Business Opportunities
That Tata Motors has cut the losses in Jaguar and Land Rover may be good news for Ratan Tata, who has been under fire for buying the luxury car company. Critics had said it was personal hubris rather than good business strategy that had dictated this purchase and it did seem so far that they were right.
The West Bengal government has not received any compensation bill from Tata Motors for the land at Singur given for its small car project, although group chairman Ratan Tata has expressed willingness to return the land to the government if compensated for its investment.
State Bank of Mysore has extended its two 8 per cent home loan schemes till March 31, but has begun levying processing charges from this month, a source in the bank’s personal and services banking department said. The schemes were set to expire on November 30.
The BSE Sensex, the barometer of stock market, is all set to enter its silver jubilee year.
The government today said the fiscal stimulus given to the industry to combat the adverse impact of the global financial meltdown will not be withdrawn before the Budget to be presented by Finance Minister Pranab Mukherjee in February.
The Sensex is trading at 17,398 - up 38 points.
Over 100 global endowment funds intend to invest in this asset class
Fund-raising to the tune of Rs 8,500 crore underway.
State-owned Coal India Limited (CIL) has set a production growth target of 7.7 per cent during the current financial year, its Chairman Partha S Bhattacharya said.
India"s steel consumption rose by 5.7 per cent to 26.49 million tonnes in the first six months of the current fiscal over the same period a year ago on account of improved demand from sectors like automobile and consumer durables.
State-owned Steel Authority of India (SAIL) today said its Chairman Sushil Kumar Roongta has been appointed a member of the Executive Committee of the World Steel Association, which comprises of CEO"s of top global steel companies.
The country’s largest steel maker, Steel Authority of India Ltd (SAIL) today reported 14 per cent growth in its sales at over 3 million tonnes during the second quarter ended September 2009, over the year-ago period. “The company achieved record Q2 sales of over 3 million tonnes, registering growth of 14 per cent over the corresponding period last year,” SAIL said in a statement.
The Centre today asked South Korean steel maker Posco’s Indian arm to apply afresh for permission to set up a 12-million-tonne-per-annum (mtpa) plant in Orissa, held up for four years over land acquisition.
Future Group, the company that promotes India’s largest publicly-traded retailer, Pantaloon, is planning a joint venture company by bringing together Future Money, its consumer finance business; Future Generali, its insurance business; and Centrum Direct, the foreign exchange service provider. The JV, under a single management, will provide its service through the stores of Pantaloon Retail.
The Sensex today opened 55 points lower at 15,574 mirroring weak global vibes. The index slipped to a low of 15,423, down 206 points from the previous close.
The Sensex is now stable and is now at 15,677, up 49 points.
Himachal Pradesh has had the coldest and driest December in the last 15 years, claims the weatherman.
Noting that the world was on the move to tackle climate change, UN Chief Ban Ki-moon has acknowledged India"s commitment to use renewable energy in its effort to cut down carbon emissions.
Business Standard / New Delhi November 02, 2009, 0:19 IST
In contrast to the lull in 2008, road-rollers and wheel loaders returned to action across the country as the government awarded highway projects worth Rs 20,000 crore in 2009 that saw Mumbai get India"s first and longest open sea cable-stayed bridge.
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.
Andre Dua / September 27, 2009, 0:01 IST
There is generally little to recommend on government publications except for those that have some useful data. Not that there will not be exceptions. A new brochure from the steel ministry will find favour for offering an unambiguous roadmap for the industry’s future, along with neatly arranged data.
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.
The empowered group of ministers (EGoM) on the Dabhol power project discussed various issues at its maiden meeting on Monday, including stuck compensation claims.
Leading foreign production companies Tokyo Broadcasting, Canadian Broadcasting Corporation (CBC), USA’s International Sports Broadcasting (ISB) and International Games Broadcast Services (IGBS) are among the five international production companies and their partners in race to bag the public service broadcaster Prasar Bharati’s contract to cover the Commonwealth Games 2010 (CWG 2010) in New Delhi in the High Definition Television (HDTV) format.
