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Bharati Shipyard today said it has hiked the open offer price to acquire stake in offshore service provider Great Offshore to Rs 560 per share.
Securities and Exchange Board of India (Sebi) is in the process of examining whether registered portfolio managers invest in instruments other than listed securities, an official of the agency said.
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.
Foreign institutional investors (FIIs) were net sellers of Rs 459.18 crore (provisional) today, according to data released by BSE.
The Madras High Court today directed Ahmedabad-based Zydus Cadila (Cadila Healthcare) not to sell its anti-depressant drug, Venz (venlafaxine), in the domestic market for the time being, based on a trademark complaint from Mumbai-based Sun Pharmaceutical industries.
Ending months of campaign, which prompted the Institute of Chartered Accountants of India (ICAI) to issue some of the oddest directives such as those requesting a curb on SMSes and emails sent by candidates, the apex body of auditing professionals in the country is going to polls tomorrow.
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.
India’s identity as a ‘Mercedes country’ will be under threat this year, as arch rival Bayerische Motoren Werke (better known as BMW) is on course to dethrone the Stuttgart-headquartered luxury car maker from the top slot for the first time ever in India.
Credit offtake remained subdued at 11 per cent during the one-year period ending December 18, indicating the economic activity is yet to fully pick up momentum.
India"s foreign exchange reserves rose by $684 million for the week ended October 23 to $285.520 billion from $284.836 billion in the previous week.
Continuing its agenda to simplify the foreign exchange regime, the Reserve bank of India (RBI) today said it intended to allow exporters and importers to “write” contracts giving them the right, but no obligation, to sell an specified amount of foreign currency for a specific price at specific time to banks. They will also be able to earn premium income from these transactions.
India"s foreign exchange reserves fell to $280.770 billion for the week ended September 18 from $280.978 billion in the previous week.
Against the backdrop of some provocative steps by China, Prime Minister Manmohan Singh has said there was "certain amount of assertiveness" by China lately, which had to be taken note of.
Industrialists say lack of policy guidelines affecting growth.
Suspected terrorist David Coleman Headley travelled to five cities during his stay in India between 2006-09, investigators have found.
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.
Finance ministry begins internal discussions.
Disinvestment plans likely to get delayed in 21 out of 43 listed companies
Issuances of short-term money market instruments fell today because mutual funds — the major investors for such papers —were not keen on investing due to low rates, dealers said.
Japanese investors who lived through a decade of deflation and recessions say US Treasuries are a bargain even with yields at about the lowest levels since at least the 1960s.
The BSE Sensex climbed 0.6 per cent on Friday, posting its first weekly rise in the past three weeks, with banks leading the rebound as investors picked bargains after last month’s fall. Gains in global stocks after the US labour department said initial claims for state unemployment benefit had dropped to their lowest level since early January also underpinned the market.
A V Rajwade / New Delhi November 7, 2009, 0:40 IST
The stock finally settled at Rs 44, up 10% from the previous close. The counter witnessed huge trades of 1.4 million shares as compared to the two-week daily average traded volumes of 66,261 shares on the BSE.
A meeting of the Union Cabinet scheduled today was cancelled in view of Prime Minister Manmohan Singh"s visit to Kolkata to see the ailing CPI(M) leader Jyoti Basu.
Meet chaired by PM concedes suggestion for immediate sale.
The government will invite bids by this year-end for three mega projects worth around Rs 14,500 crore in the road sector, Road Transport and Highways Minister Kamal Nath said today.
Foreign institutional investors (FIIs) were net buyers of Rs 92.21 crore (provisional) today, according to data released by BSE.
Foreign institutional investors (FIIs) were net buyers of Rs 660.55 crore (provisional) today, according to data released by BSE.
Mixologist Max Warner makes us cocktails with Chivas Regal
Reliance Industries" eastern offshore KG-D6 gas has helped fertilizer companies bring down cost of urea production by 18 per cent and has helped save about Rs 4,760 crore in fertilizer subsidy.
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).
Bharatiya Yuva Shakti Trust, a non-profit organisation, aims to support 5,000 entrepreneurial ventures in the next five years.
The Indian Industries Association (IIA), an apex body of SMEs, has joined hands with Germany-based Confederation of Skilled Crafts to work for a development project for micro, small and medium enterprises (MSME) in Uttar Pradesh.
