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Indian company has first right of refusal to buy partner’s stake.
FMCG major Dabur has alleged that US-based firm Aveda, which manufactures and sells Ayurvedic cosmetic products, is infringing on the trademark of its skincare range.
Reliance Mutual Fund will shortly launch an Islamic fund in Malaysia, a top company official said.
Internet search major Yahoo! today appointed Arun Tadanki as the managing director of its India operations.
Concerned over high density of population in the cities, Urban Development Minister S Jaipal Reddy today said there was a need to go in for high rise buildings.
Concerned over high density of population in the cities, Urban Development Minister S Jaipal Reddy today said there was a need to go in for high rise buildings.
Tata Steel today said it has entered into a joint venture agreement with Canadian mining firm New Millennium Corp for development of an iron ore project in North America, in which the Indian firm would invest 300 million Canadian dollars.
FMCG major Godrej Consumer Products today said it has sought shareholders approval for acquiring 51 per cent stake of US-based Sara Lee in the joint venture, Godrej Sara Lee.
May lose high-revenue-yielding subscribers; but users to benefit.
An express train carrying hundreds of passengers from Moscow to St Petersburg derailed, killing at least 22 people and injuring dozens of others, emergency officials said.
Food inflation touched more than a decade"s high of 19.95 per cent as of December five, driven by costlier vegetables, pulses, milk, wheat and rice, even as economists said they expected Reserve Bank to hike rates to tame price rise.
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.
Oilmeal exports from India are falling due to higher prices and low quality compared to those from the US, Brazil and Argentina, which are offering better quality of soybean and rapeseed at lower prices. Exports are expected to come down by 15-20 lakh tonnes during 2009-10.
Voltas takes the social cause route to promote its air-conditioners.,
Rajesh Tandon / October 11, 2009, 0:26 IST
Bhupesh Bhandari / New Delhi December 08, 2009, 0:32 IST
The economic recovery and a low base should help India Inc post robust profit growth for the December quarter.
Regulator may extend deadline after industry says it lacks Indian commanders
PSU says it’s winning back contracts that went to Chinese firms
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.
The New Year may bring challenges for distributors of financial products who had found solace in unit-linked insurance products (Ulips) after the Securities and Exchange Board of India (Sebi) had banned entry load on mutual fund instruments from August this year.
A new “old” Royal Enfield is born. We ride the Enfield Classic.
The initial public offers (IPOs) of companies like Tata Consultancy Services (TCS), NTPC and Jet Airways were rigged and scamsters gained close to Rs 100 crore between 2003-05, market regulator Sebi-appointed panel has said.
The last Auto Expo in January 2008 in New Delhi drew 1.8 million visitors. The 2010 edition scheduled at Pragati Maidan here, from January 5-11, is expected to draw close to 2 million visitors, which would make it the largest auto show in the world.
IT firm HCL Infosystems today announced its partnership with global chip maker Intel and state-run telecom operator BSNL to launch low-cost computing devices offering broadband wireless connectivity.
The commerce ministry has prohibited import of mobile phone handsets (classified under ITC (HS) Code ‘8517’) without International Mobile Equipment Identity (IMEI) number or with all zeroes’ IMEI, with immediate effect from October 14, 2009. Import of ‘CDMA mobile phones’ (classified under ITC (HS) Code ‘8517’) without Electronic Serial Number (ESN)/Mobile Equipment Identifier (MEID) or with all zeroes as ESN/MEID is also prohibited with immediate effect from the same date.
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.
Auto makers Maruti Suzuki, Hyundai and Hero Honda today reported robust sales in November, lending optimism that the good economic showing in the second quarter would continue.
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 Comedy Store, a humour club in the UK, will launch its Mumbai edition later this year. Founder DON WARD talks to Neha Bhatt
Jeffrey Owens is the director of tax planning and administration at the OECD’s Centre for Tax Policy, which is responsible for framing tax principles and ensuring that tax havens fall in line on disclosure norms and share information. He spoke to Sidhartha on recent developments and the strategy India should adopt on double taxation avoidance treaties. 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.
Media company UTV Software Communications today reported a consolidated net loss of Rs 23.33 crore for the quarter ended June 30, 2009, against a net profit of Rs 19.88 crore in the same period last year.
