International Business
The political crisis in Andhra Pradesh over the Telangana issue has hit cricket as well and the BCCI is planning to shift the second India-Sri Lanka one-dayer in Visakhapatnam to another venue due to security concerns.
While the growth visibility is reasonably good, the offer leaves no meaningful gains for investors in the near-term.
Shankar Acharya / New Delhi October 08, 2009, 0:59 IST
Primary articles, especially food items, pushed the headline inflation rate, as measured by the wholesale price index (WPI), into positive territory at 0.12 per cent for the week ended September 5, after staying in the negative for 13 weeks.
Significant new capacities in the coming months could depress cement prices leading to a drop in profitability
Members in the Rajya Sabha today took strong exception to halting of work at Ladakh border road because of Chinese objection and said it was "humiliating" and a "challenge to India"s sovereignty". Raising the issue in Zero Hour, Shreegopal Vyas (BJP) said, "It is very humiliating and a challenge to India"s sovereignty."
Punjab State Electricity Board (PSEB) has tied up with the West Bengal government for procuring 100 mw of power on the basis of banking arrangement, a step which could ease the problem of power shortage to some extent in the state.
After hesitating for four years, the Himachal Pradesh government has finally gone ahead with power reforms by deciding to unbundle the mammoth Himachal Pradesh State Electricity Board (HPSEB).
In a mega-expansion spree, Dalmia group"s home decor retail chain, Rosebys, plans to rollout 500-700-stores across the country over the next 3-5 years.
With the global economy gradually bouncing back, the IT job market is also picking up and around 2-2.5-lakh jobs in the sector are likely to be up for grabs, a top Infosys official said today.
Corporate India is optimistic about improvement in the country"s economic situation in the next 18 months and believes developing nations will become more powerful as a fallout of the global slowdown, a survey says.
The Hyderabad police has registered cheating and criminal breach of trust cases against the promoters of Maytas Properties, an unlisted company owned by the family of Satyam Computer Services Ltd founder B Ramalinga Raju, who is in jail after confessing to manipulating Satyam’s accounts.
In his first interaction with his Chinese counterpart Yang Jiechi, External Affairs Minister S M Krishna today reviewed the bilateral relations and expressed India"s desire to broaden the multi-faceted partnership. Krishna and Yang met on the sidelines of the ASEAN Foreign Minister"s Summit in this resort island to review the bilateral ties.
Against the backdrop of industrialised nations (G-8) putting curbs on full nuclear cooperation with countries like India, Prime Minister Manmohan Singh leaves for Paris today hoping that the visit would help India and France "build" its strategic partnership in nuclear energy, defence and other areas.
India today indicated that it would take up with Pakistan the issue of spoofing of terrorists" satellite phones which hamper efforts to track them.
Yemen has sought an increase in Indian investments in the areas of trade, especially in industrial, fishery, tourist sectors.
India"s handicrafts exports contracted 26 per cent in May at $125 million compared to that in the same month last fiscal, but exporters expressed hope that the worst is probably over.
India"s natural rubber exports slumped to just 94 tonnes in May compared with 3,159 tonnes in the same month last year, as domestic prices far exceeded global rates, according to state-run Rubber Board.
Business Standard / New Delhi October 07, 2009, 1:12 IST
The Supreme Court today issued notice to the Enforcement Directorate (ED) in a public interest litigation (PIL) seeking to bring back huge funds stashed away in foreign banks.
The Indian economy is expected to bottom out towards end of the calender year, led by recovery in private investments and exports, a report has said.
In a bid to tide over its financial crisis, Maytas Infrastructure, the listed company promoted by Satyam Computers’ B Ramalinga Raju, has decided to sell part of its shareholding in Cyberabad Expressway Pvt Ltd and Hyderabad Expressway Pvt Ltd to Terra Projects Ltd, a company owned by the Kolkata-based Neco group.
As the Congress held its fort in the key industrial states of Haryana and Maharashtra and strategically important Arunachal Pradesh, the three incumbent chief Ministers — Bhupinder Singh Hooda, Ashok Chavan and Dorjee Khandu — are likely to retain their place in the new governments.
Expects Rs 10K crore bilateral trade in a decade.
Chinese Premier Wen Jiabao today assured Prime Minister Manmohan Singh that his country would correct the balance of trade that is currently in its favour.
