Public Relations
The Centre today urged the states to import foodgrains through their PSUs to support the public distribution system (PDS) and promised to look into subsidies for such imports.
Hinduja group firm, Ashok Leyland today said it will roll out 25 products in the next eighteen months from its newly launched truck platform and will shift all existing products to it by 2013.
Swaraj Baggonkar / Mumbai January 5, 2010, 0:20 IST
Deepak Lal / New Delhi January 30, 2010, 0:24 IST
Amid the campaign by some legal activists for impeachment of Karnataka Chief Justice P D Dinakaran, the government today said it was not aware of any such move.
To dole out Rs 3,000 cr to fertiliser companies; Rs 800 cr to AI
Eyes 90-year, revenue-sharing contract for eight fertiliser units.
The country’s first Special Economic Zone dedicated to the Aerospace industry has been inaugurated in Belgaum district. The SEZ situated at Hattaragi, 37 km from Belgaum is promoted by Quest Global, an aerospace engineering and manufacturing company. The SEZ houses an engineering services facility, a precision machining unit and Aerospace Processing India, a joint venture between Quest and Magellan, a processing facility, which is critical for the industry.
The Delhi High Court today directed the government and the National Aviation Company of India (NACIL) to file their reply on a petition challenging the merger of two state carriers Air India and Indian Airlines.
Airtel DTH has high hopes from a market that offers scope for exponential growth but is already packed tight like a can of sardines. Can the telecom major pull it off?
Bangalore International Airport Limited (BIAL) has extended its end-to-end managed services contract with Nortel for three years. Nortel will manage BIAL’s entire IT infrastructure, which includes data and wireless network systems and will oversee network security. This network will be managed remotely through Nortel’s Network Operations Center (NOC) in India, which will continue to ensure the high level of reliability and dependability the airport requires.
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.
To raise funds from market for upgrade of airports
COMMENT: VK Aggarwal, Former Chairman, Railway Board
Markets can now be open 9 to 5, says regulator.
Signals to look for before deciding when to enter, lie low or get out of stock markets.
Value averaging may give better returns compared to sips, but it is complex for retail investors
Gold’s best year in three decades has yet to match the returns of an interest-bearing checking account for anyone who bought the most malleable of metals coveted for at least 5,000 years during the last peak in January, 1980.
Domestic institutional investors (DIIs) were net buyers of Rs 86.72 crore (provisional) today, according to data released by BSE.
The finance minister (FM) has done a good job to maintain an aggregate demand in a recessionary situation by increasing rural spending and giving some reprieve in income tax by cutting the surcharge. It’s a fairly balanced Budget. The fall in markets is an over-reaction as the finance minister has never said that there would not be any divestment. Instead, he has hinted that nearly Rs 25,000 crore is likely to be raised through divestment.
Worries of rising food prices and a hike in interest rates weighed on the market sentiment. During the week, the BSE Sensex fell 400 points or 2.3 per cent to 16,720, while Nifty fell 130 points or 2.5 per cent to 4,988. However, mid-cap and small-cap stocks performed better, BSE Mid-Cap index fell by 1.6 per cent and Small-cap index declined by 1.04 per cent during the week.
With turnaround in exports, the finance ministry is likely to withdraw a string of fiscal stimulus given to exporters to fill in the "budgetary hole", commerce secretary Rahul Khullar said today.
Jamal Mecklai / New Delhi November 27, 2009, 0:29 IST
The Insurance Regulatory and Development Authority (IRDA) has made it mandatory for insurance companies to disclose the remuneration of independent directors as part of its steps towards improving corporate governance.
The political backlash in Andhra Pradesh over Telangana decision took a new turn today with as many as 20 ministers hailing from coastal Andhra and Rayalaseema regions planning to resign from their posts en masse.
The Centre today sought to downplay the growing momentum for carving out of small states in some regions after the decision on Telangana and said cooperation of (undivided) states and political parties is needed in addressing such demands.
