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Gammon Infrastructure Projects today said it has entered into an agreement with the Spain-based Dragados for acquiring the firm"s stake in Indira Container Terminal Pvt Ltd (ICTPL) in phases.
Disappointed with factors like FSI and NA clearance, real estate developers in Gujarat find draft better than final township policy that has been announced by the state government. After much deliberations, the Gujarat government finally announced the much-awaited regulations for residential townships.
Owing to mounting losses, Vijay Mallya-owned Kingfisher Airlines has returned 19 leased aircraft to lessors in the past 10 months.
United Spirits, India’s largest spirits firm from the stables of UB Group, efforts to raise Rs 1,000 crore through the private equity route is unlikely to sail through. United Spirits, owned by Indian billionaire Vijay Mallya has been in discussions with global private equity giants including KKR and Capital International to raise resources to largely settle the huge debt pile of the firm.
Regulator may extend deadline after industry says it lacks Indian commanders
In what could be seen as a testimony of the quality of its work, a staggering 94 per cent of the orders received by state-run power equipment manufacturer BHEL last year came from the private sector.
The Pension Fund Regulatory Development Authority (PFRDA) is taking ing various measures to increase the number of subscribers under its New Pension Scheme (NPS). It is in discussions with the General Insurance Council, various industry bodies and companies to offer the plan to their employees. Under the recent deal between the Indian Banks’ Association (IBA) and the pension regulator, all new recruits of banks will join the defined contribution system from April 1, 2010. Already 20 nationalised and 12 private sector banks have joined the new system.
Brewing major SABMiller today said it has moved the Andhra Pradesh High Court seeking its intervention on state beverage corporation"s decision not to procure to company"s beer.
A day after ICICI Bank cut rates, Axis Bank follows with a 50-75 basis points cut.
With almost all the proposed IT projects in the city being non-starters, the emergence of Bhubaneswar as one of the most sought after IT destinations among the Tier-II cities in the country is under a cloud.
Motorcycle manufacturer and part of Eicher Motors, Royal Enfield, would invest Rs 60-80 crore to double the capacity of its Chennai plant to 100,000 units by 2013.
French auto major Renault today said it is looking at launching zero emission electric vehicles (EVs) in India by the middle of this decade. The company, which today unveiled its city two-seater "Twizy" in the country, also plans to produce up to five lakh units of EVs globally by 2014.
Joint venture to split manufacturing and marketing functions.
The government today said market regulator Sebi does not monitor usage of proceeds of any initial public offers (IPOs) and it is not contemplating any change in the current regulatory framework.
Hexaware’s net profit for the third quarter ended September 30, 2009 jumped over threefold to Rs 41.3 crore from Rs 11.5 crore in the corresponding quarter last year.
The Centre will be cautious in withdrawing the fiscal stimulus packages given to key-sectors and will do so only after ensuring growth is sustainable in the economy, Union Minister for Commerce and Industry Anand Sharma said.
The government has asked mobile operators to comply with national security norms by not carrying calls from fake mobile equipment identification numbers (IMEI) embedded handsets latest by November 30.
Industry sees second-highest monthly growth after November.
Carnation Auto, the multi-brand car service provider promoted by former Maruti Suzuki head Jagdish Khattar, today joined hands with Fiat Group firm Magneti Marelli for servicing premium cars in the country.
Domestic passenger car sales jumped 36.7 per cent to 1,13,687 units in November, the Society of Indian Automobile Manufacturers (SIAM) said today.
The government is changing some of the regulations in the road infrastructure sector to make it more attractive for investors, Minister for Road Transport and Highways Kamal Nath said today.
Car maker Fiat India is targeting sales of 50,000 units in the next financial year apart from planning a few variants of both its model — Grande Punto and Linea within the next two years.
The slowdown in overseas markets persists, so it could be a while before the auto-parts maker is back on track.
The mutual fund industry has come for some serious criticism in the recent past. The reason: It has completely missed the stock market rally that started from early March and has given returns of over 70 per cent to investors. Madhusudan Kela, head (equities), Reliance Mutual Fund, which has the highest average assets under management and investor base, speaks to Palak Shah and explains why fund houses are being judged unfairly. Excerpts:
Foreign fund house Sloane Robinson LLP has hiked its stake in Indiabulls Real Estate to 5.42 per cent through open market share acquisition.