India"s biggest sugar refiner, Shree Renuka Sugars has reported a standalone net profit of Rs 48.2 crore, an increase of 298 per cent during the quarter ended September 30, 2009 as against the net profit of Rs 12.1 crore posted in the same period a year ago.
Industrial and automotive battery manufacturer Amara Raja Batteries is planning to invest Rs 95 crore in 2009-10 to enhance its manufacturing capacity among others.
The new Foreign Direct Investment (FDI) norms, which stipulate changes in the way foreign investment in a domestic company is calculated, have put a roadblock in the path of credit information bureaus, which are eager to rope in private sector banks as investors.
The growth in domestic manufacturing sector slowed down in August though the domestic demand continued to drive recovery despite lower margins. The HSBC Market Manufacturing Purchasing Managers Index (PMI), a seasonally adjusted headline index designed to measure the overall health of the manufacturing sector, stood at 53.2 last month down from 55.4 in July.
The government"s fiscal deficit has reached almost half of the full-year estimate in the first six months of FY10.
A four-member committee to shortlist the candidates.
This follows a renewed effort by CBDT to seek clarification on the issue.
The interim pension regulator, Pension Fund Regulatory and Development Authority (PFRDA), today said it has sought funds from the Finance Ministry for spreading awareness about retirement savings and a provision for the same is expected in the upcoming Budget.
Pharma firm Lupin today said it has acquired the worldwide rights for nasal spray AllerNaze from Collegium Pharmaceutical for an undisclosed amount.
Given India’s large geographical spread and ready availability of sunshine, solar energy could be the answer to our energy shortage.
Participants from 22 African countries are likely to attend the second India-Africa Hydrocarbons Conference, scheduled to be held here tomorrow and the day after. The objective is to bring together ministers in-charge of oil and gas, top government officers and captains of the industry for exploring partnership opportunities.
Sports Minister M S Gill today disfavoured the suggestion that India should bid for Olympics even if the Commonwealth Games next year are organized successfully.
Pratip Kar / New Delhi January 11, 2010, 0:53 IST
Business Standard / New Delhi December 29, 2009, 0:11 IST
Wahid Mansoori (37) grew up watching Hindi movies from the 1930s. Courtesy his father’s habit of collecting Bollywood memorabilia, Mansoori now runs a business selling them.
Closes in on Japan as second-largest economy.
A new battlefront has opened between multiplexes and big banner production and distribution houses. Ignoring the revenue concerns of the multiplexes, Reliance Big Pictures, Percept Pictures, UTV Movies and Dharma Productions want to release their new films on direct-to-home (DTH) television shortly after their release on theatre screens.
Namrata Acharya & Ishita Ayan Dutt / New Delhi November 27, 2009, 1:05 IST
Larsen & Toubro (L&T) is forming a joint venture with state-owned Nuclear Power Corporation of India (NPCIL) to explore co-operation in manufacturing and setting up of nuclear power plants as a part of India"s ambitious nuclear development programme.
The Centre would sign an agreement with the World Bank for about $3 billion for projects to cleanse the Ganga river as envisaged under the recently constituted National Ganga River Basin Authority.
Delhi-based HCL Technologies expects to sign around five deals in the media and entertainment (M&E) space. Talks are on with four global companies and one Indian firm, and HCL plans to close these deals by the end of this year. Most deals will be in the range between $50 million and $200 million (Rs 240-950 crore).
Tata Teleservices, Reliance Communications and other private mobile telecom operators owe over Rs 603 crore to the government towards outstanding spectrum charges and licence fee for the last three years.
Anil Ambani-controlled RNRL told the Supreme Court today that Mukesh Ambani’s RIL had put it in a disadvantageous position in terms of price, quantity and tenure in their Gas Supply Master Agreement (GSMA).
Anil Ambani-led RNRL has accused Mukesh Ambani’s RIL of trying to inflate its profits by pushing for $4.20 as per-unit sale price of gas from the KG Basin.
The Asian markets have ended in the green.
Autism awareness is growing, as the increasing number of cases shows
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.
The Anil Ambani group today accused the government of being a party to the "conspiracy" with Mukesh Ambani firm Reliance Industries (RIL) to "destroy" it but dropped its opposition to the Petroleum Ministry putting its stand before the Supreme Court.
Naveen Jindal-controlled Jindal Steel & Power Ltd (JSPL) is in the race for Mongolia’s Tavan Tolgoi coal project, one of the 10 biggest deposits in the world.
