Satyam scam pulls down markets by over 7 percent
By IANS,
Mumbai : Indian equities markets tumbled Wednesday after Satyam Computers chairman B. Ramalinga Raju admitted to having juggled with the firm's balance sheet to the tune of Rs.40 billion ($823 million).
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was down 7.31 percent or 755.62 points to 9,580.31 points, after opening higher than Tuesday's close of 10,335.93 points.
The Satyam scrip crashed, losing 77.69 percent of its value to close at Rs.39.95 over its close of Rs.179.10 Tuesday.
Integrity makes Tatas an outstanding business house: Chidambaram
By IANS,
New Delhi : One of India's top business conglomerates, the Tata Group, stands out from any other business group in the world due to their intellectual, moral and financial integrity, according to Finance Minister P.Chidambaram.
"The essence of the Tatas is their intellectual, moral and financial integrity and that is what makes them stand out from any other business in the world," Chidambaram told a select gathering of dignitaries here Friday.
Bihar will see high growth next decade, predicts Assocham
By IANS,
Patna : Bihar, one of the poorest states in the country, will soon be on a high economic growth trajectory, says premier industry lobby Assocham (Associated Chambers of Commerce and Industry of India).
An Assocham report titled "The Bihar Vision 2020, a Growth Strategy" released here Thursday afternoon said Bihar's economy was expected to grow at a compounded annual growth rate (CAGR) of 8 percent over the next decade.
Day after truce, SEBI says order applies to new ULIPs
By IANS,
Mumbai: A day after Finance Minister Pranab Mukherjee brokered a ceasefire between the two warring financial regulators, capital markets watchdog Securities and Exchange Board of India (SEBI) Tuesday said its order banning sale of unit-linked insurance plans (ULIPs) would apply only to new products launched after April 9.
SEBI in its new order informed the 14 barred insurers that they can continue to sell ULIPs but will not be allowed to introduce any new product in this category without registering them with it.
It’s a grim Diwali this year in Mumbai
By Quaid Najmi, IANS,
Mumbai : Barely 48 hours before the biggest festival on the Hindu calendar, the glitter and sounds of Diwali are virtually missing in Mumbai thanks to the spiralling prices, tumbling stock markets and fears of lay-offs.
Most shopping malls and plazas in the city, as also the friendly neighbourhood mithaiwala (confectioner), though decked up for the occasion, are waiting for the elusive customers.
Diwali appears grim, dark and silent even though it coincides with a long weekend. The celebrations have yet to pick up.
Sensex pares early morning gains
By IANS,
Mumbai : A benchmark index for Indian equities Tuesday pared its early morning gains and was ruling just 28 points higher, a couple of hours into trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,422.51 points, was ruling at 17,438.54 points, 27.97 points or 0.16 percent higher than its previous close at 17,410.57 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,216.6 points against the previous close at 5,205.2 points, a gain of 0.22 percent or 11.4 points.
Germany to continue development aid to India
By IANS
New Delhi : Germany will continue with its development assistance to India despite the robust growth of its economy, German Ambassador to India Bernd Mutzelburg said here Thursday.
"A question being asked is why Germany should continue to give millions of euros as development assistance when the Indian economy is growing at a high rate of 9 percent," the ambassador said.
Government playing down current crisis, says industry lobby
By IANS,
Kolkata : The government is trying to play down the current economic crisis as there seems to be a gap between its perception and other knowledgeable observers' thinking on what would be India's economic growth rate this fiscal, an industry lobby said here Wednesday.
Indian Oil’s profits up 52 percent
By IANSNew Delhi : State-owned Indian Oil Corp (IOC), the country's top refiner and retailer, Monday reported a 52 percent jump in net profit...
Bush and Brown to create joint banking work group
By DPA
London : Britain and the United States plan a joint Anglo-US financial working group to improve monitoring of the international financial system, the Financial Times said Monday.
According to the paper, British Chancellor of the Exchequer Alistair Darling and US Treasury Secretary Henry Paulson agreed last week to set up the group, which is to prepare proposals for better monitoring and regulation of the international financial markets.
GSPC to undertake city gas distribution project
By IANS,
Gandhinagar : With a view to promote the use of clean, green and efficient fuel for small and medium households, commercial establishments and automobiles, the Gujarat government has asked Gujarat State Petroleum Corporation Ltd (GSPC) to undertake a city gas distribution project.
The project will be implemented through GSPC's subsidiary, GSPC Gas Company Ltd.
"We are today India's fastest growing city gas distribution company providing natural gas to domestic, industrial,commercial and transportation segments," a spokesperson for the company said here Tuesday.
Regulator’s report on valuation of insurance firms next month
By IANS,
Kolkata : The country's insurance regulator will introduce fresh guidelines for valuation of insurance companies, a top official said here Thursday.
"A committee of actuaries headed by me is currently working on a new norm for the valuation of companies. The report would be ready next month," R. Kannan, member of the Insurance Regulatory Development Authority (IRDA) (actuary), said.
Both rich, emerging countries welcome action on global crisis
By DPA,
Washington : The world's 20 leading economies have endorsed actions by wealthier nations to stem a financial crisis that has spread to much of the world.
The Group of 20, a bloc that brings together developed and developing countries, committed to using "all the economic and financial tools to ensure the stability of financial markets," in a joint statement after an emergency meeting in Washington Saturday.
"We are now facing a world crisis," said Brazilian Finance Minister Guido Mantega, who chairs the G20. "The G20 today took steps toward more coordinated action."
No immediate cut in transport fuel prices: PM
By IANS,
New Delhi : Prime Minister Manmohan Singh has ruled out any immediate cut in the prices of transport fuels since state-run petroleum retailers continued to incur losses.
"There are limits to what the government can do on subsidising," the prime minister told reporters onboard Air India One, on his way back from the two-nation Gulf visit late Monday.
"When we see that the Indian oil companies are able to sustain a reduction, that will be the right (time for such a) decision," he said after his maiden visits to Oman and Qatar.
Equities open lower, key index down 187 points
By IANS,
Mumbai : Indian equities markets opened marginally lower Friday and then slid into negative territory on weak global cues with a key index down 187 points some two hours into trading.
Two hours into trading, the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 9,042.61, down 187.14 points or 2.03 percent from its previous close Thursday at 9,229.75 points.
The Sensex opened some 25 points lower at 9,204.69 points, hit a high of 9,340.69 before slipping to its current value.
‘Participatory banking can fill human development gaps’
By IANS
New Delhi : Vice President Hamid Ansari Friday said innovative approaches like participatory banking were necessary to bridge gaps in human resource development to bring overall peace, security and progress.
"Whether a country followed capitalism or communism, whether ruled by a king or governed through a democracy - modern banking catered to the basic productive urge of humanity and its drive to lead a better life," Ansari said.
Equity markets flat in early trade
By IANS,
Mumbai : Indian equity markets were trading flat early Friday, with selling pressure on realty, metal and banking stocks.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain 80.06 points at 15,168.05. Ten minutes into trading, it had fallen to 15,084.82 points, with a loss of 3.17 points or 0.02 percent from its closing figure Thursday.
At the same time the S&P CNX Nifty index of the National Stock Exchange was trading at 4,494.35 points with a loss of 9.90 points or 0.22 percent from its last close.