BS Reporter / Mumbai October 28, 2009, 0:17 IST
Gold prices rose sharply at the bullion market here today due to fresh buying from stockists and retailers following a firm trend in global markets.
Diversified company Siemens today said its consolidated net profit rose by 17.53 per cent to Rs 704.60 crore for the year ended September 30, 2009.
Retail chain major Shoppers Stop today said it plans to raise Rs 250 crore to increase stake in its hypermarket chain, Hypercity to 51 per cent, a top company official said today.
Concerned over the recent takeover of some firms by Multi National Companies (MNCs), the domestic pharmaceutical industry has asked the government to protect and promote it by making available funds for research and development.
Two of the country"s top corporate stalwarts, Ratan Tata and Mukesh Ambani, today showered rich praises on Tarun Das, a day after he demitted office as Chief Mentor of business chamber CII, and described him as the face of modern Indian industry.
I have invested in an SIP of HDFC Top 200 since 2005. Do I need to stop and start afresh , so that it does not attract entry load. Kindly advise.
The country"s manufacturing sector is likely to witness a rise in hiring activity in the last three months of this year due to an expected increase in demand, says a report by Japanese securities firm Nomura.
India"s fiscal deficit touched 40 per cent of the full-year estimate in the first four months of FY10, kindling fears that expenses will exceed income beyond what was projected earlier.
Volume expansion required for breakouts.
Cases aimed at stopping approval of new generics
Pharma firm Lupin today said it has acquired the worldwide rights for nasal spray AllerNaze from Collegium Pharmaceutical for an undisclosed amount.
Hero Group subsidiary Hero Electric will soon set up a joint venture with Canada-based battery maker Electrovaya for manufacturing lithium ion batteries for electric vehicles.
The Sensex continues to display firm movement after a positive start this morning. The index so far has touched a highh of 17,055, and is now up 169 points 17,018.
The Sensex opened 44 points higher at 16,893 on the back of positive global cues. The index soon crossed the 17,000-mark, and is now up 154 points at 17,003.
Barring intra-day corrections, the market displayed a firm trend throughout the week. The Sensex rallied 4.27 per cent (691 points) to end at 16,849. IT, metals and select banking stocks were the major gainers during the week.
Anil Dhirubhai Ambani Group firm Reliance Life Insurance today launched two new products -- Jan Samriddhi Plan and Super InvestAssure Plan here and aims to garner Rs 600 crore premium from them within this fiscal.
The $2 billion World Bank loan the government is seeking for road development will reduce the total borrowing needs of the National Highways Authority by 20 per cent to Rs 1,53,421 crore over the next 21 years.
Things are looking up for the DTH business. Why, then, is everybody so glum?
The stock recovered some of its losses to finally end at Rs 258, down over 2% from the previous close. Around 691,753 shares were traded on the BSE as compared to the two-week daily average traded volumes of 698,158 shares on the BSE.
Granules India Limited (GIL), a Hyderabad-based active pharmaceutical ingredients (APIs) and pharmaceutical formulations intermediates, reported a net profit of Rs 6.19 crore for the quarter ended June 2009, as compared with Rs 2.7 crore in the corresponding quarter last year, reflecting an increase of 129.25 per cent.
Jewellery designer Saba Ali Khan tied up with luxury diamond brand Opulence to showcase her new collection, says Abhilasha Ojha
Johnson and Johnson Medical India, plans to introduce its insulin pump for diabetes patients in the country by end-this year, a top company official said.
Foresight Opticals, the retail chain of optical stores from Foresight Vision Care Compnay Pvt Ltd, is planning to open 25 new stores in major cities across India in the next three years (by FY 2012-13).
In a step towards initial public offer (IPO) guidelines for insurance companies, the Insurance Regulatory and Development Authority (Irda) has come out with final public disclosure norms, to be effective from March.
The government today asserted in the Supreme Court that any suitable arrangement between the Ambani brothers for the supply of gas from K G Basin has to be approved by it keeping the national interest paramount.
India has requested the US Securities Exchange Commission (SEC) not to impose any fine on Mahindra Satyam, formerly Satyam Computer Services Ltd (SCSL), as this will impede the new entity’s rehabilitation.
