Small Business
The notional value of investments in the domestic stock market through participatory notes (PNs), the off-shore derivatives issued by foreign institutional investors (FIIs), rose from 15.5 per cent in August to 16.4 per cent and 16.5 per cent in September and October, respectively.
Japanese watch maker Citizen Watches is expecting its Eco-Drive collection of watches to boost sales in the Indian market. The Eco-Drive collection presently contributes 50 per cent to its sales which is expected to touch 80 per cent in the next three years.
Stimulus packages and economic slowdown have hit the exchequer hard as indirect tax collections shrunk by 21.6 per cent to Rs 1.27 lakh crore in the first seven months of this fiscal, against Rs 1.62 lakh crore a year ago.
As the takeover battle between Bharati Shipyard and ABG Shipyard for Great Offshore heats up, analysts feel it is the right time for retail investors to book profits as the fundamentals of the target firm"s stock do not support sustainability of its current price.
Ship building firm ABG Shipyard is getting ready to counter the offer price of rival Bharati Shipyard to acquire offshore drilling company Great Offshore.
The extra freedom given to the 26 public sector banks from this year to choose their statutory auditors has auditing companies — both those chosen and those left out — restive.
The ongoing agitation for a separate Telangana and a unified Andhra has impacted the Rs 12,132 crore Hyderabad Metro Rail project with the government further extending the request for qualification (RFQ) date till January 16.
The sales of luxury car maker Mercedes Benz have dwindled in Punjab and Chandigarh this year, primarily due to short supply.
As part of a restructuring plan, the Chennai-based Pyramid Saimira group, which produces films, has decided to dilute 40 per cent stake in all its eight subsidiary companies. It hopes to raise up to Rs 300 crore by doing so.
The Reserve Bank of India’s (RBI’s) next policy move is likely to indicate a shift in stance, newly-appointed Deputy Governor Subir Gokarn has said.
Industrialists say lack of policy guidelines affecting growth.
The Punjab government has decided to establish a self-contained integrated information technology and knowledge industry park spread over an area of 1,276 acres at Rajpura. Punjab Chief Minister Parkash Singh Badal gave his in-principle approval for acquisition of common land in contiguity of six villages in one go for the setting up of the prestigious industrial park for IT/ITeS industry.
Suspected terrorist David Coleman Headley travelled to five cities during his stay in India between 2006-09, investigators have found.
The Janpath Hotel is fighting the odds with a novel plan to bring it into the limelight.
Pakistan-born Canadian Tahawwur Rana, accused of plotting terror attacks in India and Denmark, was today denied bail by a US court, which said if released he may flee the country to avoid a possible 30-year jail term.
Indian stocks rose, led by steel and car makers, after the government said sales of the alloy to auto manufacturers rose in the first seven months of the financial year.
Kerala-based private sector lender Federal Bank is likely to approve the merger of the state-based Catholic Syrian Bank (CSB) within the next three months as it has already completed the due diligence.
Fiat India Automobile Ltd (FIAL) is developing a new compact car for the domestic market, which will be unveiled in 2012. The car, being developed for the Indian market in Fiat’s facilities in Turin, Italy, will incorporate inputs from Tata Motors. FIAL is a 50:50 joint venture between Fiat Group of Italy and Tata Motors.
The US has said it is in communication with both India and Pakistan on the case of LeT operatives David Coleman Headley and Tahawwur Hussain Rana, who were arrested by FBI in October on charges of plotting terror attacks against Indian facilities.
A V Rajwade / New Delhi November 7, 2009, 0:40 IST
The move goes against RBI’s hint of withdrawal of easy money policy.
Commercial vehicle maker Ashok Leyland today reported a jump of 31.77 per cent in its net profit for the quarter ended September 30, 2009 at Rs 88.61 crore on account of internal efficiencies and low input costs.
The day’s market proceedings were marked by choppiness and volatility, in the absence of any distinct cues from either the US or Asian markets.
The B K Chaturvedi committee set up to recommend ways to implement road projects faster and more efficiently, has recommended that the National Highways Authority of India (NHAI) be given sovereign guarantees on the loans it raises from the market.
