Management
Reportedly insists on no loan guarantee if the government is not allowed any say in the company’s future
This is a story at two levels, as all good stories are — at a personal and an anecdotal on one hand and an official and ‘history in the making’ on the other.
Telecom major Airtel today said it has achieved 1 million subscribers in Sri Lanka in a record 171 days of launching services, making its subsidiary Bharti Airtel Lanka the fastest growing service provider in the Island nation.
India is losing food items worth a whopping Rs 50,000 crore every year due to poor post-harvest handling of farm produce, a development that analysts say may jeopardise the Centre"s plan to formulate a food security law, especially in view of a "below-normal" monsoon.
The government today said in the Rajya Sabha that there were difficulties in meeting targets of thermal power generation because of shortage of equipment and manpower and pointed out that the country faces a shortage of 15,000 Mw.
Indiabulls Power ended at Rs 39 at a sharp 13% discount. The counter clocked heavy volumes of 102.76 million shares on the BSE.
With a spurt in demand from overseas for Indian cuisines like saag, rajmah and kurhi pakora, Punjab government-owned Markfed aims to achieve Rs 10-12 crore export turnover from canned food this fiscal.
As many as 10 SEZ promoters have approached the Commerce Ministry to pull out from approved projects as they find the going tough due to the slump in demand for commercial space.
The rupee today declined by 10 paise to 45.91 against the US dollar in early trade in line with other weakening Asian currencies.
Nearly three decades after he co-founded Infosys Technologies with six others, N R Narayana Murthy has initiated the first step towards starting a venture capital (VC) fund focused on India. The Infosys Chairman, during the past two days, has offloaded 800,000 shares from his personal holding, to raise about Rs 177 crore.
Private equity (PE) and venture capital (VC) investment in hospitals may surpass that in clinical research and drug manufacturing sectors, as hospitals currently offer more assured returns with lesser risks, is the feeling of informed observers.
Business Standard / New Delhi November 30, 2009, 0:40 IST
Coordination at the national level will help in the screening of suspected influenza patients.
Real estate in Lutyen’s Delhi zone has the latest reason for rattle between the Congress and its biggest ally of the second UPA—the Trinamool Congress. According to top Trinamool sources, mercurial Mamata Banerjee is again angry with the Congress—even before the previous contentious issues could subside—over non-allocation of a preferred bunglow for her party office in the capital. Banerjee had zeroed in on bungalow number 14 on Bishamber Dass Marg as the ideal place to house her party office in Delhi.
Although the deal to acquire Bangladesh’s Warid Telecom appears to be at a discount, replicating its India success story will not be easy for Bharti.
The first whiff that something had gone bad came 18 months ago, when officials from the Enforcement Directorate (ED) apprehended an individual at the Mumbai international airport as he was about to board an aircraft bound for Bangkok.
The arrest of former Jharkhand Chief Minister Madhu Koda by the Enforcement Directorate (ED) is "imminent" as the evidence against him, for allegedly carrying out hawala transactions and illegal investments worth crores of rupees, "is satisfying".
Hinduja Group company, Gulf Oil Corporation today said its subsidiary has entered into an agreement with Biocon to sell its Active Pharmaceuticals Ingredients (API) undertaking, for an undisclosed amount.
Commercial vehicle maker Ashok Leyland has said it would start delivery of the first 50 ultra low entry (ULE) buses to the Delhi Transport Corporation (DTC) soon as part of its Rs 1,190 crore contract to supply 875 buses this fiscal.
Maximum bids at Rs 95
British banking giant Barclays is curtailing international expansion plans under a crackdown imposed by its new head of retail banking, Anthony Jenkins, a media report says.
The stock of Thiru Arooran jumped 4 per cent to Rs 165.75, after the government extended by 15 months a deadline for an obligation to export refined sugar against prior raw sugar imports until the March 2011. The move is meant to increase local supplies and rein in prices of the sweetener which rose more than 50 per cent in November 2009 from a year ago due to tight supplies.