Vandana / Mumbai January 2, 2010, 0:54 IST
Air India (AI) is in the process of having a seven-member international advisory board, with former top officials of global carriers, to turn the organisation around.
“Reverse swing at Kotla”, Dec 29, was a wonderfully argued piece. At a time when everyone is criticising the Delhi and Districts Cricket Association (DDCA) for producing an unplayable pitch, you have put things in perspective.
Public sector Canara Bank, as part of fulfilling its corporate social responsibility (CSR) is in the process of imparting training to rural youth to enable them to acquire jobs in various disciples.
The Uttar Pradesh today said it will not allow the sugarcane farmers of the state to sell their produce to mill owners in neighbouring states of Haryana and Uttarakhand, which they claimed offered better prices.
MBL Infrastructures touched a high of Rs 218 and a low of Rs 190. It finally ended near its high at Rs 206 - with 14% gain over its issue price of Rs 180.
For the December 2009 quarter, SAIL saw net sales at Rs 9,880 crore up 11 per cent year-on-year, in line with market expectations, even as seasonal impact saw sales dip 2 per cent sequentially. The company’s steel sales was at 2.9 million tonnes (mt) in the recently concluded quarter against 3 mt in the September 2009 quarter and 2.4 mt in December 2008 quarter.
Steel Authority of India Ltd (SAIL), the country"s second largest producer, reported Rs 1,676 crore net profit for the quarter ended December 31, nearly double the Rs 843 crore in the corresponding quarter of the previous year, at the back of rising demand from auto and construction sectors.
State-run telecom services provider Mahanagar Telephone Nigam (MTNL) today announced a net loss of Rs 46.84 crore in the first quarter ended June 30, 2009.
Riding on several new products and increased investments in brands, biscuits major Britannia Industries has posted a 17.4 per cent increase in net profit at Rs 47.37 crore for the first quarter ended June 30, 2009.
Telecom major Reliance Communications (RCom) has posted a consolidated net profit of Rs 1,637 crore for first quarter ended June 30, 2009, an increase of 8.3 per cent, compared with a net profit of Rs 1,512 crore recorded during the same period of previous financial year.
Airtel, Vodafone-Essar favour delinking; Reliance, Tata oppose.
The stock jumped 11 per cent to Rs 50.65, after the government approved a proposal under which the telecom equipment manufacturer will continue to get orders for 30 per cent of the product requirement of BSNL and MTNL.
Google Inc’s YouTube, the most- visited video website, is in discussions with Hollywood studios to start an online movie rental service, according to two people with knowledge of the talks.
Devika Banerji / New Delhi October 27, 2009, 0:37 IST
At the height of the dot-com boom of the 1990s, several executives at McKinsey & Company, the world’s most prestigious management consulting firm, launched what they called the War for Talent. After extensive research, they concluded that the best companies had leaders who were obsessed with “the talent issue”. They recruited ceaselessly, finding and hiring as many top performers as possible. They singled out and segregated their stars, rewarding them disproportionately, and pushing them into ever more senior positions. The “talent mind-set” became the new orthodoxy of American management — the intellectual justification for why a high premium was placed on degrees from first-tier business schools, and why the compensation packages for top executives had become so lavish.
At a time when merger and acquisition (M&A) activity is still recovering, companies are finding solace in private equity (PE) funds for acquisitions. And, PE funds seem keen to participate in such deals.
Retail participants have provided relief to private equity (PE) players raising funds.
Suven Life Sciences Limited, a Hyderabad-based biopharmaceutical company specialising in central nervous system (CNS) diseases, has received patents corresponding to three new chemical entities (NCEs) for the treatment of disorders associated with neuro-degenerative diseases.
Anil Ambani-led RNRL today contended before the Supreme Court that it has an "unqualified" right to get gas at $2.34 per unit for 17 years from RIL which will along with the Government not suffer any loss at this rate.
In yet another setback to the beleaguered Posco steel project in Orissa, the members of the United Action Committee (UAC), a purportedly pro-Posco outfit in the project site area, has decided not to apply to the district administration in Jagatsinghpur for compensation against loss of betel vines.
The Centre has initiated measures to increase the productivity of milch animals to increase the per capita availability of milk in the country, K V Thomas, Union Minister of State for Agriculture, said.
