Public Relations
Rodeo, Duro first indigenously developed scooters from M&M.
The sugar industry is likely to post robust profit in the financial year ending September 2010 on the back of an expected decline in production in the current sugar cycle (October 2009-September 2010).
The boundary between a television set and a computer is blurring. Consider Zenith Computer-promoted Vu Technologies’ offering, the Intelligent TV, which is a television-cum-PC with a Microsoft Windows operating system (OS).
An American federal court has upheld a patent violation ruling against Microsoft Corp related to Microsoft Word by restraining the software giant from selling the product in the US.
A friendlier tax regime, more retail investor participation, low interest rates and inflation, and speedy government disinvestment programme -- these are but some of the things that Dalal Street wishes comes true in 2010 to keep rolling.
Ashok Leyland is working on a new bus platform, which “will offer a higher level of comfort and safety in public transportation”, says R Seshasayee, managing director. Its portfolio includes high-floor buses comprising the Viking & Cheetah series, vestibule and double-decker buses, semi-low-floor buses, and airport transfer air-conditioned coaches. Seshasayee was speaking on the sidelines of the launch of the company’s U-Truck series.
The government has cleared nine proposals that will bring in foreign investment of Rs 524 crore, more than half of which would be contributed by Japan’s Mitsui and Company to set up warehousing and container freight stations in the country.
In the past three sessions, the market has tested 5,015 and pulled back.
Dabur"s promoter family member Gaurav Burman-led Atlas Acquisition today said it will acquire US-based staffing and employment services company Koosharem Corporation for $840 million (around Rs 3,900 crore) and merge with itself.
A two-day global investors’ meet will be held at Bangalore on June 3 and 4. The state government has appointed a vision group headed by Kris Gopalkrishnan, CEO and MD, Infosys.
Jharkhand Mukti Morcha (JMM) supremo Shibu Soren is set to become the chief minister of Jharkhand with the support of the Bhartiya Janta Party(BJP) and the All Jharkhand Students Union (AJSU).
In Jharkhand politics, it’s sometimes all in the family. Take for example, Jharkhand Mukti Morcha (JMM) chief Shibu Soren, who is a Lok Sabha member. His daughter-in-law Sita Soren, widow of Durga Soren, won the elections from the Jama Assembly seat. Soren’s younger son, Hemant, contested the Assembly polls from the Dumka seat and humbled former deputy chief minister Stephen Marandi. Sushila Hansda of the JMM, who was a sitting party legislator in the last Assembly, was not in the fray from her Litipara constituency this time, but her husband, Simon Marandi, contested on JMM ticket and won the seat.
The Supreme Court today dismissed a plea challenging the land acquisition by Gujarat government for Tata Motors Nano car project.
With the political crisis over the Centre’s announcement of creating a separate Telangana state casting its effect on the state capital, two business process outsourcing (BPO) companies have moved their employees to nearby hotels, even as other information technology (IT) companies have beefed security.
Notwithstanding the huge gains seen in 2009 and despite some challenges going ahead, analysts expect the overall trend to remain positive in the next year as well
The premium brand banks on them to boost market share. Till a few months back, Hindustan Unilever was banking on renowned Indian hair stylists to co-create Sunsilk, its premium shampoo brand. The fast-moving consumer goods major has now set its sights higher and has just requisitioned the services of seven global hair experts to give consumers salon-quality products.
Government has given "in principle" approval for the establishment of 12 greenfield airports for public use in various parts of the country, the Rajya Sabha was informed today.
The stand-off between Air India and Indian Commercial Pilots Association (ICPA), which represent the domestic pilots of erstwhile Indian Airlines, was resolved here today with the management agreeing to payment as per 5th day commission.
Brand managers are increasingly exploring advergaming (or in-game advertising) as a medium to attract young gamers while adding a new stream of revenue.
Following fare reduction by Jet Airways, national flag carrier Air India has cut fares by 20-46 per cent on certain flights on select domestic routes for travel up to September 18.
Airtel DTH has high hopes from a market that offers scope for exponential growth but is already packed tight like a can of sardines. Can the telecom major pull it off?
