Business Opportunities
Steel companies SAIL, Tata Steel, Essar, Bhushan and JSW have hiked prices of their products by up to Rs 2,000 a tonne on the back of a rise in demand in the domestic market.
Industry body Assocham today suggested that the government should confer core industry status to the airlines business to sustain the aviation sector.
State-owned Shipping Corporation of India (SCI) plans to acquire three new container ships in the new year, and has set aside $200-225 million to fund these purchases, a top company official said.
As many as six out of every 10 private equity companies have either frozen salaries of employees or are mulling to do so in near future as investments take a hit amid lower returns, says a study.
Institutional investors are exercising caution when it comes to their commitment towards private equity funds and the volume of funds raised in the second quarter this year fell by more than half to $79.7 billion over the same period last year, says a survey.
Anil Ambani group firm Reliance Infratel is looking to raise about Rs 5,000 crore (close to $1 billion) through sale of shares, for which it is in talks with a number of private equity firms.
The 60s are the new 40s. You can stay fit even after crossing six decades of your life by following a routine of exercise, morning walks and eating healthy. Still, at this juncture of life, the fear of failing health persists. And many a time, such fears come true. To overcome such a situation, the solution is health insurance. Medical insurance enables senior citizens to pay for health checkups, emergency medical costs and long-term treatment. It is provided through several private insurance companies and public sector general insurance companies.
Piramal Healthcare director Swati Piramal has made history by becoming the first woman chief of a national chamber of commerce. As the newly-elected president of Assocham, she’s doing her bit for woman-power. All chairpersons of around 100 working groups in Assocham are now women, and the co-chairs are all men.
Swati Piramal, Director of Piramal Healthcare, was elected president of Assocham today.
The stock touched a high of Rs 177 and finally settled with a 2% gain at Rs 175. The counter witnessed comparatively heafty trade volumes of 1.27 million shares on the BSE, as against the two-week daily average trade of 877,424 shares.
State-run power generation company, Gujarat State Electricity Corporation Ltd (GSECL) intends to procure 15 lakh metric tonnes of non-coking steam (thermal) imported coal. The company has invited bids from coal suppliers for supply of coal on high seas sale basis.
Infrastructure constraints at the Talcher coalfield under the command area of Mahanadi Coalfields Limited (MCL) have hit evacuation and supplies of coal.
The Rs 22.21 crore pipe water supply scheme for 41 villages of Talcher, being funded entirely by Mahanadi Coalfields Limited (MCL), has got delayed.
Retailers may be getting into 2010 with higher monthly sales, but they are not going to ease the cost-cutting measures implemented during the downturn anytime soon.
Logistics and transport major VRL Logistics Ltd (VRL) is looking at exiting its 42.5 Mw wind power venture at Mundargi in Gadag district of Karnataka, because of delayed receivables from the sale of power as well as its high operational costs. The Hubli-based company had forayed into the wind energy business in 2007 by setting up the venture for Rs 250 crore.
The government is not considering further disinvestment in aluminium major Nalco and Hindustan Copper even as operations of the copper producer are set to be revamped.
Railway Minister Mamata Banerjee is not the only minister in the UPA cabinet who prefers a four-bedroom flat to a bungalow in Lutyens’ Delhi. Bijoy Krishna Handique, minister of mines, hasn’t shifted to a bungalow either and is quite happy to stay at his existing flat.
Many players have talent matching Sachin’s, but perish early.
T N Ninan / New Delhi October 24, 2009, 0:20 IST
General Motors Co, signalling confidence in its recovery from bankruptcy, said it generated $3.3 billion in cash in the third quarter and plans to start repaying government loans early.
Google is adding World Bank figures to Internet results in a bid to make hard facts about countries worldwide easier to find.
Yahoo! said it will close its GeoCities service that provides people a free online locale for home pages.
The government today said auction for 3G mobile spectrum would commence as per schedule from January 14 next year and allotment would be made to four private players simultaneously by August 2010.
Bhupesh Bhandari / New Delhi September 29, 2009, 0:28 IST
Indian healthcare providers have not fully explored the opportunities in indigenisation of medical equipment and textiles, training of medical and paramedical staff and treatment of out-patients among others.