Work on the Rs 1,230-crore expansion project of Haldia Petrochemicals Ltd (HPL), among the country’s largest naptha-based petrochemical facilities, came to a grinding halt after a Centre of Indian Trade Union (CITU)-backed union called an indefinite strike over wage revision of contractual workers.
Five major coal unions today opposed the government"s move to sell its stake in Coal India (CIL) saying the firm is competent enough to meet its financing needs and demanded infrastructure status for the sector.
The Indian Space Research Organisation (Isro) is planning to launch the Cartosat series ‘Cartosat-2B’ remote sensing satellite in March this year, Isro Chairman K Radhakrishnan said here today.
The markets rose steadily for the better part of the week on news of robust GDP numbers and allaying of fears on the Dubai repayment crisis. The S&P CNX 500 index rose over 4 per cent to 4,239, thereby taking the benchmark’s portfolio value higher to Rs 11.04 lakh as against Rs 10.60 lakh in the preceding week.
Though the Centre announced that it had “initiated the process” for forming a separate Telangana state, many in the ruling Congress party feel this might be easier said than done.
Y S Jaganmohan Reddy, whose supporters have been campaigning for making him the Chief Minister, today met Congress President Sonia Gandhi, who told him to leave the issue of leadership change in Andhra Pradesh to her.
Bharathi Cement Corporation commenced its commercial operations from its Nallalingayapalli manufacturing plant located in Kadapa district of Andhra Pradesh on Tuesday.
The market could test 5,300 going into the December settlement
Ch Prashanth Reddy / September 27, 2009, 0:07 IST
Newbie restauranteur Rajyasree Sen of Brown Sahib gives the humble mishti doi a new twist.
Irda panel moots each lender tying up with two life, two non-life and two health insurers.
Huawei, Samsung, Alcatel-Lucent, Hitachi may also bid.
Production at mobile handset company Nokia’s factory at Sriperumbudur, near Chennai, was stopped after around 2,000 workers went on a flash strike Wednesday evening. Representatives of the Nokia India Employees Progressive Union (NIEPU) claimed the company had suspended 62 employees without giving any reason.
Reiterating her opposition to the ongoing joint operation against the Naxalites (CPI Maoist) at Lalgarh, in Paschim Medinipur, Mamata Banerjee said today that her party would continue to oppose it. She has pointed out that the joint operation had not yielded the desired results, as killing of poor people in the junglemahal was continuing.
Captains of Indian industry have urged the government to continue the stimulus package till the middle of the next financial year (2010-11) to help the economy achieve robust growth.
The total telecom subscriber base in India crossed 500 million at the end of September, taking the overall teledensity to 43.5 per cent. India is the second-biggest and fastest market for wireless services, behind China, which has over 600 million users.
The Railway Board is likely to utilise the undisputed 600 acres for setting-up a coach factory at Singur, the erstwhile site for the Nano project.
German firm REpower, in which Suzlon Energy holds 91 per cent stake, has signed an agreement with US-based enXco to supply 70 turbines for a wind farm project by 2011.
Suzlon Energy, one of the leading wind turbine makers, has entered into an agreement with Australia"s Infigen Energy to provide 20 units of wind power generators aggregating to a capacity of 42 MW.
There are 600 employees of the Airports Authority of India (AAI) in Mumbai who draw their pay with no work to do.
Domestic mutual funds are again scouting investment opportunities abroad, mostly in emerging markets, as they plan to launch international funds, after more than a year. At least three fund houses-- SBI Mutual Fund, UTI Mutual Fund and Mirae Asset Mutual Fund— are planning to launch international funds soon.
Commending the role of Indian navy in fighting pirates at the Gulf of Aden, the world"s maritime controlling agency has awarded a special certificate to the forces.
This is one of the few IPOs to be oversubscribed in the retail category this year.
Even before 2009 started, all initial indicators suggested that India Inc’s year in the UK would be that of the Tatas. The close of the year simply confirmed this with plenty of interesting developments leading to that foregone conclusion.
Auto component sales in the country are likely to rise in 2010 on the back of positive outlook for cars sales but overseas demand will continue to be sluggish, global rating firm Fitch said.
State Bank of Mysore (SBM) will raise Rs 600 crore from rights issue, under which more equity will be offered to the existing shareholders to augment its capital base and meet the Reserve Bank"s solvency norms.