The Sensex opened at 17,719 and soon touched a high of 17,790 - the highest level in the last 22 months. Weakness in the IT shares however pulled the index into the negative terrain to touch a low of 17,636, down 153 points from the day"s high. The BSE benchmark index kept on swinging zones for the rest of the trading session and finally ended flat at 17,701, up 15 points. The NSE Nifty is at 5,282, up four points.
The Indian cinema has witnessed some key changes over the decade. The surge of multiplexes and digital screens, changing methods of distribution & promotion of films and rising actor remuneration — all have redefined the business of Bollywood in India.
The Sensex opened at 17,719 and touched a high of 17,790 on mixed cues from global markets. However, it has slipped and is now up 40 points at 17,726.
German engineering conglomerate Siemens today said its net loss was at euro 1.06 billion (about $1.5 billion) in the fourth quarter of this year.
The Mysore Mandakalli Airport will become operational by September 15 just before the Dasara, commencing on September 18, chief minister B S Yeddyurappa said in Mysore yesterday.
COMMENT: VK Aggarwal, Former Chairman, Railway Board
Bank credit fell sharply in the first half of the financial year, but the overall funds flow to the corporate sector was virtually the same as the corresponding period last year.
Friends,
Value averaging may give better returns compared to sips, but it is complex for retail investors
Market volatility has hit equity schemes of domestic mutual funds. The category has seen the highest monthly redemption so far in the current financial year in October, with net outflow crossing Rs 2,100 crore.
Demand from mutual funds (MFs) continued to fall today as the rates on short-term money market instruments stayed low, dealers said.
Markets slipped today on investor"s worries that the recent rally can be cut short soon. Better-than-expected results from IT giant, Infosys, also could not cheer up the market.
The Sensex has slipped further and is now at 16,623, down 220 points.
The way to succeed for any new start-up company in the IT services field is to focus on niche areas or small verticals and doing some unusual things, a top IT industry official said.
Infosys plans to reduce the usage of sub-contractors and do its work in-house, especially at cheaper offshore locations, the IT company"s Chief Mentor N R Narayana Murthy said today.
Fortis Mutual Fund today announced a 10 per cent dividend in its Fortis Equity Fund. The record date for the declaration of this dividend is September 9, the company said in a statement here.
Valuations can look stretched if the momentum in recovery doesn’t pick up as expected.
Markets have erased all its gains and slipped into the red.
Hearing in the gas row between the Ambani brothers entered the final phase in the Supreme Court today with Mukesh Ambani Group Reliance Industries (RIL) asserting that government approval on gas pricing is mandatory, a contention opposed by the Anil Ambani-led Reliance Natural Resources (RNRL).
On the back of robust economic growth at about 8 per cent in the second quarter of the fiscal, the Prime Minister"s economic panel today said the economy is likely to grow by 7 per cent in the current fiscal.
Rajeswari Venkatesh, 26, a software professional, was looking to invest Rs 50,000. And while friends and colleagues suggested a plethora of stocks or mutual fund schemes, she wasn’t feeling very confident about taking a decision on their advice.
The Union Ministry of Consumer Affairs has proposed to the prime minister that the Forward Markets Commission, the regulator for commodity futures, also be the regulator for all warehouses.
With the greenback making gains, there is short term pressure on the yellow metal
ArcelorMittal is the only other bidder for the state-run company.
Titan Industries, a Bangalore-based watch and jewellery arm of Tata Group, today reported 41 per cent jump in its net profit at Rs 46.04 crore for the quarter ended June 30, 2009 compared to the corresponding quarter last fiscal.
The government today said it will not relook into the investigations handled by arrested CLB member R Vasudevan, when he was heading the inspection department of the ministry of corporate affairs.
The state owned Industrial Development Corporation of Orissa Limited (IDCOL) has sought allotment of new mines to meet the blast furnace (BF) grade ore requirement of Idcol Kalinga Iron Works Limited (IKIWL) located at Barbil.
Ashim Purkayastha’s latest works focus on the violent history of the North-east.
Newly-inducted Karnataka minister for excise M P Renukacharya today said that government was well on its way of meeting its excise collection target of Rs 7,000 crore for financial year 2009-2010.