ING Vysya Bank Ltd has raised Rs 230 crore by issuing 9.27 million equity shares of Rs 10 each at a price of Rs 248.10 per equity share including a premium of Rs 238.10 per equity share to qualified institutional buyers (QIBs). The issue was closed on September 8, 2009.
The Indian Space Research Organisation (ISRO) plans to send miniaturised payloads aboard the Chandrayaan-II satellite, in line with the international standards, though the weight of the satellite is expected to be about double that of Chandrayaan-I. The second moon mission by India aims to have fewer scientific instruments than the ones on Chandrayaan-I spacecraft.
India’s second mission to Moon ‘Chandrayaan-II’, expected to be launched in 2013, has many challenges for scientists and engineers, mission director M Annadurai said today.
Kolkata-based Globsyn Business School (GBS) is planning to increase it national and global footprint.GBS plans to set up five new campuses within India and its first international campus within the next 3-4 years.
The US Food and Drug Administration (FDA) has directed Glenmark"s US arm, Glenmark Generics Inc, and three other manufacturers to stop the marketing of unapproved codeine sulphate tablets in the US market. The drug is an old narcotics product widely used to treat pain.
Against the backdrop of India"s insistence that it would not accept any legally binding emission reductions, a top US Senator has said the Obama Administration needed to build a “flexible” climate partnership with New Delhi to address the issue of global warming.
Secretary of State Hillary Clinton will embark on a seven-nation African Safari next week as part of Obama Administration"s commitment to make Africa a priority in the US foreign policy.
The government is likely to clear a proposal tomorrow suggesting release of inflation data on monthly basis and not every week for most items tracked by the Wholesale Price Index (WPI).
Continuing with its losing streak, the rupee today fell by 5 paise in opening trade to 46.93 against the US dollar largely on fears of capital outflows by foreign funds.
Godrej Consumer Products Ltd, the manufacturer and supplier of consumer durables, posted 167 per cent rise in consolidated net profit at Rs 93 crore for the quarter ending September 30, 2009 as compared to Rs 34.73 crore in the corresponding period last year.
The Asian markets have ended in the green today.
After an initial slide, the Sensex turned volatile on the back of mixed cues from the Asian markets. The index gained strength and touched a high of 16,910 - up 243 points from the day"s low of 16,667.
Mahindra Satyam, the rebranded Satyam Computer Services, is set to position itself as an information and communication technologies (ICT) company.
Ahead of the meeting between the prime ministers of India and Japan, the two countries today signed two agreements for developing the Rs 3,60,000-crore Delhi-Mumbai Industrial Corridor (DMIC) project.
The Sensex after rebounding into positive zone has surged singificantly mainly on account of fresh buying in index heavyweights. The index has now re-gained the 17,000-mark, and is now up 224 points at 17,010.
The Union budget for 2010-11 is likely to be presented on February 26, two days ahead of the conventional date.
The markets have recouped most of their losses and are now trading flat. The oil, pharma and FMCG stocks are seeing buying interest.
Netherlands-based LyondellBasell Industries (LBI) today said it has got creditor support for a reorganisation plan, under which around $18 billion debt will be converted into common equity.
As the economy revives, the government today expressed confidence that revised direct tax collection target of Rs 4 lakh crore for this fiscal would be met.
The Sensex has finally ended (provisional) at 16,674 - down 108 points.
Anil Ambani’s radio business, Reliance Media World, which operates radio station BIG FM 92.7, will list on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Friday, December 4. This makes BIG FM 92.7 the second radio station to be listed on the stock exchanges.
The Sensex has soared to a high of 17,270 and is now moving strong at 17,259, up 127 points. The NSE Nifty is at 5,127, up 37 points.
Exchange to launch mutual fund trading platform; BSE set to follow.
Prime Minister Manmohan Singh today returned home after attending the UN Summit on Climate Change in Copenhagen where a US-brokered deal with India and other emerging countries that places no legally-binding emission cuts on developed countries ran into trouble.
The face of telecom India, Sunil Mittal, who was once keen on joining politics but left his ambition behind to create the largest private teleco, feels it is time for greater business-politics ties on the lines of Nandan Nilekani heading a prestigious government programme.