The IRB Infrastructure Developers scrip rose 6 per cent to Rs 148.15 on securing a highway project in Rajasthan. The company emerged as the lowest bidder for the highway project to be built between Jaipur to Deoli section of NH12. The Rs 1,500-crore project is on a grant basis with a concession period of 25 years. It has sought a grant of Rs 306 crore for the project from NHAI.
Mixologist Max Warner makes us cocktails with Chivas Regal
The Orissa Chief Minister Naveen Patnaik today called upon the large and medium industries in the state to promote the Micro, Small and Medium Enterprises (MSMEs).
The gas row between the Ambani brothers had its echo in the Lok Sabha on Thursday with Samajwadi Party chief Mulayam Singh Yadav making a strong plea for gas from Reliance at cheaper rates for state-owned National Thermal Power Corporation (NTPC), a plea also being used by the Anil Ambani group.
Asian stocks rose, pushing the MSCI Asia Pacific Index to its biggest gain in almost three weeks, as the weaker yen boosted the earnings outlook for Japanese makers of electronics and cars and as Hong Kong-listed banks advanced.
Asian stocks fell for the first time in three days on concern the region’s economic recovery may falter after a Bank of Japan (BOJ) survey showed companies plan to deepen investment cuts.
Kolkata is one place where domestic water supply isn’t billed. The Hooghly river is the primary source and there’s no supply crisis looming, unlike some other cities. That apart, there are no charges for supplying, for the most part.
The World Bank is expected to increase its lending to India by over three times to USD 7 billion in 2009-10 compared to the average $2.3 billion for the last four financial years.
The Nifty faced strong resistance above 5,300 and closed in a Doji pattern, indicating indecisiveness among participants.
The Sensex today opened at 17,702 mirroring subdued global cues and slipped into the negative terrain within few minutes of trading. Selling in IT and auto shares dragged the markets further into red. The index touched a low of 17,566, down 177 points from the day"s high. The Sensex languished in the red for the rest of the trading session and finally ended at 17,616, down 85 points. The NSE Nifty ended at 5,263, down 19 points.
Pipe manufacturer Jindal Saw today reported a 46.36 per cent growth in net profit at Rs 146.48 crore for the third quarter ended September 2009. The firm had a net profit of Rs 100.08 crore in the September quarter of FY"09, Jindal Saw said in a filing to the Bombay Stock Exchange.
Euro Multivision’s solar business is promising but execution remains the biggest risk.
Global pharma major Merck & Co has entered into a $130 million partnership with London-based Wellcome Trust to set up a not-for-profit research company in India. Merck operates in India as MSD Pharmaceuticals Pvt Ltd.
Government today said it will not compromise on India"s interests at the Copenhagen climate change summit, but a dissatisfied opposition walked out in the Rajya Sabha.
The central government’s decision to continue controlling supply of the swine flu drug, oseltamivir, will help the drug innovator, Swiss multinational Hoffmann-La Roche, and its Indian licencee, Hetero Drugs, maintain their effective monopoly in the country, even as the drug lacks patent protection in India, fear domestic industry circles.
Hotels and retail stores in Pune have seen their sales drop 50 per cent. “We have seen a 60 per cent drop in the number of visitors and around 50 per cent in our total sales. We have sales of around Rs 3 lakh per day. So, over a week’s time we expect a drop of Rs 20 lakh to Rs 25 lakh in our collections,” said Srinivas Rao, regional sales manager, Provogue Studio.
Anil Ambani’s Reliance Natural Resources Ltd (RNRL) has told the Supreme Court through an affidavit that the government has no scope to alter the utilisation of gas or the fixation of its price with regard to the former’s disputed contract with Reliance Industries Ltd (RIL).
Wipro Ltd, a provider of IT solutions and services including systems integration, information systems outsourcing and IT-enabled services, says it has not been affected by the crisis in West Asia and will continue to invest in the region. Wipro already has a company — Wipro Arabia, formed in 2007 through a joint venture with the Dar Al Riyadh Group — providing IT solutions and services in the Kingdom of Saudi Arabia. In an interview, GIRISH S PARANJPE, Wipro, joint chief executive officer (IT business), shares with K Rajani Kanth the company’s placement strategies and its outlook for 2010. Edited excerpts:
- BofA likely to pay bonuses close to 2007 level - Future Group pulls the plug on "Bijli Ghar" - PowerMin wants gas at $2.34 for NTPC - Another RIL cash raising on anvil - RIL to drill six new wells in KG-D6 block this year - Reliance Industries: Filling its coffers
The Reserve Bank India today said it is examining the impact of the Dubai government"s decision to suspend debt payments by Dubai World, which led global stock markets to tumble amid fears of widespread default.