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
About ayear and a half after unveiling the car, Ratan Tata, Chairman, Tata Motors, will hand over the ownsership keys of the Nano to its first customer here tomorrow, at the company showroom in the Prabhadevi area.
Somany Ceramics, one of the leading ceramic manufacturer in India, the profit before tax recorded an increase of 105.5 per cent rising to Rs 5.28 crore from Rs 2.57 crore in the same period last year. The company reported an increase of 19 per cent in net sales to Rs 99.59 crore as against Rs 83.75 crore in the corresponding quarter last year.
Telecom giant Bharti Airtel is close to clinching a deal to acquire 70 per cent stake in Warid Telecom, a local mobile company in Bangladesh owned by Abu Dhabi Group, with top officials from both companies meeting here to "brainstorm a consensus", a media report said today.
British banks fear their fragile recovery will grind to a halt over the next few months, according to a survey by employers" organisation the Confederation of British Industry (CBI).
IDEA Cellular today bagged the title sponsorship for the one day international (ODI) cricket tri-series and the test match series. The series is to be played in Bangladesh from January 4, 2010. The cricket tournament, which includes a seven match ODI tri-series between India, Bangladesh and Sri Lanka and two test match series between India and Bangladesh will be titled ‘The IDEA Cup’.
Trainer Sarina Jain packs in Cardio Fitness in “masala bhangra“.
Expressing concern over series of arrests of US nationals as terror suspects, Secretary of State Hillary Clinton has said much of the training and direction for terrorists comes from Pakistan and the border area with Afghanistan.
Swiss drug manufacturer Novartis AG has been granted patent protection in India for Nilotinib, a superior version of blood cancer drug Gleevec (imatinib mesylate). It has been engaged in a legal battle with the government on the latter’s decision to deny patent protection for Gleevec.
Communications Minister A Raja is pushing an innovative plan under which vendors which supply equipment for 3G mobile services to state-owned Bharat Sanchar Nigam Ltd (BSNL) will share the bill for advertising and marketing the services in the first six months of the launch.
Why would the government want to rush through a badly drafted law, full of ambiguities? This is the question worrying R. Sreedhar, director of the Academy of Mountain Environics, a well-known trust promoting sustainable development solutions, about the National Green Tribunal Bill, 2009.
In an attempt to revive loss-making telecom equipment manufacturer ITI, the government today approved a proposal under which the company will continue to get orders for 30 per cent of products requirement of BSNL and MTNL in reservation quota.
The Cabinet is expected to clear tomorrow the proposal to grant the coveted "Maharatna status" to public sector blue-chips like ONGC, SAIL, BSNL, NTPC and CIL giving them increased autonomy.
The Ministry of Road Transport and Highways and the International Road Federation (IRF) find the social networking site twitter.com an innovative medium to bring down road fatalities.
A record addition of 15 million wireless telephone user in August has catapulted the total subscriber base in the country to 494.07 million, closer to the government"s 2012 target.
Vanita Kohli-Khandekar / New Delhi November 10, 2009, 0:55 IST
Rajya Sabha was today adjourned sine die after a month-long session, which witnessed passing of 17 government bills and discussions on a range on issues, including the Liberhan report and price rise.
According to him, GSS dominates the domestic market with over 70 per cent share and has a footprint in 40 countries including the US and the European countries.
After being unsuccessful with South African telecom MTN, Bharti Airtel is eyeing Bangladesh to expand its footprint.
Telecom giant Bharti Airtel is set to buy the majority stake in Bangladesh"s fourth-largest mobile phone operator Warid from its Abu Dhabi-based owners.
Country"s largest mobile operator in terms of subscriber base, Bharti Airtel today said mobile tariffs are likely to fall further with competition growing in the industry.
ArcelorMittal, the world’s largest steel maker, will benefit from a windfall of £1 billion (Rs 7,000 crore), thanks to the carbon credits issued to it under the European Trading Scheme. The Sunday Times today reported that ArcelorMittal will be the single largest beneficiary under the ETS due to its dominant presence in Europe.
Daiichi Sankyo, which has a majority stake in Ranbaxy Laboratories, today said it is going to launch some of Ranbaxy"s generic medicine in the Japanese market soon.
Kishore Biyani-led Pantaloon Retail (India) today said it will transfer its value retail business to its group company, Future Value Retail.