Prabhu’s budget fail to muster investor confidence
Mumbai : Railway Minister Suresh Prabhu's maiden budget on Thursday failed to muster investor confidence in the stocks of railway-related firms.
A majority of stocks...
Japan’s key Nikkei index falls almost 5 percent
By DPA,
Tokyo : Japan markets continued their losing streak Friday with the key Nikkei index dropping more than 4 percent.
In mid-morning traiding the Nikkei 225 Stock Average lost 413.99 points, or 4.89 percent, to 8,046.99.
The broader Topix index of all first-section issues fell 37.92 points, or 4.35 percent, to 833.78.
On currency markets at 9 a.m., the dollar was quoted at 97.58-63 yen, down from Thursday's quote of 97.68-70 yen.
The euro was quoted at $1.2897-2902, up from Thursday's 5 p.m. quote of $1.2819-20, and at 125.90-95 yen, up from 125.22-26 yen.
Boost by India’s Bharti soars SingTel’s profits
By DPA
Singapore : Singapore Telecommunications (SingTel), South-East Asia's largest phone company, said Tuesday that its first quarter profit rose 10 percent on record earnings boosted by India's Bharti and strong sales in the city-state.
Net income rose to 927 million Singapore dollars ($610 million) in the quarter ending June 30 from 840 million Singapore dollars ($552 million) in the corresponding period a year ago.
Operating revenue was 3.57 billion Singapore dollars ($2.34 billion), up 10.5 percent.
Malaysian property firm sets sight on India and Vietnam by Q1’09
By NNN-Bernama,
Kuala Lumpur : Property firm, Golden Plus Holdings Bhd (GPlus), is set to expand its overseas ventures to Vietnam and India by the first quarter of next year where the market is less saturated and there is demand for high-end property.
Its independent non-executive director Jeyaraj Ratnaswamy said the developments in the two countries could be in the form of joint ventures but no direct negotiation has been done with any party.
Government to press states for goods and service tax
By IANS,
New Delhi : Finance Minister Pranab Mukherjee Tuesday said the government will try and persuade state governments and other stake holders to implement a unified goods and service tax (GST) as it had done for the central value added tax (Cenvat).
"I know there is a problem. We had a problem while implementing VAT earlier. I will try to persuade them given my persuading skills," Mukherjee said facetiously in an interaction with industry leaders here.
UK insurance major to outsource jobs to India
By IANS
London : British insurance major Resolution has announced plans to outsource a number of jobs to India as part of a deal with support services company Capita to reduce costs.
Sensex ruling dull in morning trade
By IANS,
Mumbai : A benchmark index of Indian equities was ruling dull in morning trade Tuesday.
Small enterprises to contribute 22 percent of GDP
By IANS,
New Delhi : The share of small and medium enterprises (SMEs) in India's gross domestic product (GDP) is likely to go up to 22 percent by 2012, according to an industry lobby report, released here Sunday.
The Associated Chambers of Commerce and Industry of India (Assocham) said in the study that the SME sector was upgrading itself technologically.
“Technological upgradation will reduce input costs and increase production, which will enable SMEs to contribute 22 percent to India's GDP against 17 percent by 2012,” it said.
Cycling keeps health costs down in Australia
By IANS,
Sydney : Commuting to the workplace or the marts on bicycles is saving Australia $227.2 million in health costs alone every year, according to an official report.
Adrian Bauman and Chris Rissel of Sydney University, along with co-authors from Deakin and Curtin universities and the Cycling Promotion Fund, identified key barriers and benefits to Australians getting on their bikes.
"More than half of all Australians are not meeting public health recommendations for physical activity, and the rise in obesity and diabetes levels is a clear consequence of this inactivity.
Kale Consultants to enter air logistics and travel
By IANS
Mumbai : Maharashtra-based airline solutions provider Kale Consultants Ltd has announced it would be now focusing also on logistics and travel segments of the airline industry.
"Kale Consultants, which has grown from $2 million to close to $30 million by the end of this financial year, will now be fully entrenched into the airlines, logistics and traffic (ALT) industry," said Vipul Jain, the company's managing director and CEO.
Kolkata, an emerging animation hub
By IANS
Kolkata : Kolkata is fast emerging as one of the major animation hubs of India, a leading animation and multimedia training company said here Friday.
Iraqi Airways to be closed after financial dispute
By IANS,
Baghdad : The state-owned Iraqi Airways Company will be closed after a financial dispute with the Kuwaiti government, media reports said Wednesday.
"The Council of Ministers decided to dissolve the Iraqi Airways Company," Iraq's al-Sabah newspaper quoted a government source as saying.
Kuwait has demanded $1.2 billion in reparations from Iraqi Airways for damage caused by Saddam Hussein's invasion of the country in 1990, Xinhua reported, quoting the newspaper.
India’s inflation remains unaltered at 3.5 percent
NEW DELHI, Jan 11 (NNN-PTI) -- The whole-sale price index-based inflation for the week ended December 29, 2007, remained unchanged at its previous week's level of 3.50 per cent.
The annual rate of inflation stood at 5.89 per cent a year ago.
According to the official data released Friday, the price of food articles' group declined by 0.3 per cent due to lower prices of fruits and vegetables, which fell by 2 per cent and fall in prices of fish-marine, moong and urad pulses by 1 per cent each over the previous week.
Jute council eyes African, East European markets
By IANS,
Kolkata : In its bid to promote and make people aware of jute products, the Jute Manufacturers Development Council (JMDC) is eyeing the African, East European and Canadian markets, an official said here Monday.
"Right now the ministry is leading a delegation to Australia. The standard sacking, hessian is big there. Australia is also very environment conscious. But Africa is a place where we have to explore for bulk products," said council secretary Atri Bhattacharya.
US economy up 2.2 percent in third quarter
By DPA,
Washington: The US economy grew slower than expected 2.2 percent in the third quarter of 2009, revised government figures showed Tuesday.
The rise in gross domestic product (GDP) was weaker than earlier estimates had shown, but was still the first positive growth period after the year-long recession that has plagued the world's largest economy.
Wockhardt withdraws IPO after poor public response
By IANS
Mumbai : Volatile market claimed its first victim in the stock market Thursday when Wockhardt Hospitals Ltd quietly withdrew its Initial Public Offering (IPO).
The issue was subscribed by a mere 18 percent on the last day of its closing Thursday. The company plans to refund the entire IPO money within 15 days.
For listing on the bourses, 90 percent of the issue must be subscribed. Wockhardt had attempted to salvage the issue by extending the subscription closing date from Feb 5 to Feb 7.
India’s infrastructure industries log 8.7 percent growth
By IANS
New Delhi : Six main infrastructure industries in India, including crude oil, power generation and coal production, registered a 8.7 percent growth in February against 7.6 percent in the same month last fiscal.
The growth, however, was lower at 5.6 percent during the first 11 months of this fiscal, compared to 8.7 percent during the corresponding 11 months of the last fiscal, data released by the commerce and industry minister showed Thursday.
Eurozone Inflation Up
By Prensa Latina
Brussels : The Eurozone inflation index hit its highest level in six years due to a rise in oil and food prices, casting a shadow over prospects for European economy in 2008.