Cipla today said it is talking to many global drug makers, including Pfizer Inc, for the development and supply of generic products.
The Japanese and Indian industry are keen to take the Japanese investment in India beyond automobiles and into sectors like infrastructure, manufacturing, trade and education. The view emerged at a meeting between the Indian industry and a Japanese delegation, led by Prime Minister Yukio Hatoyama. Both the countries found that much more work had to be done for a comprehensive Economic Partnership Agreement (EPA) to fructify.
Godrej Consumer Products Ltd, the manufacturer and supplier of consumer durables, posted 167 per cent rise in consolidated net profit at Rs 93 crore for the quarter ending September 30, 2009 as compared to Rs 34.73 crore in the corresponding period last year.
FMCG major Godrej Consumer Products today said the Bombay High Court has given its approval for the merger of the company"s two group firms — Godrej ConsumerBiz and Godrej Hygiene Care — with itself.
BS Reporter / Mumbai November 12, 2009, 15:31 IST
Asian markets pared gains and ended almost flat today. The Hang Seng added 61 points to 22,268. The Nikkei was up 62 points at 9,871.
After an initial slide, the Sensex turned volatile on the back of mixed cues from the Asian markets. The index gained strength and touched a high of 16,910 - up 243 points from the day"s low of 16,667.
The Sensex after opening flat has now soared to a high of 16,885 on the back of buying in IT and metal stocks.
The Indian bourses opened on a negative note tracking weak global cues at 16,855.91.The Sensex however has tried to recover and is now at 16,868, down 20 points.
Commerce ministry recommends extending industrial package till 2013.
The Nifty closed above the resistance level of 4,350 on the first day of the new F&O series on short covering by foreign investors and long build-up in key stocks futures. If the Nifty could maintain support around this level, then we may see the index crossing the 4,500 levels during the coming week. Trading in the Nifty options suggests that the index can move above 4,400 with strong support at 4,300.
An intermediate reversal could mean net losses over the next 4-6 weeks.
Private equity: The private equity industry was challenged in 2009. Deal flow remained slow, portfolio companies struggled and investors in buyout funds scrambled to meet their cash commitments. Rebounding bond and equity markets helped some firms in the second half. But the rally was too late for others. As the industry enters a new decade, expect the divide between the sheep and goats of the buyout world to widen.
Considering the weak US and Asian cues, our markets have opened on a quiter note. The Sensex is quoting at 16,714, down 71 points, and the Nifty is at 4962, down 26 points.
Trades between FIIs generated a volume of Rs 29 crore on the BSE Thursday-an increase of 40.27% from Rs 21 crore clocked on Wednesday. As many as five stocks witnessed trades of 6.44 lakh shares on Thursday.
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.
Netherlands-based LyondellBasell Industries (LBI) today said it has got creditor support for a reorganisation plan, under which around $18 billion debt will be converted into common equity.
The stock market ended on a slightly negative note during the current truncated week as Ramzan holiday fell on Monday. Trading during the week was characterised by alternate days of buying and selling in the absence of a clear direction.
The Sensex has finally ended (provisional) at 16,674 - down 108 points.
To encourage foreign portfolio investment, the Finance Ministry has set up a working group for suggesting changes in the existing policy on foreign capital inflows by FIIs, NRIs and venture capital funds.
The Centre appears to be bracing itself up for more discussions with political parties and groups on the issue of Telangana on the lines of the dialogue held here yesterday.
IRB Infrastructure Developers is all set to raise further funds to the tune of Rs 1,200 crore through various instruments.
Business Standard / New Delhi December 21, 2009, 0:38 IST
Prime Minister Manmohan Singh today returned home after attending the UN Summit on Climate Change in Copenhagen where a US-brokered deal with India and other emerging countries that places no legally-binding emission cuts on developed countries ran into trouble.
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.
Ahead of its upcoming annual general meeting on December 31, 2009, Israeli drug company Taro Pharmaceutical has asked its shareholders to reject a takeover bid by Sun Pharmaceuticals.
Lifeclinic India, a part of Lifeclinic International that manufactures and distributes automated blood pressure monitors and health stations, will set up about 100 anytime self-testing health kiosks, on the lines of public telephone booths, in Andhra Pradesh.
