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Contrary to popular perception on interest rate movement, expected to head north following a likely central bank action on monetary tightening, banks may actually end by cutting rates in the below-prime lending rate region for at least their corporate clients.
Nilanjana S Roy / New Delhi October 6, 2009, 0:25 IST
Despite the heaviest flood in river Krishna in more than 100 years -- with 10 lakh cusecs gushing in at a menacing pace -- people in many villages are still reluctant to move to safer places.
The stock markets rose sharply on Monday on the back of strong gross domestic product (GDP) numbers and firm global cues. The Sensex closed at 16,926, higher by 294 points, and the Nifty re-gained the 5,000 mark to close at 5,026, up 84 points, on a steady day of trade. The Sensex had surpassed the 17,000 mark (17,096) in intra-day trades.
Cases of attacks on Indians in Australia have increased more than five fold this year compared to last year, the Rajya Sabha was informed today.
The Bombay Stock Exchange’s Healthcare Index has outperformed its benchmark, the BSE Sensex, surging 33 per cent in six months (Sensex up 17 per cent) and 21 per cent in the past three months (Sensex up 8 per cent), indicating that investors have started re-rating pharmaceutical companies.
Road Transport and Highways Minister Kamal Nath said here that India had increased its per-day construction of roads to 9 km and the target of developing 20 km daily would be accomplished by April.“We have reached 9 km per day of road construction and will hit our target of 20 km a day by April,” Nath, who was here to hold talks with the Malaysian government to invite them to enter the highway construction sector in India, said.Thirty-five Malaysian companies are already involved with various infrastructure projects in India.To construct 20 km of raods a day or 7,000 km a year, there had to be 20,000 km of work in progress, he said.
Newly elected BJP MLAs met today to decide on supporting JMM chief Shibu Soren as the new Chief Minister.
In the words of our present Chief Justice of India,“….. the citizens’ faith in the judicial system will begin to wane because justice delayed is justice forgotten, excluded and finally discharged “ The quote certainly does not auger well if one were to look at pendency of tax cases in different layers of our judicial hierarchy – 28,000 cases in high courts with disposal rate of roughly 6000 each year. Ironically, the situation is worse in Mumbai, Delhi, Kolkata & Chennai where the wait time ranges between 10-15 years. Not to forget the figure of 2 lac crores often debated in the Parliament as arrears of tax in dispute. These could be more staggering in the future.
Bank of Baroda (BoB), Andhra Bank and Legal & General’s insurance joint Venture, IndiaFirst Life Insurance Co, has received all regulatory approvals for its products, and would launch operations in the second or third week of December, P Nandagopal, chief executive officer, IndiaFirst Life Insurance, said.
Finding the economy and markets back on the recovery path, more than 60 companies are looking to raise an estimated Rs 50,000 crore through sale of shares and awaiting the regulatory nod for the same.
Karnataka has prepared a comprehensive plan to provide drinking water to 21,000 villages through surface water supply schemes in the next five years, state minister for minor irrigation Govind Karjol said today.
Over 50 per cent of the electorate cast their votes in the fourth phase of the assembly polls in 14 Maoist-affected constituencies in Jharkhand, which passed off peacefully today amid tight security.
The Supreme Court (SC) last week asked the Haryana Financial Corporation to refund the amount received from a buyer of a defaulting unit as it had not disclosed certain vital facts to the buyer. The corporation had forfeited the amount when the buyer withdrew from the contract of sale. The SC stated in the case, Haryana Financial Corporation vs Rajesh Gupta, that a “mere perusal of the provisions of the Transfer of Property Act will show that it was incumbent upon the corporation to disclose to the buyer about the non-existence of an independent passage to the unit. It was also the duty of the corporation to inform the buyer that the passage mentioned in the revenue record was not fit for movement of vehicles. The corporation also failed to show the buyer the entire documentation as required by law.”
A partially-burnt body found in Australia"s New South Wales province last week is believed to be of a 25-year old Indian national, police said today, in what might be the second fatality in a slew of vicious attacks on Indians.
In yet another attack on Indian students here, a 22-year-old youth was punched on his face by a group of Australians, who also told the victim that "in this place there is no home for you".
In the backdrop of racial attacks against Indians, three students of the community were bashed and robbed when they were returning home at night.
India today said it was hoping for an outcome with "substantive and enforceable commitments" at the Copenhagen climate meet which are "equitable and supportive" of economic growth in developing nations.