Sources from the European Central Bank revealed that the cost of living in the Eurozone remained at 3.1 percent against 2006.
The ECB has set an inflation target of about two percent in the region in 2008.
ECB economist Sunil Kapadia hopes a further increase in inflation due to higher oil and food prices.
India losing green cover faster than ever, warns study
Sydney: The world's forests have shrunk by three percent since 1990 - an area equivalent to the size of South Africa - and...
Sensex slips 870 points as budget disappoints
By IANS,
Mumbai : In its worst performance in recent weeks, a key index of the Indian equities markets ended trade Monday nearly 870 points down from its last closing figure, as investors blamed lack of policy announcements and increase in minimum alternate tax on corporates for the negative reaction.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,962.12 points, closed at 14,043.4 points - 869.65 points or 5.83 percent lower than Friday's close.
At one point, it had slipped by more than 900 points.
OPEC agrees on output increase by 500,000 barrels
By DPA
Vienna : The Organisation of Petroleum Exporting Countries (OPEC) agreed at its regular autumn meeting to lift its output quota by 500,000 barrels per day with effect from Nov 1, OPEC spokesman Omar Ibrahim said.
Speaking to reporters Tuesday, OPEC's Secretary General Abdullah al-Badri emphasised: "We hope that this decision will calm down the market."
OPEC decided on the increase because it wanted to "send a signal", al-Badri said. The cartel remained "concerned" over the current high oil prices and, in particular, the situation on the financial markets.
Syndicate Bank, UAE Exchange in pact for remittances
By IANS
Bangalore : Syndicate Bank has entered into an agreement with the Abu Dhabi-based UAE Exchange Centre for remittances by Indian expats and firms from the Gulf countries.
According to a bank statement here Tuesday, the alliance will enable the expats to remit money to their families back home through the bank's speed remittance products such as Syndicate-e-remit, Syndicate-e-draft and Syndicate MT (money transfer) at competitive prices through the UAE exchange network.
Tamil Nadu, Puducherry shutdown a partial success
By IANS,
Chennai : The day-long shutdown to protest fuel price hikes, called by Left parties in Tamil Nadu and Puducherry Saturday, was a partial success.
Shops were closed in many parts of Tamil Nadu and the union territory of Puducherry, and auto-rickshaws unions participated in full.
However, buses and trains plied normally.
The unions led by the ruling Dravida Munnetra Kazhagam (DMK), an ally of Left parties in Tamil Nadu as well as the centre, did not take part in the protest.
Tata Power consortium wins Indonesian geothermal power project
By IANS,
Mumbai : Tata Power Thursday said a consortium it belongs to has won a bid for a 240 MW geothermal power project in Indonesia.
The consortium, in which Tata Power holds a 47.5 percent stake, will undertake a detailed exploration of the Sorik Marapi geothermal project in northern Sumatra, the company said in a regulatory filing to the Bombay Stock Exchange.
"The expected commercial operation date for the project is June 2015," said the company.
Sensex rises into green after weak start
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday made a steady start and was ruling 60 points higher, about 25 minutes after the opening bell.
At 9.24 a.m. the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,072.94 points, was ruling at 17,112.55 points, 60.01 points or 0.35 percent higher than its previous close at 17,052.54 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,117.35 points against the previous close at 5,101.5 points, a gain of 0.31 percent.
Upswing in India’s direct tax mop up: Chidambaram
By IANS,
New Delhi : Following a major increase in direct tax collection last fiscal, the Indian government expects to substantially revise upward the estimate for the current fiscal.
"The Central Board of Direct Taxes (CBDT) will meet over the next couple of days and increase the estimate upward," Finance Minister P. Chidambaram said Monday after a meeting with the top officials in the direct tax administration.
NCDEX hopes futures trading in potato, rubber resumes
By IANS,
Ahmedabad : The National Commodity and Derivatives Exchange (NCDEX) hopes that futures trading in 'Chana', Soya oil, Rubber and Potato, which were banned early this month, will resume in September.
Managing Director and CEO of NCDEX R. Ramaseshan told reporters here Tuesday that the current ban on these commodities is effective till September 6. "The ban is usually for a short period. If there is no new ban, then futures trading in the four commodities can hopefully resume," he said.
Noida grows, but poor infrastructure, closure of industries haunt
By IANS,
Noida : Despite being a virtual extension of India's national capital, this industrial hub, software centre and leisure destination still laments over poor power supply and roads, making the hunger for such essentials as well as the closure of industries major election planks.
Close to 10,000 industrial units dot this city, technically in Uttar Pradesh but bordering New Delhi. Just a fourth of them function. Rising crime and poor infrastructure have only fanned the angst of the 250,000-strong electorate.
Major sop being mulled for Bharat Heavy Electricals
By Noor Mohd, IANS
New Delhi : In what could emerge as a windfall for Bharat Heavy Electricals Ltd. (BHEL), the government is looking at a proposal to remove some major conditions on developers who want to avail themselves of fiscal sops for building mega power projects.
Under the policy governing mega power projects, state-run and private players have to resort to international competitive bidding while awarding contracts to suppliers of equipment such as boilers and turbines for obtaining fiscal sops.
Ten issues India Inc has to contend with in 2009
By Sushma Ramachandran, IANS,
What lies ahead for the Indian economy in 2009? This is the question looming large in corridors of the country's corporate world, as India Inc hopes the economy will transition from annus horribilis that 2008 was to annus mirabilis, which it hopes the New Year will be. A look at 10 major issues which the country's corporate sector has to contend with in 2009:
Power Grid Corp net up 16.7 percent
By IANS,
Mumbai : Public sector electricity major Power Grid Corp of India Tuesday reported a net profit of Rs.1,690.6 crore for 2008-09 as against Rs.1,448.5 crore recorded the year before, an increase of 16.7 percent.
The company is involved in construction, operation and maintenance of inter-state transmission system and regional power grids.
Power Grid Corp said in a statement that its turnover rose 38.3 percent last fiscal to Rs.7,028.5 crore from Rs.5,081.5 crore in 2007-08.
The company has declared a dividend of 70 paise per equity share of Rs.10.
Space may be reserved for poor in housing projects
By IANS,
New Delhi : In order to make housing affordable for the weaker sections of society, the government is thinking of reserving 20 percent of space in housing projects for them.
Minister for Housing and Urban Poverty Alleviation, Kumari Selja, Monday said her ministry will ask state governments to reserve developed land for the economically weaker sections in various housing projects.
"Once the policy is passed, it will be mandatory for all private developers to accommodate the poor in their housing projects," Selja said.
Indian Oil posts Q3 net loss of Rs.961 crore
By IANS,
New Delhi : State-run Indian Oil Corp (IOC) Thursday posted a net loss of Rs.961.45 crore in the third quarter ending December owing...
Lupin acquires German pharma company
By IANS,
Mumbai : Indian pharmaceutical major Lupin Ltd has acquired Hormosan GmbH, a German sales and marketing generics company, it announced here Wednesday.
In a regulatory statement, Lupin said the Euro 6.8 million ($10.6 million) German firm specialises in the supply of pharmaceutical products to treat ailments related to the central nervous system (CNS).