Thanks to a sharp turnaround IN THE fortunes of PSU oil marketing companies due to lower oil subsidies, savings in overall costs of production and interest earnings on the cash piles it is sitting on, India Inc’s profits rose over 63 per cent in the September quarter. This is while topline sales fell 6.3 per cent. Once you net out sectors like oil and refining or steel where prices have fallen hugely over the year, the sales growth is a more respectable 8.3% — net profit margins also rise, from 8.9% to 11%. Sales and profits, however, tend to be concentrated and the top 10 firms account for over 40 per cent of sales/profits of our sample of 1,068 firms — remove these top 10 firms, and net profit margins for the sample fall around 30 per cent. Tax provisions are up 23 per cent due to the Minimum Alternate Tax. Most of the top companies — in terms of sales/profits — have seen a relatively poor quarter. Costs of raw materials to sales are down 80 bps on a year-on-year basis but are up 540 bps on a sequential quarter basis, suggesting the extra boost to profits from lower commodity prices in the quarter will reduce in the months ahead. Should that happen, though, it will boost the topline and bottomlines of commodity firms.
Time Warner today said its board has approved the acquisition of Prannoy Roy-promoted NDTV"s entertainment channel Imagine for $126.5 million (about Rs 592 crore).
ICICI Merchant Services, the newly-formed joint venture (JV) between ICICI Bank and First Data Corporation (FDC), plans to expand its Point-of-sale (PoS) terminal network to 500,000 over the next five years, according to a senior FDC executive.
S Tel, the latest entrant in the Indian cellular market, aims to be present in six telecom circles of the country by the end of 2010.
Business Standard / New Delhi October 23, 2009, 0:41 IST
State-run Union Bank is not likely to cut lending rates although the cost of funds may start coming down from the third quarter of the current financial year (2009-10).
Kraft Foods Inc today proposed a 10.2 billion pounds ($16.7 billion) takeover of Cadbury PLC, but said the offer was immediately rejected by the British maker of chocolate, gum and candy.
US food major Kraft Foods has reported a 39.5 per cent drop in the third quarter net earnings at $824 million, but said it remains interested in acquiring British confectionery firm Cadbury.
An Air India enquiry committee has chargesheeted airhostess Komal Singh, who had levelled molestation charges against two pilots of the airlines, for "violating the conduct rule".
A US federal grand jury has indicted billionaire Raj Rajaratnam, founder of Galleon hedge fund, in a multi-million-dollar Wall Street insider-trading probe.
US-based mobile electronics and transportation systems supplier Delphi today said it would hire 150 more engineers at its Bangalore Technical Centre to cater to the automobile sector.
Proof of firmly growing buoyancy in demand, says industry.
Mercedes-Benz is planning to launch over-dimensional-cargo (ODC) vehicles and long-haulage trucks that can carry up to 240 tonnes in India soon.
The government has turned down telecom PSU BSNL"s plea for a compensation of Rs 1,000 crore to implement the Mobile Number Portability regime that allows users to transfer their cell phone numbers from one operator to another.
To shore up its capital adequacy and also to fuel its growth, private sector Yes Bank plans to raise $150-200 million before the end of the current fiscal, a senior official said today.
Gammon Infrastructure Projects may raise Rs 500 crore through the qualified institutional placement (QIP) route, a top company official said.
Private equity player, India Equity Partners (IEP) Fund Advisors Pvt. Ltd. is planning to invest around Rs 100 crore in the industrial water segment in the state of Gujarat. The company is in talks with one of the industrial water services player in Gujarat.
India, China and other developing nations have played a key role in checking the economic crisis, World Bank President Robert Zoellick has said, adding there is need of multiple poles of growth as the global economy can no longer rely on the US consumers.
With the rupee appreciating by nearly 4 per cent against the US dollar, Indian information technology service providers are expected to see flat to negative revenue figures in rupee terms for the third quarter (October-December 2009).
After months of hampered operations, there is now an official assurance that the floundering Haldia Dock Complex (HDC), West Bengal"s only facility capable of handing large vessels, will have a new navigational channel by the first half of next year.
Standing Conference Of Public Enterprises (SCOPE), the apex industry chamber for state-run firms, has advised members against flooding the market with their IPO offerings -- expected in the face of the government planning to list all profit-making public sector enterprises.
Offshore oil drilling and production services company Aban Offshore today opened bids for its Rs 1,000-crore qualified institutional placement (QIP) issue.
