Business Opportunities
Industry body Assocham today suggested that the government should confer core industry status to the airlines business to sustain the aviation sector.
Private sector insurer Aviva Life Insurance today said it plans hire about 1,500 sales managers and 13,000 agents in the next seven months to drive business growth.
FMCG major Dabur, which is currently hunting for acquisitions in the African continent, is setting up its second manufacturing facility in Egypt as part of its expansion plan in the region.
State-run Coal India is eyeing strategic partnership with mining behemoths like BHP Billiton and Rio Tinto to mine coal abroad and has floated an Expression of Interest (EoI) for the same.
Tata, SAIL e-commerce joint venture to now take on eBay and Amazon.
Sical Logistics Ltd has received Letter of Acceptance (LOA) from the New Mangalore Port Trust for setting up an iron ore handling facility at the deep draft multi purpose berth on BOT basis at New Mangalore Port. The Concession Agreement was signed recently between the Board of Trustees of New Mangalore Port Trust and Sical Iron Ore Terminal (Mangalore) Ltd (an SPV arm of Sical).
Voicing concern over the challenge posed by proponents of extremist ideologies through intimidation and terror, Prime Minister Manmohan Singh today said steps need to be taken to tackle this "grave menace".
Twenty years ago, at sixth place in the batting order, the 16-year-old Sachin Ramesh Tendulkar walked across the National Stadium in Karachi and straight into every Indian’s heart and history.
T N Ninan / New Delhi October 24, 2009, 0:20 IST
General Motors Company, the new firm which emerged after bankruptcy protection, has reported a loss of $1.2 billion in the three months ended September this year.
Business Standard / New Delhi November 02, 2009, 0:19 IST
The fall in steel prices in the wake of global economic meltdown has consigned many balance sheets of groups taking the metal in the red. The drop in demand in the final quarter of 2008 was so steep and steel product prices turned so uneconomic, particularly for high cost mills in western countries, that the industry in many regions was forced to switch off half the capacity.
Bank of America Corp and JPMorgan Chase & Co, the two biggest US banks by deposits, are cutting overdraft fees amid criticism from lawmakers over the way the lenders charge customers.
A former Silicon Valley serial entrepreneur sets up India’s first commercial solar power plant
Yahoo! said it will close its GeoCities service that provides people a free online locale for home pages.
The stock rose 5.5 per cent to close at an all-time high of Rs 827.60, on reports that the company might launch its qualified institutional placement (QIP) book this week.
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.
BS Reporter / Bangalore August 11, 2009, 10:27 IST
The stock touched a high of Rs 177 and finally settled at Rs 175, up 6% from the previous close. The counter witnessed trades of 537,952 shares as compared to the two-week daily average traded volumes of 651,329 shares on the BSE.
Mysore head post office became one of the 58 post offices being brought under the ‘Project Arrow Phase III’ of India Post in Karnataka
Sees huge market in the US for ‘NuPatch’.
The markets continue to languish in red. The Sensex is now at 16,835, down 60 points.
The Asian markets have closed negative. The Hang Seng slipped 136 points to 21,479 and the Nikkei dropped 127 points or 1% to 9,717.
The Bombay Stock Exchange (BSE) will introduce a secured settlement platform for the Rs 1,500 crore Indian Corporate Debt Market (ICDM) next week.
An intermediate reversal could mean net losses over the next 4-6 weeks.
Despite a positive start to the holiday-shortened week, the Sensex ended with marginal losses owing to selective profit taking. Markets witnessed stock-specific activity because of derivatives expiry-related cues. The Sensex neared the 17,000-mark during the course of the week as the index touched a high of 16,943 on Tuesday. However, after slipping to a low of 16,495, the index finally ended the week with a marginal loss of 48 points at 16,693.
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.
Pollution control equipment maker Thermax today said it has bagged an order worth Rs 477.77 crore from an Orissa-based company for construction of a captive power plant.