Hormosan develops, licenses and markets a range of generic drugs in Germany and complements Lupin's product portfolio for the CNS and cardiovascular therapeutic segments, the statement said.
Former RBI governor nominated to UN task force
By Lalit K. Jha, IANS,
United Nations : Former Reserve Bank of India (RBI) governor Y. Venugopal Reddy has been nominated by the UN General Assembly president Miguel d´Escoto to a UN task force to examine possible reform of the global financial system.
The 10-member Commission of Experts of the President of the General Assembly on Reforms of the International Monetary and Financial System is headed by US's Joseph Stiglitz, the 2001 Nobel Prize winner in economics. He is also former senior vice president and chief economist of the World Bank.
JP Morgan acquires stake in Dubai Mercantile Exchange
By IANS,
Dubai : Leading global financial institution JP Morgan Tuesday acquired stake in the Middle East's first energy futures exchange, the Dubai Mercantile Exchange (DME).
JP Morgan's move comes in the wake of DME announcing in August this year that global financial institutions and energy trading firms, including Goldman Sachs, Morgan Stanley, Vitol, Concord Energy, Casa Energy Trading, and a Shell group company, have become strategic investors in the exchange.
The terms of sale of the equity sale to JP Morgan remain private and confidential, according to a DME statement.
Record one-day fall for Canadian dollar
By IANS,
Toronto : The Canadian dollar suffered the worst one-day loss against the US dollar in its history Wednesday even as the country's national bank announced to inject $8 billion more into markets to ease credit squeeze.
The composite index on the Toronto stock exchange (SX) also lost more than 500 points as prices of metals, commodities and oil continued to tumble.
Lockheed gets $596 mn contract for India-bound military planes
By Arun Kumar, IANS
Washington : The US Defence Department has awarded aerospace giant Lockheed Martin a $596 million Air Force contract for work on six Super Hercules C-130J military transport planes that India is buying, its first major military purchase from the US for over 40 years.
New Delhi also has options on another six C-130Js, which will be used to support operations involving its special forces personnel and be equipped with missile and radar warning systems.
Gujarat NRE Coke Board to consider rights issue
By IANS,
Ahmedabad : Gujarat NRE Coke, the country's largest independent coke producer that is currently riding the crest of a global price upsurge, is planning a rights issue to augment its capital for setting up a greenfield coke oven plant.
ADAG takes a step forward to snap up Royal Sundaram
By IANS,
Chennai : The Reliance Anil Dhirubhai Ambani Group (ADAG) is planning to snap up the city-based non-life insurer, Royal Sundaram Alliance Insurance Company, according to sources close to the development.
The sources said Reliance General Insurance Company, part of the ADAG, and Royal Sundaram have submitted a merger proposal to Insurance Regulatory and Development Authority (IRDA).
Foundation laid for 1,500 MW plants in Chhattisgarh
By IANS,
Raipur : Chhattisgarh Chief Minister Raman Singh Tuesday laid foundation stones for two power plants of 1,500 MW at industrial city Korba.
The state-run Bharat Heavy Electricals Ltd (BHEL) will set up both coal-fired power plants - 1,000 MW (500X2) Madwa project and 500 MW Korba West project - at in investment of Rs.70 billion ($1.63 billion).
The Korba West project is expected to be operational by 2011, while the Madwa project would be commissioned in 2012.
Court defers decision on RIL gas dispute to July 12
By IANS
Mumbai : The Bombay High Court Thursday said it would give its final order on July 12 on the issue of restraining Reliance Industries Ltd. (RIL) from selling gas produced from one of its prime blocks in the Krishna-Godavari basin to a third party.
Turmoil deepens in US air industry
By IRNA
New York : The turmoil in the US airline industry deepened as the fourth US low-cost carrier in less than a month filed for bankruptcy, and American Airlines cancelled nearly 600 additional US flights for inspections.
In all, American has canceled more than 3,000 flights this week, in a wave that began Tuesday.
The actions, coupled with earlier cancellations at other airlines, have left passengers stranded coast to coast, disrupted businesses and tapped a deep well of ire against the airlines.
European stocks stage cautious recovery
By DPA,
Frankfurt : European stocks staged a cautious recovery Thursday, helped along by an element of calm returning to share markets in Asia and the US after this week's panic share sell off around the world.
Europe's benchmark Stoxx 50 index was trading up by 0.6 percent at 2,375 by late morning trading Thursday.
The signs of a brittle calm returning to European stock trading came after fears about the economic fallout from the global credit crunch led to the dramatic falls on stock markets around the world.
Wharton India Economic forum to define ‘global Indian’
By Arun Kumar, IANS
Washington : Former Indian president A.P.J. Abdul Kalam and venture capitalist Vinod Dham, considered the father of the Intel Pentium microprocessor, will be keynote speakers at this year's Wharton India Economic Forum (WIEF).
The theme of the 12th such conference, to be held Saturday in Philadelphia, is 'India Imagine'. It will serve as a platform for thought-leaders, professionals and policy makers to define their perception of the global Indian and discuss the wave of new imagination that is spurring the nouveau Indian to create unprecedented opportunities.
India cuts prices of transport, cooking fuels
By IANS,
New Delhi : India late Wednesday allowed its state-run petroleum retail companies to cut the prices of gasoline, diesel and cooking gas. Petrol will now be cheaper by Rs.5 a litre, diesel by Rs. 2 and cooking gas by Rs.25 per cylinder.
The decision was taken by a meeting of the Cabinet Committee on Political Affairs (CCPA), presided over by External Affairs Minister Pranab Mukherjee. The cuts in fuel prices will be effective midnight Wednesday, an official statement said.
Antony to lay keel of first indigenous aircraft career Saturday
By IANS,
Kochi : Defence Minister A.K. Antony will Saturday lay the keel of the country's first indigenous aircraft carrier at the Cochin Shipyard Limited (CSL) here Saturday, an event that will mark a significant upgradation of India's shipbuilding capabilities.
With a displacement of 40,000 tonnes, the carrier will be the first military vessel at CSL. To be launched in 2010, the ship is scheduled to be delivered to the Indian Navy in 2014.
India mulls duty cut on several items to tame inflation
By IANS
New Delhi : India is considering a further import duty cut on essential commodities, especially food items, and reducing duties on important food products to zero, Commerce and Industry minister Kamal Nath said.
The cabinet committee on prices will discuss these possibilities at a meet scheduled Monday evening.
The government had been taking several steps for the last two weeks in order to check rising prices leading the inflation rate to hit a 14-month high of 6.68 percent for the week ending March 15 as against 5.92 percent in the preceding week.
India set to conclude FTA with Asean
By IANS
Singapore : India announced Wednesday it was set to conclude a long-awaited free trade agreement (FTA) with Asean by early next year, with differences over preferential access confined only to a handful of products.
Both sides have agreed to settle these issues by March 2008 with a view to concluding the FTA in goods by May 2008, Indian Commerce Secretary G.K. Pillai told a news conference here on the sidelines of the India-Asean Summit.
Pillai's comments came a day after economic ministers of Asean and India held informal consultations Tuesday.
US, Vietnam, Canada are India Inc’s favourite hunting grounds
By IANS
New Delhi : Corporate India, in its insatiable urge to swallow global companies, has made the US, Vietnam, Canada, Germany and Britain its favourite destinations for mergers and acquisitions.