United Spirits today acquired the entire share capital of Tern Distilleries (Tern) based in Andhra Pradesh for Rs 13.42 crore. Consequent to this acquisition, Tern has become a wholly owned subsidiary of United Spirits.
Kolkata-based Emami, the Rs 2,200-crore fast moving consumer goods major, is on the lookout for local homeopathy companies, even sick units will do. Emami had acquired Kolkata-based M Bhattacharyya & Co, one of the country’s earliest homeopathy companies, three years ago.
Global hospitality chain Carlson today announced plans to open its luxury brand Regent in India with the opening of a hotel in Gurgaon in 2013.
Reviving its plans to hit the capital market, software product development services firm Persistent Systems, has filed a Draft Red Herring Prospectus (DRHP) with market regulator the Securities and Exchange Board of India (Sebi) to offload around 5.42 million equity shares.
Public sector lenders Bank of Baroda and Indian Bank today announced that they had appointed new Executive Directors.
Bajaj Auto ended at Rs 1,724, higher by Rs 81 or 4.9%, on the BSE, accompanied by a surge in volumes.
ACC, the country"s largest cement manufacturer, today said it would invest Rs 1,400 crore next year to expand its production capacity to 30 million tonnes by 2010-end and would raise Rs 300 crore to retire some of its long-term debt.
Vedanta Group has asked Orissa government to restrict entry of foreign NGOs in the area where it proposes to mine bauxite, as part of its $8-billion project in the state, saying they were instigating locals.
World Bank Group member International Finance Corporation (IFC) today said it will give $50 million loan to healthcare major Apollo Hospitals for providing high quality services to smaller cities across the country.
While robust demand and availability of credit has boosted auto volumes in recent months, higher interest rates and reversal of excise duty cuts may play spoilsport.
Cloud computing is helping corporations create new, cost-effective business models. It has opened a world of opportunities for Indian IT companies
Investments worth Rs 700,000 crore will get commissioned in 2010-11, 55 per cent more than those in the current year.
Bond yields may ease slightly on Monday following the Reserve Bank of India’s (RBI) announcement that it will auction Rs 2,000 crore of floating-rate bonds (FRBs). The 11-year bonds will be auctioned on December 18.
Business Standard / New Delhi September 02, 2009, 0:11 IST
The government employees in Maharashtra today called off their proposed strike which was sheduled to begin tomorrow, saying the state government has accepted "most of their demands" including payment of HRA as per Sixth Pay panel recommendations from this month.
Technical Textiles sector is poised for growth with rise in salary levels in developing nations, particularly India, where the middle class population is expected to reach half a billion by 2030, an expert has said.
Cigarette to hotel major ITC today said it is open to demerger of its business verticals into separate entities if needed as they grow in size.
In the last few months, a number of new platforms have been launched for buying and selling mutual funds (MFs). With the Securities and Exchange Board of India (Sebi) banning the entry load for all MF schemes, both distributors and banks now have to renegotiate their fees with customers.
The Punjab National Bank (PNB) is mulling to provide financial assistance to Small and Medium Enterprises (SME) clusters across the country. The bank has decided to grant a collateral free loan of upto one crore rupees under the programme.
The Life Insurance Corporation of India (LIC) today launched it"s second micro insurance product - "Jeevan Mangal" aimed at lower income groups, as well as those living in remote rural areas.
Dewan Hosing Finance Limited (DHFL) reported 69.96 per cent increase in its net profit at Rs 37.51 crore for the quarter ended September 30, 2009 as compared Rs 22.7 crore in the corresponding quarter last year.
BS Reporter / Mumbai October 27, 2009, 22:21 IST
Markets closed lower with the Sensex losing 3 per cent to close below the 17,000 mark at 16,810.80 during the last week. FIIs were net buyers to the tune of Rs 1,083 crore for the week ending October 22. However, selling over the last two trading sessions by FIIs in frontline stocks, disappointing global cues and an uptick in domestic inflation were prime reasons for the correction.
Private sector lender Kotak Mahindra Bank today reported 86.22 per cent rise in its net profit at 299.76 crore for the second quarter ended September 30, 2009, over the same period last year.
Control on operating expenses and growth in margins and other income helped Bank of Baroda (BoB) post a 60.4 per cent rise in net profit to Rs 634.18 crore for the second quarter ended September 2009. Its net profit in July-September 2008 was Rs 395.29 crore.