Petronet LNG (PLL), India"s largest liquefied natural gas importer, will sign an agreement to buy 1.5 million tonnes of LNG from Australia in August.
Union Solicitor General Gopal Subramanium has advised NTPC Ltd to transfer its case against RIL to the Supreme Court.
Gujarat Chief Minister Narendra Modi today held an all-party meeting to discuss an action plan for tackling deadly swine flu, which has already claimed two lives in the state.
Jai Arjun Singh / New Delhi November 21, 2009, 0:27 IST
Police are on the lookout for Congress MP L Rajagopal, who escaped from a city hospital where he was admitted after being brought from a hunger strike site over the Telangana issue.
Construction work on the power plant of Monnet Ispat and Energy Limited has come to a grinding halt since July 18 due to the stir of the locals who demanded compensation for land and a proper rehabilitation package.
The Galleon hedge fund fraud, the largest insider trading scandal in US history, has had a fallout in India with McKinsey Director Anil Kumar, one of the six accused in the case, being asked to step down voluntarily from the board of Hyderabad-based Indian School of Business (ISB) today.
The proposed Vedanta University is likely to get chairman of the Knowledge Commission Sam Pitroda as its first Chancellor, Orissa’s Higher Education minister Debi Prasad Mishra said on Thursday.
Renu Modi celebrates twenty years of life as a gallerist with an ambitious show, a glimpse of what lies ahead, and a wish to return to the hearth.
There might be political uproar over the meager revision of MSP of wheat (Rs 20 per quintal hike), but the farmers in Punjab are firm on expanding the area under wheat cultivation. The state agriculture department is hopeful that this year also the total area under wheat would surpass the designated target of 35.20 lakh hectares.
Infrastructure company C&C Construction Ltd today said it is developing a four-star hotel near Mohali entailing a total investment of Rs 60 crore and is in talks with international and domestic hospitality groups for its management.
Plans majority stake in JV; to offer NLD, ILD, ISP services.
Small is beautiful. So is a micro and medium business enterprise.
Despite the economic slowdown, Nestle India, the food and beverages major, registered net sales of Rs 3,780 crore for January-September 2009, a 17 per cent jump as compared to the same period a year earlier.
Exporters of engineering goods, which contribute over 40 per cent to the country’s total exports, have urged the central government that incremental exports be exempt from tax for three years, with the base year being 2008-09.
Planning Commission Deputy Chairman Montek Singh Ahluwalia said Rajya Sabha member Krishnaswamy Kasturirangan will be appointed as a member of the commission.
The industry of the North East is euphoric with Bangladesh government agreeing to grant access to Mongla and Chittagong ports for movement of goods to and from India.
Oil & Natural Gas Corporation (ONGC) posted an increase of 23.38 per cent in net profit at Rs 3,053.58 crore for the quarter ended December 31, 2009, as compared to Rs 2,474.81 crore in the corresponding quarter last year. The state-owned company reported the highest net profit growth in the last six quarters.
The stock ended at Rs 845, down 1.5% from its previous close. The counter clocked volumes of 7.43 lakh shares on the BSE.
Business Standard / January 22, 2010, 0:34 IST
The government today said all state-owned companies under the Department of Heavy Industry should go in for energy audits to help cut costs and reduce pollution.
The Sensex witnessed a volatile week with important announcements by the government and global cues. The government"s decision to auction three slots in the 3G spectrum helped telecom stocks gain.
The Sensex has finally ended (provisional) at 17,096, down 94 points.
State-run Oil India Ltd today reported a 23.5 per cent jump in net profit for the third quarter ended December 31, 2009, on the back of higher price-realisation for the crude oil it produces.
Chandrayaan-II moon mission, which will help in analysis of mineral composition and undertake terrain mapping of the moon, will be completed by 2012-13, Project Director of Chandrayaan Dr M Annadurai said today.
Bharat Heavy Electricals Ltd (BHEL), the country’s largest power equipment manufacturer, has posted a 36 per cent jump in net profit for the quarter ended December 2009 on the back of lower raw material costs.