With the US emerging as the most sought after destination, Indian companies have made acquisitions worth $5.1 billion during April-July 2007, said a study by the Associated Chambers of Commerce and Industry (Assocham).
Textile industry seeks better cotton prices, cheaper power
By IANS
Coimbatore : It is time for the Indian textile industry "to think global and go global", experts said at an industry meet here Saturday, even as they pointed out that it was among the lowest profitable industries.
Neighbouring countries like Bangladesh, Sri Lanka, Pakistan and others like Vietnam and Turkey "have been building up their capabilities, and are expected to give a tough competition with the cost competitiveness," warned Martin Antony, managing director, Mothercare Sourcing India Pvt Ltd.
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.
Biocon’s subsidiary Syngene to go public soon
By IANS
Bangalore : India's biotechnology major Biocon Ltd. plans to list its wholly-owned subsidiary Syngene Ltd. on the stock exchanges in the next fiscal (2008-09), a top company official said here Thursday.
"We believe Syngene has attained critical mass that can be leveraged to deliver a strong growth trajectory. As one of Asia's largest and most profitable contract research firm, Syngene's initial public offering (IPO) can deliver superior shareholder value," Biocon chairperson Kiran Mazumdar-Shaw said in a statement.
Neyveli Lignite posts $50 mn profit in third quarter
By IANS
New Delhi : State-owned mining and power generating company Neyveli Lignite Corp Ltd (NLC)'s net profit rose by 33 percent to Rs.2 billion ($50 million) in the third quarter (Oct-Dec) of fiscal 2007-08 compared with the corresponding period last year.
On a year-on-year basis, the company's total income increased by 27 percent to Rs.8.1 billion ($204 million) in the third quarter.
India’s GHCL to restructure its US home textile business
By P.S. Anantharaman, IANS,
Ahmedabad : Global textile and chemical firm GHCL Ltd, formerly Gujarat Heavy Chemicals Ltd, is set to restructure its US home textile business and foray into the American retail market as well.
"The move is aimed at merging home textiles and retail businesses under one umbrella. The merged entity will have four units - retail, institutional sales, sourcing and design," R.A. Jalan, managing director of GHCL, told IANS here.
Quality control issues hit Pakistani exports
By IANS
Islamabad : Non-compliance with World Trade Organisation (WTO) regulations on quality control have severely affected Pakistan's exports, prompting the government to grant an initial Rs.437.44 million for creating a certifying laboratory at Karachi.
A national quality policy plan envisages the establishment of 100 laboratories in the country at a cost of Rs.5 billion.
New guar seed, turmeric contracts to be launched
By IANS,
Ahmedabad : The National Multi-Commodity Exchange (NMCE) will launch a new series for futures contract in guar seed and turmeric Thursday.
The new series in guar seed and turmeric - called November 2008 contracts - will expire November 20, while the delivery period for both commodities will begin November 17.
The basis delivery centre for guar seed is at Deesa (Gujarat) and that for turmeric is at Central Warehousing Corporation (CWC) warehouse at Erode (Tamil Nadu) and additional delivery centre at Nizamabad (Andhra Pradesh).
UN chief calls for coordinated financial reforms
By DPA,
New York : UN Secretary General Ban Ki-moon has called on the world's major economies to work together to recapitalise the banking system and guarantee the savings of people around the world in this time of economic crisis.
In a statement Monday, Ban called the efforts by the International Monetary Fund (IMF), World Bank and the financial ministers of the world's seven biggest economies (G7) "laudable" in trying to instill more confidence in financial markets.
But he said "more coordinated approaches" are needed.
Kerala tourism gears up for Onam
By IANS
Thiruvananthapuram : The Kerala government is gearing up to make the most of the tourism opportunity that the upcoming Onam harvest festival offers. The tourism ministry has planned a series of special programmes across the state.
"We are investing Rs.12 million in Onam celebrations which will begin Aug 24 and go on till Aug 28. The biggest celebrations would be in Kochi, Kozhikode and here. More than 5,000 local artistes are taking part in various cultural programmes across the state," state Tourism Minister Kodiyeri Balakrishnan told reporters Friday.
US economy suffers biggest slowdown in 26 years
By Arun Kumar, IANS,
Washington : The US economy suffered its biggest slowdown in 26 years in the last three months of 2008 as consumer spending recorded the worst slide in the post-war era - a trend that is likely to continue in the coming months.
Gross domestic product, the broadest measure of the nation's economic activity, fell at an annual rate of 3.8 percent in the fourth quarter, adjusted for inflation, according to official figures released Friday.
Markets rally on global cues, Chidambaram pep talk
By IANS,
Mumbai : After a week of utter mayhem, Indian equities markets were back in the green Monday following strong global cues as well as a pep talk from Finance Minister P. Chidambaram.
Half an hour into trading, the benchmark 30-share index of the Bombay Stock Exchange, the Sensex, was at 10,921.80 points, up 393.95 points or 3.74 percent from its previous close Friday at 10,527.85 points.
Markets close above day’s low
By IANS,
Mumbai : A key index of the Indian equities markets managed to close off the day's low Wednesday, but still ended in the red.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 10,968.6 points, fell 80.57 points or 0.74 percent from the previous close to end trade at 10,817.54 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) shed 0.9 percent to close at 3,334.95 points.
Broader market indices also lost, with the BSE midcap index shedding 1.15 percent, while the BSE smallcap index was down 1.62 percent.
‘Japan unlikely to achieve growth in next fiscal’
By Xinhua,
Tokyo : Japan's Economic Minister Kaoru Yosano said Tuesday he is "not confident" the country's economy, now in recession, will show positive signs in the next fiscal year starting April.
"Looking at conditions at home and abroad, I see few factors that will contribute to positive growth," Yosano told reporters.
If the negative growth projection for fiscal 2009 is formally adopted by the cabinet in January, it will be the first time the Japanese government would make a contraction forecast for a fiscal year.
Skoda launches new Superb for Indian market
By IANS,
New Delhi : Czech auto major Skoda Tuesday launched an upgraded version of its premium sedan Superb at a discounted price for the Indian market.
The new Superb, of which only one variant will be available now, is priced at Rs.1.88 million (ex-showroom Delhi), while the older models were priced between Rs.2.01 million and Rs.2.27 million.
Skoda India's board member (incharge of sales and marketing) Thomas Kuehl said the new price positioning was very important for the company in a price-sensitive market like India.
Bajaj motorcycle sales grow 52 percent in October
By IANS,
Mumbai : Leading two-wheeler major Bajaj Auto Monday said its motorcycle sales grew 52 percent in October to 249,681 units, as against the 163,850 units it sold in the corresponding month last year.
"Bajaj motorcycle sales grew 52 percent in October 2009 despite several supply constraints," said Bajaj Auto managing director Rajiv Bajaj in a statement.
"We are confident of maintaining this growth rate for the rest of FY10," he added.
Saudis to invest $80 billion to raise oil output: Report
By DPA,
Riyadh : Saudi Arabia is planning to invest $80 billion to increase its oil output to 12.5 million barrels per day and boost its refining capacity by 43 percent in the next few years, according to an economic report published Tuesday.
