, 3.1 percentage points more than the 5.7 percent growth in 2009, and 8.4 percent in 2011, the IMF has in the April 2010 World Economic Outlook (WEO) raised its own estimates in January by 1.1 points for 2010 and 0.6 points for 2011.
India’s budget rises from Rs.193 crores to Rs.10 lakh crores
By IANS,
New Delhi : India's fiscal budget has risen from Rs.193 crores to over Rs.10 lakh crores in the 63 years since independence of the country in 1947, Finance Minister Pranab Mukherjee said while presenting the budget for 2009-10 in the Lok Sabha Monday.
"Madam speaker, I am happy to announce that for the first time, the budget estimates have crossed Rs.10 lakh crores. From Rs.193 crores in the first budget, the estimates for the current financial year are Rs.10 lakh, 20,838 crores," Mukherjee said.
Kamal Nath adjudged ‘FDI Personality of the year 2007’
By IANS
New Delhi : Commerce and Industry Minister Kamal Nath Friday received the 'FDI Personality of the year 2007' award for his contribution in making the country the most preferred destination for foreign direct investment (FDI).
The award was conferred by Financial Times, London at a glittering event at a premiere luxury hotel in Delhi attended by senior government officials, industrialists, think tanks, economists, academicians and others.
Layoffs inevitable to save airline: Jet Airways
By IANS,
Mumbai : Jet Airways, while justifying the layoff of over 800 flight attendants Tuesday night to help the company secure its economic health, said that it is in the process of 'releasing’ more probationery and unconfirmed staffers from other categories.
In a statement here Wednesday afternoon, Jet Airways (I) Ltd Chief Executive Officer Wolfgang Prock Schauer said that the personnel who have been released are those who were hired for the expansion programme of the airlines, probationers and unconfirmed personnel who have been recently hired.
Inflation rate drops again, now at 5.91 percent
By IANS,
New Delhi : India's annual rate of inflation continued its downward trend, falling further to 5.91 percent for the week ended Dec 27, from 6.38 percent the week before, official data released Friday said.
The inflation rate was 3.83 percent during the corresponding week the previous year.
The wholesale price index (WPI) for all commodities declined 0.3 percent to 229.5 from 230.2 the previous week. Both figures are provisional.
BP begins ‘static kill’ at ruptured US oil well
By DPA,
Washington/New Orleans : Oil company BP Plc Tuesday began the long-awaited pumping of mud into the ruptured well in the Gulf of Mexico - the so-called "static kill" to permanently seal the shaft.
If the mud injection succeeds in overcoming the upward pressure of oil in the well, which stretches five-kilometre below the sea floor, engineers would follow by pumping in cement.
A spokesman for BP in London told DPA that the static kill attempt at the well, 60 km off the Louisiana coast, had begun at 3 p.m.
Starbucks to file fresh application to enter India
By Nayanima Basu, IANSÂ
New Delhi : Starbucks Corp, the world's largest coffee-shop chain, is soon going to file a fresh application to enter the Indian market, top officials in the commerce and industry ministry said.
Mahindra Satyam bags $8-mn deals in Middle East, Africa
BY IANS,
Hyderabad: Mahindra Satyam bagged contracts valued at $8.17 million (30 million UAE dirhams) in the Middle East-North Africa (MENA) region in the banking, financial services and insurance sector, the global consulting IT services firm said Wednesday.
"Our new corporate identity has helped us to secure these sizeable deals in these growth markets. We are strengthening our resources to meet the demand from government, banking, telecom and real estate sectors in the MENA region," the company said in a statement here.
Ratan Tata says efforts on to roll out Nano on schedule
By IANS,
New Delhi : Tata Motors is doing everything possible to roll out the Nano as per schedule, company chairman Ratan Tata said during an automobile conclave here Thursday.
However, Tata did not specify whether the Nano would roll out from the beleaguered Singur plant, or any of its other facilities elsewhere.
The car is scheduled to roll out by October.
When asked about by reporters whether customers could expect to buy a Nano from Singur in October, Tata said: "I am not the right person to comment on this. Ask others."
He did not clarify who the "others" were.
Boom to gloom: Indian economy saw it all in 2008
By Arvind Padmanabhan,IANS,
No other year in recent times saw such wild mood swings in the Indian economy than 2008, which started on a strong note but ended on a weak wicket in the wake of a general global slowdown and severe recession in some of the richest countries like the US and Japan.
Abu Dhabi Among ‘New Economic Power Centres’
By Bernama,
Abu Dhabi : Abu Dhabi, riding a wave of unprecedented growth and expansion in line with the government's vision of making tourism a key contributor to the emirate's burgeoning and rapidly- diversifying economy, Emirates news agency (WAM) reported Wednesday quoting the Harvard Business Review, as saying.