Indian IT companies will have to be content with the existing visa options for the United States as the US Congress, the country’s highest lawmaking body, is unlikely to take up the issue of immigration reform in the short-term.
One third of the world"s child brides live in India, accounting for a large number of unregistered births, according to a UNICEF report.
Asian markets ended in the red today. The Hang Seng dropped 228 points (1%) to 20,948. The Nikkei, however, added 41 points to 10,183.
Asian stocks fell, led by banks and developers, as UBS reported a wider-than-estimated loss amid investor concern that the withdrawal of stimulus measures will cause the global recovery to falter.
The Asian markets ended on a weak note.
Oil rose to near $82 a barrel today in Asia after a jump in US stock markets boosted investor confidence and helped extend a four-week rally in crude prices.
Fears of rising interest rates in the US dampened investor sentiments on Monday. The Sensex dropped over 100 points, to end below 17,000 after four trading sessions.
Sesa Goa saw its profits and revenues fall a whopping 50 per cent and 38 per cent, respectively, on a year-on-year basis for the September 2009 quarter even as it sold more iron ore and pig iron. Although the performance includes the numbers of Dempo Mining, acquired in June this year, the Street was disappointed.
While the run-up in prices have made metal stocks expensive, medium term prospects are unattractive due to weak demand and inventory pile-up.
Turnover of the 23 commodity exchanges in the country surged by 42.63 per cent to Rs 47,29,971 crore till November this fiscal on the back of significant improvement in agricultural and other commodities, the Forward Markets Commission (FMC) said today.
Yuvraj bats for Ranbaxy’s healthcare brand
Indian drug companies have cornered an overwhelming majority of drug approvals under the US President"s Emergency Plan for AIDS Relief (Pepfar).
The country"s second-largest two-wheeler maker, Bajaj Auto, today reported its highest ever net profit recorded in a quarter at Rs 402.83 crore, driven by good sales in the profitable bigger and sportier motorcycles category.
Tata Group firm Rallis India today reported 9.90 per cent rise in its net profit at Rs 45.71 crore for the quarter ended September 30.
Delhi-based Indraprastha Gas has objected to oil regulator Petroleum and Natural Gas Regulatory Board"s (PNGRB) decision to open price bids for giving gas licence for Ghaziabad, saying the Delhi High Court had given it permission to begin CNG retailing in the town.
India"s financial technology firm Polaris Software Lab is planning to expand its footprint in the European markets beyond continental Europe and Sweden could be the base to cater to the large untapped region.
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.
State-owned NTPC today moved the Supreme Court challenging Bombay High Court’s decision that allowed Reliance Industries, a Mukesh Ambani Group firm, to amend its petition on the gas dispute citing government’s pricing policy.
Having provided mobile internet solutions to 20 million customers worldwide, world’s third largest PC vendor, Acer, is targeting 6-7 per cent market share worldwide in the smartphone category.
Acer, the world"s third-largest PC vendor, today said it will launch nine models of handheld mobile devices in the country, making its foray into the increasingly competitive smartphone sector in India.
India Inc"s hiring activity picked up by 1.3 per cent in July with improvement in recruitment in IT, real estate and retail sectors, says a survey by job portal Naukri.Com.
The country"s third-largest private sector lender, Axis Bank, today said it expects to raise about Rs 940 crore through preferential allotment of 1.08 crore shares to its promoters, including LIC, by September 24.
The Gujarat government has banned Jaswant Singh’s book. But it is one of the items being smuggled into the state from Rajasthan, along with liquor. Two days ago, there were a few hundred copies of the book in various bookshops across Udaipur. Two days later, there were none. Reason? Smugglers bought these for circulation in Gujarat.
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.
Golf continues to grow from strength to strength in the country
Ruias-owned Essar Oil has tied up $920 million to fund the expansion of its Vadinar refinery in Gujarat to 16 million tonnes, CEO Naresh Nayyar said.
The Indian steel industry has asked the government to take action against dumping of steel from countries like China.
On Thursday morning the first prototype twin-seater, trainer version of the Tejas Light Combat Aircraft (LCA) taxied out to the runway in Bangalore.
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.
If a telephone company had a heart, Google Inc would be inspiring terror in it. As the newspaper, book and video industries can attest, Google has a knack for invading established markets and turning them upside down. Next up are the phone companies: Google Voice, still in testing, provides a free, powerful suite of Internet-based services that makes it a personal communications hub.