Hoping to bag environmental clearance by this month end, Gopalpur Ports Ltd (GPL) is confident of converting the minor port in south Orissa into an all weather deep water one within 24 months, two years ahead of the stipulated timeframe.
The Orissa government has asked oil companies to open more LPG outlets by appointing agents in all the 314 blocks of the state, official sources said.
The district administration of Jagatsinghpur has advised the Essar Steel Orissa Limited to provide a uniform rate for land acquisition for its proposed steel project at Paradip.
The Civil Aviation Ministry tonight set up a four-member committee to probe the cause of Andhra Chief Minister Y S Rajasekhara Reddy"s helicopter crash in which he was killed.
I had invested in Magnum Tax Gain and Fidelity Tax Advantage via Systematic Investment Plans (SIPs). Despite the recent regulation by Sebi abolishing the entry loads, my investments in August were made subject to an entry load. Is the new regulation not applicable for existing investors as well?
Non-convertible debentures have some real benefits over fixed deposits.
US President, Barack Obama has urged the US lawmakers to join hands with him in achieving the ambitious goal of health care reform, which has been on the agenda of every president for nearly a century now, but none have been successful so far.
The anti-land acquisition leaders and the activists of various Jana Sangathans in Orissa have intensified their stir against the projects of Posco and Vedanta, the two big ticket investments in the state.
Diversified conglomerate General Electric (GE) will pay a penalty of $50 million to the US market regulator Securities and Exchange Commission (SEC) as part of a settlement related to alleged accounting irregularities.
GVK Power and Infrastructure acquired 12 per cent of Bangalore International Airport for Rs 484.59 crore.
Power Minister Sushil Kumar Shinde today threatened action against companies that do not start work on captive mines within two years of allotment.
India, the world’s second-biggest producer of wheat, won’t end a ban on exports of the cereal to avoid food shortages after drought and floods damaged crops of rice and sugar cane.
Debt-ridden Wockhardt today said it has received shareholders" approval for selling its animal healthcare business to France-based Vetoquinol SA.
After allotting capacities to 34 developers for generating a total of 716 Mw of solar power, as many as seven developers have come calling to the state for setting up solar panel manufacturing units here.
Former ISRO chairman G Madhavan Nair has decried the tendency to prefer imported foreign systems, though they underperform vis-a-vis indigenous technologies and said global companies are setting up R&D units to “exploit” the vast talent pool in the country.
After receiving encouraging response from private players in developing a 1,320 Mega Watt Rajpura Thermal Power Project, the Punjab State Electricity Board is expecting to issue a Letter of Intent (LoI) to the successful bidder for this project by the end of this month.
IT giant Wipro today settled the land issue with the West Bengal government for its second unit near Kolkata and would buy 50 acre at Rs 75 crore.
Wipro, India’s third largest IT services company, is planning to replicate its success in the government space in India. It is now courting the state sector across the world.
Business Standard / New Delhi August 13, 2009, 0:48 IST
The government may extend the tax holiday for software exporters beyond March 2010, in the Budget tomorrow.
The country"s software sector is likely to miss the much-touted target of touching $60 billion exports by FY10, due to unprecedented slowdown in key markets like the US and Europe, IT industry body Nasscom said.
The Foreign Investment Promotion Board (FIPB) has rejected a proposal from German firm EADS Deutschland GmbH and Larsen & Toubro (L&T) for setting up a joint venture company for manufacturing, distribution and marketing of products pertaining to electronic warfare, military avionics, radars and defence-related mobile systems. This was done after taking up the matter in six of its previous meetings
Aurobindo begins operations; nine more units to come up.
If a committee set up under the heavy industries ministry approves a recommendation of the auto industry, the country may soon get a scheme which would incentivise a vehicle buyer for scrapping his old vehicle in exchange .
The country"s largest auto maker Tata Motors today said its total sales during December last year more than doubled to 51,627 units, up from 25,219 vehicles sold in December 2008.
Seema Sindhu / New Delhi January 7, 2010, 0:24 IST
Two-wheeler maker Bajaj Auto today said it is eyeing 1 million sales a year from the Pulsar brand in the next fiscal with the launch of the Pulsar 135 LS.
Showing the rift in two-wheeler giant Bajaj Auto, Chairman Rahul Bajaj today differed with his son and Managing Director Rajiv Bajaj’s decision to exit production of scooters saying he was not only “not convinced” but also “hurt” by it.
Marxist patriarch Jyoti Basu was today admitted to the intensive care unit of a hospital here with slight pneumonia infection and doctors attending on him said his condition was stable.