Shobhana Subramanian / Mumbai November 6, 2009, 0:43 IST
I am a 40-year-old spinster. I tried applying for a loan with my sister, who is 37-year-old and also a spinster. We both are salaried and want to buy a house. Our loan application was rejected by two banks. I am unable to understand why this happened. None of us have any loan defaults. Is there any criterion followed by banks for a joint loan?
The Nifty futures faced resistance at 5,060 and closed in a Doji pattern, indicating indecisiveness among traders. The trading volume on the futures & options segment suggests the index is set for an either side breakout in the coming days. The Nifty is expected to face strong resistance above 5,100 and support for the time being is seen at 4,800-4,900.
The Nifty convincingly closed above the 61.8 per cent retracement levels of 4,940 on short-covering. The V-shape recovery is expected to continue with the Nifty likely to complete 100 per cent retracement this week of its recent fall from 5,181 to 4,538. Options data suggest the index has strong support at 4,900 and is building fresh support at 5,000.
The disinvestment department today said it is in talks with administrative ministries of 60 Central Public Sector Undertakings (CPSUs), including SAIL, BSNL, Coal India, for selling government stake.
The Disinvestment Department has begun preliminary work on the sell-off plan for trading giant MMTC, which, along with about 40 listed PSUs, needs to raise public holding to a minimum of 10 per cent.
A local court today dismissed the bail petition of V S Prabhakara Gupta, Senior vice-president and global head of internal audit cell in Mahindra Satyam, who was arrested in the multi-crore accounting scam in Satyam Computer Services.
The West Bengal government today said it was in touch with the Tatas for return of the lease land at its abandoned Nano project site in Singur.
ONGC Videsh, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), may pick up a stake in the $1.95 billion gas pipeline that China is building for ferrying natural gas found off the Myanmar coast.
Wockhardt closed at Rs 175, lower by Rs 5 or 2%, on the BSE.
A mark-to-market (MTM) loss of Rs 284.4 crore caused drug major Wockhardt to post a net loss of Rs 54 crore in the third quarter ended September as against a net profit of Rs 62.2 crore in the corresponding quarter of last year. Consolidated sales revenues stood at Rs 922.7 crore, a growth 2.23 per cent over the Rs 902.5 crore posted in the year-ago period. The MTM loss has been accounted for as an exceptional item and negotiations are in progress in respect of hedging instruments outstanding.
Sun Pharmaceutical Industries today said it has got tentative approval from the US drug regulator for generic Gleevec (imatinib meyslate tablets), used in the treatment of chronic myeloid leukaemia.
For the second time in last one year, the government is likely to inspect financial books of Uttam Galva Steels for alleged manipulation of share prices, funds diversions and some other related matters.
Farm equipment and utility vehicle maker Mahindra & Mahindra (M&M) today said its joint venture with China"s Yueda Group will invest around $40 million (Rs 188 crore) in China to set up a new R&D centre, engine plant and in modernising its tractor unit at Yancheng.
The Sun TV Network is restructuring its distribution business into two new divisions (‘verticals’). One will handle South India operations and international business. The second will focus on expanding the Sun TV bouquet into the northern, western and eastern markets of India.
This last year, two friends of mine lost their fathers to Indian healthcare.
Pharma firm Unichem Laboratories today said it has received US regulatory approval for Clonidine Hydrochloride tablets USP used in the treatment of hypertension.
Unregistered sources of consignment raise quality questions.
The annual Brand Derby, the results of which were published last week in The Strategist, threw up some interesting results. First, right on top amongst the 2008 brand launches were two all-Indian entries — the Indian Premier League and Nano. Second, of the 26 brands rated by the 90 respondents, 13 came from Indian-owned companies — three cars, two direct-to-home services, two films, two apparel brands, two FMCG products, one general entertainment channel and IPL. And third, seven homespun brands made it to the ranks of the 16 most successful brand launches. The lessons to be drawn are: One, Indian marketers, if they want, can build strong brands. IPL and the Nano have gained recognition the world over. Amongst the six FMCG brands in the Derby, the one that was ranked on top was Mother Dairy’s Nutrafit probiotic milk drink. Two, companies across categories have come to realise the importance of a brand in a cluttered market.