India to consider further export ban to control inflation: Finance Minister
By NNN-PTI,
New York : Hinting at hard measures like further ban on exports to control rising prices, Finance Minister P Chidambaram has said inflation is also being stoked by cartel like behaviour in some sectors of Indian economy.
Listing out a number of steps, including exports ban on non-basmati rice taken by the government, he told the Wall Street Journal in an interview that the government would consider further bans.
Steel SEZ in Tamil Nadu by 2010: SAIL chief
By IANS,
New Delhi : The special economic zone (SEZ) of the Steel Authority of India Limited (SAIL) at Salem in Tamil Nadu will be ready by 2010, S.K. Roongta, chairman of the state-owned steel giant, said Friday.
“It will be spread over an area of 230 acres of land, and will be ready by 2010,” Roongta told reporters here after Steel Minister Ram Vilas Paswan released his ministry's four-year report card - 'Forging New Frontiers'.
Pakistan to import 100,000 tonnes of sugar
By IANS,
Islamabad : Pakistan will import 100,000 tonnes of sugar due to a shortage following floods that ravaged sugarcane crops in Sindh province.
SBI, Allahabad Bank cut interest rates
By IANS,
Mumbai : The State Bank of India (SBI), the country's largest lender, said Monday that it will cut interest rates on term deposits by upto 1 percent.
ADB-funded USD 800 million paln for Indian Railways under consideration
By NNN-PTI
New Delhi : Indian Railways, one of the largest rail networks in the world, is likely to become even larger as the country is considering an ambitious programme of around 800 million dollar, to be co-funded by the multilateral agency, Asian Development Bank (ADB).
The Railway Investment Programme, to be funded by the Japan Special Fund, ADB and India, will include doubling of the existing tracks on critical routes traversing the states of Maharashtra, Karnataka, Andhra Pradesh, Orissa and Chhattisgarh.
Indian equities open higher after Fed rate cut
New Delhi, Jan 23 (IANS) Indian shares opened higher Wednesday as the US Federal Reserve stepped in to cushion the global financial crisis with a cut in interest rates, triggering positive reactions in stock markets across the globe.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened higher at 17,415.26 points, with a gain of 685.32 points, over the previous day's close at 16,729.94 points.
Milk prices not to increase in Bihar
By IANS,
Patna : Amid indications by the Central government that milk prices may rise in the near future, the Bihar government today assured people that the rates will not be hiked in the state.
"There is no plan to increase milk prices in Bihar. We will not hike milk rates," Chief Minister Nitish Kumar told newspersons at a function here.
"In Bihar, there was no shortage of milk and the COMPFED has already announced that it will not increase milk prices," Kumar said.
India’s annual inflation rises to 8.56 percent in January
By IANS,
New Delhi : India's annual rate of inflation, based on the wholesale prices index, rose to 8.56 percent in January from 7.31 percent in the previous month, driven by increasing food prices, official data released Monday showed.
The annual inflation rate was 4.95 percent in January 2009.
The latest data released by the commerce ministry showed prices of food articles jumped 17.4 percent last month, while those for primary articles rose 14.5 percent, and manufactured products was up 6.55 percent.
Sensex closes above 15,000-mark after 9 months
By IANS,
Mumbai : A key index of the Indian equities markets fought its way back into the green Thursday to close above the 15,000-mark, first time since Sep 2, 2008.
It had ruled in the red for most parts of the day.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 14,755.08 points, ended at 15,019.28 points (provisional) - 148.38 points or 1 percent above Thursday's close.
The S&P CNX Nifty of the National Stock Exchange (NSE) followed the Sensex, ending trade at 4,570.9 points, a gain of 0.89 percent.
Pakistan invited Indian Petroleum Minister to discuss gas transit issue
By NNN-APP
New Delhi : Pakistan has invited Murli Deora, Indian Petroleum Minister to Islamabad on Feb 7 to sort out issues relating to Iran-Pakistan-India gas pipeline project.
Pakistan has offered India to charge transport fee based on global practice rather than the arbitrary tariff it sought last February, the Indian Express reported.
Nissan to cut domestic output by 78,000 cars
By DPA,
Tokyo : Nissan Motor Co. said Wednesday it would cut its domestic production by 78,000 cars beginning January amid declining global auto sales.
Japan's third largest automaker said it would make the production cuts by implementing one-day shutdowns at factories and slowing their
production lines.