A late charge by bulls helped key indices surpass crucial resistance levels. However, select momentum indicators are currently in a sell mode even while the trend is up. It seems that markets will remain directionless until a clear breakout in either direction appears.
The government today said Hindustan Copper would ramp up production to 11 million tonnes per annum by 2017 with an investment of Rs 3,500 crore.
- Vidal, withal - Energy sleuth - Pulp fiction - Hello, China - Mountain lines - Prefaces
Autonomy with more powers for the commodity futures market regulator, Forward Markets Commission (FMC), now seems certain with the Reserve Bank of India saying that futures trading cannot be held responsible for the recent spurt in essential commodity prices. This clearly means that futures trading is getting support from policy-makers — a fact that is likely to prompt the government to introduce the Bill granting more powers to FMC in the next Parliament session.
The commodity futures market, which has a turnover of over Rs 50 lakh crore, will see more changes and a deepening of the market with the entry of two new exchanges in the second half of 2009.
Oil rose further in Asian trade today, underpinned by a better-than-expected expansion in the US manufacturing sector, analysts said.
The toll in the fire at Indian Oil Corp"s (IOC) fuel depot outside the Pink City may rise to nine as six missing employees are now feared dead, even as fire fighters and the Army worked to contain the blaze that has burnt about Rs 150 crore worth of auto fuel.
With a relative surge in world prices of natural rubber (NR) as compared to domestic ones, the hitherto heavy inflow of imports seems to have got arrested.
Emerging-market telecoms: Emerging-market telecoms are in hot demand – so much so that the valuation attributed to Kuwait-based operator Zain Telecom by a consortium of Asian investors seems, well, zany.
Team up with little-known Delhi-based group, Malaysian billionaire but say ‘no view’ taken on their participation.
Upbeat from the success of his designer limousine rental business, Shashin Shah of Yogi Auto Care has now come up with a second lounge-look limousine developed by leading designer Dilip Chhabria. Shah plans to expand his limousine fleet to have at least one such modified car in every major city of Gujarat in the coming years.
Drug maker GlaxoSmithKline Pharmaceuticals today said its net profit for the first quarter ended March 31, 2009, rose by 18.14% to Rs 143.27 crore.
The number of jobs lost in the US came down sharply by 247,000 as the unemployment rate declined to 9.4 per cent in July, one of the strongest indications yet that recession in the world"s largest economy is easing.
Cost pressures due to rising input prices may hit profitability.
Fund flows into emerging equity and riskier bond markets slowed for the week ended December 2 amid Dubai"s multi-billion debt woes, a fund tracking consultancy said.
Europe’s largest car maker, Volkswagen AG, today started production of its small car Polo at its plant in Chakan near Pune.
A fine legal question has arisen which is whether a board"s circular can make a classification prospective when legally it is retrospective. This has arisen because of a Supreme Court judgement in the case of Jai Fibres Ltd vs CCE, Mumbai — 2007(218)ELT484(SC) interpreting the retrospectivity of classification on the basis of a CBEC Circular No.54/12/91-CX.1 dated 24.7.1992.
The direct selling industry in India has pitched for direct selling laws in India on the lines of the legislation prevalent in countries like USA and UK for the benefit of the industry as well as the consumers.
Sunil Jain / New Delhi January 04, 2010, 0:20 IST
Continuing the post-Diwali trend, markets extended losses for the second straight week. In fact, bears had the upper hand throughout the week, with the Nifty declining 5.7 per cent (285 points) to 4,712. In the last two weeks, the index has shed 8.4 per cent.
Global coffee production during the 2009-10 crop year may dip below last year"s level of 128.1 million bags due to bad weather in top three growing countries — Brazil, Vietnam and Colombia, according to the International Coffee Organisation (ICO).
Cotton exports may rebound to 1.4 million tonnes (MT) in the 2009-10 season as a recovery in the global market is expected to boost demand for the fibre, the International Cotton Advisory Committee (ICAC) has said. “Exports from India could rebound to 1.4 MT,” ICAC said in a statement.
India is unlikely to achieve the $200 billion export target this fiscal due to the continuing global financial crisis, the Rajya Sabha was informed today.
The state textiles and handloom department plans to work on improvement of designs of the famed traditional handloom products to make them more marketable in the international markets.