DuPont India, a subsidiary of E.I du Pont De Nemours and Company, today said it was planning to double its headcount to 3,000 in the next two-three years.
IBM today announced new and extended collaborations with six engineering and technology colleges across Maharashtra to provide a platform for development of software skills among students.
A step-by-step guide to garner the best car loan
Lauding India"s commitment towards reducing its per capita carbon emission, UN Secretary-General Ban Ki-moon today said he was "optimistic" about achieving a deal on climate change at the Copenhagen summit in December.
Leading bankers do not foresee any rise in the interest rates at least for the next six months and want the Reserve Bank of India (RBI) to keep the monetary stance unchanged in its policy review due later in the month.
Japan has stockpiled enough Tamiflu and Relenza drugs to treat 50 million influenza-infected patients, the health ministry has said.
In keeping with the Reserve Bank of India (RBI) guidelines for the Residuary Non-Banking Finance Company to exit deposit-taking business by March 2011, Kolkata-based Peerless General Finance & Investment Company scaling down its RBFC operations, while focusing on new business lines like asset and wealth management.
The Sri Lankan government wants to rope in Mukesh Ambani-led Reliance Industries (RIL) for exploration of oil in the island nation.
Leading tyre maker MRF today posted a net profit of Rs 119.41 crore for the quarter ended December 31.
Reliance Industries Ltd (RIL) has bagged rights to retail CNG to automobiles and pipe gas to households in two cities of Andhra Pradesh and one in Madhya Pradesh.
The Tamil Nadu government will set up swine flu test centres in major towns of the state. The move comes after a four-year-old boy died in Chennai due to the flu on Monday.
Altogether 73 swine flu cases, the highest for a day so far, were reported today in the city, which has so far seen five H1N1 deaths.
Cox & Kings (Australia), the wholly-owned subsidiary of Cox and Kings (India), a travel and tour company, has bought MyPlanet Australia and Bentours International through a share sale agreement from First Choice Holdings Australia. The acquisition is being done through an ‘earn-out mechanism’ and is not being paid for from funds raised for acquisition from the company’s recent initial public offering (IPO).
Travel and tour company Cox & Kings today said one of its overseas arm has acquired Australia-based MyPlanet Australia Pty Ltd and Bentours International Pty Ltd for an undisclosed amount.
Pharma firm Zenotech has approached the Company Law Board (CLB) seeking removal of two of its board members, appointed by Ranbaxy, alleging "operational mismanagement".
Spencer’s, the retail arm of the Rs 13,500-crore RPG Enterprises, will be focusing more on large format stores this fiscal and prune down investments per store in order to beat recession blues and turn the company profitable.
Oriental Green Power (OGP), a renewable energy generation company, promoted by Chennai-based Shriram EPC, has said that the company has concluded financial closure to the tune of Rs 400 crore to set up six bio-mass based power plants.
Indian fashion designers should call their fraternity The Fight Club. It has been said before in this column that the very inception of the Fashion Design Council of India (FDCI) happened amidst intense internal wrangling. But ever since some designers walked out of the FDCI to set up the Fashion Foundation of India (FFI), the bitterness between the different factions came out in the open for all to see. There are reports that there might be another spilt. There are also rumours that there could be a patch-up between the three fashion bodies (for those who tuned in late, there is also a Fashion Design Promotion Council) sometime in the near future.
Reduction in the fringe benefit tax (FBT) from 20 per cent to 5 per cent for media personnel working for both print and electronic media companies was among the demands submitted to the finance ministry today by Ambika Soni, the minister for information and broadcasting (I&B).
Copenhagen: The world’s best spin-doctors couldn’t put much of a glow on the Copenhagen summit. Representatives of 120 countries gathered in the Danish capital with solemn pledges to draft an international treaty to fight man made climate change, but all that emerged was a vague text with a few good intentions and no firm commitments. It"s not much comfort to think that no treaty might be better than a hastily composed bad one.