Even as the government is gearing up to auction radio waves for the next generation mobile services, credit rating agency Fitch today said it is closely monitoring the impact of the cost for pan-India 3G licence on the revenues of Bharti Airtel.
Putting an end to speculation, BCCI President Shashank Manohar today announced that Lalit Modi will remain the Chairman of the Indian Premier League (IPL) till 2012.
Oil prices were back above $83 in Asian trade today as a cold snap across the northern hemisphere powered higher demand for heating fuel, analysts said.
Sonata Software announced the appointment of N Venkatraman as Head-Strategic Finance and Risk Management.
India has earmarked Rs 500 crore for the relief and rehabilitation of the Internally Displaced Persons (IDPs) in Sri Lanka, Lok Sabha was informed today.
Business Standard / New Delhi January 1, 2010, 0:17 IST
Suzlon Energy, India’s largest and one of the top five wind energy turbine makers in the world, is on a comeback trail after turbine blade cracking issues, foreign exchange and net losses.
Bloomberg / October 27, 2009, 0:05 IST
The Andhra Pradesh government has ordered a CBI inquiry into the chopper crash in which former chief minister Rajasekhara Reddy and four others died last week. Interim Chief Minister K Rosaiah requested Union Home Minister P Chidambaram for a CBI probe into the tragedy, a statement issued by the government said.
Ten power companies, including NTPC, Ratnagiri Gas and Power Pvt Ltd (RGPPL), Lanco and GMR Energy, will get KG-D6 gas in the second round of allocation decided last month, confirmed a government release issued on Monday. The decision has been reported already. Reliance Industries Ltd (RIL), operator of the D6 block in the Krishna-Godavari basin, will also be getting gas for consumption at its refineries and petrochemicals business, as well as for its captive power plants.
Entertainment firm Pyramid Saimira Theatre today said it will demerge two of its subsidiaries — Pyramid Saimira Content Distribution and Pyramid Saimira Production International — from itself.
In a move aimed at stemming declining losses and generating funds for Indian operations, Chennai-based entertainment company Pyramid Saimira Theatre Ltd (PSTL) has put its businesses and assets in the US and Malaysia up for sale.
Pyramid Saimira today said N Narayanan has been appointed as Chairman on board of the firm.
The West Bengal government had not sought return of the land at Singur from Tata Motors ‘formally’, said West Bengal commerce and industry minister Nirupam Sen, a day after Ratan Tata said the government had not approached for the land. Speaking on the sidelines of a seminar organized by Assocham in association with the Bengal Chamber of Commerce & Industry and Merchants’ Chamber of Commerce, Sen said, though the government had not formally asked for the land, the company had been informed about the Bhel proposal and later the Railways proposal. Sen said, unless the Railways submitted a formal proposal, the government would not ask for the land back. With Sen’s comments, it appears that Singur was once again in limbo, as Railways has made it clear that it would not visit the land as it belonged to Tata Motors.
Leisure bike maker Firefox today said it will launch around 10 to 12 new models during the next fiscal as it aims to clock sales of 30,000 units in 2010-11.
Veteran Marxist leader and former West Bengal Chief Minister Jyoti Basu was put on ventilator this morning after his condition turned serious.
Fixed maturity plan (FMP) launches, which had slowed down since the end of 2008, have again gathered steam with mutual funds rushing to meet investors’ demand for such plans ahead of the financial year end for the tax incentive FMPs provide.
Companies plan to benefit from the high inflow of foreign funds.
Ruling out any bailout package for Maytas Properties, the government today assured the NRIs of working a solution to non-delivery of flats sold by the firm promoted by kins of disgraced Satyam founder B Ramalinga Raju.
Business Standard / New Delhi October 7, 2009, 0:20 IST
Panacea Biotec today bagged a three-year contract worth over Rs 1,067 crore ($222.37 million) from UNICEF for supplying its EasyFive vaccine.
The Telangana agitation over the Centre’s decision to create a new state in the region has forced several companies, including Bharat Forge, the Lakshmi Mittal Group and the NTPC-BHEL joint venture, to either put their expansion plans on hold or explore other states.
In a surprise move, the government has postponed to the next fiscal auction of spectrum for 3G telephony which was expected to bring in Rs 35,000 crore to the exchequer.