Cotton prices seems to have started moving upwards following sustained buying of exporters and reduction in arrivals of the commodity due to festive season of Diwali. The prices in both spot as well as forward market have surged in the range of Rs. 500 to Rs. 600 per bale in last week.
Oman Oil Company (OOC) has paid a full 50 per cent premium for a re-entry into the Rs 11,397-crore Bina Refinery project of the state-run Bharat Petroleum Corporation (BPCL).
State-run power producer NTPC today signed agreements with GAIL, Indian Oil Corp (IOC) and Bharat Petroleum Corp (BPCL) for sourcing gas for its power project at Kayamkulam in Kerala.
Advisory firm calls for vote against Taro board’s proposals
A contentious statement on Indian poverty, put out some years ago by Arjun Sengupta, said that 78 per cent of Indians lived on less than Rs 20 a day. That figure always looked problematic, but has become a favourite statistical weapon in the hands of the Left. So it is just as well that the Suresh Tendulkar report on poverty has effectively nailed that number. The Tendulkar report says that 25.7 per cent of urban residents are below the new definition of the poverty line, because they spend less than Rs 578.80 per month. That is Rs 19/day, close to the Sengupta benchmark. Given the urban-rural mix of 28:72, if the Sengupta claim of 78 per cent for the country as a whole (urban and rural) is correct, then 92 per cent of all rural residents would have to be consuming less than Rs 20/day.
I read Catcher in the Rye again after 21 years… I wanted to understand the nature of JD Salinger’s hold on the teenager who lives on in my middle-aged heart… I think people go back to prison again and again because they find out how easy it is to live behind walls. If you mind your own business, and fight just enough to establish your own space, people don’t bother you much. There’s plenty of time to read and brood; all in all, not a bad place for ducks to spend the winter.”
Britain today called on Pakistan to see through in "a full way" the trial of seven suspects arrested in connection with the Mumbai attacks and to punish them if they are found guilty.
Maintaining that its work is to promote entrepreneurship and to make money, the National Innovation Foundation (NIF) has clarified that it is not awaiting any money from filmmaker Vidhu Vinod Chopra, the producer of 3 Idiots. Chopra had sourced NIF’s innovations for his film.
Garment and apparel retail chain Shoppers Stop today said it has obtained shareholders approval to issue 40 lakh shares by way of qualified institutional placement to garner resources for its expansion plans.
The Supreme Court today asked the Madras High Court to first hear on Thursday the amalgamation plea of cash-strapped retail chain Subhiksha Trading Services with its subsidiary Blue Green Construction and Investments (BGCIL).
CMD Shanghvi’s hard-hitting letter contrasts financial returns of the two firms.
Several mines exploded along the Line of Control (LoC) when a fire broke out in the area, defence officials said today.
The Swine flu toll in Pune has gone up to 87 with two more deaths confirmed by health officials today.
Swine flu deaths continued unabated with a 44-year-old woman and a 28-year-old man succumbing to the virus in Delhi and Bangalore, pushing the pandemic toll to 76 as 137 more contracted the infection across the country.
Drug manufacturer Aurobindo Pharma today said it will acquire Trident Life Sciences (TLSL) for an undisclosed amount.
Drug maker Cipla today said it will raise Rs 1,500 crore from international market by issue of securities.
Glaxo SmithKline Pharmaceutical today said it is looking at launching its patented medicine promecta, used in treatment of depleted platelet count, in India by this year-end or early next year.
As is now well known, the Task Force appointed by the Thirteenth Finance Commission, Government of India, has issued a report on December 15, 2009 detailing the recommendations on various issues relating to the design and implementation of the proposed GST in India.
The Tata group has agreed to hand over the land alloted for its abandoned Nano project at Singur "if there was meaningful negotiation", West Bengal Industry Minister Nirupam Sen said here today.
Indian conglomerate Tata Group has rejected a 10 million pound British government loan, which was supposed to be used for developing an electric version of one of its existing models, says a media report.
Naphthol Tar Fondue, Reactor Residue Quiche, Sevin Tar Souffle, Lime Sludge Mousse — these are on the menu of “Benign Buffet” to be served to government officials and members of the state cabinet with a complimentary B’eau Pal (Bhopal) Water Cocktail on November 28 at 12 noon on the Union Carbide road. The chefs are DRDE (Defence Research and Development Establishment), Gwalior, R Vijayraghavan and Sous-chef Tapan Chakravarty of Neeri, Nagpur.