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.
BS Reporter / Kolkata/ Bhubaneswar October 12, 2009, 0:30 IST
Sea Trans Marine Private Ltd, a Kolkata-based shipping agency has filed a case in an international court in London against the owner and management company of the vessel Black Rose, which capsized near Paradeep port a month back.
Work on checking oil spill from MV Black Rose, the sunken vessel, has taken off a day after the visit of the high-level expert team from the Centre.
Nalco closed at Rs 392, higher by Rs 16 or 4.5%, on the BSE.
Lender have agreed to fund Haldia Petrochemicals" expansion plan, which had suffered cost and time overrun, as a study has found the project viable.
Three contract workers died in a mishap at a unit of the Haldia Petrochemicals (HPL) in East Midnapore district of West Bengal.
Energy firm Shell today ruled out huge capital investments in India and said it would rather improve upon on its competitiveness in the market.
The private carriers would continue to provide ground handling services inside the airport terminal, along with airport operators, Air India (AI) and other selected specialised service providers, under the policy approved by the government today.
Business Standard / New Delhi December 11, 2009, 0:03 IST
Bharathi Cement Corporation commenced its commercial operations from its Nallalingayapalli manufacturing plant located in Kadapa district of Andhra Pradesh on Tuesday.
Says government needs to increase subsidy on kerosene and LPG
After much dilly-dallying, the ‘Passport Seva Project’, which aims at expediting the process of issuance of passport by digitising the passport services, would be rolled out by early 2010.
The Union government and the government of Andhra Pradesh signed a memorandum of agreement (MoA) on Thursday for the establishment of Petroleum, Chemicals & Petrochemical Investment Region (PCPIR) in the state between Visakhapatnam and Kakinada.
Ch Prashanth Reddy / September 27, 2009, 0:07 IST
A peep into a new book about underrated Maharashtrian cuisine.
Announcing its foray into rural and micro-finance segment, Reliance Life Insurance Company Limited on Wednesday announced the launch of two new insurance products, Reliance Jan Samridhi Plan and Reliance Traditional Super Invest Assure Plan (RTSIP).
As many as 17 million Americans do not have bank account, mainly due to low income, says a survey by the US Bureau of the Census. Moreover, about 21 million people in the US rely on alternative financial services, despite having bank accounts.
Indian Premier League (IPL), the annual Twenty20 cricket championship aired on SET Max, will make a homecoming of sorts this year. In 2009, the second edition of IPL was played in South Africa because it coincided with the General Elections and the country’s security apparatus was stretched. This time it’s back to the country of its origin.
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Huawei, Samsung, Alcatel-Lucent, Hitachi may also bid.
Both Bharat Sanchar Nigam (BSNL) and Mahanagar Telephone Nigam (MTNL) are set to miss the mobile number portability (MNP) deadline of December 31.
Shyamal Majumdar / Mumbai November 12, 2009, 0:24 IST
The Sensex opened in the red following cues from Asian markets. The index touched a low of 16,161 but recovered to a high of 16,357. The index has dropped again and is now down 70 points at 16,288.
Business Standard / New Delhi January 06, 2010, 0:03 IST
A spike in the inflation numbers took its toll on the indices. The Sensex ended at 17,097, lower by 21 points and the Nifty closed at 5105, down 11 points. The FMCG, banking and consumer durables pack had a poor day.
Shree Cement today reported 17.66 per cent increase in sales for January 2010 at 8.82 lakh tonnes.
The markets have firmed up after a soft start this morning. The Sensex opened a point lower at 17,118, and soon touched a low of 17,089 owing to weak cues from the global markets.
American companies are planning to hike employees" salaries next year to retain talent as the economy is showing signs of recovery, says a report by consulting firm Mercer.
There are 600 employees of the Airports Authority of India (AAI) in Mumbai who draw their pay with no work to do.
Global semiconductor industry"s revenue is likely to decline by 11.4 per cent to $226 billion in 2009, a study has said.
Progress on infrastructure, real estate and power projects will determine value creation in the long run.
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.
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.
Andhra Pradesh chief minister said the Telugu film industry, headquartered in Hyderabad, has hinted at moving to new locations if the turmoil in the state continued.
Max India ended at Rs 204, higher by Rs 13 or 6.9%, on the BSE.