With the increase in oil prices, Saudi Arabia's economy will expand and its investment in the oil industry and non-oil sectors will see a big increase in the next years, the report issued by the Federation of Chambers of Commerce and Industry in the Gulf Cooperation Council (GCC) predicted.
Sensex ends with 85 point gain, ignores gloomy Euro bourses
By IANS,
Mumbai : A benchmark index for Indian equities Tuesday closed 85 points higher than its previous close, slipping below the day's highs and bucking gloomy trends in European markets.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,571.73 points, closed at 18,645.06 points, 85.01 points or 0.46 percent up from its previous close at 18,560.05 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut shop 0.49 percent higher at 5,604 points.
Food inflation drops marginally to 17.22 percent
By IANS,
New Delhi : India's annual food inflation dropped marginally to 17.22 percent for the week ended April 3 from 17.7 percent a week before even as prices of milk, fruits and lentils rose during the period under review, data showed Thursday.
Data on the wholesale price index released by the commerce and industry ministry showed the index for food articles rose 1.4 percent during the week under review. The index for non-food articles rose 0.1 percent.
Tamil Nadu’s software exports grow 46 percent
By IANS
Chennai : Software exports from Tamil Nadu crossed Rs.20 billion, an increase of 46 percent over the previous year, state chief minister M Karunanidhi said here Monday.
He was speaking at the seventh edition of Confederation of Indian Industry's ICT event, Connect 2007.
Karunanidhi also unveiled version 2.0 of the Bharat Operating System, which is based on the Linux platform. The Tamil Nadu government uses the Linux platform for official use, having chosen not to buy Microsoft Windows.
Air India offloads 60 passengers to London, Chicago
By IANS
Mumbai : Air India offloaded 60 passengers bound for London and Chicago at Mumbai airport Tuesday due to overbooking, a spokesman for the airline said.
The passengers of flight AI-125 alleged that the airline staff harassed them although they had been issued boarding passes.
An Air India spokesman told IANS that the passengers were offloaded because the flight was overbooked.
"However, all of them will be put on flights to their respective destinations later this (Tuesday) evening. In the meantime, we have put them up in hotels and are looking after them."
Greek PM thanks finance minister who quit
Athens : Greek Prime Minister Alexis Tsipras thanked Finance Minister Yanis Varoufakis on Monday for his "ceaseless efforts" to defend the interests of...
Bangladesh: BIMAN signs accord with boeing to buy 10 new aircraft
By NNN-BSS,
Dhaka : The Biman Bangladesh Airlines Limited Tuesday signed an agreement with the Boeing of the United States to purchase 10 new generation aircraft.
Managing Director of the Biman Dr M A Momen and Regional Director of the Boeing Glen A Green inked the agreement on behalf of their respective sides in the auditorium of the Bangladesh Airlines Training Centre (BATC) at Kurmitola in the capital.
UAE’s IT services cross half a billion-dollar mark
By IANS
Dubai : The IT services market in the United Arab Emirates (UAE) has crossed a record half a billion-dollar mark and spending in the market is expected to expand further this year, according to a report by the International Development Company (IDC).
The UAE IT market is increasingly embracing the outsourcing model and other value-added services as it matures, news agency WAM quotes the Abu Dhabi-based IDC study as saying.
According to the study, IT services spending in the UAE will go up to nearly $508 million.
TGY launches automotive batteries, eyes global market
By IANS
Kolkata : Tata AutoComp GY Batteries Pvt Ltd (TGY), a 50:50 joint venture between Tata AutoComp Systems Ltd (TACO) and GS Yuasa International (GYIN), Japan, launched a range of eco-friendly two-wheeler and four-wheeler batteries here Monday.
Markets volatile, Sensex rises 65 points after weak start
By IANS,
Mumbai : Indian equities markets were back in the green a little before noon after slipping into red soon on opening, but were still volatile, with most analysts expecting equities to fluctuate in the run-up to the poll results Saturday.
The 30 scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which had opened at 11,997.37 points, was ruling at 11,748.94 points, 65.95 points or 0.56 percent higher than its previous close Monday.
Phillips Carbon Black to set up plant in Vietnam
By IANS
Kolkata : Phillips Carbon Black Ltd (PCBL), an RPG Group company, signed an agreement with Vietnam National Chemical Corporation (Vinachem) in the presence of Vietnamese Prime Minister Nguyen Tan Dung here Wednesday.
Coffee fest to focus on market opportunities in India
By IANS,
Bangalore : The India International Coffee Festival (ICCF 2009) that kicks off here Wednesday will focus on the domestic opportunities for international players and global trends in the plantation commodity.
"The international coffee community has recognised the huge potential of the Indian market. The fest will focus on unlocking this potential by showcasing the opportunities in the domestic market," state-run Coffee Board chairman G.V. Krishna Rau told IANS.
Security beefed up at Tata’s Nano plant site
By IANS,
Kolkata : Security arrangements around Tata Motors' Nano project site at Singur have been strengthened ahead of an indefinite agitation against the project from Sunday. Group chairman Ratan Tata has said the plant would be shifted out of West Bengal if the security of employees could not be assured.
"Adequate security measures have been taken for the agitation starting tomorrow (Sunday). A few policemen will travel tonight and the rest tomorrow morning," inspector general of police (law and order) Raj Kanojia told IANS here Saturday. Singur is around 40 km from here.
Tribal farmers in Kerala export organic pepper
By IANS
Thiruvananthapuram : A group of tribal farmers in Kerala, with governmental support, have turned exporters of organic pepper and the first consignment will be sent to Germany April 12.
State Forest Minister Binoy Viswom told reporters here that the first consignment of four tonnes of pepper, cultivated by 59 tribal families in Vanchivayil village in the interiors of Thekkady forests, is ready to be exported.
EU approves acquisition of Dutch company by ArcelorMittal
By EuAsiaNews,
Brussels : The European Commission , the EU’s executive boy, announced here Wednesday that it has cleared under the EU Merger Regulation the proposed acquisition of Dutch company Noble European Holdings B.V., a subsidiary of Noble International Ltd. of the US, by ArcelorMittal of Luxembourg.
After examining the operation, the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.
HCL’s Shiv Nadar receives Padma Bhushan
By IANS,
New Delhi : Shiv Nadar, founder of $4.5 billion HCL, one of India's leading IT firms, was presented the Padma Bhushan, the country's third highest civilian honour, by President Pratibha Patil Monday.
“It is an honour to receive the award from the president. It is recognition of the efforts of every HCL employee who has supported and contributed to the growth of the company and in its journey from a barsaati (terrace room) to a global enterprise,” Nadar said in a statement.
Men who want women to stay home earn more
By IANS,
Washington : Men holding the view that women should stay at home earn more than men who don't. But women with more egalitarian views don't take home much more than their traditional counterparts.
Timothy Judge and Beth Livingston of University of Florida analysed data from a nationally representative study of men and women who were interviewed four times between 1979 and 2005.
Some 12,686 people, aged between 14 and 22 at the beginning of the study, participated, even as 60 percent remained with the study.
Farmers gather in New Delhi to protest sugarcane prices
By IANS,
New Delhi : Holding sugarcane stems and shouting slogans, hordes of farmers from Uttar Pradesh arrived in Delhi Thursday to voice their protest against the new sugarcane pricing policy announced by the central and state governments.