India"s concerns on non-binding emission cuts have been met at the Copenhagen summit though the climate deal does open a window for a new legal treaty that may kill Kyoto Protocol based on principle of equity, a top government climate expert said today.
The Securities and Exchange Board of India (Sebi) today confirmed its decision of restraining 75 entities from dealing in the securities market as it failed to get any response from these entities in the Pyramid Saimira Theatre (PSTL) forgery case.
Andhra Pradesh chief minister K Rosaiah said a meeting of the state Legislative Assembly and Council would specifically be convened to condole the death of former chief minister, Y S Rajasekhara Reddy.
- Succession race hots up in AP - AP Cabinet wants YSR"s son Jagan as next CM - YSR"s death may hit infra companies - V V: Gray"s anatomy of the mind">V V: Gray"s anatomy of the mind - India has lost an outstanding leader: Manmohan Singh - PM, Sonia pay homage to YSR
Novartis India, a subsidiary of Switzerland-based Novartis AG, is all set to grow its business revenues by four times in the next five years. The company"s over-the-counter business unit is looking at introducing more products in the consumer healthcare segment.
Co-heads: Bankers love to talk about how one plus one is three. But sometimes in investment banks, one plus one equals just one. Morgan Stanley, Credit Suisse and UBS have replaced their sole heads of investment banking in Asia with double-acts in the space of a few weeks. Goldman Sachs’ decision not to replace its departing M&A co-head, leaving one banker in charge of Asian dealmaking, looks positively unfashionable by comparison.
Jonathan Weil / June 14, 2009, 0:13 IST
The Board of Approval (BoA) in the commerce ministry will again take up, on June 2, the proposal of the Mundra port and special economic zone (SEZ) for almost doubling the power generation capacity at its sector-specific SEZ at Kutch in Gujarat.
Satyam Computer today said it has allotted 75,090 equity shares to its employees, under its stock options plans.
The Nifty formed another Doji pattern today after moving in a narrow band of 50 points, indicating indecisiveness among participants ahead of Christmas holidays in US and European markets. The index closed below its crucial trendline support level of 5,050, while maintaining its 50-day daily moving average (DMA) support at 5,000.
In its hope to see electric two-wheeler sales rising in Gujarat, Chennai-based BSA Motors, a business unit of Tube Investments of India (TII), part of the Rs 15,646 crore Murugappa Group, has submitted a memorandum with the state government seeking eight per cent waiver in road tax, reduction in VAT as well as provision of subsidy for the products. Once implemented, BSA Motors hopes to achieve 15 per cent of its total sales target from Gujarat.
The Chennai-based Murugappa grorup, which crossed Rs 15,500 crore in turnover, is planning to invest Rs Rs 586 crore in 2009-10 through its group companies.
Trades between FIIs generated a volume of Rs 57 crore on the BSE Tuesday-an decrease of 13.67% from Rs 67 crore clocked on Monday. As many as six stocks witnessed trades of 5.36 lakh shares on Tuesday.
Sanjay Jog / Mumbai January 03, 2010, 0:44 IST
- T N Ninan: Failing capitalism">T N Ninan: Failing capitalism - T N Ninan: Pointing fingers">T N Ninan: Pointing fingers - T N Ninan: VIPs & development">T N Ninan: VIPs & development - T N Ninan: Auction mining rights">T N Ninan: Auction mining rights - A roof over one"s head - Government drafts green SEZ policy
Devika Banerji / New Delhi December 6, 2009, 0:28 IST
Areva T&D India, an arm of French firm Areva, today said it has bagged a Rs 150-crore order from central transmission utility PowerGrid for executing a 765 KV substation.
Vedanta Group company Sterlite Energy is believed to have bagged the country"s first ultra mega power transmission project, breaking the decades old monopoly of state-run PowerGrid Corporation.