The new Companies Bill, 2008, which lapsed after the 14th Lok Sabha was dissolved, is likely to be re-introduced in Parliament this week, official sources said.
India will phase out hydrochlorofluorocarbons (HCFCs), used for refrigeration and air-conditioning, by 2030 in line with the Montreal Protocol, a treaty to protect the ozone layer.
Sunita Narain / New Delhi December 04, 2009, 0:50 IST
Former hockey captain Viren Rasquinha’s recent stint at the Indian School of Business turned out to be the best year of his life, he tells Neha Bhatt
Sunil Jain / New Delhi February 1, 2010, 1:24 IST
Oil prices fell in Asian trade today, pulled by equities markets that were spooked by a shock call from the Dubai government to suspend the debt of a key state company.
Government-owned India Infrastructure Finance Company Limited (IIFCL) expects to disburse close to Rs 11,500 crore this financial year.
Anil Ambani Group firm Reliance Capital today reported 52% decline in its consolidated net profit at Rs 63 crore for the third quarter ended December 31, 2009.
Nation’s defence units will showcase their defence capability at a week-long defence show, organised for the first time during the on-going Dasara celebrations here.
India may import rice if domestic supplies are inadequate to meet the government’s requirements for the so-called central pool, a minister said.
The late Swedish journalist/author Stieg Larsson was the man behind Lisbeth Salander — the undeniably twisted and talented female protagonist of his “Millennium” trilogy. The second part in the series, The Girl Who Played With Fire, translated from Swedish by Reg Keeland, continues from where the first book left off — asocial heroine Salander once again back to her punch-throwing, expert computer hacking ways that she honed as a former security analyst in Stockholm, spinning yet another edge-of-the-seat crime thriller. Interestingly, Larsson’s father Erland Larsson, while receiving an award for his late son last year, revealed in an interview that the character of Salander seems to have been inspired by his son’s niece Terese, to whom the author had been very close.
The Foreign Institutional Investors (FIIs) were net buyers of Rs 775.26 crore in futures and options segments on Friday.
The world"s largest software firm Microsoft today said it is sharpening its focus on the fast growing smartphones market and other wireless devices in India.
The ‘unscientific’ coal mining in Jantia Hills of Meghalaya is severely affecting power generation at North Eastern Electric Power Corporation’s (Neepco) Kopoli hydro project in Assam due to rise in acid content of water in the reservoir. The high acidic nature of reservoir water has led to unprecedented rise in wear-and-tear and breakdown of machines and parts of the power plant.
The strong 700-member Bombay Stock Exchange (BSE) brokers forum yet again expressed its reservation against the extension of trade timing by both BSE and the National Stock Exchange (NSE) from January 4. Last week, both the bourses had to postpone their decision to open markets by 9 am after a sharp outcry against the decision from market participants.
The Ministry of Micro, Small and Medium Enterprises (MSME) has commenced a programme to promote the transformation of novel entrepreneurship ideas into business ventures by funding the projects.
Chief minister B S Yeddyurappa on Sunday vented his ire on the legislators engaged in “political games” and said the party was seriously viewing the activities of “some legislators who are on jolly trips” at a time when they should be providing relief to the flood-affected.
India ranks 123 in 2010 Environmental Performance Index (EPI), while Iceland leads the world in addressing pollution control and natural resource management challenges, the latest EPI index has revealed.
More than 150 entrepreneurs participated in business guidance and mentoring camp at Ludhiana organised by Punjab Infotech in association with TiE Punjab & Chandigarh for MSMEs. The campaign aims to take mentoring – TiE’s key value proposition and core philosophy – to Tier 2 cities across India and help entrepreneurs realize their dreams and is a part of TiE’s Pan-India campaign called "Enterprising India – Changing the nation. Leading the World".
India’s largest manufacturer of biscuits and confectionery, Parle Products is eyeing 15 per cent growth in turnover from Uttar Pradesh in the current fiscal.
The government today said in the Lok Sabha that though there were no signs of recovery in the global economic scenario, the sharp fall in Indian exports seems to have been arrested.