The farmers rally, including protesters from the Rashtriya Lok Dal (RLD), Bhartiya Kisan Union Tikait and Rashtriya Kisan Mazdoor Sangathan, started at the Ramlila ground and will culminate at Jantar Mantar in central Delhi.
G7 financial leaders to seek ways to recover market losses
By DPA
Tokyo : Financial leaders from seven of the world's leading economies plan to discuss this weekend ways to ease concerns in global markets caused by the US subprime mortgage problems, Japanese Finance Minister Fukushiro Nukaga said Friday.
Nukaga, who is co-chair of the Group of Seven (G7) meeting, said he hoped to discuss with his counterparts Saturday in Tokyo how to enhance information disclosure by financial institutions and compensate for losses caused by the US home-loan problems.
Sporadic protests continue at Essar plant in Trinidad
By Paras Ramoutar, IANS
Port-of-Spain : The new $1.7 billion steel plant to be set up in Trinidad and Tobago by India's Essar group continues to be the target of several environmental activists, who want the project to be halted.
Local residents want the plant to be relocated so that the peace and tranquillity of the area is not disturbed.
As one passes daily through the usually quiet and peaceful community in Pranz Gardens, Claxton Bay, Central Trinidad, there are signs saying, 'save our fishes, save our planet' and 'Essar destruction must stop'.
Vehicle buyers reject models due to longer delivery period
By IANS,
New Delhi : A large number of new vehicle buyers in India reject a model they initially considered due to the longer waiting time for delivery and buy another, said a survey Friday.
Greece issue not greasy for India: Raghuram Rajan
Chennai : India's exposure to cash-strapped Greece was very limited and the central government was in talks with the central bank on providing...
UAE plans strategic food reserves(Gulf Business Capsule)
By IANS,
Dubai : The United Arab Emirates (UAE) is working on a national strategy to build substantial food reserves to cope with rising food prices across the world.
As part of this move, the Ministry of Economy has signed agreements with major retailers in the country to maintain the prices of 2007 for basic commodities.
India adds 6.19 mn GSM mobile phone users in January
By IANS
New Delhi : India added 6.19 million GSM mobile subscribers in the month of January, according to industry body Cellular Operators Association of India (COAI).
The data released Monday indicated that the number of GSM users till Jan 31, 2008 stood at 178.41 million.
This, however, excludes the number of users added by Reliance Communications, which is mainly a CDMA major but has GSM operations being developed across the country.
Bharti Airtel, India's leading mobile phone service firm, added 2.25 million subscribers, taking its total base to 57.41 million.
Oil India IPO by September
By IANS,
New Delhi : Oil exploration major Oil India Ltd (OIL) is likely to launch an initial public offering (IPO) in September, Petroleum Secretary R.S. Pandey said here Tuesday.
He, however, ruled out disinvestment in other state-owned oil giants Indian Oil Corp (IOC) and Oil and Natural Gas Corp (ONGC).
"There is no plan to divest stake in IOC and ONGC," Pandey told reporters, adding: "But we expect an initial public offering of Oil India by September."
Kerala set for high industrial growth: minister
By Sanu George, IANS
Thiruvananthapuram : Industrial growth in Kerala is set for a big take-off, with investment flowing in particularly in the infrastructure sector, said the state's industries minister here Thursday.
Kerala's Industries Minister Elamaram Kareem said this was mainly due to the new and dynamic industrial policy that encourages investments and cuts delays.
"The industrial policy of the Left government speaks for itself. We are delighted that it has been widely accepted," Kareem told IANS.
Tatas will need nerves of steel to take on Mittal
By Fakir Hassen, IANS
Johannesburg : The Tata Group of India and the South African government will need nerves of steel if they want to take on well-established giant Mittal SA by setting up another steel plant, analysts here say.
Avoid use of agricultural land for SEZs: Moily panel
By IANS
New Delhi : The present approach of allowing use of prime agricultural land for establishing Special Economic Zones (SEZs) should be avoided, Administrative Reforms Commission (ARC) chairperson M. Veerappa Moily said Monday.
"In establishing SEZs, use of prime agricultural land should be avoided. There is a need to amend the present approach to SEZs in this regard," Moily told reporters.
Negotiators resume trade talks to resolve issues
By Prensa Latina
London : India's Commerce Minister Kamal Nath and three other key negotiators will meet Friday in Brussels in an effort to salvage global trade talks mired in controversy over farm subsidies and market access.
India’s imports of sensitive items up 34.5 percent
By IANS,
New Delhi : Import of sensitive items into India, ranging from automobiles and alcoholic beverages to edible oil and vegetables, rose 34.5 percent during the first four months of this fiscal, despite a 32.5 percent dip in the overall import of merchandise goods.
The total import of sensitive items stood at Rs.18,061 crore during the period under review compared to Rs.13,424 crore in the like period of last fiscal, as per data released by the commerce ministry Thursday.
India’s forex reserves rise by $1.31 billion
By IANS,
Mumbai: India's foreign exchange (forex) reserves grew by $1.31 billion to $288.64 billion for the week ended July 27, 2012, Reserve Bank of India data showed.
This Muslim-run NGO run in Hyderabad helps women build sustainable livelihoods
SAFA is an NGO that has changed the lives of thousands of women from poor economic groups in Hyderabad and given them hope...
Britain to announce rescue package for banks
By DPA,
London : The British government Tuesday approved a comprehensive rescue package to stabilize the banking system with a capital injection of an estimated 50 billion pounds ($87 billion), the BBC reported.
In addition to the capital boost, aimed at shoring up the balance sheets of leading banks, the agreement includes the creation of a standby facility for the provision of any funds that might be needed to guarantee the day-to-day operations of banks.
Key market index surges after firm opening
By IANS
Mumbai : The benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) surged 253.45 points after opening on the first day of the month on a positive note at 17,820.67 on initial buying interest amid concerns of a possible US recession.
The 30-share Sensex touched an intra-day high at 17,902.16 points from its previous close of 17,648.71 in early trade on hopes that the reported possibility of additional rate cuts by that US Federal Reserve would increase money flow into Asian markets.
Syria seeks Delhi Metro help for its public transport
By IANS
New Delhi : Syrian Deputy Prime Minister for Economic Affairs Abdullah Dardari is keen to avail the assistance of the Delhi Metro Rail Corporation (DMRC) to strengthen its public transport system, officials said here Friday.
"Dardari said Syria was keen to have DMRC's assistance in analysing the feasibility report for a Metro for its capital Damascus, currently being prepared by SYSTRA France," Delhi Metro spokesman Anuj Dayal said.
Sensex opens in the green, up 42 points
By IANS,
Mumbai : A key index of the Indian equities markets started trade in the green Wednesday, rising more than 42 points within five minutes of the opening bell.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 14,376.82 points was ruling at 14,366.98 points, 42.97 points or 0.3 percent above Tuesday's close.
The S&P CNX Nifty of the National Stock Exchange (NSE) too moved up from the opening bell, rising 0.45 percent to rule at 4,266.3 points around the same time.