Home Minister P Chidambaram today said the government was ready to hold talks with ULFA and asserted that dignity of the leaders of the banned outfit will be maintained when the peace dialogue happens.
Lifeclinic India, a part of Lifeclinic International that manufactures and distributes automated blood pressure monitors and health stations, will set up about 100 anytime self-testing health kiosks, on the lines of public telephone booths, in Andhra Pradesh.
Gauging the potential of the "healthy foods" or "functional foods" market in India, FMCG firm GlaxoSmithKline Consumer Healthcare aims to make its cereal bar snacks, "Horlicks NutriBar", a Rs 100 crore brand within three years.
The Delhi High court today dismissed a petition filed by Mumbai-based Man Industries challenging GAIL"s decision to re-bid for the Dahej-Vijaipur gas pipeline project.
The National Pharmaceutical Pricing Authority (NPPA) has sent a notice to Cipla for allegedly overcharging customers. The government arm has imposed a fine on the company for selling Ciprofloxacin and Doxycycline medicines at a higher price than the one stated by the government.
Drug maker Zenotech Laboratories today said reported Rs 3.41 crore loss for the quarter ended June 30, against a net loss of Rs 2.66 crore in the same period previous fiscal.
In spite of a major regulatory clampdown on its US subsidiary, Caraco, Mumbai-based Sun Pharmaceuticals is trying hard to keep its US market share intact. The company is relying on its own manufacturing facilities to deliver goods to the US market. All eight ANDAs (abbreviated new drug applications) for sales permission in the US filed during the first quarter of the current financial year (Q1FY2010) came from Sun’s facilities.
The markets have opened with a negative bias.
Farm equipment and utility vehicle maker Mahindra & Mahindra (M&M) today said its joint venture with China"s Yueda Group will invest around $40 million (Rs 188 crore) in China to set up a new R&D centre, engine plant and in modernising its tractor unit at Yancheng.
The Sun TV Network is restructuring its distribution business into two new divisions (‘verticals’). One will handle South India operations and international business. The second will focus on expanding the Sun TV bouquet into the northern, western and eastern markets of India.
This last year, two friends of mine lost their fathers to Indian healthcare.
Swiss drug maker Novartis today said its newly developed vaccine "Celtura" against Influenza A HINI (Swine Flu) has shown effective result during a pilot test conducted by it.
Infosys has not named anybody who would fill Nandan Nilekani"s shoes but expressed confidence that leadership transition would be a smooth affair as was in the past.
Rrishi Raote / New Delhi November 22, 2009, 0:59 IST
The Dow Jones industrial average advanced to its highest close in 14 months on Tuesday as a weak dollar boosted natural resource companies" shares and economic data reinforced hopes for a sustainable recovery.
Business Standard / New Delhi December 02, 2009, 0:55 IST
A two-year long global recession, Mumbai terror attack and then swine-flu, each coming on the back of the other. The tourism industry in India could not have expected anything worse than this. It however is starting to see its own green-shoots popping up. October 2009 saw the rate of fall in foreign tourist arrivals making a sharp decline to less than one percent against a 17 per cent fall in January 2009 (over January 2008). The Ministry of Tourism believes this is the beginning of recovery of the industry and things can only get better from here.
The sugar industry is all set to challenge the recent amendment to the Essential Commodities Act, which seeks to introduce a fair and remunerative price (FRP) for sugarcane, besides absolving the government of a Rs 14,000-crore levy price obligation arising out of several court rulings.
The Congress Legislature Party meeting will be held here today to elect a new leader to set in motion the process to choose the next Maharashtra chief minister amid indications that incumbent Ashok Chavan is the frontrunner.
Bharti Airtel today announced offering both local and STD calls at a flat rate of 50 paisa per minute to its 110 million subscribers.
Till late last year, zonal tax collectors at Chennai Corporation carted documents while assessing arrears related to property tax and collecting arrears from customers. The data were updated in a ledger book, after they collected the arrears.
Infosys BPO Ltd, the business process outsourcing (BPO) operation of Infosys Technologies, is looking at raising its headcount in the Americas through inorganic growth. The company is understood to be scouting for a strategic acquisition in the $40-60 million range either in Canada or the US, according to industry sources.