Higher crude price realisation, coupled with lower fuel subsidy, has helped Oil and Natural Gas Corporation (ONGC) post a 23 per cent jump in net profit for the quarter ended December 31. Net profit was Rs 3,054 crore, compared to Rs 2,475 crore in the same quarter last year. Net sales for the quarter rose 23 per cent, to Rs 15,314.5 crore.
Century Textiles and Industries, part of the B K Birla group, has posted a rise of 110.52 per cent in its net profit for the quarter ended December 2009 at Rs 59.64 crore compared with Rs 28.33 crore in the corresponding previous quarter. Its net sales during the period grew to Rs 1,068.10 crore against Rs 879.79 crore, up 21.4 per cent.
State-run Hindustan Petroleum Corp plans to invest Rs 25,000 crore in setting up a 15 million tonnes a year refinery on the west coast.
Corporate Affairs Minister Salman Khurshid today opined that India Inc should focus on CSR activities in their own interest.
Kohlberg Kravis Roberts & Co (KKR), a global private equity fund, has announced that it has hiked its stake to 79 per cent in Aricent, a telecom software solutions firm in a deal valued at $225 million.
The shuttle Atlantis has blasted off carrying vital supplies and spare parts for the International Space Station to push its life past the 2010 retirement of the aging shuttle fleet.
To mark 10 years of its existence, Kurkure, FritoLay’s Indian innovation in the salted snack market, is changing tracks. It came out in December with a print campaign which told readers how Kurkure is made from what can be found in any Indian kitchen, underlining that the ingredients are as wholesome as what goes into home-made food. Kurkure now on will be less about flavours and more about ingredients. It will launch the first of its products towing this line, called Punjabi Kadai Masala, soon. The product contains rajma and ragi, staple Punjabi food, apart from the usual rice, corn, spices and lentil.
Trust Kishore Biyani, the founder of Future Group, to spot new revenue streams before anybody else. The latest from Biyani is Indian-style hotels and schools to train entrepreneurs and help understand consumer behaviour. Both initiatives are expected to go on stream in the next six to eight months.
Extended trading hours starting today did nothing to boost the volumes on the bourses that opened nearly an hour earlier at 0900 hrs, as part of conscious efforts to align trade timing with the Asian markets.
Textile firm Alok Industries" retail venture Alok Retail India is in the last leg of raising finance from private equity players, a top company official said.
The row over handing over a portion of a 11-acre plot in one of the prime locations of the city to real estate major Unitech for development has deepened with the Orissa High Court restraining the government to take any decision on the matter.
Bank reform: The overhaul of the global financial system has entered a new, more complicated phase. For two years, a fragile multilateralism has prevailed as the world’s largest economies agreed that changes should be designed and adopted on a global basis. The task of redesigning financial regulation was largely delegated to central bankers, regulators and other technocrats.
VE Commercial Vehicles (VECV), a subsidiary company of Delhi-based Eicher Motors (EML) has signed a non-binding memorandum of understanding (MoU) with the Vinn Group of Sweden to explore business opportunities in the field of engineering design services.
Under attack for making knowledge of Marathi a must to get new taxi permits in Maharashtra, Chief Minister Ashok Chavan today did a quick U-turn insisting that fluency in any local language like Hindi and Gujarati was also enough.
Contract for a year; players will play just for Season-3.
Kirtika Suneja / New Delhi January 3, 2010, 0:28 IST
Samsung India Electronics (SIE) is eyeing a 30 per cent market share in the CDMA handset space, which is expected to be around 16 million units next year, said Hendrick Lee, vice president – hand held products division, SIE.
The Department of Telecommunications (DoT) has again put the onus of deciding the number of slots to be auctioned for 3G spectrum on Finance Minister Pranab Mukherjee.
Aabhas Sharma / New Delhi December 5, 2009, 0:47 IST
US markets slumped on Thursday.
The state-run telco BSNL has informed the Department of Telecommunications (DoT) that it may miss the March 31 deadline for implementing the mobile number portability (MNP) regime if it does not get security clearance for importing the needed equipment at the earliest.
The Hang Seng is trading at 21,394, lower by 283 points, while the Nikkei is at 10,776, higher by 11 points.
The Sensex finally ended (provisional) at 16,242, down 538 points. The Nifty shed 171 points at 4,837.