State-owned BSNL today said it was negotiating hard with telecom equipment suppliers — Ericsson and Huawei — for its Rs 32,000 crore project, to expand GSM network by 93 million lines, but has kept open the option for re-inviting bids if the talks lead nowhere.
Bihar Deputy Chief Minister Sushil Kumar Modi today claimed that the Centre"s move to amend the jute packaging law would have an adverse impact on 40 lakh farmers of eastern states, including Bihar.
Virudhunagar, near Madurai in Tamil Nadu is to house one of the handloom clusters which was announced in the Union Budget 2009, said Union Minister for Textiles Dayanidhi Maran.
In the turf war between the CPI(M) and its arch rival Trinamool Congress, veteran Congressman and Union Finance Minister Pranab Mukherjee has found new prominence.
The transaction values XTO at $51.69 a share, 25 per cent higher than its last closing - MCL decision on coal transport to help land oustees - UBI likely to float IPO by early February - 25 suspended workers reinstated at Dunlop"s Sahaganj unit - Elder gets bolder - Ruia Group acquires 60% stake in Henniges Automotive Grefrath - "Declare oil palm a plantation crop"
Having learnt its lessons from the land acquisition experiences in Nandigram and Singur, the West Bengal government today urged the industry to make land losers stakeholders in the development process.
The rupee on Monday hit a fresh 15-month high against the dollar. Dealers offered oil companies’ dollar buying and heavy inflow of funds from foreign institutional investors (FIIs) as reasons.
Education solutions provider Edserv Softsystems today said it has received approval from its shareholders to raise funds through various options, including issuing securities of up to $500 million (about Rs 2,200 crore) in the overseas market.
Business Standard / New Delhi January 06, 2010, 0:08 IST
The central government, which has stepped up efforts for the blending of ethanol in a 5 per cent proportion with petrol, has threatened to blacklist ethanol manufacturers if they fail to supply the commodity to oil marketing companies (OMCs).
Business Standard / New Delhi November 09, 2009, 0:53 IST
The Indian consulate in Chicago today said the papers related to issuance of visas to terror suspects David Coleman Headley and Tahawwur Rana had not gone missing and the "relevant information" in this regard is available with the Indian government.
Raj Rajaratnam, the billionaire hedge-fund manager accused of insider trading, started an investment firm in 2006 with partners including Rajat Gupta, former head of McKinsey & Co, and Mark Schwartz, ex-chairman of Goldman Sachs Group Inc’s Asia business.
Global business leaders are hoping for relaxed immigration regulations to help bring in more skilled foreign workers, who want to capitalise on the opportunities provided by a rebounding economy, says a survey.
Swiss banking major Credit Suisse today reported 29.75 per cent growth in net income at 1.57 billion Swiss francs for the second quarter backed by strong results from its investment banking segment.
Hedge funds: Hedge funds are back in the land of the living. After a dismal 2008, they had a strong first half. Of course, rising markets aided them. But it helps that because of losses, withdrawals and, above all, a huge reduction in leverage, they wield only about a quarter of the nearly $10 trillion firepower they used to put to work. So trades are less crowded – and more profitable.
The foreign institutional investors (FIIs) were net buyers of Rs 1,770.73 crore in futures and options segments on Wednesday.
Kalpataru Power Transmission closed at Rs 1151, weaker by Rs 19 or 1.64%, on the BSE.
Over 15 senior executives of the PricewaterhouseCoopers (PwC), whose Bangalore-based arm audited accounts of scam-hit Satyam Computer Services, have quit and would be joining PwC"s global rival KPMG.
Vanita Kohli-Khandekar / Mumbai December 18, 2009, 2:33 IST
German lender Deutsche Bank today reported third quarter profit of 1.4 billion euro, which has nearly tripled from that of the year-ago period supported by tax benefits and rise in revenues.
New-age private banker YES Bank is now focusing on eastern Uttar Pradesh and will soon expand its footprint in the region.
The recent controversy over faculty pay at the IITs and IIMs suggests that they need to radically reorient themselves as academic institutions.