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.
Public sector lender Bank of India (BoI) today said its net profit declined by 53.50 per cent to Rs 405.50 crore for the third quarter ended December 31, over the same period corresponding fiscal.
India"s gems and jewellery exports lost sheen for the eighth month in a row with exports dropping by a sharp 24 per cent to $1.5 billion in May 2009 over the year ago month mainly on account of slump in demand in its major markets like the US and Europe.
M J Antony / New Delhi December 30, 2009, 0:49 IST
Tata Group firm, Rallis India, plans to infuse Rs 150-crore in its Dahej (Gujarat) plant to expand its production capacity, a senior company official said.
The Indian Air Force (IAF) today said it had sought permission from the government to fire at Maoists if they attacked helicopters.
Mysoreans will have the opportunity of witnessing for the first time thrilling aerobatic demonstration by the renowned Suryakiran team of the Indian Air Force (IAF) during this Dasara.
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.
Accusing North Korea of "directly" and "recklessly" challenging the global community by conducting a second nuclear test, US President Barack Obama today said this defiance "warrants action" internationally.
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.
The Andhra Pradesh government has decided to order a CBI inquiry into the helicopter crash in which former chief minister YS Rajasekhara Reddy and four others died.
The first thing that our government did in 2004 was to implement a large number of programmes to immediately reach out to the farmers and other rural artisans who were in serious distress. These included waiver of the power dues of farmers, supply of seven hours free power to farmers, reschedulement of loans and interest, etc.
Gaganjeet Bhullar wants to be the number one golfer in India, and is taking giant strides towards achieving his aim.
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.
I am planning to buy a car, which most probably will end up with my father. My budget is in the range of Rs 10-13 lakh. Which one would you suggest — the Honda Civic or the Toyota Corolla Altis? He normally prefers a petrol, but if you think the new Chevrolet Cruze is much better than the rest, then I can convince him for the diesel also. I am also looking at a used, last generation 2007 Audi A4 diesel. It is working out to be more expensive even in terms of finance. What will you suggest?
However, the survey says the Eleventh Plan period will create 58 mn new jobs
Bajaj Auto, whose name has been synonymous with scooters in India for decades, will stop producing the vehicle in the next three months. The company sells 300 automatic scooters every month under the brand name, Kristal.
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.
Kerala-based Federal Bank today denied reports on a takeover move on the bank by IDBI Bank which appeared in a section of the local print media. In a statement issued, the bank clarified that the reports are factually incorrect.
The Planning Commission has constituted a 20-member expert group to look at low carbon growth strategies for India. The group will be headed by Planning Commission member Kirit Parekh, senior sources disclosed late this evening.
China’s growth probably exceeded the economy’s speed limit in the fourth quarter, escalating pressure on Premier Wen Jiabao to withdraw stimulus measures even as the government seeks to strengthen domestic demand.
He may not be playing head chef anymore but Heinz Egli continues to delight us with his unusual recipes.
Finance Secretary Ashok Chawla today said the Reserve Bank of India"s (RBI) review policy has taken a balanced view of the current situation and the CRR hike would not have any affect either on interest rates or the industrial recovery.
Kotak Mahindra Group has partnered with Overseas Indian Facilitation Centre (OIFC) to offer wealth management advisory and investment services for NRIs.
Noting that the global order has changed dramatically since the establishment of the United Nations some 65 years ago, External Affairs Minister S M Krishna has asserted that the world body should also change and reflect the contemporary reality.
BHARTI AIRTEL
While launching a report on ecosystem services and biodiversity, Jairam Ramesh Union minister of state (independent charge) for environment and forests said that he didn"t know that there also existed blue and brown carbon besides green and black carbon. “These colours of carbon can be the answers to Benetton,” he joked.
Mobile operators are clashing yet again over the fee paid for spectrum (air-waves) with Vodafone claiming that Tata Teleservices and RCom were paying far less to the government - a charge denied by the two companies.
The European Union is holding its collective breath going into Thursday, when a conclave of the heads of its 27 member-states is expected to decide once and for all on the first ever European president.
No takers for road, port projects.
Five consortia led by Reliance Infrastructure, L&T, ITD Cementation India, Pioneer Infratech and Lanco Infratech have been shortlisted for the $2-billion (Rs 9,270 crore) High Speed Rail Link (HSRL) in Bangalore.