Finance Minister Pranab Mukherjee will hold a pre-Budget discussion with state governments on January 13. Recommendations of the 13th Finance Commission on devolution of funds, the Goods and Services Tax (GST) regime, continuation of stimulus packages and allocation for the Centre’s flagship schemes such as National Rural Health Mission and Sarva Shiksha Abhiyan are expected to dominate the deliberations. A government official told Business Standard today that the states will make a strong pitch to continue the fiscal stimulus package.
Finance Minister Pranab Mukherjee today directed the Income Tax Department to make all efforts to achieve the revised direct tax target of Rs 4 lakh crore to contain the critical parameters of the economy, especially when there was slippage in indirect tax collections. He said this while addressing the All-India Conference on Tax Deduction at Source (TDS).
The Sensex has finally ended (provisional) at 16,674 - down 108 points.
Though the Nifty closed slightly below 5,000 today, the trading volume in the put and call options suggests that bulls will find it difficult to hold on to this level.
Ahmedabad-based Intas Pharmaceuticals Ltd (Intas) has entered into a strategic partnership with US biotechnology company Amarillo Biosciences, Inc (ABI), whereby Intas will sponsor clinical trials of ABI’s orally administered interferon-alpha lozenges for influenza, which could also be used in combating the H1N1 virus.
Big Cinemas, a division of Reliance MediaWorks and a member of the Reliance ADA Group, said it has crossed the global milestone of 500 screens with the opening of its newest multiplex in Malaysia.
Kingfisher Airlines is planning to raise around $600 million worth of funds in the current financial year to pay off its debt and strengthen its bottom line, in the backdrop of a turbulent time for the country’s aviation industry.
Internet services provider IOL Netcom today said its board has approved to raise Rs 1,250 crore by various funds raising options.
After having opened marginally in the red, the markets have rebounded in line with their Asian counterparts. Asia is largely trading in the green after the Federal Reserve raised the US growth forecasts for 2010. The US markets also ended off their lows, albeit marginally weak, after the Fed raised the GDP forecast.
The industry representatives have urged the Orissa government to remove various bottlenecks coming in the way of setting up of industries in the state.
Fast-unto-death by Congress MP L Rajagopal and several other leaders, pressing for a unified Andhra Pradesh continued today even as Chiranjeevi-led Praja Rajyam Party (PRP) came under pressure from its MLAs to end its support for separate Telangana.
The need is to identify free land areas, says steel secretary.
Tata Group-owned European steel maker Corus and Britain’s National Steel Co-ordinating Committee have agreed to establish a joint task force to ensure that all alternatives to mothballing the former’s Teesside Cast Products (TCP) facilities are examined.
Australian Prime Minister Kevin Rudd today praised the very completion of the Copenhagen climate summit as progress, saying that the talks had hovered near collapse.
The financial institutions in the state have identified 1690 sick industries for revival as per the guidelines of the Reserve Bank of India (RBI). While 667 units have already been revived, seven such proposals are under consideration. The rest 1016 sick units were later found to be not in a position to be revived and hence, have been left out of the process, said industry minister Raghunath Mohanty.
IBM has established Centres of Excellence (CoEs) in 10 colleges in Karnataka to create a platform for the development of software skills among students. The CoEs will teach students skillsets on DB2, WebSphere, Lotus, Rational and Tivoli - as well as help them develop tech business solutions.
K Santhanam & Ashok Parthasarathi / New Delhi December 11, 2009, 0:13 IST
With nuclear power generation emerging as a big business opportunity, state-owned Bharat Heavy Electricals (BHEL), has entered into talks with global players, including Alstom and Toshiba for manufacturing nuclear reactors to provide end-to-end solutions.
The Nifty recovered after falling below the crucial support of 5,080 to closed at 5,147 on short-covering at lower levels. The Nifty December futures, which closed at a premium to the spot and added 1.19 million shares in open interest, were expected to have built short positions at higher levels. Bloomberg data show buy-side trades in December futures below 5,100 and profit-booking and short build-up at 5,120-5,160, indicating short-term support and resistance levels for the Nifty.