Godrej Industries, leading chemicals manufacturer and exporter of chemicals products, has entered into a memorandum of understanding (MoU) with Godrej & Boyce Mfg Co and Godrej Properties for development of the property at Vikhroli.
Realty developer Godrej Properties will be listed on the Bombay Stock Exchange (BSE) on January 5.
The Telangana agitation is casting its shadow on New Year revelry with most hospitality players in the city planning to make it a low-key affair. A few have even cancelled events which were being organised for New Year’s Eve.
Kolkata-based United Bank of India (UBI) has filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), for an initial public offering (IPO), with the issue size of Rs 50 crore.
Public sector lender United Bank of India (UBI) today filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its initial public offer (IPO).
ADANI POWER
State-run oil marketing companies Indian Oil, Hindustan Petroleum and Bharat Petroleum are likely to lose Rs 45,478 crore this fiscal on selling fuel below cost, Petroleum Minister Murli Deora has said. Addressing the Parliamentary Consultative Committee yesterday evening, Deora said such a huge subsidy support was unsustainable in long run.
Titan Industries, the manufacturer of mechanical, digital and quartz watches, jewellery watches etc., has announced that ICRA has upgraded the rating assigned to the Rs 52.83 crore, or 6.75 per cent non-convertible debentures and the Rs 100 crore bond programme of the company to LAA (pronounced as L Double A) from LAA- (pronounced as L Double A Minus) earlier.
The Securities and Exchange Board of India (Sebi) has directed companies planning initial public offerings (IPOs) and their merchant bankers to pay commission to self-certified syndicate bankers (SCSBs) who process IPO applications for subscribers.
Quarterfinals at the World Cup. Just five of the top ten seeds are still in contention. Gelfand (No:1) is tied with Jakovenko (9) while Ponomariov (7) is tied with Gashimov (2) after the first game. Svidler (3) appears to be on his way out against Malakhov (22) and Karjakin (12) looks set to eliminate Mamedaryov (13) after Malakov and Pono won their first games.
Deal goes ‘much further’ than the 123 agreement between India and US.
A third of Russia’s 42,000 clothing retailers will close by the end of this year after the economic crisis hurt local spending, according to the head of the European Fashion and Textile Export Council.
The Sensex has finally ended (provisional) at 16,789 - down 169 points. The Nifty ended provisionally down 45 points at 4,982.
Unitech Ltd, the country’s second-largest property developer, reported a decline of 22 per cent in its consolidated net profit for the quarter ended March 31 to Rs 279.7 crore, compared with Rs 360.2 crore for the corresponding period last year. Net profit for the full year 2008-09 also fell 28 per cent at Rs 1,197.7 crore, compared with Rs 1,661.9 crore for the corresponding period last year. Revenue for the year came down 23 per cent, to Rs 3315.6 crore, as compared with Rs 4,280.1 crore for the corresponding period last year.
Sensex, Nifty recoup on banking, realty rebound.
The Sensex has recovered partially from the day"s low of 16,210, and is now down 369 points at 16,485. The NSE Nifty is down 111 points at 4,894.
The follow-on public issue of the power sector financier, Rural Electrification Corporation (REC), is likely to hit the market by February next year.
The Supreme Court today admitted the appeal of the Cellular Operators Association of India (COAI) against the order of the Telecom Disputes and Settlement and Appellate Tribunal (TDSAT) in the controversy over dual spectrum allocation policy.
Reliance Mutual Fund, the country"s largest fund house, today said it is open to acquisitions if some good opportunities come its way.
US-based private equity firm Norwest Venture Partners (NVP) today said it has raised $1.2 billion to invest in domestic and international companies across sectors.
The CBI today began its probe into the helicopter crash that killed former Andhra Pradesh Chief Minister Y S Rajasekhara Reddy and four other persons with a team visiting the site in Nallamala forests.
The Kalyani Group"s flagship company Bharat Forge is planning to make a big foray into the power sector with an investment of up to Rs 50,000 crore and a targeted generation capacity of up to 10,000 Mw, over the next 10 years.
Auda International LP, the $5 billion private-equity unit of Germany’s Quandt family, plans to invest as much as $300 million in Asia over the next three years as it expects deals in the region to pick up.
Revenue department has approved a proposal to levy a flat one per cent charge on property registrations with immediate effect, doing away with the Rs 30,000 ceiling.