The study is based on 237 cos tracked by 11 research firms, including Angel Broking, BNP India, CLSA India, Edelweiss Research.
The 1200 MW thermal power project of Jindal India Limited at Kaniha near here, estimated to cost Rs 6,000 crore, is under a cloud as the twelfth meeting involving the local administration, company authorities and the affected villagers remained inconclusive.
Jindal India Limited"s 1200 MW thermal power plant proposed to come up at Kaniha near here at an investment of Rs 6,000 crore has faced yet another roadblock.
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.
Rahul Bajaj, Chairman, Bajaj Auto, says there are only demand-side problems for corporate India. The only supply-side problem is power. Excerpts:
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.
India today lifted a 28-month ban on wheat export by allowing export of 900,000 tonnes of the grain by government-owned trading agencies.
Finance Minister Pranab Mukherjee will meet leading industry chambers here on October 9 to discuss issues arising out of the proposed new direct tax regime.
Will Madhya Pradesh be isolated on goods and service tax (GST) issue? If highly placed government sources, working the new tax system, are to be believed, the state government will have to follow the trend. “Eventually the state will have to implement the system, we cannot linger on. Other states like Chhattisgarh have also agreed to implement it, Gujarat government has welcomed it, Haryana has accepted it ‘in principle’ except for few points. How Madhya Pradesh can stand out?” asked an official. But the state finance minister has a long list to point out flaws in the new tax system, the main being, “The GST will bring even dal-chawal (rice and pulses) under tax net, which are exempted from VAT.”
India produced a record quantity of foodgrains in the last crop year at 233.87 million tonnes (MT), surpassing the previous high in 2007-08 by about 3 MT.
The process is expected to begin next summer.
e-Learning firm Helix Technology Solutions today said it plans to invest Rs 300 crore in phases for research and development (R&D).
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.
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Engineering for space travel is solving health problems for us on earth.
Bangalore-based public sector lender, Vijaya Bank has informed the Bombay Stock Exchange (BSE) that its authorised capital has been increased from Rs 1,500 crore to Rs 3,000 crore. The bank has a network of 1,132 branches in the country.
The process of granting the coveted Maharatna status that will give greater autonomy to blue-chip PSUs will be completed in the next six months, Heavy Industries and Enterprises Minister Vilasrao Deshmukh said here today.
Private sector lender ICICI Bank today reported a 26.36 per cent drop in consolidated net profit at Rs 1,148.66 crore for the third quarter (Q3) ended December 31, 2009.
Jitendra Gupta / Mumbai January 21, 2010, 0:27 IST
Bangalore-based ASM Technologies, dealing in enterprise applications and enterprise product development for manufacturing, retail, oil and gas verticals, has reported a consolidated net profit of Rs 94 lakh for quarter-ended December 31, 2009, up 23.43 per cent compared to the previous quarter of the current fiscal.
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.
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.
Ahead of the Reserve Bank of India"s (RBI) credit policy review later this week, economists today said the central bank may suck out excess liquidity from the system by asking banks to keep more cash with it to tame the surging inflation.
Agriculture Minister Sharad Pawar today said monetary measures are not required to contain food inflation, amid speculations that the Reserve Bank of India (RBI) may squeeze money supply to rein in surging food prices.
Public Sector engineering major BEML today reported a decline of 20.61 per cent in net profit at Rs 46.6 crore for the third quarter ended December 31, 2009, over the same period last year.
Business Standard / New Delhi January 29, 2010, 0:45 IST
After losing customer accounts to public sector banks at the height of the downturn, private sector banks seem to be on their way back.
Amid reports of massive job losses in the time of global downturn, the government sees over 1 crore jobs being created in rural areas this financial year with khadi units contributing 10 lakh jobs.
The chief minister Naveen Patnaik today launched HAM Radio Communication network in the state. This is expected to improve the preparedness to face the natural disasters. Speaking on the disaster mitigation day here, the chief minister said, the Orissa State Disaster Management Authority (OSDMA) in collaboration with the Indian Space Research Organisation (ISRO) and the National Remote Sensing Centre (NRSC) will set up 220 Automated Weather Stations (AWS) in different parts of the state.