The Centre today warned the Vedanta group that it can be prosecuted if it resorts to “illegal mining” of bauxite at Niyamgiri in Orissa since it has been given only in-principle approval. “They have got environmental approval in-principle. They have not got full forest clearance. If mining is taking place in Niyamgiri, then it is illegal,” Environment and Forests Minister Jairam Ramesh said in the Rajya Sabha.Replying to a debate on the working of his ministry, he said the ‘in principle’ nod given to the group would not mean sanction for the mining operations.
Two-wheeler giant Bajaj Auto reported a smashing 189.24 per cent increase in its net profit at Rs 475.14 crore for the third quarter ended December 31, 2009.
Tata Motors Ltd will build as many as 25,000 Jaguar XJ luxury cars annually, starting next quarter, in a bid to take customers from Bayerische Motoren Werke AG’s 7 Series and Daimler AG’s Mercedes S Class.
Tata Motors’ decision to promote its mini-truck as an FMCG brand has worked
Land Rover, which was taken over by India’s largest auto maker Tata Motors last year, today launched sport utility vehicle ‘Range Rover Model Year 2010’ in India at a starting price of Rs 98.5 lakh (ex-showroom, Mumbai).
The global rating agency Fitch today warned that hardening of interest rates could jeopardise the prospects of the real estate sector in the coming months.
Buying a four-wheeler this month can help save on cost, but check first.
The Sensex after moving in the negative terrain for quite some time has rebounded into the green on the back of buying in the IT shares. The Sensex is now at 16,898, up 21 points.
The markets opened on a flat note amid mixed global cues. However, bears were soon seen active following yesterday"s weakness. The Sensex drifted to a low of 16,778, down 109 points from the day"s high.
Joe C Mathew draws up a ready-reckoner on the malaise that ails the healthcare system
The Nifty closed in a Doji pattern on the last day of this month’s expiry today, indicating continuation of indecisiveness in the next series. Global cues are strong and hence the Nifty is likely to trade above 4,800 with strong support at 4,820.
The country’s largest power generator, NTPC Ltd, will be officially powering the Commonwealth Games being held next year. It has got marketing rights for the games that will held in New Delhi next year, in return for a Rs 50-crore sponsorship.
Buoyed by a robust 48 per cent growth in its fee-based income, IDBI Bank has clocked a 29 per cent jump in net profit at Rs 287 crore in the third quarter ended December 31 from Rs 223 crore in the year-ago period.
Delphi, a leading global supplier of electronics to the automobile sector, today said it has introduced CNG kits for vehicles that have been sold to consumers.
IDBI Bank Chairman and Managing Director Yogesh Agarwal today said that the public sector player had completed due diligence on a private bank for possible acquisition.
India has emerged as the second most targeted nation among the BRIC region, after China, for merger and acquisitions activities clocking deals worth $2.8 billion so far this year.
The stock ended at the same 5% upper circuit with pending buy orders of 166,353 shares on the BSE.
Road ministry mulls a fee of Rs 15 for such a cover.
The manufacturing sector in December climbed to its highest level since May 2009, signalling a faster monthly improvement in the key economic activity, an HSBC survey said today.
Reserve Bank of India (RBI) Governor D Subbarao said the hike in the cash reserve ratio (CRR) announced today, would not affect credit availability to the private sector and harden interest rates immediately.
The Reserve Bank of India, in its Monetary Policy review today has hiked the Cash Reserve Ratio (CRR) by 75 basis points (bps) to 5.75 per cent, while holding the repo and reverse repo rates steady in line with market expectations.
Mansi Taneja / New Delhi January 15, 2010, 0:05 IST
Reliance Communications (RCom) has asked the department of telecommunications (DoT) to take action against its special auditor, Parakh & Co, for alleged breach of confidentiality and misconduct. It has also asked DoT to scrap Parakh’s report, saying the conclusions are incorrect, unilateral and biased.
