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The 13th Finance Commission today submitted its report to President Pratibha Patil on devolution of central tax receipts between the Union and the state governments.
What better way to end one year and ring in the next than with the choicest single malts.
When Reserve Bank of India Governor D Subbarao meets top bankers in the customary pre-policy meeting on October 12, he can draw comfort from the fact that a majority of the bankers think interest rates may not be hiked till the end of the financial year.
The consumption trend in rural areas has shown a paradigm shift from price-driven to quality-driven products, points out a recent study on rural marketing by the Confederation of Indian Industries (CII).
Business Standard / New Delhi December 25, 2009, 0:31 IST
Kerala Chief Minister VS Achuthanandan will be removed from the CPI(M)’s Politburo on ground of “serious indiscipline.” The Politburo has found him guilty of publicly airing his differences with his bete noire, Kerala unit General Secretary Pinarai Vijayan. VS will be allowed to remain Kerala chief minister by the Central Committee, but a section of the party thinks his days as CM are numbered, as the state unit will try to dislodge him from the post.
To fund its 2,400-Mw project in Raigarh
The Orissa government will start a pilot project for computerisation of the details of land acquisition for different projects and rehabilitation and re-settlement (R&R) of affected persons. To be launched under the banner of ‘punarbas project’, the pilot scheme will initially cover three projects.
The government today said record invesments in the equities market by foreign investors was not a matter of concern, but it would act if it finds any distortions.
The government has approved 13 foreign direct investment (FDI) projects, including a proposal of Dish TV, entailing total overseas investment of Rs 393.62 crore.
Jaguar Land Rover"s official entry to the fast-growing Indian car market was marked today by the opening of a flagship showroom facility at Ceejay House in Mumbai by Ratan N Tata, Chairman of Tata Sons and Tata Motors.
Metal producers’ earlier plan to raise funds through equity issues may get delayed, as the flush of liquidity has slowed and the market has turned weaker. Sterlite Industries, JSW Steel, Hindalco and Tata Steel together plan to raise about $5 billion through different equity issues.
The Centre today asked industries and research laboratories to develop alternate technologies using iron ore and non-coking coal so as to reduce production cost for the steel industry.
Tata Motors reported a 50.7 per cent decline in net profit to Rs 1,001.26 crore for the year ended March 31, 2009 on a 10.7 per cent decline in net revenues as sales of commerical vehicles were hit by the credit crunch, higher interest rates and the economic downturn.
Strongly backing India"s bid for a permanent seat in the UN Security Council, France today said this was absolutely necessary if the global body wanted to remain a "legitimate" place for handling peace and security crisis.
Gujarat government today awarded Rs. 110 crore contract to HCL Infosystems to take Information Technology (IT) to around 7,000 schools in the state. As part of the contract, the IT major will supply PCs with biometric finger print scanner and UPS to over 6,000 schools under education department and 1,000 schools under tribal department.
The National Aviation Company of India (NACIL), which runs flag carrier Air India, is expected to register a loss of about Rs 5,000 crore during 2008-09 fiscal, Rajya Sabha was informed today.
The Orissa government has decided to review the progress of various industries in the state. It will hold discussion with industries pertaining to employment generation, promotion of ancillary and downstream industries, efforts made for skill development and Corporate Social Responsibility (CSR) activities among others.
Allows inclusion of technical write-offs while calculating provision coverage ratio.
Consolidation of banks is good in a way as it envisages healthier banks in the global scenario and banking market, believes Canara Bank Chairman and Managing Director (CMD) A C Mahajan.
Gold prices fell by Rs 250 to Rs 17,110 per ten gram in the bullion market today as investors resorted to heavy selling amid a weakening global trend.
The much awaited Pune Metro rail project has inched forward with the civic body approving the Detailed Project Report (DPR) to be forwarded to Maharashtra and Central government for its clearance.
Latha Jishnu / New Delhi January 28, 2010, 0:56 IST
A K Bhattacharya / New Delhi January 27, 2010, 0:56 IST
The Mumbai-based Avon Corporation has posted first ever quarterly net profit at Rs 3.38 crore in the first quarter of the current fiscal on a turnover of Rs 25.79 crore.
Allianz Infratech, wholly-owned unit of Etisalat DB, will outsource its telecom infrastructure requirements to RCom.
Luxury carmaker Audi India today reported over two-fold increase in its sales in September at 205 units over the same period last year.
Foreign institutional investors (FIIs) were net buyers of Rs 516.10 crore (provisional) today, according to data released by BSE.
ICICI Bank’s Global Head (Investment Banking) Kalpesh Kikani says the time for multi-billion dollar deals is over. “India Inc’s appetite for large deals has gone down. In any case, financing such deals would be tough,” he says.