Etisalat DB Telecom India, a new telecom operator, has signed deals worth Rs 750 crore ($150million) with three Business Process Outsourcing (BPO) service providers. The company said it had entered into five-year outsourcing agreements with Tech Mahindra, Aegis and Conflux. Etisalat DB Telecom India is a joint venture between Dubai-based Etisalat and India’s Dynamix Balwas Group. The company has a licence to operate in 15 telecom circles.
The September 2009 quarter results of leading IT players suggest that the global telecom industry is not out of the woods. Indicatively, Infosys and TCS‘ telecom segments’ share in overall revenues posted a decline of 60-70 bps sequentially — even on an absolute basis, their telecom-vertical revenues were lower sequentially. Given the muted outlook for the telecom sector, the topline and operating performance of Tech Mahindra, which derives 60 per cent from Europe and about 50 per cent from its major client, British Telecom (BT), is reasonably good.
FMCG group Dabur, manufacturer of mosquito repellent Odomos, has challenged a Delhi High Court order dismissing its plea to restrain the advertisement of its rival brand Good Knight.
Industry body Assocham today said the Reserve Bank"s panel suggestion to have base rate for lending would ensure transparency and efficiency in pricing loans, which the current system of BPLR does not provide.
The Reserve Bank of India"s (RBI"s) panel on revamping the existing benchmark prime lending rate (BPLR) will meet tomorrow for further deliberation with bankers.
As part of the festival offer, Bangalore-based public sector lender, Canara Bank, has reduced the rate of interest on all fresh home loans from September 10. The rates have been cut 0.25 per cent.
Groundnut shipments nosedived 94 per cent to the European Union (EU) in the first five months of the current financial year on strict quality norms adhered by exporters to uplift Indian commodity to global standards.
Drug maker Piramal Healthcare today said its board has approved the raising of funds up to Rs 1,000 crore through the issue of securities.
Railway Minister Mamata Banerjee’s latest fad is a sleek laptop. But if you thought the firebrand leader had suddenly become tech-savvy, then you are wrong. The laptop is used by Banerjee only to play music during her long-distance travels and at night after a day’s hard work. But typically, Banerjee doesn’t carry the laptop in its sleek case. She prefers to bung it into her trademark blue jhola or the sling bag that carries all important papers, including her Budget speech.
State-run Oil and Natural Gas Corp (ONGC) has hired an ultra deep-sea drill rig from Reliance Industries for four years at close to Rs 3,915 crore.
India"s most valued company Reliance Industries (RIL) today reported 11.5 per cent fall in net profit at Rs 3,636 crore for the first quarter of the this fiscal on falling refining margins and reduction in fuel demand in the time of global recession.
To revive its offshore oil rigs business, state-run BHEL today said it will approach shipyards for providing equipment used for making oil rigs.
Facing allegations of approving Reliance Industries’ inflated gas field costs that could hurt government revenue, oil regulator, the Directorate General of Hydrocarbons (DGH), today launched an advertisement campaign, saying the exchequer would get $16.57 billion, compared to $9.5 billion for the company.
Hit by volatile crude oil prices, Oil and Natural Gas Corporation (ONGC), the country’s largest oil exploration and production company, today reported a 26.94 per cent dip in its net profit for the quarter ended June 30. Net profit for the quarter was Rs 4,848 crore as against Rs 6,636 crore last year. The company’s turnover during the quarter slipped 25.84 per cent to Rs 14,922 crore.
Mukesh Ambani-promoted Reliance Petroleum (RPL) today reported a net profit of Rs 105 crore for the first quarter ended June 30, 2009.
Bharti Airtel, the country’s largest telecom company, posted a 24 per cent increase in net profit for the first quarter ended June 30 to Rs 2,516.7 crore — up from Rs 2,025 crore posted last year — in line with market expectations.
The Sensex has extended gains and touched a high of 17,554 - up 90 points. The Nifty is up 30 points at 5,231.
India"s leading private carrier Jet Airways today entered into a code-sharing pact with Malaysian Airlines (MAS) enabling passengers to book tickets on each others flights between here and different destinations in India from next month.
The centre today faced a tough time in the Supreme Court, which questioned the Telecommunication Ministry"s decision for advancing the cut-off date for allocation of 2G spectrum to new telecom operators.