Markets have dropped again. The Sensex is now down 213 points at 16,567. The Nifty is down 75 points at 4,933.
Raymond extended gains to touch a high of Rs 207 - up 6%. However, it could not hold on to gains and ended flat at Rs 197. Over 125,500 shares changed hands at the counter today.
Tiger Woods says he"s taking an indefinite leave from golf to work on saving his marriage, using the word "infidelity" for the first time in a statement posted on his website.
Shree Cement today reported over two-fold jump in its net profit for the quarter ended September 30 at Rs 288.91 crore.
With Tata Power now in a position to sell 100 MW of power from its Trombay unit as merchant sales, the company’s earnings for the current year should get a slight boost. In the current year, the higher generation—estimated to be higher by 10-15 per cent — is what will push up revenues rather than any significant increase in power realisations.
The US markets ended in the green. The Dow added 115 points to 10,725 and the Nasdaq gained 32 points at 2,320. The S&P 500 was up 14 points at 1,150.
Oil eased in Asian trade today as traders continued to evaluate the pace of recovery in the US economy, the world"s biggest energy user, analysts said.
The 224-million-tonne cement industry is yet again set to strike a growth of 10 per cent in June. If the initial numbers from the top cement makers are anything to go by, industry analysts said, the continuous robust growth will be maintained.
The Mukesh Ambani Group firm Reliance Industrial Infrastructure (RIIL) today said its net profit rose by 3.52 per cent to Rs 5.87 crore for the third quarter ended December 31, over the same period previous financial year.
Following the increase in the long term loans of Videocon Industries (VIL), Fitch Ratings has today affirmed Videocon Industries Limited"s (VIL) National Long-term rating at "A-(ind)" with Negative Outlook.
The decks have now been cleared for the finalization of the draft Comprehensive City Development Plan (CDP) for Bhubaneswar with the Bhubaneswar Development Authority (BDA) submitting its recommendations to IIT-Kharagpur.
Undeterred by the real estate crisis after Dubai World’s request to creditors for a standstill on repayment of its $60 billion debt until May, the Confederation of Real Estate Developers’ Associations of India (Credai) has stuck to its original plan to hold its national convention during January 23-25 in Dubai.
The affordable housing projects launched by Tatas in Mumbai would be extended to more cities since the concept had evinced keen interest from all parts of the country, Tata group Chairman Ratan Tata has said.
Renewable Energy Minister Farooq Abdullah will join policy makers, industry experts, who will be attending the third World Future Energy Summit to be held in Abu Dhabi next January.
The Ruias’ Essar Group is to acquire a 51 per cent stake in the telecom operations of the Dhabi Group, an investment company led by Abu Dhabi’s royal family, in Uganda and Congo for around $150 million (Rs 692 crore).
Telecom major, Bharti Airtel, has announced that it has agreed to acquire 70% stake in Bangladesh-based, Warid Telecom. Bharti plans to make $300 million fresh investment in the company, thus taking the overall investment to $1 billion. The new funding will be for capacity expansion, coverage and innovative products.
Trinamool Congress chief and Railway Minister Mamata Banerjee today criticised the Centre for supporting to the CPI(M)-led government in West Bengal in the form of assistance for security operations in Naxal-affected regions of the state.
Posco India has sought more time from the Centre for implementing Rs 54,000 crore SEZ project at Jagatsinghpur in Orissa, as the South Korean steel giant could not get land due to protests by tribals.
World"s largest steelmaker ArcelorMittal has asked the Orissa government to treat its proposed Rs 50,000-crore project on the issue of mining lease at par with other big ticket investments.
The Union coal ministry and National Thermal Power Corporation (NTPC) have proposed to set up one power plant each near Kanpur.
Eyes Rs 700 cr premium income this fiscal.
India Infrastructure Finance Co was likely to finalise the takeout financing scheme within a month and might implement it by the first week of March, Chairman and Managing Director SS Kohli said today.
Internet search giant Google is in talks to acquire local business review site Yelp for more than $500 million, says a media report.
Naveen Jindal-led Jindal Power today said it will invest Rs 65,000 crore in new power projects and part of the financing for these would be done through its up to Rs 10,000-crore Initial Public Offer.