The Nifty recovered after falling below the crucial support of 5,080 to closed at 5,147 on short-covering at lower levels. The Nifty December futures, which closed at a premium to the spot and added 1.19 million shares in open interest, were expected to have built short positions at higher levels. Bloomberg data show buy-side trades in December futures below 5,100 and profit-booking and short build-up at 5,120-5,160, indicating short-term support and resistance levels for the Nifty.
Issues ranging from the CBI probe to 3G auction may figure in a series of meetings Telecom Minister A Raja will hold with the chief executives of companies begining tomorrow.
The bandh call given by the Telangana Sadhana Joint Action Committee in support of a separate state passed off peacefully barring sporadic incidents across the Telangana region.
The proposal to divest government"s stake in SAIL and NMDC is final and would be sent to the Union Cabinet next month for approval, Union Steel minister Vir Bhadra Singh said today.
The government is examining the economic climate for divesting its stake in state-run Shipping Corporation of India (SCI).
Drug firm Wockhardt today said it has received the final approval from the US Food and Drug Administration (FDA) for marketing Nicardipine HCI injections in 25mg/10 ml strength, used in the treatment of hypertension.
Sun Pharmaceuticals Industries today said it will contest the lawsuit filed by Taro Pharmaceuticals in the US district court, terming the case as an attempt to divert resources by the Israeli drug firm.
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.
Sun TV Network will restructure its distribution business and team with the creation of two verticals one focused on managing the South Indian operations and the international business and the second focused on expanding the Sun TV bouquet into the north, west and eastern markets of India.
Ranibai Rajaram Chhabria, the mother of the late Manohar Rajaram ‘Manu’ Chhabria, has challenged in court the merger of Shaw Wallace with Vijay Mallya’s United Spirits, the Press Trust of India reported a few days ago. She has claimed that her son died intestate seven years ago and under Hindu Law she is entitled to a fifth of his estate, it said.
The Rs 40,000-crore drug export industry is restive after the decision of the Drugs Controller General of India (DCGI) to centralise all export clearances.
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.
The markets staged a spectacular rally on the back of positive overseas cues. The Sensex regained the psychological 17k mark to end at 17,198, stronger by 272 points, and the Nifty closed at 5,122, higher by 89 points. Auto, pharma, metal and high-beta realty stocks were the flavour of the day.
The remainder of its liabilities is on ‘a stable financial footing’
US markets slipped on Tuesday as the GDP figures were revised for the third quarter even as Federal Reserve raised its growth expectations for 2010.
Indian and Chinese stocks turned under performers in the third quarter of this year, compared with their BRIC counterparts, Brazil and Russia, which gave investors an average return of as much as 26 per cent in the period.
Investors were reluctant to buy or sell aggressively today ahead of a closely-watched US job report on Friday. The trading volume in Nifty futures and options (F&O) suggested mere change of hands as buy- and sell-side traders were evenly matched.
Sensex ends up 35pts
While quite a few people are starting to imbibe wine in India, not too many really know how wine is made, or what constitutes “good” wine. Since I’ve been carrying on about the stuff for some time now, it’s high time I delved into the subject, on the principle that to appreciate anything one needs to understand it a little.
Oil rebounded in Asian trade today, lifted by strong regional stocks, which rallied after US aluminium giant Alcoa said it swung to profit in the third quarter.
Andhra Pradesh Industrial Infrastructure Corporation (APIIC) would develop a biotech special economic zone (SEZ) at the Industrial Growth Centre in Hindupar in Anantapur district of the state. The SEZ would come up in 70 acre and would be developed by Benguluru-based Salarpuria.
The benchmark prime lending rate (BPLR) is set to give way to a new loan pricing regime. Called Base Rate by a committee of the Reserve Bank of India (RBI), it will represent the bare minimum rate below which it will not be viable for banks to lend.
Confusion seems to shroud the groundnut industry as production estimates by two of the leading associations in Gujarat show a huge difference of about four lakh tonnes for 2009-10.
GlobalLogic, a software product development services provider, today said it is likely to list the firm on the bourses in the next 18 months.