Anil Ambani Group firm Reliance Infrastructure (R-Infra) today reported a growth of 10.35 per cent in its net profit at Rs 277 crore for the third quarter ended December 31, 2009, over the same period last year.
The flow of resources from other entities to the corporate sector has almost made up for the shortfall in non-food bank credit.
Anil Ambani group firm Reliance Capital Asset Management today announced appointment of Ian Lancaster as the CEO of its Malaysian subsidiary, which has been set up to tap the fast-growing market for products complying with Islamic law.
Hollywood"s iconic movie studio Metro-Goldwyn-Mayer (MGM) has received interest for a possible takeover from more than 10 suitors, including Anil Ambani-led Reliance-Anil Dhirubhai Ambani Group (R-ADAG), says a media report.
Reliance Infrastructure (R-Infra), part of Anil Dhirubhai Ambani Group, has won Mumbai Metro Line–II project from Maharashtra government. The estimated cost of project is around Rs 11,000 crore.
President of Karnataka Pranta Raitha Sangha Maruti Manapade has threatened that the farmers would launch serious agitation against the state government which is “contemplating acquisition of 200,000 acres of fertile land across the state to set up special economic zones (SEZ)”. He told reporters here he has urged the state government to stop the process immediately.
The Sensex is quoting at 16757, lower by 102 points, and the Nifty is at 4996, down 39 points.
Concerned over the continuous assaults on Indians in Australia, External Affairs Minister S M Krishna today spoke to his Australian counterpart asking him to expedite the investigations in these incidents.
New Delhi today cautioned against countries taking protectionist measures to safeguard their economies saying trade barriers can diminish growth and create instability.
As the world tries to get over the economic slump, commercial vehicle (CV) manufacturers like Tata Motors, Ashok Leyland, Eicher, Volvo, Daimler and Mahindra-Navistar are preparing for a flurry of launches to cash in on the increased economic activity in the country.
Japanese two wheeler major Yahama today launched its super-bike "VMAX" in the country priced at Rs 20 lakh (ex-showroom-Delhi). The company also launched limited edition of its "FZ" series in three variants.
The small screen reality show, My Fan My Hero, starring Bollywood biggies has got sponsors vying for ad slots.
Notwithstanding the high voltage overseas road shows and Incredible India campaign, the decline in foreign tourist arrivals in the country continues.
Faced with a major downslide in business traffic, airlines are now adopting innovative schemes to attract high-end and corporate travellers to fill in the seats on the front rows.
Consumer electronics major LG Electronics India today said it will invest Rs 200 crore over the next three years in IT business as it forays into the small and medium businesses (SMB) segment.
In order to expand its edible salt production capacity, Tata Chemicals Ltd has decided to set up a new plant at its existing facility located in coastal area of Mithapur in Gujarat. The edible salt plant will have a production capacity of 600 tonnes per day (TPD).
The move will encourage setting up of diamond bourses.
Gold imports fell sharply in July to 7.8 tonnes from 24 tonnes in the same month last year as demand dropped amid rising prices.
Reserve Bank of India Governor D Subbarao today said the central bank would revisit its growth projection for the current financial year ending March in its monetary policy review next month.
Karun Chandhok can kiss his Force India ambitions good-bye, at least for the time being, after chairman of the resurgent outfit Vijay Mallya said he doesn"t consider any Indian driver good denough for Formula One.
Over 175 exhibitors from India and abroad are expected to showcase their designs and products at the second edition of the Kerala Gem and Jewellery Show, which begins here from November 21.
Nancy Birdsall & Arvind Subramanian / November 21, 2009, 0:40 IST
Punjab and Sind Bank Ltd had sought government approval for its proposed initial public offer, a source close to the development said today.
Kolkata-based United Bank of India (UBI) has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offer (IPO). The issue size will be Rs 50 crore. The bank had appointed SBI Capital Markets (lead merchant banker), Enam Securities and Edelweiss Capital as merchant bankers for the issue, T M Bhasin, executive director, UBI, said.