Four public sector giants -- Oil and Natural Gas Corp, Steel Authority of India Ltd, Indian Oil Corp and NTPC -- are likely to get in next ten days the coveted Maharatna status, which will empower the PSUs with greater autonomy, a top government official said today.
Foreign exchange trading services provider, Alpari today launched its Indian operations by offering its forex trading platform for institutional and retail customers.
Industry body Nasscom today urged the West Bengal government to allot alternate land to information technology (IT) companies Wipro and Infosys, after the Vedic Village fiasco which led to scrapping of the 600-acre IT project at Rajarhat.
Work on Gujarat"s second largest mall project has been suspended. With Niho Construction Ltd, the flagship construction and development company of Delhi-based Krishna Group, switching to a "wait-and-watch" mode, work on the upcoming 800,000 sq ft mall-cum-multiplex, Scottish City Centre has been suspended.
Helped by cash subsidy from the government, Hindustan Petroleum Corporation Ltd (HPCL), India’s third-largest refiner, managed to report a net profit of Rs 31.4 crore in the quarter ended December 2009. It posted a net loss of Rs 422 crore in the corresponding quarter last year.
The Sensex is now quoting at 16,758, down by 116 points and the Nifty is placed at 4,961, lower by 41 points. The Sensex had touched a low of 16,622 and the Nifty had hit 4,921 during the course of the day.
State-run Bharat Heavy Electrical (BHEL) today said it has set up a new transformer manufacturing facility at Bhopal in Madhya Pradesh.
- Sunil Sethi: Remembering Oct 31, 1984">Sunil Sethi: Remembering Oct 31, 1984 - Sunil Sethi: The price of a filmmaker's estate">Sunil Sethi: The price of a filmmaker's estate - Sunil Sethi: Marketing the gifts of gods">Sunil Sethi: Marketing the gifts of gods - Sunil Sethi: The difficulty of being Khan">Sunil Sethi: The difficulty of being Khan - Sunil Sethi: Delhi's double displacement">Sunil Sethi: Delhi's double displacement - Sunil Sethi: Virtue, vice and VIPs">Sunil Sethi: Virtue, vice and VIPs
External Affairs Minister S M Krishna met his Sri Lankan counterpart Rohitha Bogollagama here and discussed the issue of resettlement of over 280,000 internally displaced persons in the island nation.
BIG TV, the DTH service of Reliance ADA Group, is expanding its channel bouquet with the addition of 10 new channels from June 1, including Korea"s KBS (international offering) and WB the latest, English entertainment channel from the broadcasting major Turner International India Pvt Ltd in association with their sister company Warner Bros, the company said in a statement.
The proposed helipad atop ‘Seawind’, Mukesh Ambani’s residence in south Mumbai, has got clearance from the Maharashtra Coastal Zone Management Authority (MCZMA), a senior official said today.
Reliance Industries Ltd (RIL) has said it had signed a contract in December 2005 to sell natural gas to NTPC at $2.34 per million British thermal unit (mBtu) for 17 years, but it was the state-run firm that did not reciprocate.
Anil Ambani group firm Reliance Money has exited financial services firm Wall Street Finance through sale of its entire 36.8 per cent stake in the company.
In a surprise move, the Maytas Infra board today approached the Company Law Board (CLB) to remove erstwhile director R P Raju from proceedings in a case filed by the government for superseding of the company"s board.
Environment Minister Jairam Ramesh commended the commitments made by Chinese President Hu Jinato during the high-level Climate Change Summit here and said India can learn lessons from China to help save the planet.
Saubhadro Chatterji / New Delhi September 22, 2009, 0:55 IST
Hyderabad-based vaccines and biotherapeutics manufacturer Bharat Biotech International said on Wednesday that its anti-staphylococcal molecule Lysostaphin had secured patent rights in US, Europe, China, Australia and other nations.
Pharma major Orchid Chemicals and Pharmaceuticals Ltd has set a target to become a $1-billion (Rs 4,900 crore) company in the next three years, said its managing director K Raghavendra Rao. The company registered an income of Rs 1,191.44 crore in 2008-09.
Oil fell in Asian trade amid lingering worries over energy demand in the United States, the world"s biggest oil user, analysts said.
The public sector Oil & Natural Gas Corporation (ONGC) has cleared the ground for implementing “whistle blower policy” another major voluntary initiative to promote transparency and ethics in personal conduct and decision process.