The FBI has charged 14 people, out of which five have already pleaded guilty, in a case related to the $20 million hedge fund insider-trading scam, the largest ever such case in the US.
Every time there is a major regulatory development in the United States, the Indian media goes into paroxysms. Whet-her they are convulsions of delight or despair is dictated by the context of what has happened in the US.
Priyanka Chopra has had a successful 2009 so far. Will her reign continue?
ING Life Insurance is expecting a 60 per cent growth in renewal premiums during this fiscal.
When US Secretary of State Hillary Clinton said on her visit to ITC’s Green Centre in Gurgaon that it was a “monument to the future”, she was emphasising what ITC had seen long before most of the world did.
US Secretary of State Hillary Clinton today said the Obama Administration is not "cutting and running" from Afghanistan.
Bangalore will soon get the Duronto, a point-to-point ‘super fast’ train, said Minister for Railways Mamata Banerjee, on her maiden visit to Bangalore today after becoming the railway minister. The Duronto, India’s fastest class of trains, will run between Bangalore and Howrah in West Bengal, she said.
New Delhi, Oct 25 (PTI) The non-stop Duronto trains will no longer have old coaches with side-middle berth, known as AC economy class.
Retail investors’ response to initial public offers (IPOs) from the power sector have been tepid. The Adani Power IPO, subscribed 21.64 times in all, was subscribed 2.97 times by retail investors. Indiabulls Power was subscribed 21.84 times overall, but only 1.09 times by retail investors. JSW Energy saw retail investors place bids for 32.7 million shares of the 81 million reserved for them.
Network quality remains the top priority for consumers when choosing an operator, even as most telecom operators are busy lowering call rates to outdo rivals, according to research firm Nielsen.
Idea joins Vodafone to use the fun route on the Net
The government’s proposal to set up an independent regulator for the coal sector is in its final stages, with the coal ministry having completed the groundwork for the initiative.
Facebook: Facebook is digging its moat deeper – only now it’s doing so on autopilot. The social networking firm has said before its operations throw off more cash than they consume. So news that operating profits also more than cover capital expenditures doesn’t surprise — until you realise the company added another 50m users over the past 3 months. This self-financed infrastructure build-out is significant.
Even as Gujarat chief minister Narendra Modi hopes to see the state, alongwith Japan and Singapore dominate the Asian economy, a delegation of 95 real estate developers from Gujarat will be visiting Japan and Korea to study and imbibe technological know-how of infrastructure in these Asian economies.
IDBI Fortis Life Insurance will clear the claims of next of kin if any policyholder died of swine flu, a top company official said, despite the disease not being listed as one of those for which such a payment can be made.
Despite having a full-fledged dept and a corporation for PDS
Tata Teleservices thinks it has hit upon the formula for success with its "pay per call" plan.
Oswal Group firm-Vardhman Polytex today said its shareholders have approved the issue of 2.5 million convertible warrants on preferential basis.
Courier service provider Gati today said it will raise Rs 78.91 crore by issue of warrants to different promoters and the Infrastructure Fund of India LLC.
The instruments will be listed on BSE, NSE.
Business Standard / New Delhi November 11, 2009, 0:27 IST
Oil secretary says, ONGC’s production to halve by 2030
Madhukar Sabnavis / New Delhi December 04, 2009, 0:34 IST
Hyderabad-based drug maker Natco Pharma reported an 8.5 per cent rise in its consolidated net profit at Rs 43.98 crore for the year ended March 2009, compared with Rs 40.52 crore posted in the previous year.
Defence PSU Bharat Electronics, which is restructuring its businesses, is planning to enter the nuclear power space, designing and manufacturing instruments.
The government today said that China has denied reports suggesting it was planning to divert the course of the Brahmaputra river.
The Hindi news genre, too, saw a 21% rise in its GRPs.
The Telecom Regulatory Authority of India (Trai) today said the guidelines for mobile number portability (MNP) were likely to be ready by August-end and asked operators to keep their networks ready to roll out the services quickly.
With entry load on all mutual funds banned from August 1, fund houses are finding different ways to pay distributors for promoting their schemes.
The Reserve Bank of India (RBI) today allyed concerns about capital inflows building an asset bubble and said it is keeping a vigil on these.
From now on, ministers will be able to take "any number of companions or relatives" along by air for free with Parliament giving nod to a bill providing for such facilities to them.
The deal to integrate two of the country’s largest lease-rental entities, DLF Cyber City (a subsidiary of DLF) and Caraf Builders (majority owned by DLF promoters), hasn’t gone down well with the markets.
Completion financing, or last-mile funding, where developers get funds to complete projects stuck midway, is catching on among private equity (PE) funds.