Five hundred temporary workers are also to be laid off, Tokyo-based Nissan said.
In its last production statistics available, Nissan saw an 11-percent drop in factory output in October, compared with the same month a year ago, to nearly 100,100 cars.
Equities open higher, key index up marginally
By IANS,
Mumbai : Indian equities markets Wednesday opened higher and were in positive territory 30 minutes into trading with a key index showing marginal gains of about 20 points but still well below the psychologically important 9,000 mark.
Some 30 minutes into trading, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 8,715.07, up 19.54 percent or 0.22 percent from its previous close Tuesday at 8,695.53 points.
The Sensex opened higher at 8,768.20 points and surged to a high of 8,828.12 before sliding back a bit to its current value.
India’s foreign reserves down by near $93 mn
By IANS,
Mumbai: India's foreign exchange (forex) reserves went down by $92.8 million to $296.53 billion for the week ended Dec 21, data released by the Reserve Bank of India (RBI) showed.
Revathi Equipment enters ready mix concrete equipment segment
By IANS,
Chennai : The Coimbatore-based Rs.114 crore drilling equipment major Revathi Equipment Ltd ventured into concreting business in a major way Friday with a Rs.30 crore plant and is targeting a 20 percent market share, a top company official said.
"We have the entire range of batching plants, concrete boom pumps and transit mixers. We are confident of garnering 20 percent market share in five years time," the firm's managing director and CEO K.Sunil Kumar told reporters here.
HCL to set up 100 career development centres
By IANS
Bhubaneswar : HCL Infosystems, a leading information enabling company, Wednesday said it was setting up 100 career development centres across the country in the next 12-15 months.
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.
Posco project work to start early next year
By IANS,
Bhubaneswar : Dismissing reports that the company was planning to relocate its proposed steel plant in Orissa, South Korean steel major Posco Wednesday said it will start the construction work for the greenfield project early next year.
"There is no plan to relocate the steel plant to another site. It's all rumour. We will start levelling land early next year," Posco India chairman Tong Hee Lee told reporters after meeting Chief Minister Naveen Patnaik here.
Don’t stop investing in oil sector: UAE minister
By IANS,
Abu Dhabi : Oil and gas producers in the Middle East should continue to invest in the industry despite the fall in oil prices across the world, according to the United Arab Emirates' (UAE) Minister for Energy Mohammed Bin Dhaen Al Hamili.
"As you know, recent events in global financial markets have had a substantial impact on the oil industry," he said, while addressing the inaugural session of the Abu Dhabi International Petroleum Exhibition and Conference (Adipec)-2008 here Monday.
Lalu aims to surpass freight revenue target despite slowdown
By IANS,
New Delhi : Railways Minister Lalu Prasad expects to cross the budgeted freight and passenger revenue targets this fiscal despite the economic slowdown.
"We are not only hopeful but confident that the budget targets for passenger and goods earnings set for this fiscal will be surpassed," Lalu said Friday while presenting the interim railway budget for 2009-10.
"Based on the present trend, we have increased the target for goods earnings for 2008-09 by Rs.15.93 billion. Accordingly, the revised estimates for freight earnings have been kept at Rs.542.93 billion," he said.
Call for Jharkhand shutdown June 10 over fuel price hike
By IANS,
Ranchi : The Bharatiya Janata Party (BJP) and the Janata Dal-United (JD-U) Friday called for a shutdown in Jharkhand June 10 to protest the hike in prices of petrol, diesel and cooking gas.
The BJP and JD-U leaders held a meeting Friday and decided to give the shutdown call for June 10.
Fuel price hike, inflation dampen equities markets
By IANS,
Mumbai : The Indian equities markets reacted negatively to the long-awaited hike in fuel prices and fears that inflation will go higher that the latest figure of 8.24 percent. Out of five trading sessions, four ended in the red.
The central government Wednesday hiked petrol prices by Rs.5 a litre and diesel by Rs.3 to put the brakes on mounting losses by the state refineries on account of rising global crude prices.
Inflation touched 8.24 percent, compared to 8.1 percent the previous week.
RCom merges tower business with GTL Infra
By IANS,
Mumbai : Anil Ambani-led Relianace Communications (RCom), India's second largest telecom company, said Sunday it has agreed to merge its tower business with GTL Infra in a Rs.50,000 crore ($11 billion) deal to create the world's largest independent telecom infrastructure company.
"The Boards of Reliance Communications, and its subsidiary, Reliance Infratel, and GTL Infrastructure today approved a Rs.50,000 crore (US$ 11 billion) deal to create the world's largest independent telecom infrastructure company," said an Rcom statement.