With Volvo, Daimler and Scania gaining a foothold in the over-40-tonne heavy commercial vehicle category, it was time for Indian players to get their act together. “Indian manufacturers were not strong in heavy commercial vehicles because there was not much demand for them. But with exports and infrastructure stirring up, these have received a shot in the arm over the last four to five years,” says PricewaterhouseCoopers Leader (automotive practice) Abdul Majeed.
Kiri Dyes and Chemicals today said it will raise up to Rs 150 crore through issue of securities in the domestic and international markets for expanding its business operations.
Even as the Indian IT industry is studying the fine print of the European Union (EU) to expand the scope of value-added-tax (VAT) from January 1, to include services like back-office operations, call centre work and administrative services delivered from non-EU nations (including India), it does not appear to be unduly perturbed.
Prime Minister Manmohan Singh has assured Andhra Pradesh of all help from the Centre to cope with the situation arising out of the massive floods in the state.
Government today renamed its flagship rural job guarantee programme - National Rural Employment Guarantee Act (NREGA) - after Mahatma Gandhi.
Buoyed by ramping up output from Barmer oilfield, Cairn India today reported a 23 per cent rise in net profit to Rs 291 crore in the third quarter.
Pakistani gunman Ajmal Kasab has complained to the 26/11 terror trial court that food given to him in jail is laced with tranquilisers, but medical experts say there is no truth in his allegations, special public prosecutor Ujjwal Nikam said here today.
The government-run Bharat Petroleum Corporation (BPCL) today reported a fall of 52.6 per cent in net profit at Rs 379.09 crore for the third quarter of 2009-10.
Have a buffer, start small and then scale up.
Jet Airways has suspended all its flights between the UAE and India after almost half of its pilots did not report for duties protesting against sacking of two of their colleagues.
Concurrent (India) Infrastructure today said it has inked an agreement with Ellis Richardson Inc for technical assistance in the field of power plants.
Construction company Gammon India today reported a profit after tax (PAT) of Rs 20.87 crore for the third quarter ended December 2009, whereas the same was at Rs 510 crore a year earlier.
Nearly three months after Y S Rajasekhara Reddy (YSR) died in a helicopter crash, a meeting of the Andhra Pradesh Congress Legislature Party (CLP) has been convened on Friday to condole the death of the former chief minister and formally elect the CLP leader.
ICICI Bank today said it has raised $750-million (around Rs 3,465 crore) by issuing five-year bonds at its Bahrain branch.
Carrier’s move comes after pullouts by some bigger brands in past few years.
BCCI almost doubles base price; stiffer cut-off for bidders.
It’s painful to watch Tendulkar’s brilliant knocks go in vain.
The markets have recovered partially. The Sensex is now down 147 points at 16,160, and the Nifty has shed 46 points at 4,822.
A week after Prime Minister Manmohan Singh was accorded a red carpet welcome in the US, the Obama administration has termed his visit as "historic" and said both the countries had some "specific accomplishments".
On account of exhausting mobile phone numbers starting with the digit 9, the Department of Telecommunications has allotted Reliance Communications a new series beginning with the digit 8(055) for its Maharashtra and Goa circle (M&G).
The Kathalguri Tea Estate in the Dooars, is now closed. Situated 40 km from Jalpaiguri, on the India-Bhutan border, it was a big garden with more than 1,200 acres of plantation and 1,479 workers. The annual output of the garden used to be 12 million kg of processed tea and sources in the Dooars Branch of the Indian Tea Association say it could have yielded up to 16 million kg of tea if it had been run properly..
Chennai-based Kavithalaya Productions, owned by veteran director K Balachander or KB, is in talks with private equity players for its proposed investment plan of Rs 100 crore. Besides, the company is planning to launch a venture capital fund to support upcoming directors in the film industry.
Bihar Chief Minister Nitish Kumar today accused the Congress of being "responsible" for the demolition of Babri Masjid in Ayodhya, saying the Liberhan Commission that probed the incident should have indicted the party and its leaders.
The government is likely to announce more sops to exporters engaged in labour-intensive sectors like engineering, Minister of State for Commerce and Industry Jyotiraditya Scindia said today.
India today voiced confidence that its agreement with Russia on a 10-year military and technical cooperation from 2011 would help enhance the operational capability of its defence forces in the next decade.