The second largest DTH player is way behind the market leader in subscriptions. But it is pushing value-added services to maintain its leadership in average revenue per user
A call to Airtel IPTV’s helpline number turns out to be a weird experience
GVK Power and Infrastructure (GVKPIL), with interests in power, roads, airport, and aviation, reported a 45.19 per cent increase in net profit to Rs 44.23 crore for the second quarter ended September 30, 2009, as compared with Rs 30.47 crore in the corresponding period last year.
The Indian car market may be revving but the country"s marque event, Auto Expo starting on January 5, is being cut short to just a week as participants want to curtail expenditure in the face of the global slowdown.
As probe intensifies, says he’s being framed since he’s a tribal.
The markets opened the New Year on a promising note today with the BSE Sensex shutting the shop at a 20-month high at 17,558.73 gaining 94 points, driven by a rally in the auto and metals counters and firm European cues.
Hinduja Group’s flagship company Ashok Leyland’s Rs 1,300-crore Pantnagar (Uttarakhand) plant is likely go onstream within the next few months. The plant would have an installed capacity of 50,000 units of commercial vehicles annually.
The consumption of technical textiles, used in the healthcare industry, in India is growing and the industry body Ficci wants the government to provide capital subsidy to the domestic companies to meet the demand.
Eight companies have submitted applications for the Rs 12,132-crore Hyderabad Metro Rail Project which will be executed on a design, build, finance, operate and transfer basis in public-private partnership.
India"s moon mission has proved to be quite economical and cost much less compared to what other countries have spent on their projects, mission director M Annadurai said here.
A day after the path-breaking revelation by the international scientific community that India’s maiden mission to the moon, Chandrayaan-I, has succeeded in tracking the presence of water on the lunar surface, Indian Space Research Organisation (Isro) Chairman G Madhavan Nair said here on Friday that the mission was a 110 per cent success.
US Agriculture Secretary Tom Vilsack stood up for pigs and hog farmers, saying their name has been dragged through the mud by people who insist on calling the A(H1N1) influenza pandemic "swine flu."
The Supreme Court today refused to give any relief to Swiss pharma firm Hoffman La Roche Ltd that had challenged a Delhi High Court order allowing Cipla to manufacture and sell a generic version of lung cancer drug "Erlotinib".
The Supreme Court today decided to commence final hearing on the high-profile gas dispute between the group firms of Mukesh Ambani and his younger brother Anil from October 20.
The government is reminding the Chief Justices of High Courts to initiate the process of filling up the vacancies of judges, Law Minister M Veerappa Moily said, pointing out that there are seven vacancies in the Supreme Court and 240 in High Courts.
Swiss drugmaker Novartis has begun injecting its swine flu vaccine into people in the company"s first human tests, a spokesman said today.
Piramal Healthcare today said its shareholders have approved the appointment of Nandini Piramal, daughter of Chairman Ajay Piramal, as the Executive Director on the board of the pharma company.
A report identifying a broad range of potential benefits of incremental pharmaceutical innovation for India would be released later this week by the US India Business Council (USIBC).
Japanese drug maker Daiichi Sankyo, the majority shareholder in Indian pharma major Ranbaxy Laboratories, plans to raise 100 billion yen (about $1.04 billion) through public issue of bonds.
Japanese drug maker Daiichi Sankyo, which has a controlling stake in Indian pharma major Ranbaxy Laboratories, has narrowed its full-year losses at 215.59 billion yen (about $2.2 billion) on account of changes related to accounting guidelines in Japan.
Kolkata-based Emami Ltd, which acquired Zandu Pharmaceuticals in October 2008 for Rs 750 crore, has decided to merge the fast moving consumer goods (FMCG) business of Zandu Pharmaceuticals with its counterpart in Emami.
Indian drug firm Sun Pharma may have to shell out up to Rs 1,000 crore this fiscal for acquiring Israel-based Taro Pharmaceuticals.
Israeli drug maker Taro Pharmaceutical Industries has reported a profit of $12.49 million for the three months ended June 30, a decline of 4 per cent over the same period a year ago.
Barun Roy / New Delhi December 31, 2009, 0:27 IST
He is a highly useful social agent whose importance is growing.
The central government’s invitation to global pharmaceutical companies to conduct clinical trials here of their H1N1 (swine flu) vaccine candidates has evoked only a limited response. Only two companies, Novartis and GlaxoSmithKline, have come forward to seek regulatory approval for such trials in India, it is learnt.