GMR Hyderabad International Airport Limited (GHIAL) has signed an agreement with aircraft engine manufacturer, CFM International (CFM), to establish a new CFM56 maintenance training centre to support its customers in the South Asian region.
If India Inc’s big boys have come up with sterling numbers in the third quarter ended December 2009, their small and medium (SME) counterparts are not far behind.
The Securities Appellate Tribunal (SAT) has set aside charges of insider trading against Dilip Pendse, former managing director of Tata Finance, and his wife Anuradha Pendse and Nalini Properties.
In a move to streamline operations related to marketwide position limits (MWPL) of derivatives contracts, the Securities and Exchange Board of India (Sebi) has fixed a timeline for exchanges to disseminate information on individual securities.
With the impact of global slowdown still persisting across countries, there may be a dip in remittances inflow into the country in 2009, according to Rajesh Mehta, director marketing – South and South East Asia, Western Union Services India.
A timely corporate initiative has mumbaiites lining up for lessons in western music.
Foreign institutional investors (FIIs) were net sellers of Rs 1,002.60 crore (provisional) today, according to data released by BSE.
Financial services provider Religare Enterprises today said its consolidated net profit declined by 51.80 per cent to Rs 21.4 crore for the third quarter ended December 31, 2009, over the same period last year.
Lloyds Steel Industries has posted a net profit of Rs 39.16 crore for the quarter ended December compared with a loss of Rs 113.84 crore in the corresponding previous quarter. The company’s net sales during the period grew to Rs 726.62 crore from Rs 660.80 crore last year, up 9.96 per cent.
Reliance Power ended with a loss of 3.3% at Rs 145 on the BSE.
The Vedanta group firm Hindustan Zinc today posted a three-fold jump in its Q3 profit to Rs 1,148.65 crore as against Rs 369 crore in the corresponding period a year ago, driven by improved output, sales and prices realisation.
Aditya Birla Capital Advisors, the private equity (PE) arm of the Aditya Birla Financial Services Group, raised Rs 675 crore and announced the first closure of the Aditya Birla Private Equity - Fund I. The promoter group has contributed 20 per cent, or Rs 135 crore, to the fund.
Civil and core infrastructure development company Tantia Constructions is looking at diluting 10 per cent of its total equity to raise money for upcoming projects, according to market sources. The company is considering fund raising through secondary market transactions, though the exact quantum of cash to be realised through the stake offloading could not be ascertained.
Pharmaceutical patents are just over a fourth of all patents granted in the country, but domestic drug makers account for almost all post-grant patent opposition filed, official data reveals.
India’s largest wireless service provider, Bharti Airtel is expanding its international operations by buying a majority stake in Bangladesh’s fourth largest wireless telephony service provider, Warid Telecom. This is the second major geography Bharti Airtel has ventured into after Sri Lanka where it launched its 2G and 3G service a year ago. Seychelles, Jersey and Guernsey (Channel Islands) are the other geographies where Bharti has a presence. To increase its international focus, the company recently announced that its current CEO Manoj Kohli will take charge as the head of the international business division.
Bajaj Auto sold 220,429 two-wheelers in December 2009, registering 85 per cent growth in sales over the same month last year, when it sold 119,215 units, a company release said here today.
Six days of meetings over two weeks between Tata Motors’ Jaguar Land Rover (JLR) and its workers’ union ended without agreement on terms of employment for new hires.
While the recovery in sales volume is positive for Tata Motors, the gains are priced in
Tata Motor’s future profitability hinges on its ability to scale up JLR volumes and execute a slew of cost-reduction measures.
Business Standard / New Delhi January 13, 2010, 0:44 IST
Within the first three months of its launch in 2007, the Maruti Suzuki SX4 had overtaken the then Honda City to become the market leader in its segment. Two years hence, the situation is rather different. Today, the Honda City has recovered lost volumes. And Maruti Suzuki’s very own Swift Dzire is the leader in the segment. And all of this has been at the cost of the SX4, once the darling of its segment. So what went wrong, and why has Maruti Suzuki re-launched the SX4?
Party chief Mulayam Singh Yadav says he has not received any formal communication from Amar Singh.
US car maker General Motors today launched its luxury sedan Chevrolet Cruze in India at an introductory price ranging from Rs 10.99 lakh to Rs 12.45 lakh (ex-showroom, Delhi).