The third edition of the Indian Premier League, scheduled to begin in March, is under controversy after the Shiv Sena has opposed the participation of Australian cricketers in the domestic Twenty20 event, in the wake of ongoing attacks on Indian nationals Down Under.
When a family reports that their six-year-old son has accidentally floated away in a homemade helium balloon, the result is frenzied media coverage and nationwide sympathy for the stricken parents, accompanied by copious church-going (in addition to a small number of harassed papas and mamas mulling the possibility of constructing similar dirigibles for their own little Damians). When it turns out that there was no one in the vagrant balloon and that the kid was munching biscuits in the attic all the while, there is relief, along with puzzlement. But when it later transpires that the publicity-hungry parents had concocted the whole story just to get their own reality TV show, the reactions really heat up.
Jai Arjun Singh / New Delhi October 10, 2009, 0:51 IST
After establishing itself as a major player in the international business process outsourcing (BPO) market, India is now set to shift focus on the domestic market, which is projected to grow at over 30 per cent annually.
Wireless telecom solutions company Clay Telecom today said it has begun offering international roaming service for Blackberry users.
Early signs of a recovery in demand along with measures to improve profitability at Corus indicate that Tata Steel may bounce back into the black
Americana-on-two-wheels rolls into India. Harley-Davidson is here KYLE PEREIRA
Once again coming to the rescue of American corporate, billionaire investor Warren Buffett will be buying $300 million worth Harley-Davidson bonds, which will help the bike manufacturer improve its cash position.
Manit Rastogi, managing director, Morphogenesis wants nullahs in Delhi to become scenic walkways.
- Brokerages, fund houses whet Indian appetite for investments abroad - Any hardening of rates due to govt borrowings a worry: Jindal - 'Challenge is to raise credit flow' - RBI"s status quo, HUL numbers take toll - As it should be - RBI sees recovery, but wary of inflation
Are Indians likely to mail five times as many letters this year as they were expected to last year? That"s the question that comes to mind when you see the rise in the deficit for the postal department. From a revenue deficit of Rs 958 crore in the budget estimates for 2008-09, this rose to a whopping Rs 3,825 crore in the revised estimates for the year and an estimated Rs 5,395 crore in 2009-10 budget. It turns out nothing of the sort is happening. The postal department’s receipts fell from a budgeted Rs 6,159 crore in 2008-09 to Rs 5,966 crore in the revised estimates, but this is budgeted to rise again, to Rs 6,136 crore in 2009-10.
If policy-makers are worried about employment, it is not without good reason. Even though employment growth is rising, labour intensity is falling, suggesting that the growth is not as permanent as you"d like. The usual policy response to this would be to give a boost to traditional labour-intensive industry but, as a paper by Deb Kusum Das, Deepika Wadhwa and Gunajit Kalita (all at ICRIER) brings out, labour intensity levels have gone down quite dramatically in even traditionally labour-intensive industries.
- Bank stocks surge on hope of better profits - SBI upbeat on foreign growth, to scale up Singapore ops - Scarce lending by banks hitting tractor sales, complains sector - Unitech Wireless raises Rs 5,000 cr for network roll out - Advance tax collections shore up in Q2 - SAIL"s Bhilai Steel Plant bank account attached
Banking stocks have gained between 5 per cent and 11 per cent on the Bombay Stock Exchange (BSE) in the last two days on higher advance tax payments by banks and a correction in valuation of small banks.
Corporate giant Reliance Industries (RIL) today said its auditors have pointed out a possible increase of Rs 263 crore in its current tax provisions for quarter ended June 2009 due to the budgetary proposals of the central government.
The Registrar of Companies has given a clean chit to Reliance Industries, while disposing of complaints that its merger with Reliance Petroleum would benefit only promoter Mukesh Ambani.
Fortnight ended July 31 witnesses Rs 29,500-crore jump.
In lacklustre trade last week, six out of top-10 companies added Rs 65,128.41 crore to their total market capitalisation (m-cap).
Anil Dhirubhai Ambani Group (ADAG) today said the government can save over Rs 5,000 crore in fertilizer subsidy if natural gas from Reliance Industries (RIL) operated fields are priced at $2.34 per mmBtu.
Adventure tourism operators in Uttarakhand are up in arms against the state forest department for its move to withdraw lease permits for the Ganga beach.
Jewellery fabrication business worldwide is likely to fall in 2009 on high gold prices with offtake forecast to slip by 15 per cent compared to the year-ago period, a latest report says.