Land acquisition process, in the recent times, has emerged as a major bottleneck resulting in time lags, cost over runs, business uncertainties and even shelving of projects by companies. Tata’s Singur project in West Bengal, Vedanta’s (Sterlite) project in Orissa, Posco’s Paradeep project in Orissa and Jindal’s Raigarh project in Chattisgarh are some classic examples that showcase project shelving due to the cumbersome land acquisition process in India. This article discusses the challenges faced by companies in land acquisition for their projects in India and the way forward.
A dispute between Jammu & Kashmir Bank (J&K Bank) and its majority shareholder, the government of J&K, over a demand of Rs 111 crore raised by the state government, has apparently led to the return of the Reserve Bank of India (RBI) nominee on the bank’s board a few weeks ago.
The stock pared its gains and slipped to a low of Rs 425. The scrip finally settled at Rs 431, down 2%. Around 6,522 shares have been traded on the BSE today as compared to the two-week daily average traded volumes of 2,352 shares.
Domestic institutional investors (DIIs) were net buyers of Rs 2,330.25 crore (provisional) today, according to data released by BSE.
The finals of the 2010 Football World Cup or Michael Schumacher’s amazing comeback, you can be on the ringside of all that sporting action and more. Ask Arun Raghu.
Hinduja Group firm Defiance Tech today signed a Memorandum of Understanding (MoU) with Dassault Systemes to market the Euronext-listed company"s solutions across Indian automotive, industrial and aerospace and defence sectors.
RJD supremo Lalu Prasad has called up prime minister Manmohan Singh seeking his immediate intervention to get Maharashtra government"s decision on giving licence to those who are domicile of that state for the last 15 years rescinded.
The demand for a separate Vidarbha state out of Maharashtra is gaining momentum, as the supporters of the region have called a Vidarbha bandh on January 20.
Non-life insurers earlier offered discounts as high as 97 per cent in some cases.
Google Inc, seeking to wrest consumers from Apple Inc and Research In Motion Inc, is poised to unveil a mobile phone that uses its Android software at a press event today, analysts said.
The Department of Telecommunications (DoT) will auction three slots of third generation (3G) spectrum for all 22 telecom circles.
The Prime Minister"s IT advisor Sam Pitroda today said the government is not planning to merge BSNL and MTNL, but efforts are on to sell stake in BSNL.
Aabhas Sharma / New Delhi December 5, 2009, 0:47 IST
Hospital chain Apollo Group would be investing up to Rs 1,800 crore over the next two years as part of its plan to add 2,000 beds to its inventory, besides expanding its existing facilities.
With small investors once gain returning to the market, the small-cap index was the best performer in August even outperforming the benchmark index Sensex, gaining around 13 per cent.
The Asian markets continue to trade weak.
Indian bourses opened in the red as weak global cues and earning worries weighed on sentiment. US stocks tumbled on Friday, their worst three-day slide in 10 months, pulling Asian stocks lower. Selling in information technology and auto stocks pulled the markets deeper into the red.
The Supreme Court will hear Swiss drug maker Novartis AG"s plea against denial of patent for its blood cancer drug, Glivec, next week.
India witnessed only one air accident -- the helicopter crash that claimed the lives of Andhra Pradesh Chief Minister Y S Rajasekhar Reddy and four others -- this year, a period that saw airlines improve their safety record, says IATA.
Satyam Computer Services founder B Ramalinga Raju had made trips to the Indian School of Business (ISB) in Hyderabad, to Visakhapatnam and even the US, to convince the independent directors on the his board for acquisition of Maytas Infra and Maytas Properties, the two companies promoted by his family members.
Sun Pharmaceutical Industries today said it has got the approval for its Abbreviated New Drug Application (ANDA) for the generic version of Quinapril Hydrochloride tablets used in the treatment of hypertension and congested heart failure.
India"s exports surged by 39 per cent in value terms to Rs 1,366 crore during the first four months of this fiscal on better price realisation and higher demand, the Tobacco Board said.
The markets have opened in the positive, mirroring the gains in the US and firmness across Aia. The Sensex is quoting at 17589, higher by 103 points and the Nifty is at 5254, up 29 points.
The stock erased all its gains and finally settled 4% lower at Rs 90. The counter witnessed trades of 14 lakh shares as compared to the two-week dialy average traded volumes of 10.41 shares on the BSE.
With the economy showing signs of recovery, industry would pick up further momentum with a growth of more than seven per cent in August and nearly nine per cent in October, economic think-tank Institute of Economic Growth (IEG) today projected.