With states speeding up distribution reforms in the power sector, the requirement for Central funds has gone up by over a half in the next financial year.
A two-member CBI team will soon leave for Britain to follow the trail of about Rs 120 crore allegedly received by an Indian entity from a Russian firm to secure an equipment supply order from the state-owned power major NTPC.
The mammoth fraud at IT major Satyam, involving over Rs 14,000 crore as per CBI, proved to be the most brazen swindling act, forcing the government to re-write corporate governance rules during 2009 and tighten the norms for chartered accountants.
Trinamool Congress MP Sudip Bandopadhyay has a fetish for shawls. During the winter session of Parliament, Bandopadhyay found many opportunities to show off his shawls that he wears in a trademark style.
Output in 2009-10 to be 15-16 mt against projection of 30 mt.
The liquidity crunch in the real estate sector has hit Indian Railways’ efforts to lease out surplus land for commercial development on public-private partnership.
Tanla Solutions Limited, a city-based telecommunications software and services provider, has called off its plans to set up a new development centre in Hyderabad and a backup/ disaster recovery centre in Bangalore. The company had earmarked Rs 77.26 crore and Rs 12.78 crore respectively for its Hyderabad and Bangalore expansion.
Business Sandard / New Delhi October 29, 2009, 0:50 IST
Fear of rising inflation dragged the Sensex into the red at the beginning of the trading day. However, Reserve Bank of India governor D Subbarao"s positive comments perked investor sentiments in noon trades.
The Department of Industrial Promotion and Policy (DIPP) under the Ministry of Commerce and Industry has proposed further relaxation of the foreign direct investment (FDI) norms for the real estate sector.
The core committee constituted by the Indian Banks Association (IBA) to calculate the modalities involved in the proposed nationwide pay revision is likely to give its report within 90 days.
Unlike his predecessor Y S Rajasekhara Reddy, who took a tough line against separate Telangana, Andhra Pradesh Chief Minister K Rosaiah has no no personal view on the bifurcation of his state and would like the Centre to find a lasting solution not not a "temporary truce".
The new five-party coalition in Jharkhand which is all set to assume power tomorrow has 31 MLAs with criminal cases against them.
The union government may soon decide on keeping half of the electricity it is entitled to from public sector power generating units for sale to states.
The Prime Minister’s Office does not have any information whether cabinet ministers who were part of the Empowered Group of Ministers (EGoM) to decide on the price of gas from the Krishna-Godavari basin had declared if they had any conflict of interest with regard to Reliance Industries Ltd or the late Dhirubhai Ambani. The PMO has said so in reply to a Right to Information (RTI) query.
Infrastructure focussed private equity fund raising is likely to rise next year as investors consider it a safer option that will balance their investment portfolio, according to global research firm Preqin.
The government today said selling 10 per cent of coal through e-auction by the Coal India Limited has helped checking malpractices, corruption and black marketing.
Shishir Prashant / Dehradun January 1, 2010, 0:23 IST
Kishore Biyani-led Future Group is planning entry into hotel business and may set up the first one in the next six months.
2009 saw a high-voltage legal battle between the Ambani brothers over the gas dispute reaching the Supreme Court with a judge withdrawing from the bench.
US markets ended flat on Tuesday. The Dow dropped two points to 10,545 while the Nasdaq slipped three points to 2,288.
Palak Shah / Mumbai December 29, 2009, 0:02 IST
The Sensex finally ended (provisional) at 17,032, up 247 points. The NSE Nifty ended (provisional) at 5,060, up 71 points.
The Union government has told the Supreme Court that the rights and obligations of NTPC and RIL could not be regarded as similar in status to the private arrangement between RIL and RNRL. In an affidavit filed yesterday in the appeals by the Ambani brothers on their gas dispute, the government stressed that NTPC “is not only a public sector undertaking but the process involved for price determination in the case of NTPC gas was by international competitive bidding.”
And, India chose to break ranks consistently to be with its new friends.