National air-carrier, Air India (AI), today said it targets to save around Rs 800-900-crore, following the implementation of its fuel efficiency programme, started in 2008.
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.
It will be the JMM chief’s third tenure as chief minister
Reliance Industries has threatened to stop oil and gas exploration if it is not granted the promised drilling moratorium to cover for the acute shortage of rigs.
Drawing a poor response, India"s largest oil and gas licensing round saw a total of 76 bids being received for 36 out of 70 blocks on offer.
Much ink has been spilt and will continue to be on who is to get the supply of natural gas from Reliance Industries’ (RIL’s) stupendous D6 find in the Krishna-Godavari basin.
Markets today gained around 100 points on positive cues from the global markets and strong auto, cement and steel sales in December 2009.
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.
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:
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.
Weighed down by a whopping 3.5 crore pending cases in courts nationwide, the Government today proposed a National Arrears Grid to compile accurate data and appoint high court and lower court judges temporarily to bring down 15-year delays in justice delivery to three years.
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).
The Bengaluru International Airport today reported that passenger traffic would top 9.3 million during the calendar year 2009 which was a growth of 22 per cent over the previous year. Meanwhile, the cargo handled during the 12 months was estimated at 161,896 tonnes.
As part of its strategy to expand its current IT India business, GE Healthcare today unveiled its three initiatives aimed to increase quality, reduce cost and improve access for all.
K Rajani Kanth / September 18, 2009, 0:18 IST
We are always better analysts with a 20/20 hindsight. Indeed, an ex post reading about events leading up to a crisis appears logical, and often leaves one with the question about why the evolution of the crisis could not be seen and corrected in time. Still, policy-makers know that such a review and understanding are important to learning from mistakes. Restoring Financial Stability (Wiley) acts as a catalyst to that understanding by offering a comprehensive sequencing of the causes and progression of the build-up of the financial strains that, following the Lehman bust in September 2008, evolved into a full-blown global financial crisis. It is a collection of thematic essays by the faculty of the Stern School of Business at New York University.
Blaming a rush of investor-buyers for pushing gold price to over Rs 17,000 level, market experts see the yellow metal getting cheaper by about Rs 500 per 10 gram by next week on profit-booking.
The Central Bureau of Investigation (CBI), which is investigating into the Satyam case, has filed a memo in Nampally court today for hearing the charges against nine accused in the case.
FMCG player Godrej Consumer Products today said it is ready to acquire some of its joint venture partner Sara Lee"s international businesses if the US-based company decides to sell its global assets.
The government targets additional production of 8.5 million tonnes of foodgrain and 1.5 million tonnes of oilseeds in the rabi season this year to compensate for the loss of farm output in the summer season, Agriculture Minister Sharad Pawar said today.
A K Purwar, former chairman of the State Bank of India has been appointed as the chairman of India Infoline Investment Services, the NBFC arm and a material subsidiary of India Infoline.
There was no end to the plight of IIM aspirants as technical glitches continued to disrupt the computer-based Common Admission Test (CAT) for the third consecutive day today.
Technical problems and poor management continued on the second day of the computerised Common Admission Test (CAT) for admission to management institutes in the country.
The existing IIMs will have to guide the new ones even as the issue of faculty crunch has raised its ugly head again
What sense do you make of the upcoming real estate initial public offers? There is a lot of hype around them. The shares of many real estate companies that came up with public issues in the past are trading below their offer prices. What is the outlook for the sector?
Playground Sports Pvt Ltd is looking at diluting upto 25 per cent equity in the Internet sports start-up to a strategic investor to fund its expansion plans and launch operations in new areas.
Shivani Shinde / Mumbai October 16, 2009, 0:39 IST
Suddenly, search engines seem to be multiplying. Microsoft is set to unveil Kumo, its latest effort to crack Google’s dominance in search. Meanwhile, sites like Wolfram Alpha and Newssift are trying to find safe and profitable niches for searches that add specialist value. Sadly, Google’s supposed rivals have mostly done better at generating hype than meaningful results.