The stock soared to a high of Rs 1,054 and finally settled at Rs 1,046, up 3% from its previous close. The counter clocked volumes of 152,172 shares as compared to the two-week daily average traded volumes of 130,005 shares on the BSE. _________________________________________________________
This will enable the firm to tap the defence offset market.
The private hospital sector is expected to touch $45 billion (around Rs 2,00,000 crore) in the next three years riding on growth in Tier-II and Tier-III cities, a study said.
Private airlines in the country owe Rs 274.19 crore to the Airports Authority of India (AAI) as of October-end, with Kingfisher being ahead of Jet Airways and SpiceJet leading the pack of low-cost carriers.
Investors who bought shares in the primary market through qualified institutional placements (QIPs) have reason to celebrate as their money in 50 QIPs has grown 23 per cent in 2009. On the contrary, investments in initial public offers (IPOs) during the period have come down 3 per cent. It means that Rs 37,040 crore of investments in 50 QIPs have risen by Rs 8,545 crore, while IPOs saw a value erosion of Rs 268 crore.
Telecom regulator TRAI today said it will float a consultation paper on merger and acquisitions in the sector by the next month, a move that could unleash the second wave of consolidation in the sector.
The government has said that the Securities and Exchange Board of India (Sebi) was empowered to take action against Reliance Industries (RIL) if a probe established irregularities in share allotment by the company in 2000, and wanted to know what exactly the market regulator expected from it.
Sreelatha Menon / New Delhi November 15, 2009, 0:32 IST
Tardy and lengthy documentation process, costly power and under-developed infrastructure plague the state’s industrial scenario, but the Madhya Pradesh government will perform its ritual of attracting investment this year too, although the focus has now been shifted from core sectors to only agri-processing sector.
The government today said exports from Software Technology Parks (STP) increased 15.1 per cent to Rs 2,07,358 crore in 2008-09.
Income Tax authorities are carrying out search operations at various establishments of the shipbuilding and repairing firm, ABG Shipyard, for alleged tax evasion, an Income Tax Department source has said.
Tata Motors has tied up with Vijaya Bank for financing its range of commercial and passenger vehicles to provide an added facility of finance to its customers.
Janta Roadways, a Chennai-based logistics services provider in the car transportation segment, launched its luxury taxi service in the city on Tuesday. The service will cover Greater Chennai, which includes Sriperumbudur.
The government may issue Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) Rs 10,300 crore worth of oil bonds this week to compensate these companies for the losses they have incurred on fuel sales in last fiscal.
Oil has started leaking from MV Black Rose, the ill-fated vessel which sank near Paradip port two weeks back, raising serious concerns of sea pollution among the fishermen communities and the environmentalists.
The Union ministry of environment and forests has directed the Orissa government to take legal action against the Paradeep Port Trust (PPT) authorities for violating the Wild Life Protection Act, Environment (Protection) Act and Water Pollution Act.
A high-level expert team from the Union shipping ministry would visit Paradeep Port on Saturday to ascertain the cause of sinking of MV Black Rose.
The Paradeep Port Workers" Union has sought the removal of K Raghuramaiah, the chairman of the Paradeep Port Trust (PPT).
Paradeep Port Trust (PPT) is likely to sign the concession agreement for the proposed new deep draught coal berth with back up facilities by the middle of September.
Business Standard / New Delhi July 3, 2009, 0:54 IST
Heavy buying by foreign and domestic institutional investors saw the Bombay Stock Exchange (BSE) Sensex rise 2.25 per cent, or 339 points, to close at a 10-month closing high at 15,466. The rally was led by index heavyweights Reliance Industries (RIL) and Oil and Natural Gas Company (ONGC) as global crude oil price touched $71 a barrel after settling above $70 for the first time in over seven months. Firm global markets too helped the rally.
Reliance Industries (RIL) has increased LPG supplies to Indian Oil, Bharat Petroleum and Hindustan Petroleum from its twin refineries at Jamnagar, forcing the state-run firms to sell cooking fuel cargoes that they had contracted from overseas suppliers.
State-run Oil and Natural Gas Corp (ONGC) has bowed to the diktat of the Petroleum Ministry and approved higher investment in Cairn India"s Rajasthan oilfields.
After a sharp correction at the start of the week which saw Smart Portfolios slip into the red, the markets bounced back sharply and recouped losses.
The Centre"s decision to carve out a separate state of Telangana today created ripples in political parties in Andhra Pradesh with as many as 60 legislators and three MLCs from the Congress, TDP and Praja Rajya Party submitting their resignation to the Speaker.
The decision to carve out a separate state of Telangana, which will take the total number of states in the Union to 29, comes at the end of a 40-year-old struggle for a distinct identity.