Agricultural commodity prices have started falling in the past one week. The prices have come down by 5-15 per cent. How long these will fall is not known but traders and analysts say that more rise would not be sustainable.
Jai Arjun Singh / New Delhi October 10, 2009, 0:51 IST
Asserting that the steel maker has substantial investment plans in India, Tata Steel has said, however, there are not many acquisition opportunities here.
India has a huge infrastructure problem and the solution so far appears to be to throw more money at the problem, without much effort to fix the core issues. A McKinsey analysis suggests India could lose up to around 10 per cent of GDP in the year 2017-18 due to shortage of infrastructure. While this is not a startling result, what is worrying is that the quality of expenditure has gone down with more money being spent. So, in the power sector, actual expenditures have fallen from 75 per cent of those planned in the 9th Plan period to a mere 58 per cent in the 10th one — roughly speaking, the 9th Plan was the NDA period and the 10th Plan the UPA’s first term.
Ahead of the Budget, Planning Commission Deputy Chairman Montek Singh Ahluwalia today said the country should further liberalise its financial sector to play a bigger role on the global landscape.
The below-average monsoon this year and the subsequent shortfall in the production of sugarcane in India will see the prices of Indian Made Foreign Liquor (IMFL) increase by 10-15 per cent in the next financial year, say industry experts.
Even as most analysts are saying the worst of the economic downturn is over, a survey by the PHD Chamber of Commerce reveals only 30 per cent of the respondents plan to increase their hiring activity.
Once the dust settles over the arrest and release of UP Congress chief Rita Bahuguna Joshi, it is expected she will be replaced soon. Apart from the crassness of her remarks, the party feels that since B L Joshi has been appointed as the state’s governor, it would be a good idea to appoint an OBC as the party chief in the state.
Japan Airlines Corp is planning to agree on capital tie-ups with foreign airlines by mid-October and to cut 6,800 group employees over the three years through March 2012 as part of its restructuring program, its president Haruka Nishimatsu has said.
Tax would ‘indirectly benefit’ multinational firms
The declining trend in engineering exports from India has prompted domestic export promotion body EEPC India to seek the Centre"s support for the sector. Engineering exports, which grew by 18 per cent last year touching $40 billion, have declined by 22 per cent in the first six months of the current fiscal year.
Engineering Exports Promotion Council(EEPC) expects growth in exports to remain flat this year at last fiscal"s 15 per cent levels.
A joint venture led by NHPC, the country’s largest hydel power producer, will develop the 1,500-Mw Tipaimukh hydropower project in the north-eastern state of Manipur.
It’s no longer just a war over prices. ‘Health’ appears to be the new proposition from snack makers. PepsiCo recently added a ‘health’ proposition to its bevy, with Aliva. Now Parle Products is performing a similar act with ‘Smart Chips’.
Allaying fears of broadcasters over content regulation, the Central government today said any regulatory mechanism would be formed only after consultations with stakeholders and the industry"s larger interests will be taken into consideration.
The government today fixed a price band of Rs 950-1,050 per share for the initial public offering (IPO) of Oil India (OIL), the second state-run firm to hit the market this year, and will raise up to Rs 4,982 crore.
The government is considering extending incentives to the services sector, battling demand recession in Western economies, in the Foreign Trade Policy to be unveiled next month.
NRI billionaire Anil Agarwal-led Vedanta Resources today said it will not offer more than the already announced $1.87 billion to buy bankrupt American miner Asarco but is confident that it can clinch the deal with the support of the US government and the trade unions.
Telecom solutions and services provider Aricent today said its has earned an all-time high ever revenue of $460 million in FY09 and is looking at listing on Indian bourses in the next three years.
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
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.
After venturing into the private equity (PE) space earlier through a joint venture, financial services provider Religare is now planning to go solo.
Kolhapur based Ghodawat Energy Private Ltd (GEPL), part of Ghodawat Industries, is planning to invest around Rs 1,300 crore to increase its wind turbine production and to set up wind farms. To support the investment the company is planning to go public and initiated talks with private equity for fund raising.
Business Standard / New Delhi November 10, 2009, 0:39 IST
The Mayawati government’s decision to ban import of raw sugar into Uttar Pradesh has sent sugar prices soaring. Ex-mill sugar price in the state is at a record high of Rs 3,700 a quintal, up 7-8 per cent from a month ago, though crushing season is on.