South Korea"s economy is expected to grow at a faster clip than most other advanced nations in 2014, a report showed today, suggesting that the Asian country will stage a swift recovery from the worst downturn in more than a decade.
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.
Suzlon, Cipla, JP Associates raise Rs 2,540 cr in block deals.
Jaiprakash Power Ventures today said it has appointed Sunil Kumar Sharma as Vice-Chairman and Chief Executive Officer of the company.
Jaiprakash Power Ventures, part of the Jaypee group and L&T-MHI ((a JV between L&T and Mitsubishi heavy industries) have signed an agreement for the supply and erection of the boiler and steam turbine and generator for the Jaypee Nigrie super thermal power project. The contract is valued at Rs 4,000 crore.
A study conducted by the Indian Institute of Management, Ahmedabad (IIM-A) has said that it is time for the premier B-school to study from the Indian diamond industry, lessons "of its rise, recession and recovery".
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.
Sanofi Pasteur, the vaccine division of Sanofi-Aventis Group on Monday said it has received order from the US Department of Health and Human Services (HHS) to supply antigen for 27.3 million doses of Influenza A (H1N1) 2009 monovalent vaccine for swine flu.
The affordable housing segment will offer business opportunities worth over Rs 500,000 crore as India requires more than 10 million houses to be built by 2013-14.
While H1N1 scare is keeping tourists away, the Rs 6 crore state-sponsored Dasara celebrations are taking off here today. Works are hurriedly being completed at several places to dress up the old royal city for the 10-day celebrations. Unprecedented number of programmes is chalked out and programme rehearsals and publicity campaign are in full swing.
The country"s largest carmaker Maruti Suzuki India today said it will hold world premier of a concept multi-purpose vehicle, designed exclusively by Indian engineers, at the Auto Expo starting here from January 5.
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.
Hamara Bajaj may have walked into the sunset, but the sun is shining bright for other scooter manufacturers in the country.
Shree Ashtavinayak ended at Rs 84, lower by Rs 1 or 1.3%, on the BSE.
Cummins ended at Rs 444, higher by Rs 11 or 2.6%, on the BSE.
With a view to spread the reach of banking, bankers will meet telecom industry and government officials here next week to explore the marriage of mobile phone technology with the proposed citizen identification project.
The state of Haryana, that claims to be numero uno on various economic parameters like per capita income, per capita investment and export of basmati rice among other things, is conspicuously lagging in expanding banking facilities in some pockets.
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.
After putting a cap on charges on unit- linked insurance plans (ULIPs) products, the insurance-sector regulator, Insurance Regulatory and Development Authority (IRDA) is mulling a similar move for traditional insurance products, a top official said.
Two-wheeler maker BSA Motors today said it will invest Rs 50 crore in next fiscal, besides launching three new models, as part of its strategy to capture over 20 per cent share in the Indian electric scooter market by 2010-11.
Public sector lender Union Bank of India (UBI) today said its net profit declined by 20.48 per cent to Rs 534.13 crore for the third quarter ended December over the same period in the previous fiscal.
Anil Ambani’s Reliance Power today started power generation at its Rs 6,000-crore Rosa Power Project in Shahjahanpur district of Uttar Pradesh.
KPIT Cummins today reported a marginal increase in its net profit at Rs 21.37 crore for the third quarter ended December 31, 2009.
The Sensex finally ended (provisional) with a gain of 48 points at 17,147. The Nifty was up 17 points at 5,129.
Leading Japanese drug maker Daiichi Sankyo has challenged the Securities Appellate Tribunal (SAT) judgement that asked it to make an open offer to shareholders of Zenotech Labs at Rs 160 per share.
Invest Rs 1 lakh in property or stocks and double it in six months’. Many would have received variants of this SMS in recent months.
The country"s oldest fund house, UTI Asset Management Company (AMC), today said it will divest 26 per cent stake to a strategic partner by August this year.
Money transfer firm Western Union Financial Services plans to tie up with e-governance service providers and microfinance institutions to expand its reach in India.
Foreign institutional investors (FIIs) were net sellers of Rs 1,002.60 crore (provisional) today, according to data released by BSE.
The foreign institutional investors (FIIs) were net sellers of Rs 272.90 crore in futures and options segments on Wednesday.
Diversified business conglomerate Godrej Industries today reported an eight-fold jump in its net profit at Rs 43.80 crore for the quarter ended December 31, 2009, over the year-ago period.