Indian equities move higher in initial trade
By IANS,
Mumbai : Capital goods, oil and gas and metal stocks were trading higher Wednesday in early trade at the Indian equities market, which opened with a positive gap tracking strong cues from other Asian markets.
The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a gain of 169.03 points at 16,288.76. Fifteen minutes into trading, it reached 16,364.33 with a gain of 210.67 points or 1.30 percent from Tuesday's close.
MTNL to provide JNU students 3G services
By IANS,
New Delhi : State-owned Mahanagar Telephone limited (MTNL) Friday signed a memorandum of understanding (MoU) with the Jawaharlal Nehru University (JNU) under which students can access the local area network of JNU using the operator's 3G network.
MTNL has set up four additional 3G towers on the JNU campus to ensure good coverage and quality service. The students will have to pay only Rs.199 instead of Rs.599 per month to enjoy high speed internet browsing.
Chidambaram leads powerful team to Davos amid hopes of ‘eastern boom’
By Dipankar De Sarkar, IANS
Geneva : A high powered Indian delegation is heading to the mountain resort of Davos in Switzerland to join global business leaders for the annual meeting of the World Economic Forum (WEF) beginning Wednesday, but the mood of the discussions this year is likely to remain sombre.
India finalising claims on continental shelf to extend economic sovereignty
By Devirupa Mitra, IANS,
New Delhi : India is in the last stages of finalising its claims internationally on extending its claim into the continental shelf that will extend its economic sovereignty - the right to use and exploit natural resources - by one to 2.5 million sq km of ocean.
India, a state party to the 1982 UN Convention on the Law of the Seas, has to submit its claims before the UN Commission on the limits on the continental shelf by May 12, 2009 - to extend its sovereignty beyond 200 nautical miles and within 350 nautical miles from the baseline.
Indian stocks open in the red
By IANS
Mumbai : The Indian equities market opened in the red Monday, tracking its Asian peers.
The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a cut of 252 points at 16,226.66.
The S&P Nifty of National Stock Exchange opened at 4,884.40 points with a cut of 58 from its previous close.
Other Asian markets were trading mixed. Taiwan's Taiwan Weighted was trading at 8,522.43 down 71.05 points. Japan's Nikkei slid by 304.64 points to 12,515.83.
Pakistan’s economy grew 2.9 percent during last five years
Islamabad : The economy of Pakistan grew at an average rate of 2.9 percent per annum during the last five years, the country's Federal...
Rajasthan joins bid to woo Tata’s Nano project
By IANS,
Jaipur : Rajasthan has become the latest to join several others in inviting the Tata Group to relocate to the state their Nano car project from Singur in West Bengal.
Rajasthan Chief Minister Vasundhara Raje, in a statement Sunday evening, said: "We will provide all required support to facilitate setting up of the plant."
"The Honda car plant being set up in Khushkhera, from where cars are expected to roll out next year, stands testimony to the investor friendly climate in the state", Raje added.
IFFCO to invest $100 mn in Senegal plant
By IANS
New Delhi : The Indian Farmers Fertiliser Cooperative Ltd (IFFCO) has agreed to invest $100 million (Rs.4 billion) to restore production capacity of the ailing Industries Chimiques de Senegal's (ICS) phosphoric acid plant, said an official statement issued Monday.
ICS is a joint venture company with the government of India holding 6.97 percent, IFFCO 19.1 percent and the government of Senegal 47 percent of the equity.
Gujarat woos South African business
By Fakir Hassen, IANS,
Johannesburg : A high-level government and business delegation from Gujarat Friday began a three-city tour of South Africa to woo local business to invest in the state as part of the 'Vibrant Gujarat' campaign.
The delegation addressed largely South African Indian businessmen at the head office of First National Bank, which is expecting o start operating in India by next month.
Bengal ties up with Brainware to train its jobless
By Sujoy Dhar, IANS
Kolkata : For decades, employment exchanges in West Bengal were farcical bleak houses where the state's unemployed registered in millions without expecting an interview call. This year, the government wants to change all that through job training.
Brainware, a leading vocational institute, will now be assisting the West Bengal government in providing training in multiple domains of IT to youths registered with the state employment exchanges under the Scheme for Skill Development for Registered Job Seekers.
Essar group to acquire US steel maker for $1 bn
By IANS,
New Delhi : The Ruia-controlled Essar Steel Holdings Thursday disclosed it is acquiring the US-based steel producer Esmark Inc for an estimated $1 billion.
"The proposed tender offer was unanimously accepted by the board of Esmark Inc and is subject to customary approvals, including those of the US government and united steel workers," the group said in a statement.
Esmark is a steel production and distribution company with an annual capacity of 2.4 million tonnes and distribution centres across the US. A definitive pact is to be entered into in 52 days, the group said.
Regulator’s letter forged, says Pyramid Saimira
By IANS,
Chennai : Entertainment firm Pyramid Saimira Theatre will lodge a criminal complaint with the police to investigate the origin of the letter purportedly sent by the market regulator asking the firm's promoter to make an open offer at Rs.250 per share, saying it was forged.
Addressing the media here Tuesday, Pyramid chairman P.S. Saminathan asked the Securities and Exchange Board of India (SEBI) to take up the matter with the Central Bureau of Investigation (CBI) to check for forgery.
India is world’s fifth largest steel producer
By IANS
New Delhi : With a production of 49.5 million tonnes in 2006, India is the world's fifth largest crude steel producer to move up two notches in global ranking, according to an Indian government estimate.
India produced 49.45 million tonnes of crude steel in 2006 as against 44 million tonnes, according to an expert committee set up by the steel ministry. The revised figure for crude steel production in 2006-07 is pegged at 50.71 million tonnes and that of finished steel at 51.90 million tonnes.
Earlier India has ranked seventh among global steel producers.
Infosys beats expectations; ups forecast on weaker rupee
By IANS,
Bangalore : India's second largest IT bellwether Infosys Technologies Tuesday posted a net profit of Rs.16.41 billion (approx $335.5 million/Rs.1,641 crore) for the third quarter of this fiscal (2008-09), registering 33 percent year-on-year (YoY) growth and 14.6 percent sequentially as per the Indian accounting system.
Under the international financial reporting standards (IFRS), the net income for the October-December quarter under review (Q3) is $330 million as against $310 million in the same period a year ago, a modest growth of 6.5 percent YoY.
Nano will add to global pollution, says Australian expert
By Paritosh Parasher, IANS,
Melbourne : An Australian motoring expert has slammed the world's least expensive car Nano, which was launched in Mumbai Monday, claiming it would increase global pollution and push up fuel prices.
"When India gets to the level of car ownership that we enjoy in the West, which is about 700 cars for every 1,000 people, it could double the number of cars on earth, presently 900 million, to 1.8 billion," Wheels magazine's features editor John Cadogan told ABC Radio.
Maruti first auto firm in India to sell million cars in a year
By IANS,
New Delhi : Indo-Japanese automobile giant Maruti Suzuki has become the first company in India to sell over a million passenger cars during a fiscal year, with as many as 1,018,365 vehicles rolling out of its showrooms during 2009-10.
The company sold 870,790 vehicles in the domestic market and exported 147,575 vehicles out of India, both of which were the highest-ever, Maruti Suzuki said in a regulatory fling with the stock markets Thursday.