Business Standard / New Delhi December 02, 2009, 0:55 IST
US Federal Reserve"s decision to keep rates near zero dragged the markets off the day"s high. The Dow added 30 points to 9,802. The Nasdaq was unchanged at 2,056.
Left parties today demanded cancellation of the government"s decision to divest up to 10 per cent of its shares in profitable public sector units (PSU), calling it a "patently anti-national step".
The country’s largest liquefied natural gas (LNG) importer, Petronet LNG, said On Saturday that its net profit rose by 16.74 per cent to Rs 120.67 crore for the second quarter ended September 30, 2009, over the same period last year. Total income of the company surged over two-fold to Rs 3,425.73 crore in the latest quarter, against Rs 1,672.69 crore in the same period of the corresponding financial year, Petronet LNG said in a filing to the Bombay Stock Exchange (BSE). Shares of Petronet LNG closed at Rs 72.20 on the BSE yesterday, up 0.21 per cent from its previous day’s close.
The share price of telecom major Bharti Airtel Ltd today rose 4.01 per cent to close at Rs 435 on the Bombay Stock Exchange (BSE) after the lengthy talks to acquire African telecom company MTN failed on Thursday for the second time. The stock today touched a high of Rs 467 and a low of Rs 434 on BSE.
The office property market, which was hit hard in the aftermath of the global economic slowdown, will take at least a year to come out of the slump as demand for offices is still subdued, say fund managers, consultants and realty developers.
Latha Jishnu / New Delhi December 24, 2009, 0:55 IST
But countries like Canada, Poland, Vietnam are honing their skills
The board of directors of Andhra Pradesh Industrial Infrastructure Corporation (APIIC) on Tuesday approved the proposal to create a joint venture company with APGenco. APIIC would have a majority 51 per cent equity share and APGenco the remaining 49 per cent.
Nagarjuna Agrichem Limited (NACL) is setting up a greenfield manufacturing facility with an outlay of about Rs 150 crore in the special economic zone at Achutapuram, about 40 km from Visakhapatnam, within the Petroleum, Chemicals and Petrochemical Investment Region.
Oil rose in Asian trade today, lifted by a weak US dollar which came under more pressure after a report that Gulf states considered dropping the greenback for oil transactions, analysts said.
The Tamil Nadu government attracted investments worth Rs 15,000 crore during 2009, majority of which was driven by the automobile industry.
Pipe manufacturer Welspun Gujarat Stahl Rohren today said it has raised $250 million (over Rs 1,100 crore) by way of institutional placement of shares and bonds issue.
Drug maker Piramal Healthcare today said its board has approved the raising of funds up to Rs 1,000 crore through the issue of securities.
Did not figure in last year’s rankings as it did not do any QIP or IPO.
Volkswagen AG’s supervisory board signed off on contracts for its takeover of Porsche SE in stages, clearing the way for Europe’s largest automaker to add the 911 sports car to its model line up.
Describing reports that government was trying to privatise the public sector as a "malicious propaganda", Union Finance Minister Pranab Mukherjee today said the Centre"s policy was to strengthen PSUs and not weaken them.
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.
The government has not let Reliance Industries off the hook for signing a private MoU with a firm run by the Anil Ambani Group to divide entire gas volumes from KG basin fields, thus holding industrial development to ransom, the petroleum ministry said today.
India"s leading oil producer Oil & Natural Gas Corporation (ONGC) has hired Citigroup to advise it on a bid for Kosmos Energy"s stake in an oil field in Ghana in a deal that could be worth between $3 billion and $5 billion, sources have said. Private equity-backed Kosmos, which has received a total of $800 million in financing from Blackstone and Warburg Pincus, has hired Standard Chartered and Barclays Plc to sell its stakes in the offshore Jubilee oil field.
Amid a continuing legal battle between the Ambani brothers over gas supply, the elder of the two, Mukesh Ambani, is believed to have met Law Minister Veerappa Moily.