India has sent a proposal to the World Bank seeking a loan up to one billion dollar to fund its urban development projects here, Lok Sabha was informed today.
Seeking to allay apprehensions about organising the Commonwealth Games, Urban Development Minister S Jaipal Reddy today said all projects were on course to host the prestigious sporting event.
India and China are likely to treble the high net worth individuals" (HNI) population and add $4 trillion to its wealth by 2018, leading its growth in the Asia-Pacific region, a report says.
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.
Public sector banks do far better than private ones.
Trades between FIIs generated a volume of Rs 41 crore on the BSE Wednesday-an decrease of 48.69% from Rs 80 crore clocked on Tuesday. As many as six stocks witnessed trades of 6.13 lakh shares on Wednesday.
Public sector lender Bank of India (BoI) today said it has raised Rs 500 crore through the issue of bonds in the market.
B A Prabhakar, Executive Director, Bank of India, says the bank’s net interest margins have contracted due to a rise in the cost of deposits. Excerpts:
Public sector Syndicate Bank today reported a 32 per cent drop in net profit to Rs 177.8 crore for the second quarter ended September 30 as compared with the corresponding quarter of last year. Its operating profit for the second quarter declined 5.2 per cent to Rs 443.3 crore compared to the year-ago period.
Business Standard / Mumbai October 31, 2009, 0:51 IST
Terror threat, swine flu scare and hike in air fares hit the tourism sector hard in 2009 with number of foreigners visiting the country dropping by over six per cent but the Tourism Ministry is now looking up to the Commonwealth Games (CWG) to reverse the trend.
Franklin Templeton Investments plans to hire two India stock analysts to increase its coverage of a market that has outperformed its developing nation peers this year.
Global mergers and acquisitions (M&A) are projected to fall 56 per cent in 2009 compared to last year, mainly on account of sharp declines in such activities in rich and emerging markets including India.
In what could hit trading on Power Exchange of India Ltd (PXIL), the Forward Markets Commission (FMC) has warned it to cease trading in contracts beyond 11 days of payment and delivery. The FMC has also advised traders to desist from trading such contracts on PXIL.
Media baron Subhash Chandra has taken over the management responsibility of Daily News and Analysis (DNA), a broadsheet newspaper headquartered in Mumbai.
Many index funds charge less than equity-diversified funds. Select a fund that has a low tracking error.
Imaging equipment maker Canon has targeted a 35 per cent revenue growth in Indian market this year, which will take the company"s total revenue to Rs 1,100 crore, a top official said today.
Elections to 57 seats in the 60-member Arunachal assembly began early this morning amidst tight security.
The latest calendar from the rural development ministry has a picture of the minister and two ministers of state. The third minister of state was upset enough to call up the minister, CP Joshi, to protest. The minister has now ordered that the calendars not be circulated — a fresh calendar will soon be sent around.
GSM operators have asked the government to take a final decision on 2G policies and review conditions for licence before inviting applications for 3G.
Finance Minister Pranab Mukherjee will meet Sri Lankan President Mahinda Rajapaksa over lunch on Sunday to deliver a message of a worried United Progressive Alliance (UPA) government to address the rehabilitation issue more effectively and expedite the long-pending devolution of power for the Tamils.
An express train carrying hundreds of passengers from Moscow to St Petersburg derailed, killing at least 22 people and injuring dozens of others, emergency officials said.
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.
National Bank for Agriculture and Rural Development (Nabard) has sanctioned a loan of Rs 102 crore to Uttar Pradesh under the Rural Infrastructure Development Fund (RIDF).
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.
The government today cleared a proposal of the US-based soft drinks major Pepsico Holdings to inject additional equity of $200 million (around Rs 930 crore) into its Indian arm within three years.
The impact of the Dubai World crisis on India"s economy would be limited and the authorities there would find a way out, experts said.
Private carrier Kingfisher Airlines plans to raise up to 175 million dollars (about Rs 840 crore) before March next year through rights issue and global depository receipts (GDR).