Latha Jishnu / New Delhi November 12, 2009, 0:21 IST
For the Americans (and some Europeans) it’s “that pesky section”. And the US government is throwing its weight behind an industry campaign to discredit this section if not get it removed from India’s Patent Act. Yes, of course, it is Section 3(d) that is under attack from big pharma which has lost no opportunity in pointing out that this law will stifle the growth of India’s own drug companies and also choke off foreign investment in the sector. In recent weeks, this campaign has picked up in tempo both here and abroad.
Kotak Mahindra Bank has won a cybersquatting case at the World Intellectual Property Organisation (WIPO) against a South Korea-based person, who was using the name "Kotak" in an internet domain.
What happens when the apex patents organisation brings an economist, sorry, a chief economist, on board? You get a report that links the impact of the economic crisis to patent filings and seeks to explain a complex pattern through a fixed prism. You also get a report with a snappier title even if its conclusions are not entirely convincing.
The Nordic region (Norway, Denmark, Iceland, Finland and Sweden), which is now opening up to offshoring as a viable option to sustain its long-established competitiveness, offers an untapped $10 billion outsourced services opportunity for Indian IT companies, said a Nasscom-PricewaterhouseCoopers report.
PSL zoomed 11.5% to settle at Rs 142. The counter finally witnessed a four-fold increase in its traded volume of 767,408 shares as against its two-week average traded quantity of 198,622 shares.
Pratibha Industries zoomed 10% to close at its upper circuit limit of Rs 178. The counter witnessed a near five-fold increase in its total traded of 51,462 shares as against its two-week average traded quantity of 10,784 shares.
Construction and engineering firm Gammon India today said it had decided to raise $200 million (Rs 958.6 crore) in qualified institutional placement (QIP) in accordance with Sebi rules. The board of directors took a decision to this effect at its meeting held on Friday, Gammon India said in a disclosure to the BSE.
Glenmark Generics Ltd, a subsidiary of Glenmark Pharmaceuticals Ltd, has confirmed that Smithkline Beecham Corporation (d/b/a) Glaxosmithkline (GSK) filed a patent infringement lawsuit on their US subsidiary, Glenmark Generics Inc, USA (Glenmark) in the US District Court for the District of Delaware in connection with the Abbreviated New Drug Application (ANDA) filing for Atovaquone and Proguanil hydrochloride 250mg/ 100mg tablets.
Premvir Das / January 31, 2010, 0:16 IST
Two research students were burnt alive in a fire that broke out at a chemical laboratory inside the Bhabha Atomic Research Centre (BARC) complex at Trombay, near Mumbai.
Rallies, hunger strikes and demonstrations continued in Telangana region of Andhra Pradesh today after the Joint Action Committee (JAC) intensified its agitation, mounting pressure on the Centre for a separate statehood.
A solution to the Telangana issue could be found only after wider consultations among all political parties in Andhra Pradesh and also at the national level, Union Law Minister M Veerappa Moily said today.
MPs and MLAs from Telangana cutting across party lines today resigned their seats in protest against the Centre"s decision to put the issue of the separate state on the backburner as the region shut down following a 48-hour bandh call.
New dy governor of RBI says capital flows, inflation challenges
Reliance Industries" (RIL) MA oilfield in the predominantly gas-rich KG-D6 block will hit peak output by this year-end, even as plans are underway to put nine more gas discoveries in the area into production, its Chairman Mukesh Ambani said today.
Could approve foreign investments of up to Rs 1,200 crore.
Sensex ends up 35pts
India will push for building large capacity integrated nuclear energy parks to step up nuclear power production to meet increasing power demands, Atomic Energy Commission Chairman S Banerjee said today.
Mahindra Satyam today said its board has approved settlement of lawsuits brought by its former client Upaid Systems by paying $70 million.
Ask for amendment of the Atomic Energy Act and rule changes to
Optimistic on job losses, but closely watching the situation, says overseas Indian affairs ministry
Only public sector player to have performance-linked salary
The Kerala High Court today adjourned a petition filed by Subramanian Swamy, a former Union minister, against the proposed commencement of an Islamic bank with state participation. A bench of Chief Justice S R Bannurmath and A K Basheer adjourned the case for january 5, for a detailed hearing.
The Punjab government today said it will set up a fund of Rs 150 crore to upgrade industrial infrastructure in a bid to give a boost to the state industry.