The National Informatics Centre has raised concerns over privacy and security of proposed database of Unique Identification Authority of India(UIDAI), headed by Infosys founder Nandan Nilekani.
Wireless Planning and Coordination (WPC) wing, the highest policymaking wing of the Department of Telecommunications (DoT), has sought clarifications from the department on the licence fees that need to be paid by successful bidders of third generation (3G) auction for acquiring a unified access service licence (UASL).
As part of its special audit on selected companies, the Department of Telecommunications (DoT) has told Bharti Airtel to provide all required information to the auditor by December 14.
World"s biggest banks will pay out more than $65 billion in salaries and bonuses over the next fortnight, with banking conglomerate JP Morgan Chase alone likely to shell out a record $29 billion, barely a year after the bailout of the banking system.
The Supreme Court today issued a notice to Glaxo Smithkline Consumer Healthcare in a case relating to the advertising war between two popular health drink brands Horlicks and Complan in India.
Ahead of its upcoming annual general meeting on December 31, 2009, Israeli drug firm Taro Pharmaceutical today asked its shareholders to reject a takeover bid by India"s Sun Pharmaceuticals.
Sun Pharma"s share price jumped 5.62 per cent on the Bombay Stock Exchange after it gained a new ally in its legal battle to acquire Israel"s Taro Pharmaceuticals with minority investor Templeton Asset Management switching sides to support Sun"s bid.
Israeli drug maker Taro Pharma has alleged that Sun Pharma is attempting to seize its control by waging a proxy war.
Sun Pharmaceutical Industries and its subsidiary, Caraco Pharmaceutical Laboratories, have reached a settlement agreement with drugmaker Forest Laboratories and licensing partner H Lundbeck AS, over a pending patent infringement dispute over Forest’s blockbuster antidepressant, Lexapro.
The sale of paints and colouring items for households is witnessing almost 25 per cent fall compared with last year despite the ongoing festive season.
A global tea shortage may widen this year and extend into 2011 as a rebound in production in Africa, Sri Lanka and India trails demand growth, the world’s biggest tea-plantation company said.
Country"s eight of the top-10 firms together added over Rs 53,000 crore to their market capitalisation last week, while two state-run firms NTPC and NMDC-- saw an erosion in their valuation.
Nine of top-10 country"s most valued firms added nearly Rs 49,000 crore last week with the exception of power equipment maker Bharat Heavy Electricals (BHEL).
The Andhra Pradesh government, which won four oil blocks in the VIII round of the New Exploration Licensing Policy (Nelp) bidding on Monday, will invest about Rs 160 crore in oil and natural gas related activities over the next five years.
Animation and gaming firm DQE India is planning to hit the capital market initial public offer to raise Rs 150 crore to part finance its expansion plans.
A hospital, as the saying goes, is no place for sick people. It’s filled with hazards to your health, not least of which are the myriad infections, missed diagnoses, dosage mistakes and other complications that arise from human error. And, in a hospital, human error seems all but inevitable. How can any one individual, or even any one team of individuals, keep all the tasks straight and anticipate all eventualities 100 per cent of the time?
Indian advertising honchos remain bullish about 2010. The signs of an economic recovery, which many are seeing, has instilled a sense of hope in them with expectations that spend levels in the new year will be better than what they were in the current year.
Former deputy director general of Telecom department Runu Ghosh was today sentenced to three years rigourous imprisonment by a court here for amassing disproportionate assets to the tune of Rs 20.94 lakhs.
India will shortly test fly the indigenously designed and built Light Combat Helicopter (LCH), which will augment the IAF"s fleet of small and highly manoeuvrable rotary flying machines.
After getting the power to requisition any aircraft during emergencies, the NSG has got the approval of the Indian Air Force (IAF) to use its planes to transport commandos for anti-terror duties.
Microsoft had set a target of having Windows 7 installed on over 100 PC models.