Business Standard / New Delhi September 11, 2009, 0:53 IST
McKinsey, RBS postpone placements by three to six months
In what should come as a huge respite for Common Admission Test (CAT) candidates, the Indian Institutes of Management (IIMs) have hinted that the registration fee for the computer-based test this academic year will not be as high as similar tests like GMAT (Graduate Management Aptitude Test, for admission to business schools overseas).
The process of setting up of seven IIMs, 374 degree colleges and 10 NITs has been set in motion with the Expenditure Finance Committee (EFC) approving the proposals in this regard.
The ripple effects of the fall of Lehman Brothers in September last year is evident in the field of global mergers and acquisitions (M&A), which have shrunk nearly 40 per cent since then.
Reiterating India’s stance on climate change, that the country did not expect external financing or technology for its domestic actions, Shyam Saran, the prime minister’s special envoy on climate change, said it would be legitimate to ask for global support if we were doing something more.
Kirtika Suneja / New Delhi November 11, 2009, 0:35 IST
In an attempt to support exporters hit by the ongoing global economic crisis, the commerce ministry has proposed to its finance counterpart to exempt income tax for a period of three years for certain labour-intensive sectors like handicrafts, leather and textiles.
A K Bhattacharya / New Delhi June 17, 2009, 0:28 IST
Subir Gokarn / New Delhi June 29, 2009, 0:57 IST
The Tamil Nadu government has sought an additional Rs 461 crore from the railway ministry for speedy completion of projects in the state.
With a view to providing domestic fuel to the power projects run by the State PSUs, Gujarat government has resolved to reserve additional area having lignite resources for public sector companies of Gujarat government and for power generation joint venture with state utilities.
India’s two largest companies — state-run Oil and Natural Gas Corp (ONGC) and billionaire Mukesh Ambani-led Reliance Industries (RIL) — are being rumoured as the "mystery" bidders for UK-based Addax Petroleum, which could be sold for £5 billion (around $8.26 billion), a media report said here.
The Sensex opened at 16,339 and then slipped to a low of 16,182 on weak global cues. The index is now at 16,233, down 129 points and the NSE Nifty is at 54,847, down 35 points.
Chandigarh Industrial Fastener Association (CIFA) has sought the implementation of Micro Small and Medium Enterprise Development (MSMED) Act 2006 in letter and spirit.
Exporters today welcomed RBI"s proposal to shift to the base rate system for pricing of loans, saying the move would help in raising competitiveness of Indian goods in international markets by 3 to 4 per cent.
Energy major Reliance Industries today said that Production Sharing Contracts (PSCs) like the one it had signed for KG-D6 fields with the government should not be tampered with by anyone to maintain their credibility.
Bharati Shipyard will face working capital constraints for six months to a year, say analysts, as the competitive open offer bids made by the company and its rival for control of Great Offshore are getting over on Tuesday. A six-month battle, which saw Bharati gradually increasing the open offer price to Rs 590 a share from the initial offer of Rs 344 a share made in June, has increased the acquisition cost burden for the 20 per cent stake by an additional Rs 200 crore.
Bharati Shipyard finally settled at Rs 178, up 10.5% from the previous close. The counter winessed trades of 1.23 million shares as compared to the two-week daily average traded volumes of 95,067 shares on the BSE.
Eyeing the scope among small and medium enterprises (SMEs) as well as big firms in Gujarat, workforce management solutions provider Kronos is in talks with manufacturing, pharma, ports and logistics firms in the state for its next version solution "Workforce Central Suite 6.2"
Software giant Microsoft"s representatives will soon meet Finance Ministry officials trying to persuade them to impose excise or countervailing duty instead of service tax on packaged software.
Micro-blogging site Twitter is close to securing $100 million funding from about seven investors, a move which will make it a billion-dollar entity, says a media report.
IBM today said it has entered into a 10-year strategic outsourcing deal of over Rs 80 crore with the Gujarat Cooperative Milk Marketing Federation (Amul).
The pilot project initiated by Indian Railways in December 2008 to transport cars on rail has been commercialised and will be extended to other parts of the country.
Jagdish Bhagwati / New Delhi September 16, 2009, 0:34 IST
Early Saturday morning, as India woke up to celebrate its 63nd Independence Day, Bollywood superstar Shah Rukh Khan was detained at Newark Airport in the US and questioned for over two hours. Later, the Indian Mission intervened and secured the release of the 43-year-old actor.