Bharti Airtel today said it is still in talks with South Africa"s MTN over a deal which could see a merger of the two telecom giants that have a combined revenue of $20 billion.
The Sensex has ended (provisional) at 17,562 - up 97 points.
The Tamil Nadu Housing Board (TNHB) is planning to carry out projects worth Rs 1,459 crore in 2009-10. The state-run agency, which is promoting affordable housing and commercial properties, is also looking at developing some of its properties through public private partnership.
Inflation, a number of large issues and high valuations may weigh on indices; Sensex expected to trade at a historical average P/E of 15 on FY11 earnings.
David Shepherd: A tribute to one of the finest umpires cricket ever had.
Flow of personal loans declines 0.1 per cent in the year to October 2009.
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The Central Administrative Tribunal (CAT) has held that government can frame guidelines for departmental promotion committees (DPCs) and judiciary will not question its validity so long as it provides level playing field for all candidates.
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.
State-owned Andhra Bank has enough capital and there was no need for government funds or follow-on public offer to meet its 20-25 per cent growth target for 2009-10 (April-March), Chairman and Managing Director RS Reddy said today.
The process may begin with banks where govt holds around 51%
Larsen & Toubro (L&T) has sold a third of its holding in Mahindra Satyam, or 27.24 million shares, for Rs 306.54 crore, taking the software company’s share price down by 6.6 per cent, the biggest fall in five months.
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.
Government today said the Delhi and Mumbai airports achieved service quality ratings of 4.24 and 4.05 respectively on a scale of five in third quarter of the current fiscal and were aiming at reaching 3.75 at the end of stage II of their development.
Enquiry into the helicopter crash in which Andhra Pradesh Chief Minister Y S Rajashekhara Reddy was killed will be completed by this month end, Civil Aviation Minister Praful Patel informed the Lok Sabha today.
Earlier, CBI had written to the govt, requesting a special court to ensure speedy trial.
With the industry gradually emerging from recession, business hotels are hoping to ring in the good times with more travellers demanding "smart hotels" with prompt service and good communication systems sans the luxury frills.
Seema Sindhu / October 31, 2009, 1:17 IST
The government today said it plans allocate Rs 3 lakh crore for the education sector under the 11th Plan, which would be a four-fold increase from the previous Five-Year Plan.
Taking a serious note of Union Bank of India (UBI) not reporting high-value transactions to it, the government has asked the state-owned bank to immediately carry out an audit of all its branches to check for such large deposits that have gone unreported.
The intra-day movement for the Sensex, that is, the difference between the day’s high and low, has dipped to historically low levels in recent months. In fact, intra-day volatility was at its lowest in September since the Sensex crossed the 15,000 mark in July 2007.
The first administration of Common Admission Test (CAT), being conducted online for the first time for admission to IIMS today, has been successful, Director IIM-B Pankaj Chandra said.
Swinging into action, the government today sought a report from the convener of Common Admission Test (CAT) Satish Deodhar on the ongoing disruption of the computer-based entrance test for admission into Indian Institutes of Management (IIMs).
IT and business process outsourcing firm Cognizant today reported 21 per cent jump in its third quarter net income at $136.57 million boosted by strong growth across industry sectors.
Bears were caught on the wrong foot, as the suspected downmove reversed sharply on positive economic developments. Last week, I had mentioned the downmove looked suspect because of the low volumes. The upmove has been quite sharp and the indices managed to record new 15-month highs on Thursday, the last trading day for the week. Next week is also a curtailed one with just three trading days, as the exchanges have declared holidays on Monday and Friday.
Vijay Kelkar, chairman of the thirteenth finance commission, has called for a “much stronger” disinvestment process of public sector companies, saying the money raised should be used to take care of environment degradation.
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.
Commodity exchange ICEX made a business of Rs 2,559 crore in just four days after it went live on November 27, the market regulator Forward Markets Commission (FMC) said today.
Rising demand for cleaner and cost efficient fuels, and the forthcoming Commonwealth Games are positive triggers for Indraprastha Gas.