The Mukesh Ambani-led Reliance Industries (RIL) is not responding positively in connection with the contract awarded to it for revival of the closed sugar mill at Motipur in Bihar"s Muzaffapur district, according to state Industry minister Gautam Singh.
Mahindra Satyam, the new brand identity of Satyam Computer Services, has embarked on international expansion and as part of this, is expanding its global solution centre (GSC) operations at its 15-acre campus in Cyberjaya, Malaysia.
Delhi-based Bhushan Steel is yet to get land for its six million tonne steel and power project near Asansol, but has almost completed purchasing land for its cold rolling (CR) project at Sankrail in Howrah.
The Indian Institute of Management Bangalore (IIM-B) has for the second consecutive year been recognised as the number one business school in India.
Domestic air traffic in April was 14.8 per cent less compared to the same period last year. On the other hand, passenger load factors for all carriers rose significantly compared to the previous month, as a result of smarter pricing and cuts in capacity.
Realising that their two-way trade does not match the potential, India and Japan today decided to give a push to negotiations on the proposed Comprehensive Economic Partnership Agreement (CEPA) with an aim of concluding it by next year.
IT firm HCL Infosystems today said it has partnered with Sanako Corporation for providing education solutions.
After 20 years in the making, the Kaveri jet engine will finally take to the skies.
State-owned defence and aerospace company Hindustan Aeronautics Ltd (HAL) said today that it was not trying to monopolise the aerospace sector in the country.
Infocrossing, a company acquired by IT firm Wipro, has entered into a multi-year agreement to provide infrastructure services to Cliffs Natural Resources Inc, an international mining and natural resources company.
Half of Reliance Industries Ltd’s (RIL’s) KG-D6 additional gas production will go to the power sector. The Empowered Group of Ministers (EGoM), headed by Finance Minister Pranab Mukherjee, has finalised consumers for the 50 million standard cubic metres a day (mscmd) of gas that RIL would produce beyond the initial 40 mscmd for which customers had been decided earlier. The fertiliser sector has been allocated 15.3 mscmd out of the initial 40 mscmd gas production.
A move is afoot to transfer a major shipyard to the Defence Ministry, a step aimed at creating capabilities to construct nuclear submarines.
The government is planning to comprehensively revise tax treaties with as many as 25 nations, including Switzerland and Mauritius, and re-negotiate with 51 others, to trace black money.
Homi Sethna, the guiding force behind India"s first nuclear test in 1974, today waded into the 1998 Pokhran row when he slammed former President A P J Abdul Kalam suggesting he was no qualified authority to rubbish former DRDO scientist K Santhanam"s claim that the explosion was not a full success.
Shyam Ponappa / New Delhi December 3, 2009, 1:35 IST
Swine flu scare seems to have kept away many foreigners from visiting India, as there is a downward trend in tourist arrivals.
Hoping to get the US government"s nod to go ahead with its business in India, GE Hitachi has begun talks with domestic companies like BHEL, Bharat Forge and Larsen & Toubro for making atomic power equipment.
In a bid to attract more Indian students to the US, ten universities from the US have collaborated with IDP Education, a student placement service provider.
The big three US automakers - Ford, Chrysler and General Motors - saw their US sales decline by double digits in 2009 as growing unemployment and a sluggish economy curbed demand for vehicles.
The Planning Commission today said it will start interacting with Union ministries over the next two to three weeks over their demands for gross budgetary support for the next fiscal, amid reports that ministries have asked for a steep hike in resources in the Plan outlay.
2,500 schools in first phase, another 2,500 to be added
Iconic US motorcycle maker Harley-Davidson today said it will bring 12 motorcycles in the Indian market priced between Rs 6.95 lakh and Rs 34.95 lakh (ex-showroom New Delhi).
Bhupesh Bhandari / New Delhi November 17, 2009, 0:13 IST
Sreelatha Menon / New Delhi November 15, 2009, 0:32 IST
Sreelatha Menon / New Delhi November 29, 2009, 0:22 IST
Takes decision after Delhi High Court’s objections.
Sreelatha Menon / New Delhi October 11, 2009, 0:10 IST
The win-win deal between United Breweries and Heineken opens up a window of growth opportunities for the duo.
Sreelatha Menon / New Delhi September 27, 2009, 0:09 IST
City-based PGP Educational & Welfare Society, which runs engineering and arts colleges, is now planning to become an integrated one stop point by including medical education. The trust had already applied for a university status.