Last year saw some significant reforms in the education sector, ranging from scrapping of CBSE’s class X board exam to enacting of a law to make education a fundamental right of every child. This year however, say experts, the sector might see even more significant happenings. Business Standard lists some:
Mukesh Ambani-run Reliance Industries (RIL) today said it has successfully tested the design capacity of its massive eastern offshore Krishna-Godavari basin D6 field production facilities.
David Shepherd: A tribute to one of the finest umpires cricket ever had.
Analjit to guard stake by pumping in money.
A hundred and fifty years after photographer James Waterhouse charmed Nawab Sikander Begum of Bhopal to sit for him, an illustrated tome on the encounter, and other Indian trysts, enthralls Gargi Gupta.
Business Standard / New Delhi December 24, 2009, 0:39 IST
In a relief to the Union Civil Aviation Minister Praful Patel, the Bombay High Court has disposed of a bunch of Public interest litigations (PILs) challenging deletion of his name as an accused in an old case involving a company dealing in automobiles.
Subir Roy / New Delhi January 6, 2010, 0:11 IST
Bravehearts from Mumbai"s fire brigade, who battled not only fire but gunfire too during the the 26/11 attacks to save hundreds of lives, are yet to receive their due. With just a few days left for the first anniversary of the terror assault, one of the most audacious in recent memory, these firemen are still to receive the gallantry award announced by the Municipal Corporation of Greater Mumbai (MCGM).
Surinder Sud / New Delhi October 20, 2009, 0:54 IST
State-owned Andhra Bank has enough capital and there was no need for government funds or follow-on public offer to meet its 20-25 per cent growth target for 2009-10 (April-March), Chairman and Managing Director RS Reddy said today.
Business Processing Outsourcing (BPO) centres in India would be subjected to taxation under the new proposed Direct Tax Code (DTC) but some clarifications, especially on double taxation, were still needed, an expert said.
Uncertainties in the government"s proposed Direct Tax Code (DTC) may affect the foreign fund flows into the Indian market and these need to be resolved in time, a top industry official said.
Joe C Mathew / New Delhi October 3, 2009, 0:27 IST
The Sensex is now trading at 17,002, weaker by 48 points and the Nifty is at 5,053, lower by 9 points.
Larsen & Toubro (L&T), one of the failed suitors for scam-hit Satyam Computer, today sold 2.32 per cent stake in the IT company (now Mahindra Satyam) for over Rs 306 crore, exactly a month after the lock-in perid on sale of its holding ended.
The government today opened its arguments in the high-voltage gas row between the Ambani brothers in the Supreme Court asserting that any understanding reached between them was not binding on it as gas was not their "private property".
The Sensex is still in the red and is exhibiting lacklustre movement.The index is now at 17,024, down 26 points.
The Sensex is gyrating between zones and is now flat at 17,066, up 15 points.The Nifty is now at 5,067, up three points.
Financial services firm India Infoline today said it plans to begin mutual funds operations in the first quarter of the next fiscal, after securing final approval from capital market regulator Sebi.
All-cash deal marks biggest purchase since 2000.
The scrip pared all the gains and touched a low of Rs 460. The stock finally ended flat at Rs 464. The counter clocked volumes of 6,418 shares as comapred to the teo-week daily average traded volumes of 6,862 shares.
May challenge Kraft’s offer and a potential move by Hershey.
Consequent to the sharp run up in markets in 2009, investors will have to be careful in picking stocks while lowering their return expectations
The first administration of Common Admission Test (CAT), being conducted online for the first time for admission to IIMS today, has been successful, Director IIM-B Pankaj Chandra said.
Some are giving up lucrative careers to make a difference to their institutes
Are Hindi-speaking markets and the four southern states really poles apart on TV viewing habits?
Union Human and Resource Development Minister Kapil Sibal is slated to meet top officials of the Obama Administration later this week as part of the endeavour of the two countries to forge greater collaboration in the field of education.
IT and business process outsourcing firm Cognizant today reported 21 per cent jump in its third quarter net income at $136.57 million boosted by strong growth across industry sectors.