Bihar today sought Rs 23,000 crore as immediate assistance from the Centre to tackle the drought situation in the state.
Oil India, the second state-run firm to hit the market with an offering of equity shares this year, may price its IPO that opens on September 7 at Rs 1,000-1,100 a share.
Branson: Richard Branson is making headlines on three continents. The serial entrepreneur is selling Virgin Mobile USA to partner Sprint-Nextel well below its IPO price. But his latest mediocre performance in the US isn’t stopping him elsewhere. Abu Dhabi is ponying up money for his loopy spaceship venture and his Aussie airline Virgin Blue is planning a rights issue. Branson"s record doesn"t give investors any certainty.
Driven by robust growth in its India business, beverages major PepsiCo today reported a 9 per cent jump in net income to $1.71 billion in the third quarter ended on September 5, 2009.
Sesa Goa’s acquisition of Dempo Group’s iron ore assets in Goa bears a stamp of Vedanta Resources Chairman Anil Agarwal’s signature strategy — buy low-value assets, pump investments into them and work to turn them into cash cows. Vedanta’s previous acquisitions of Hindustan Zinc, Balco, Konkola Copper Mines and the 2007 takeover of Sesa Goa have helped the company multiply the value of its metals business. Along the same line, Agrawal-controlled Sesa Goa aims to scale up its iron-ore trade volume through the Rs 1,750-crore Dempo deal.
NRI billionaire Anil Agarwal-led Vedanta Resources may increase its offer for bankrupt mining firm Asarco, according to a media report.
NTPC Ltd, the country’s largest power generator, has sought permission from the Ministry of Power to allow it to pay the marketing margin on the natural gas it plans to buy from the Mukesh Ambani-controlled Reliance Industries Ltd (RIL).
The BPO arm of Mahindra Satyam seems to be on a hiring spree with plans to recruit additional 300 persons by next month even as the parent is rationalising its headcount.
Shree Cement today reported a 22.4 per cent increase in sales in December of 8.58 lakh tonnes.
The government today said it has stepped up its market borrowing to Rs 2.99 lakh crore for the first half of the current fiscal against Rs 2.41 lakh crore announced earlier.
Indian stocks trading on American bourses lost over $1 billion last week, with IT bellwether Infosys accounting for more than half of the total loss.
Realisation improves as national cement prices rise by Rs 90 since 2005-06.
The stock erased all its gains and slipped to a low of Rs 950. The scrip finally ended at Rs 957, down 1% from the previous close.
The government today ruled out any possibility of rolling back the incentives given to the export sector saying the country has yet to fully recover from the impact of the global financial meltdown.
The government today said there would be no restriction on export of iron ore, as there is surplus of the mineral in the country even after its export.
The US and Canada have issued fresh travel alerts to its citizens in India, warning them of possible terrorist attacks ahead of Independence Day.
Foreign Minister Lawrence Cannon has reaffirmed Canada"s 2011 exit from Afghanistan despite reported pleas from NATO"s chief for an extension of Canada"s deployment in the war-torn country.
Fearing opposition by employee unions, the government is considering listing telecom major BSNL on bourses by issuing nominal fresh shares and may shelve plans of directly divesting its equity for the time being.
Stock markets pared early gains today and ended in the red owing to subdued Asian cues.
Faced with stiff opposition from the faculty of IITs, the government is considering doing away with the lecturer posts in the elite institutes.
This is a story at two levels, as all good stories are — at a personal and an anecdotal on one hand and an official and ‘history in the making’ on the other.
Back in prehistory, that is, about three decades ago, when Kolkata thoroughly drowned in the monsoon deluge, we looked forward to sarat or autumn. The rains would be gone, the heat would be a bit less though the oppressive humidity would still be around, but that’s not what mattered. The special part was the sky at dusk. The grey of the monsoon clouds, still lingering, would be tinted pink and purple by the setting sun and create a riot of colours. And through this sky would pass large flocks of birds in a V formation.
Business Standard / New Delhi September 06, 2009, 0:55 IST
ICICI Bank was twice issued letter of warning or advisory note in the last two years for violating the Reserve Bank of India (RBI) guidelines, the Lok Sabha was informed on Friday.
The teaser home loan rate, the interest rate which is set artificially low for the initial period, could give a ‘payment shock’ to borrowers as the equated monthly installment (EMI) shot up on lenders charging regular interest rates, according to Fitch officials.