Chief minister K Rosaiah said steps were being be taken to ease the shortage of masks in Hyderabad. The government is making efforts to procure more ventilators and provide additional beds to treat swine flu.
Swiss drug maker Novartis today said its newly developed vaccine ‘Celtura’ against Influenza A H1N1 (swine flu) has shown effective result during a pilot test conducted by it.
Consumer healthcare products maker Johnson & Johnson today reported a 3.6 per cent drop in profit at $3.20 billion for the three months ended June, mainly on account of overall fall in sales.
The government has granted one year extension to Satyam Computer Services for completion of three special economic zones (SEZ) in Andhra Pradesh, giving elbow room to the new management of the IT firm.
Chennai-based electric scooter manufacturer Kabirdass Motor Company is planning to raise Rs 60 crore through an initial public offering to support its expansion plan and for setting up a manufacturing facility near here.
With government"s flagship Sarva Siksha Abhiyan (SSA) scheme showing encouraging results in expansion of elementary education, the World Bank has come forward with an offer to provide additional funding of $500 million for the programme.
The Centre has expressed confidence that by 2020 the polluted river Ganga would be cleaned and Rs 15,000 crore will be spent on it. “The Union government is confident to clean the holy Ganga river by 2020 and Rs 15,000 crore will be spent for this purpose under the river development fund,” Environment Minister Jairam Ramesh said here.
The power ministry and the Central Electricity Authority (CEA) have projected a total investment of Rs 20,120 crore for renovation and modernisation, as well as extending the life span, of various old power plants during 11th and 12th Five-Year Plans.
Students of the joint action committee (JAC) at Osmania University, the nerve centre of pro-Telangana protests, on Sunday said they would block all the entry points to Hyderabad, including national highways, in a bid to prevent leaders of Seemandhra (Rayalseema and Andhra) from entering the state capital on January 5.
Kerala Finance Minister T M Thomas Issac today said that the government has no plan to cut tax rates on petroleum products.
Swaraj Baggonkar / Mumbai January 5, 2010, 0:31 IST
Nearly 60 vendors will move to the vendor park at Tata Nano’s Sanand plant by March next year. The rollout of the car is set for the January to March quarter, and vendors will feed the plant at existing locations till they shift.
HC quashes use of emergency power for land buys; ADAG firm says it’s a procedural issue.
Announces target a day after US offered 17% cut in emissions.
PricewaterhouseCoopers’ (PwC’s) head of tax practice Dinesh Kanbar, and close to a dozen other senior tax executives, are leaving the firm to join rival KPMG.
Amidst reports that he may join NCP, Amar Singh, who has resigned from all SP posts, today came out in defence of Agriculture Minister Sharad Pawar, saying the issue of price rise was the collective responsibility of the Cabinet including Prime Minister Manmohan Singh.
Thousands of potato farmers in the potato belt of Uttar Pradesh have been forced to give up their traditional crop, owing to enormous fertiliser and Di-Ammonium Phosphate (DAP) shortage, expensive seeds and irrigation problems this season. The potato prices had risen to giddy heights of Rs 1,800 per quintal during the sowing season, forcing the small and marginal peasants to search for alternative crops, being unable to afford such pricey seeds.
Uttar Pradesh’s main Opposition Samajwadi Party today opposed the division of the state into four smaller states as suggested by Chief Minister Mayawati.
Most Asian stocks fell, sending the MSCI Asia Pacific Index to its longest losing streak since December 2007, as a stronger yen threatened the value of Japanese exports and Australian unemployment rose.
India said the Chinese government had assured it no dam on the Brahmaputra was proposed
The Central Bureau of Investigation (CBI), probing the Satyam Computer Services fraud case, is currently in the process of preparing Letters Rogatory, which would be vetted by the Ministry of External Affairs before being presented in the court.
Ashish Sinha / New Delhi August 25, 2009, 0:40 IST
JSW Energy Ltd, part of the Sajjan Jindal-promoted Jindal South West Group (JSW), has sought alternative land from the Gujarat government to shift its power project from Junagadh in the west to the port town of Dahej in south Gujarat.
A host of companies plan to cash in on the spending boom.
Novartis finally ended with a Rs 21 or 3.6% gain at Rs 590. Around 30,063 shares changed hands at the counter today.