Plastic goods maker Ester Industries today said it has registered a more than ten-fold increase in its net profit at Rs 10.8 crore for the quarter ended March 31, 2009, against Rs one crore in the same period last year.
The government today approved a bulk order for power equipment, envisaging an investment of Rs 40,000 crore, for the upcoming thermal power plants of NTPC and Damodar Valley Corporation, a move that will help overcome power shortage in the country.
Lok Janshakti Party chief Ramvilas Paswan has finally been served a notice by the New Delhi Municipal Corporation (NDMC) to vacate the plush bungalow at 15, Janpath. Paswan — as a minister since 2002 —occupied the Type-VIII bungalow near Parliament. But in 2009 elections, his party couldn’t win a single seat. Still, Paswan didn’t show any sign of moving out of the bungalow which served as his residence as well as the party office. As many new MPs are waiting with allotment letters for the current occupants to move out, NMDC finally decided to move out Paswan.
The recent accident at the Delhi Metro site in South Delhi that claimed six lives was caused by "serious deficiency" in design and inadequate concrete strength, Lok Sabha was informed today.
The Commodity market regulator FMC has asked brokers to keep a close watch on "inactive trading accounts" to avoid possible misuse and warned that failure to do so would attract penalty.
The stock soared to a high of Rs 513 and finally ended at Rs 509, up 2% from the previous close. The counter clocked 1.84 million shares as compared to the two-week daily average traded volumes of 2.81 million shares on the BSE.
India will make a strong pitch for new initiatives with the Association of Southeast Asian Nations (ASEAN) to collectively respond to challenges thrown up by the global economic meltdown and climate change during the two day India-ASEAN and East Asia Summits beginning in Thailand on Saturday.
The serene Thai beach resort here is expected to provide an ideal setting for tomorrow"s meeting between Prime Minister Manmohan Singh and his Chinese counterpart Wen Jiabao to lower temperatures built over recent weeks on border and other issues.
Bank of Baroda has set a target to sanction Rs 3,095 crore to small and medium enterprises (SMEs) in Gujarat by March 2010 through its six SME loan factories.
The epic, Mahabharata, thinks that human beings are fundamentally flawed and their faults make the world “uneven” (vishama). As a result, they are vulnerable to nasty surprises. Duryodhana is the chief purveyor of “uneveness” in the epic, but the others also contribute to it in good measure — Yudhishthira cannot resist gambling; Karna suffers from status anxiety; Ashwatthama has a revengeful nature; Dhritarashtra is prone to excessive love for his eldest son and so on. These human defects drive the epic towards calamity. Like the Mahabharata’s characters, investment bankers on Wall Street, rating agencies and even regulators suffer from similar failings, and it is these dangerous infirmities that brought the global capitalist system to its knees in 2008.
The decline is Rs 21,186 crore from the fortnight ended July 3
Public sector lender Bank of India (BoI) today said it has raised Rs 500 crore through the issue of bonds in the market.
Dewan Housing remains top contender; govt wants merger.
JSW Energy, a part of Jindal South West (JSW) group headed by Sajjan Jindal, has received SEBI (Securities & Exchange Board of India) nod for IPO (initial public offering).
The government today extended to December 31 implementation of mobile number portability, a facility allowing subscribers to retain their numbers even after changing service providers.
Bank employees owing allegiance to four Left-leaning unions today went on a strike protesting the proposed merger of the State Bank of Indore with parent SBI, disrupting normal banking operations in the country, a top union official said.
The Left and the BJP today tried to corner the government on the issue of spiralling prices and lent support to trade unions which have gathered here to protest against economic policies including disinvestment.
Panel shortlists five candidates, decision on winning entry in January.
Credit-dependent sectors such as real estate and automobiles may also be hit by a rise in interest rates.
Business Standard / New Delhi December 17, 2009, 0:58 IST
The Central Bureau of Investigation (CBI), which is probing the Satyam Computer Sciences Limited (SCSL) accounting fraud case, has so far examined 733 witnesses and gathered 3,081 documents as part of its effort to unfold the biggest corporate fraud in the country.
State Bank of Mysore (SBM) will restructure agriculture loans to the tune of Rs 1,200 crore in the flood affected districts of North Karnataka. The bank is predominant in four of the 14 districts affected by the floods.