Ford Motor Co agreed with China’s Zhejiang Geely Holding Group Co on most terms about a sale of its Volvo Car Corp unit and the automakers aim to complete the transaction in the second quarter.
Toshiba JSW is planning to commence Phase-I operations of its super-critical power equipment manufacturing plant at Ennore, near Chennai, by the end of 2011. The Rs 1,000 crore is expected to go on stream by 2014.
Tata Motors, the country"s leading automobile manufacturer, reported a net profit of Rs 400.14 crore for the third quarter ended December 31, 2009.
German automobile giant Volkswagen, which has picked up almost 20 per cent stake in Japanese car major Suzuki Motor Corporation, may source small cars from Maruti Suzuki (in which Suzuki has 54 per cent stake) for the European market and sell them under its own brand name.
Barter and exchange services provider BBX India is awaiting Reserve Bank of India"s (RBI) approval to start international trading in the country, a top company official said.
The promoters of large and mid-cap companies plan to sub-divide company"s share face value following a sharp rise in stock prices in the last one year.
Don’t make fresh lumpsum commitments, but continue with your SIP investments.
The Indian bourses opened marginally higher at 16,317.16 - up 28 points. points - mirroring positive cues from the global markets. The US markets ended on a positive note after the US Federal Reserve said that the conditions in the world"s largest economy are showing signs of improvement. The Dow Jones Industrial Average added 0.4 per cent and the Nasdaq Composite Index was up 0.8 per cent, respectively. The Asian stocks too started on a strong note however pared some gains towards end of the day. The Hang Seng was up 1.61 percent and the Nikkei added 1.5 per cent, respectively.
In a short-list bereft of Indian writers, this year"s Man Booker prize has gone to British novelist Hilary Mantel for her gripping 16th century tale titled "Wolf Hall".
LIC Housing Finance (LICHF) reported a 14 per cent rise in net profit to Rs 153.58 crore for the quarter ended December 2009 compared with Rs 134.33 crore in the year-ago quarter.
If you think your money in savings bank account will be automatically converted into fixed deposits (FDs), think again. It may just happen that while you are thinking the idle cash may earn 6-6.5 per cent a year, the prevailing fixed-deposit rate for one-year funds, it may actually continue to fetch only 3.5 per cent.
The Delhi Stock Exchange (DSE) plans to start mock trading from Monday, making it the first regional stock exchange to become active after the Securities and Exchange Board of India (Sebi) announced demutualisation norms for stock exchanges. The exchange also planned to launch futures and options trading after six months, said a source.
South Indian Bank (SIB) reported a 15.8 per cent increase in net profit at Rs 62.46 crore in the third quarter of current financial year as compared to Rs 54.20 crore in the same period of last fiscal.
Amid projection that inflation could touch the double-digit mark, the Prime Minister"s advisory panel today said it could fall to 7 per cent by fiscal-end.
Job seekers can get their resume ready as India Inc"s hiring outlook improves considerably with over 70 per cent recruiters predicting new job additions in 2010, a survey says.
Hardware and systems integrator company HCL Infosystems posted a 1.5 per cent increase in net profit for the second quarter ended December 31, 2009. Net profit stood at Rs 56.09 crore compared with Rs 55.25 crore in the year-ago period.
Tractor and utility vehicle (UV) manufacturer, Mahindra & Mahindra (M&M), today posted a net profit of Rs 413 crore for the quarter ended December 31, 2009. This was an increase of 849 per cent, aided by the low profit base of Rs 43 crore in the same quarter of the previous financial year.
Microfinance institutions (MFIs) in the country need Rs 2,500 crore equity to meet statutory requirements and expand footprint.
A mistake by a US Navy intelligence official has given the world an unexpected peek into the secret world of China’s navy. The US Office for Naval Intelligence (ONI) committed the blunder of posting, on an open website, the agency’s assessment of the state of the Chinese navy. Before the ONI could rectify this indiscretion by pulling off the report, it had been downloaded and posted on a publicly accessible website.
Sensex ends up 35pts
US Defense Secretary Robert Gates today said there has been a remarkable advancement of defence relationship between India and the United States in the last few years.
Japanese auto major Nissan Motor would roll out its compact car from the Oragadam facility near here from May 2010.