Reliance Power ended with a loss of 3.3% at Rs 145 on the BSE.
The improving global economic environment and an ability to sustain margins augur well for Infosys
Auto components maker Jay Bharat Maruti today reported an over five-fold jump in net profit at Rs 5.41 crore for the third quarter.
United Auto Workers (UAW) President Ron Gettelfinger plans to anoint Bob King, head of negotiations with Ford Motor Co, to be the shrinking union’s next president, on December 16, said two people familiar with the matter.
The Mahindra & Mahindra group today said it would enter the motorcycle segment this year with the launch of an in-house developed bike.
Business Standard / New Delhi January 13, 2010, 0:44 IST
Party chief Mulayam Singh Yadav says he has not received any formal communication from Amar Singh.
Venezuelan President Hugo Chavez ordered an investigation of Toyota Motor Corp, saying the world’s largest carmaker “can leave” should it fail to meet production quotas and technology-transfer laws.
Japan"s top five auto makers have reported smaller year-on-year declines in their global production in August compared with July, showing signs of a bottoming out in auto production.
Robust festive demand and new launches helped the country’s largest automotive company, Tata Motors, to swing to a third-quarter net profit of Rs 400 crore. The company had made a net loss of Rs 263 crore in the three months ending December 2008.
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.
Asian stocks fell for the first time in five days, led by South Korean oil refiners and Chinese steel makers on concern they will report lower-than-estimated earnings in coming months.
Vinay Varshney, as he predicts the end of CFL lamps in a few years, points to the ceiling of the conference room at Maruti Suzuki’s factory in Gurgaon. It is then that we notice that the two holders, right above the two ends of the long table, have slots for three lamps, but only two are glowing.
The country"s largest carmaker Maruti Suzuki India (MSI) today said its flagship export model, A-Star, has crossed 1 lakh-mark of overseas shipments in less than a year of selling the car in the global markets.
Domestic auto major Mahindra & Mahindra today reported a net profit of Rs 413.7 crore for the third quarter ended December 2009, on the back of strong sales in both automotive and farm equipment sectors.
As with earlier recommendations for basic change, the IFS hasn’t moved on the latest one.
The finance ministry is keen on selling stakes in Oil and Natural Gas Corporation and Indian Oil Corporation but follow-on public offers in the two bluechip PSUs are unlikely as unresolved issues are affecting their valuations.
Mortgage entities Fannie Mae and Freddie Mac are planning to introduce a programme aimed at helping independent mortgage banks to make home loans, says a media report.
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".
Lower raw material costs helped Maruti post better-than-expected margins, which analysts believe is unlikely to be sustained.
Highway projects worth about Rs 110,000 crore will be executed in the country over the next three years, Minister of State for Road Transport and Highways R P N Singh informed the Rajya Sabha today.
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.
Friday will see companies like Axis Bank, HDFC Bank and TCS, announcing their results. NIIT Tech, IDBI Bank, Indusind Bank, UCO Bank and Balaji Telefilms will also report their numbers today.
Indian drug companies have reduced their cumulative foreign currency convertible bond (FCCB) burden by over 60 per cent. This has helped the companies improve their financial health and look for further fund-raising for expansions.
The Companies Act Amendment Bill, which was tabled in Parliament in the Budget session that adjourned last week, has proposed to allow Indian companies to merge with overseas companies, a move that could introduce greater flexibility in cross-border merger and acquisitions (M&As).
Merger and acquisition (M&A) activities globally declined in 2009 with deals worth $3.6 trillion being announced during the year, down by 15 per cent over the year-ago period.
The Asia-Pacific region attracted as many as 89 billion-dollar deals — the highest total on record — worth over $292 billion so far this year, says a report. “Asia-Pacific deals over $1 billion reached $292.1 billion via 89 deals in 2009, up 44 per cent on 2008, making it the highest total on record,” global deal tracking firm Dealogic said.
State-owned United Bank of India (UBI) is planning to set up a housing finance subsidiary, after its initial public offering (IPO) hits the market by December-end or January next year.
Coal India Ltd (CIL), which is actively pursuing the issue of disinvestment with the Centre, aims to raise Rs 6,000 crore through a stake sell of 10 per cent.