The US firm has sold its non-food business worldwide, but its Indian JV retains the rights for Kiwi, Brylcreem and Ambi Pur
Godrej Consumer Products Ltd (GCPL) plans to strengthen its hair colour offerings through new launches and variants, in a bid to arrest its dipping market share in this lucrative sgment.
Investors today pulled down the stock market benchmark Sensex below 17,000 points-level, as they sold banking, oil and gas and state-run companies’ shares to make profits.
Even as day three of the computer-based Common Admission Test (CAT) continued to add to the anxiety of the student community, academicians have shifted the blame game from Prometric to the Indian Institutes of Management (IIMs) and NIIT, accusing them of adopting a highly casual attitude. Prometric bagged the contract from IIMs to conduct computer-based CAT this year in partnership with NIIT. “The IIMs could have done more than just outsourcing the exams to Prometric. By blaming Promertic, IIMs can’t acquit themselves. If one-sixth of the 304 test labs fail, it’s an absolute joke of an examination. A little control on part of the IIMs could have helped,” said a professor from a B-school which accepts CAT scores for admissions.
In takeout financing IIFCL will enter into a pact with banks to take over some of their infrastructure loans on its books.
Prime Minister Manmohan Singh today said that 3G telephony spectrum would be auctioned soon, thus ending the uncertainty generated by reported differences between ministries of telecom and defence on vacation of airwaves.
Ready to assist in annuity-based BOT projects.
Sitaram Yechury, the CPI(M) leader, had a tongue-in-cheek explanation for Finance Minister Pranab Mukherjee ripping into Brinda Karat during the discussion on inflation in Parliament. According to Yechury, “The FM was talking about the Wholesale Price Index (WPI) but we were telling him to talk about the Consumer Price Index (CPI) which showed a sharp rise in food prices. As we mentioned CPI, he thought we were talking about the political outfit CPI. That might have angered him.”
The National Stock Exchange (NSE) has applied before authorities for registration of trademark for its "Currency Derivatives" label.
The country"s third-largest public sector lender Bank of Baroda (BoB) today said it is open to overseas acquisition if a good opportunity comes across.
Initial public offerings (IPOs) in emerging nations are returning about 15 times more than IPOs in developed countries even as companies from China to Brazil flood the market with more shares than ever.
Industry experts still remain cautious on numbers.
The US financial crisis and the resultant economic downturn pushed many a top honchos out of their corner rooms in 2009, but Citigroup"s India-born chief Vikram Pandit continues to steer the once financial colossus out of its biggest ever crisis.
Congress MPs from Telangana region today met senior party leader and Defence Minister A K Antony demanding disciplinary action against Y S Jaganmohan Reddy for joining a TDP protest in Lok Sabha against the decision to carve out a separate state from Andhra Pradesh.
Global inflation: Global inflation is set to present policymakers with a cruel dilemma. After falling early in 2009, prices in many countries have resumed rising. The 1.8 per cent November rise in the US producer price index (PPI) is only the latest example of this. The need to squash rising inflation could soon force central banks to risk sacrificing growth.
The increase in credit flow till December 4 was 10.5% compared to a year ago.
Ruias-controlled Essar Oil (EOL) is looking to seal a deal with Royal Dutch Shell at $1-1.2 billion (between Rs 4,670 and 5,600 crore) for acquiring the global petroleum giant’s three refineries in Europe. EOL has presented its valuation of assets to the Shell management and the negotiations are on verge of completion, said banking sources close to the development.
Realty major DLF today said its board has approved integration of DLF Assets with DLF Cyber City Developers, a move that will enhance its cash flow through rental income.
Global investment firm Blackstone is planning to list up to eight of its firms and sell at least five others, a move that marks a shift in its pessimistic view about the world economy, media report says.
Premji Invest, the $1 billion private equity fund floated by Wipro’s billionaire chairman Azim Premji, is understood to be close to investing around Rs 150 crore in Bangalore-based Manipal Group’s education arm through a structured deal.