The Mines Ministry is expected to send the 20-per cent share sale proposal of state-run Hindustan Copper to Disinvestment Department next week, a move that may help realise an estimated Rs 11,000 crore.
State-run NTPC has undertaken 17 projects across the country for capacity addition of 17,930 Mw of power in the road map to achieve 75,000 Mw generation capacity by 2017.
The yield on government rates may show some volatility ahead of Reserve Bank of India’s (RBI’s) third quarter review of monetary policy.
The rupee fell to a two-week low on speculation that foreign funds will trim their holdings of local assets, as interest rates are raised to contain inflation.
The Department of Telecommunications (DoT) seems to be in a state of confusion on deciding the number of slots of 3G spectrum to be auctioned. It is now in favour of auctioning only two blocks and immediately assigning the spectrum to the successful winners.
Business Standard / New Delhi December 23, 2009, 0:08 IST
Kirtika Suneja / New Delhi January 26, 2010, 0:43 IST
IT firm HCL Technologies today said it is in talks with Australia-based retail software solutions firm OLR for a possible acquisition.
The hot gossip that’s warming up New Delhi’s cocktail circuit in a cold winter is about changing power equations on Raisina Hill with the exit of National Security Advisor MK Narayanan. Not only is Home Minister P Chidambaram seen as a “rising star”, there’s talk of a new “power trio” — Sonia Gandhi’s political advisor Ahmed Patel, Pranab Mukherjee’s assistant Omita Paul and prime minister’s principal secretary TKA Nair — in that order of importance!
A Norwegian-Indian telecom joint venture firm, Uninor, today said it has secured 1.2 million subscribers across eight telecom circles during the first month of its operation.
Tata Communications today said it has appointed David Wirt as global head of managed services.
Sunil Jain / New Delhi January 18, 2010, 2:42 IST
Last week, the Supreme Court pronounced a landmark ruling in the case of Oracle India holding that the process of duplication of software from master copy tantamount to ‘manufacture’. The Apex court allowed Oracle much awaited relief with respect to a tax holiday claim available for new undertakings engaged in manufacture and processing of articles and things.
Tata Docomo, the GSM brand of Tata Teleservices Ltd (TTSL), today launched its "BuddyNet" community, as part of which locals calls to members would be offered at one paisa for six seconds.
Tata Teleservices has added 3.3 million subscribers in December 2009, becoming the number one operator in terms of subscriber addition for the fifth consecutive time.
Hyderabad Metro Rail Limited (HMRL), the special purpose vehicle set up to implement the metro rail project in the city, had postponed the sale of Request for Qualification (RFQ) applications for global bids to July 24, according to municipal administration and urban development principal secretary and Hyderabad metro rail project chairman CVSK Sarma.
Malaysia-based Scomi International is scouting for partners to tap the monorail market in India, which is estimated to be around $15 billion (Rs 72,000 crore) in the next five years.
The market opened weak and sustained selling pressure saw the benchmark indices, the Nifty and Sensex, lose their crucial support levels of 5,150 and 17,300, respectively. The spot Nifty closed at 5,094 while January futures closed at almost 10 points discount on profit-taking and short build-up.
The market opened weak and sustained selling pressure saw the benchmark indices, the Nifty and Sensex, lose their crucial support levels of 5,150 and 17,300, respectively. The spot Nifty closed at 5,094 while January futures closed at almost 10 points discount on profit-taking and short build-up.
The markets traded in a narrow range this week in spite of stellar numbers from Infosys. The Sensex rose 14 points or 0.08 per cent to 17,554, while Nifty increased 7 points or 0.14 per cent to 5,252 during the week. Midcaps and small caps performed better; Midcap index rose 1.5 per cent and Smallcap index was up 3.1 per cent during the week. Industrial output grew at 11.7 per cent, fastest in the last two years in November 2009; expectations indicate that GDP numbers could grow to 7.75 per cent for FY10. However, inflation at 7.3 per cent in December as compared to 4.8 per cent was the concern area for investors.
An Indian youth was today stabbed in Australia, in the first case of casualty in a series of vicious attacks on the community members, prompting a strong reaction from India which said such incidents could have a "bearing" on bilateral ties.
Public sector lender Syndicate Bank today said its net profit declined by 42.27 per cent to Rs 205.72 crore for the third quarter ended December 31, 2009, over the same period last fiscal.