Will leave for Denmark on December 17
With the world"s largest economy climbing out of recession, US President Barack Obama has said there are clear signs that his government"s efforts to stimulate the economy were moving in the right direction, though there are challenges ahead.
- US economy moving in right direction: Obama - US economy expands 3.5% in Q3 - White House defends Obama"s economic policies - It may take US over seven yrs to wipe off job deficit: Report - Oil lower in Asian trade - Job mkt still grim; 27 people lose job per hour
Getting the right packaging material at an affordable price is a major challenge facing coffee exporters in India today. India, like other coffee exporting countries, uses the conventional jute bags for exporting green coffee. However, when it comes to exporting roast and ground coffee, the material used for packaging plays a major role. As of now, India’s roast and ground coffee exports in the retail form are very small in volume at 200 tonnes, whereas the country’s total green coffee exports are about 180,000 tonnes.
Jagdish Bhagwati / New Delhi January 08, 2010, 0:56 IST
Congress general secretary Rahul Gandhi’s shadow over the government’s social sector programmes just got longer. After being a part of the Parliamentary Standing Committee on Human Resource Development, Gandhi has now been inducted to Parliament’s Consultative Committee on Rural Development — he is one of the 30 members of the committee which was constituted last month and which is headed by Rural Development Minister C P Joshi.
Seeking immediate release of Rs 137 crore under NREGA for the state, Orissa government today asked the Centre to include all disadvantaged groups like HIV positive people in the proposed census for BPL, official sources said.
Ivy League colleges – Yale, Harvard, Princeton and the Massachusetts Institute of Technology – have approached the ministry of human resources development to collaborate in the proposed Innovation Universities across the country, official sources said.
The 10th Auto Expo will open here tomorrow with over 10 global launches and previews of small and green cars by the likes of Honda and Toyota during the week-long event -- billed as the world"s biggest in terms of footfall.
After hiking prices for the last two consecutive months, state-run Steel Authority of India (SAIL) has said it may not increase prices further in view of a downward trend in the international market, especially China.
The two firms have been collaborating for several years.
IT consulting firm KPIT Cummins today said it will increase its focus on the Chinese market and plans to tie-up with more automobile companies and components makers for providing software solutions.
Since the foreign partner isn’t buying equity in JSW Steel, there’s no reason for a re-rating.
The government is likely to raise around Rs 32,000 crore from disinvestment in NMDC and Steel Authority of India Ltd (SAIL).
With the availability of the 3G spectrum, about 275 million Indian subscribers will use 3G-enabled services, and the number of 3G-enabled handsets will reach close to 395 million by 2013-end, estimates the latest report by Evalueserve, a provider of knowledge process outsourcing (KPO) services.
Iran today reiterated it has no plans to build nuclear weapons, after US Secretary of State Hillary Clinton warned Tehran that any pursuit of atomic arms was futile.
The United States and China today pledged to work together to fight climate change and promote free trade as they set the stage for an era of closer cooperation between the Pacific giants.
US-based auto component maker Arvin Meritor today said it has opened its first technical centre in India and would be recruiting 100 engineers for the facility as part of its efforts to improve product development.
Concerned over food inflation spreading to other sectors through adverse expectations, Reserve Bank of India (RBI) Deputy Governor Shyamala Gopinath has said the near-term policy challenges will depend on the evolving growth-inflation outcome that supports shifting the focus of the policy to managing recovery and containing inflation.
AV Rajwade / New Delhi December 28, 2009, 0:57 IST
Aksh Optifibre’s Internet Protocol Television (IPTV) service iControl, with a subscriber base of over 30,000, has plans to increase its IPTV subscriber base and reach the 100,000 mark by September 2010.
The government has deferred a decision on a proposal by food and beverages major Pepsico to induct additional equity worth about Rs 930 crore in its Indian subsidiary. The proposal for induction of foreign equity (by Pepsico) has been deferred, an official statement said, without specifying reasons for the deferment.
Enthused by robust performance of the economy in the second half of 2009-10, Finance Minister Pranab Mukherjee today said fiscal deficit would not exceed the target of 6.8 per cent of the gross domestic product (GDP).
India and Bangladesh are expected to sign at least six deals during Prime Minister Sheikh Hasina"s visit to New Delhi from January 10, including on cooperation on cross-border terrorism and exchange of convicted criminals, officials said here today.