The decade began with the government doing the right thing and auctioning mobile phone licences, but ended with the scandal over its decision to start playing favourites and handing over licences to a chosen few firms at a price that was Rs 50,000 crore less than the market one. The decade began with the government privatising the Delhi Vidyut Board (DVB) in the midst of a huge scandal, since it offered several thousand crore of concessions to two firms, and ended with another scandal over how the winning bidders for the Bangalore airport awarded the major part of the contracts to themselves — and passed on the increased costs to the flying public.
Economists call it the “U without Q” (utilisation without quality) factor. The expression is now being increasingly used to describe the progress made by Bharat Nirman, considered by many as the jewel in the crown of the United Progressive Alliance (UPA) government.
The government today approved three port projects worth Rs 7,737 crore for developing infrastructure at the Jawaharlal Nehru and Visakhapatnam ports.
Arvind Subramanian / January 27, 2010, 0:53 IST
The Empowered Group of Ministers (EGoM) on 3G is divided on the number of private players to be allowed as some members have demanded four players in each metro against the Telecom Department"s suggestion of three operators.
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!
The country"s largest public sector lender, ICICI Bank, is raising up to Rs 1,200 crore by issue of bonds.
Bangladesh Prime Minister Sheikh Hasina, Congress president Sonia Gandhi, Finance minister Pranab Mukherjee and BJP leader L K Advani will pay homage tomorrow to Jyoti Basu who would be given a state funeral.
Domestic institutional investors (DIIs) were net buyers of Rs 529.12 crore (provisional) today, according to data released by BSE.
IndiaFirst Life Insurance has received regulatory approval to launch three products and expects to commence its operations by the month-end, a senior official said.
Tata Communications has signed an agreement with the Qatar-based Qtel for a new undersea cable network that will connect a number of regional operators in the Gulf region with the country.
The government today said radio wave auctions for third generation mobile phone services, or 3G, will be completed by end of March.
Prime Minster"s IT adviser Sam Pitroda today said 3-G auction process would be completed this fiscal.
- GST rates within 15 days: Dasgupta - FMCG firms to be hit if hill state tax benefits withdrawn - GST to reduce tax burden on industrial sector - GST to subsume more taxes than envisaged, says Asim - "GST will be a major breakthrough in the history of tax reforms" - GST may provide for rate changes outside Budget
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.
Business Standard / New Delhi December 30, 2009, 0:55 IST
The Supreme Court (SC) has set aside the order of the Orissa high court appointing an arbitrator in the dispute between BSNL and a works contractor. According to the terms of the contract, if a dispute arose, the chief engineer, telecommunications, was to be the sole arbitrator. The contractor, Dhanurdhar, repeatedly asked the authorities to appoint an arbitrator, but they did not. Therefore, he moved the high court. It appointed an arbitrator other than the Chief Engineer or his nominee. BSNL therefore appealed to the Supreme Court arguing that the appointment of a person other than the Chief Engineer was against the arbitration clause. The Supreme Court accepted the BSNL contention.
Aptech Limited, a global retail & corporate training solutions major, has signed a Joint Venture contract with New Life Group Inc; a Filipino Company to expand its presence in the country.
State owned Bharat Sanchar Nigam Limited (BSNL) has achieved a subscriber base of over 20 lakh for its mobile services in the Orissa circle.
The murder of a 21-year-old Indian national, Nitin Garg, in Melbourne has further tarnished Australia’s reputation for hosting Indian students. For the academic year 2010, overseas education consultants are predicting a 20-50 per cent fall in the number of students applying to Australian universities.
Growing competition and declining revenues in India have prompted state-run Mahanagar Telephone Nigam Ltd (MTNL) to revive plans to enter overseas markets.
Israel has launched an effort to tap India’s $1-billion homeland security market. The opportunities available in infrastructure, training and technology, excluding defence and weapons, are being looked at by Israeli companies such as Elmo Tech, Elbit Systems, ISDS, Netafim and Max Security.
Thousands of foreign students, including Indians and Chinese, have marched in Sydney and Melbourne seeking more measures from the Australian government on their safety, accommodation and travel concessions.
Construction major Hindustan Construction Company (HCC) reported a 36 per cent drop in net profit for the quarter ended December 31, 2001 at Rs 14.75 crore as against Rs 23.20 crore in the previous corresponding quarter.
Hit by international student attack crisis, Australia has experienced a huge decline by 46 per cent of Indians applying for student visas in the country last year, country"s Immigration Department has said.
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.