Samsung has got its act together in mobile handsets. The journey forward could be tough.
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.
The country"s largest steel maker, Steel Authority of India (SAIL), today said it has cut prices of its long products — used primarily in construction — by Rs 1,500-2,000 per tonne and may further lower the rates if the situation so warrants.
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.
Advance tax collections in the first quarter of fiscal 2009-10 have remained at the same level as last year, at around Rs 23,000 crore. These collections had showed a 20 per cent growth in June 2008.
Healthcare services provider Zydus Cadila has filed an application before the Drugs Controller General of India (DCGI) for its anti-diabetic drug.
Oscar-winner A R Rahman’s victorious run at awards ceremonies continues with the music maestro now fetching two nominations at the 2010 Grammy awards for his soundtracks from ‘Slumdog Millionaire’.
Government is mulling on raising its equity in the National Film Development Corporation (NFDC) in an attempt to revive the premier film making institution, Information and Broadcasting Minister Ambika Soni said today.
Environment Minister Jairam Ramesh neatly turned the tables on the BJP when it attacked the government using the comments made by David Axelrod, a key advisor of US President Barack Obama. Ramesh quipped, “Mr Axelrod is the Arun Jaitley of the Obama Administration.
The Supreme Court today issued notices to the Centre, pharma major Cipla, Ranbaxy Lab, Hetero Drugs, Natco Pharma and others on a pettion filed by Swiss firm Novartis AG challenging the denial of patent for its blood cancer drug Glivec in beta crystal form.
The country"s largest car maker, Maruti Suzuki India, today said it has roped in Bollywood actor R Madhavan as the brand face for its popular hatchback WagonR as it aims to increase sale of the car in South India.
As mega greenfield steel projects announced by behemoths ArcelorMittal and Posco struggle to make progress, multinational companies are charting a new route into India: Through equity participation in existing companies or by forging joint ventures.
Posco India Limited which is setting up a 12-million tonne per annum steel plant in Orissa has announced the formation of the Posco Foundation for carrying out various social welfare programmes focusing on development of underprivileged sections of the society.
The efforts of Posco India to generate public support for its integrated steel project near Paradeep have aroused the wrath of the anti-Posco activists.
The stock price of Uttam Galva Steels today hit the upper circuit on the stock exchange after ArcelorMittal, the largest steel maker in the world, said it would make an open offer to buy an additional 29.4 per cent stake in the company from the public at Rs 120 a share.
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.
Former BJP Chief Rajnath Singh today cautioned the UPA government against implementing Ranganath Mishra Commission recommendations on minority reservation, claiming that it will promote religious conversion and affect the unity and integrity of the country.
The markets began with a bang, but ended with a whimper--this cliched expression encapsulates the day"s proceedings. The Sensex had surged by more than 250 points in early trades on the back of firm Asian stocks and strong trade data from China, but surrendered all its gains to close lower by 13 points at 17526 and the Nifty ended at 5249, up 4 points.
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.
Tata Steel today said its sales for the October-December quarter surged 49 per cent to 1.5 million tonnes, driven by robust demand from sectors like automobiles and consumer durables.
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.
Declines to 9.35% in April-September from 17.23% in the same period of last year.
The country"s largest steel maker, Steel Authority of India (SAIL), today reported a 32 per cent growth in sales at 1.3 million tonnes in December 2009.
Reliance Life is in talks with Chinese insurance giant China Life for a pre-initial public offer (IPO) placement. The Anil Dhirubhai Ambani group company is also in discussions with a private equity player for a total placement of 15 per cent stake.
The Orissa Power Transmission Corporation Limited (OPTCL) will execute projects worth Rs 2,000 crore for improvement of the power infrastructure in the state on a priority basis.
Swaraj Baggonkar / Mumbai January 5, 2010, 0:31 IST
To make up for 80% of losses incurred by component suppliers
The Allahabad High Court today quashed UP government"s notification for use of emergency powers to buy land for Anil Ambani group firm"s Dadri power project, side-stepping a provision for inviting objections from land owners.
In order to encourage intra-state power trading business, state power sector regulator Gujarat State Electricity Regulatory Commission (GERC) has proposed an intra-state electricity trading margin of not more than 4 paise per unit.
Merchant power becomes attractive, as business evolves into end-to-end model.