The Andhra Pradesh Cabinet has decided develop "YSR Smriti Vanam" (memorial park) over an area of 1,412 hectares in the Nallamala forest area where late chief minister, YS Rajasekhara Reddy, was killed in a helicopter crash on September 2.
Shilpy Sinha / New Delhi September 22, 2009, 0:17 IST
The Andhra Pradesh government has decided to seek Rs 10,000 crore from the Centre to undertake drought relief measures in the state. A memorandum will be submitted to the Union government shortly. A decision to this effect was taken at a review meeting held by chief minister, K Rosaiah, on Sunday.
Andhra Pradesh chief minister K Rosaiah has directed the Greater Hyderabad Municipal Corporation to take up road repair works at a cost of Rs 30 crore in the state capital.
The International Air Transport Association (IATA) has put India on the "Wall of Shame" for hiking airport user charges by over 200 per cent, but hopes that the Airports Economic Regulatory Authority (AERA) would play a role to rationalise these charges paid by airlines and passengers.
In an attempt to uproot Naxalites from their support base among the tribals, the West Bengal government will soon embark on a development project costing Rs 1,600 crore for the western part of the state.
Wipro Technologies has accepted the West Bengal government’s offer of 45-50 acres at New Town in Rajarhat, but wants to pay less.
The Indian rupee today inched higher by 8 paise to 46.22 against the US dollar in early trade on expectations of fresh capital inflows by foreign funds into Indian bourses.
The IT index performed badly this week as against other indices on the Bombay Stock Exchange (BSE) owing to concerns over a rising rupee.
The Indian bourses opened in the positive at 17,604 but soon slipped into the red owing to lack of buying activity and no major trigger to boost the sentiment. The index exhibited lacklustre movement for major part of the trading day. The benchmark index towards the end slipped deeper into the red to touch a low of 17,509, down 149 points from the day"s high.
Leslie D"Monte / New Delhi October 20, 2009, 0:49 IST
Ajai Shukla / New Delhi November 3, 2009, 0:58 IST
It was not a smooth ride in 2009 for the Railways which was hit by accidents, derailments and hijacking of the prestigious Rajdhani train.
The prevailing situation in West Bengal does not warrant invoking of Article 355 as demanded by the opposition, Chief Minister Buddhadeb Bhattacharjee told the assembly today which witnessed noisy scenes over law and order situation in the state.
Sensex has finally ended (provisionally) at 17,336 - up 104 points.
The will enable smaller units in the region to overcome problems posed by inadequate power supply.
Government today ruled out setting up an ombudsman to redress complaints of poor mobile telephony services like call drops saying state-run BSNL/MTNL were taking effective steps to upgrade technology.
The government today said it will allow private and public telecom players to set up towers in the border areas to improve mobile connectivity.
Coal-based generators plan upgrades, clean tech over 5 years.
The Department of Telecom (DoT) will approach Cabinet shortly seeking allocation of Rs 10,000 crore to prepare an optical fibre cable (OFC) network for defence forces in the next three years in lieu of release of spectrum for mobile services.
IT firm Sterlite Technologies today said its net profit jumped nearly nine-fold to Rs 54.67 crore for the second quarter ended September 30, 2009, over the same period last year.
Business Standard / New Delhi October 15, 2009, 0:45 IST
Shyamal Majumdar / Mumbai August 6, 2009, 0:37 IST
As negotiators from 193 nations were busy negotiating a historic deal on cutting carbon emissions, the UN"s top weather agency today said that the world, including parts of India were experiencing the hottest decade on record.
Asian stocks climbed, lifting the MSCI Asia Pacific Index to its best year since 2003, as commodity prices rose and China pledged to maintain a “moderately loose” monetary policy.
Subir Roy / New Delhi September 30, 2009, 0:32 IST
REpower, the German subsidiary of Suzlon Energy, has posted a 21.5 per cent increase in net profit at ¤17.5 million (Rs 121.9 crore) for the first half of 2009-10, from ¤14.4 million (Rs 100.3 crore) in the previous year, thanks to its healthy order book position.
The markets are likely to open on a positive note owing to strong cues from the global markets. Reliance is likely to be in focus today ahead of its Q1 numbers.
I had invested in ELSS (equity linked savings scheme) funds one year before, but I have not claimed this investment while filing for return. Can I withdraw from the ELSS, though the three-year lock-in is not complete?
At a time when most enterprises around the globe are seeing an explosion in the volumes of their digital events, the management of the data with effective event processing mechanism is the need of the hour, says research firm Gartner.
Will get access to large distribution network in eyecare segment
The Tatas" acquisition of Jaguar and Land Rover (JLR) had woken up Britain to growing Indian strength, UK Secretary of State for Business and Innovation Peter Mandelson today said.
If power companies want their IPOs to be reasonably successful, they will have to price them well.