Paving the way for availing concessional finance, the Orissa government and its financing arm, Orissa State Finance Corporation (OSFC) today inked a tripartite agreement with Small Industries Development Bank of India (SIDBI).
Byravee Iyer / Mumbai January 5, 2010, 0:31 IST
Markets opened weak this morning following cues from the Asian markets. The Securities and Exchange Board of India’s (Sebi’s) move against Reliance also dampened the sentiment. The stock slipped below the Rs 1,000-mark in early trades.
Andhra Pradesh Chief Minister K Rosaiah today said that there was no time-frame for moving a resolution in the State Assembly on the Telangana issue.
AP Assembly adjourns till Monday in the wake of 117 legislators resigning over the Telangana issue.
Shipping Corporation of India (SCI) has entered into an agreement with Geneva-based Mediterranean Shipping Company (MSC) to run its European service.
US carmaker General Motors today launched its global mini car "Chevrolet Beat" in India priced between Rs 3.34 lakh and Rs 3.94 lakh (ex-showroom Delhi).
The market is likely to be volatile on the last day of the expiry of the December series as rollovers in index and stocks futures on the penultimate day were substantially lower than the same time last month.
Developing-nation stocks may rise 32 percent in the next 12 months as a faster-than-expected earnings recovery fuels a long-term bull market, Morgan Stanley said.
India-born steel magnate Lakshmi Mittal remains the richest business tycoon in South Africa despite his fortune having halved in the past year due to the global recession.
The Madras High Court today ordered issuance of notice to Union Home Minister P Chidambaram on a petition from his AIADMK rival challenging his election from Sivaganga constituency in the May Lok Sabha elections.
In the face of alleged multi- crore rupee kickback, which is being probed by CBI, the government is considering cancelling power PSU NTPC’s Rs 2,000-crore contract with a Russian equipment firm.
Drug major Lupin and Swiss Garnier Life Science moved the Delhi High Court on Monday, challenging the government’s decision to fix the price of their anti-asthma drug Doxyflline. In their petition, Lupin and Garnier Life Science challenged the National Pharmaceutical Pricing Authority circular, in which it has put its two medicines under the first schedule of the Drug Price Control Order of 1995.
Drug firm Lupin today said it has settled all litigations relating to memantine tablets, the generic version of US-based Forest Laboratories" Alzheimer drug "Namenda".
Market leader in utility vehicles in India, Mahindra & Mahindra (M&M), today said the company was open to alliance in the two-wheeler space, but nothing is on the anvil.
The famous “Day Zero” at the Indian Institutes of Management (IIMs) will soon be history. IIM-Ahmedabad in a meeting held with over 30 representatives of top Indian companies today proposed a “cluster” system by March 2010, wherein companies would be divided as per their sectors and invited on the campus in batches over the weekends.
General Motors today said Chris Liddell, Microsoft Corp"s outgoing finance chief, has been appointed as the vice-chairman and chief financial officer of the auto giant.
Microsoft India today launched a program -- WebsiteSpark -- for training professionals on web development and designing.
Going by the performance so far, Maruti seems to be on track to achieve sales of 1 million vehicles in 2009-10.
FMCG major Dabur plans to launch ready-to-cook products under its "Hommade" brand to expand in the estimated Rs 2,800-crore packaged food segment.
The Nifty faced resistance above 5,200 and closed below the trend-line resistance level of 5,182 on profit-booking at higher levels. The market will remain closed tomorrow and on Monday. Rollovers in the January futures were substantially lower at 10.22 million shares, with only three trading sessions left for the expiry of the December series. So we may see strong carry forward of positions.
Production to begin in 12-15 months; second such venture.
Commercial vehicle maker Ashok Leyland today said it expects a double-digit growth in sales during this fiscal on the back of a strong demand.
Deepak Lal / New Delhi January 30, 2010, 0:24 IST
Oil marketing companies (OMCs) want a price cut of as much as Rs 8 in the procurement price of biodiesel from the producers, who, however, do not agree to this idea.
Concerns over climate change are only second to profit amid the slowdown, but in India it is rising and over 54 per cent continue to be "very concerned" about global warming, a survey says.
Public sector oil marketing companies(OMCs) are projected to incur under-recoveries of Rs 45,478 crore on retail sale of petrol, diesel, domestic cooking gas and kerosene during 2009-10, based on the refinery gate prices in the first fortnight of December.