With more competition lined up, comexes are focusing on delivery-based contracts.
The Income Tax (I-T) Department has claimed Rs 30,000 crore from companies that have violated provisions under the minimum alternate tax (MAT).
Direct tax collections in the first eight months of the current financial year increased 3.7 per cent to Rs 1,83,822 crore, against Rs 1,77,251 crore in the April-November period of 2008-09.
S Tel, the latest entrant in the Indian cellular market, aims to be present in six telecom circles of the country by the end of 2010.
A weak dollar and investor appetite for higher returns from tangible assets have pushed up the prices of commodities
The Advertising Standards Council of India (ASCI) has pulled up 15 companies, including telecom ones, for running misleading ad campaigns during July to October this year.
The National Bank for Agriculture and Rural Development (NABARD) has sanctioned a loan of Rs. 2.14 crore to the state government for implementation of a drinking water scheme at Lingdok Bazaar in East Sikkim, an official release said today.
Cadbury Plc, the confectioner that rejected Kraft Foods Inc’s bid on Monday, may attract suitors ranging from Nestle SA to Hershey Co and sell for as much as $21 billion, according to analysts.
UK’s Takeover Panel today asked US confectioner Kraft Foods Inc to make its final offer (popularly known as “put-up or shut-up”) to take over Cadbury Plc by November 9, or announce that it does not intend to make any fresh offer at all.
A big controversy on procurement of Rs 35,000-crore worth of equipment by telecom behemoth BSNL is brewing, with the position taken by the two government nominees on the board threatening the expansion programme of the state-owned telecom major.
Corporate Affairs Minister Salman Khurshid today ruled out inspection of financial accounts of Reliance Communications (RCom), which is under attack for alleged understating revenues and evading licence fee payment, unless the DoT asks the Ministry to do so.
The market watchdog Sebi today said intermediaries who undertake investor education programmes must make the pitfalls of investment clear.
The auction of 3G spectrum is on track and the empowered group of ministers (EGoM) will take a decision on the number of slots to be sold, Telecom Minister A Raja said today.
Former Cuban leader Fidel Castro accused the United States of seeking to "eliminate" Venezuela"s leftist government and amass power in South America through its military deals with Colombia.
Can the best automobile in the world drink diesel?
The Frankfurt Motor Show kicks off on Monday. Here’s a preview of the important cars.
Mercedes-Benz is planning to launch over-dimensional-cargo (ODC) vehicles and long-haulage trucks that can carry up to 240 tonnes in India soon.
A big controversy on procurement of Rs 35,000 crore worth equipment by telecom behemoth BSNL is brewing with position taken by the two government nominees on the Board, threatening mega expansion programme of the PSU.
Trade talks resumed in World Trade Organization (WTO) headquarters at Geneva today, 10 days after 30 ministers broke the impasse on Doha negotiations, aimed at reaching a global pact for opening $32 trillion international commerce.
Prior to the derivatives expiry this Thursday, markets have shown weakness, ignoring strong cues from the US markets.
Vehicle maker Eicher Motor will invest Rs 95 crore during this fiscal to expand its India business, and will also launch two heavy vehicles next year.
The government today approved the policy for Headend-in-the-Sky (HITS) operators, a technology that will provide digitised cable content to viewers across the country. The guidelines are not binding on the cable operators or the subscribers and they can continue with the existing analogue system.
Patel Engineering, a construction company, has raised Rs 344.32 crore through the fresh issue of shares to qualified institutional buyers (QIBs) at a price of Rs 477.03 per share.
Finance Ministers of the world"s 20 most powerful countries in their two-day meet starting today are slated to discuss reforms to tackle black money and money laundering.
Despite the fall in deal volumes on both the merger and acquisition (M&A) and private equity (PE) fronts during the fourth quarter ending December, investment managers expect the improving global and domestic macro-economic indices to revive consumption and services-led growth, in turn leading to higher fund inflows into key sectors. Telecom, pharma, FMCG, healthcare, IT/ITES and educational services are expected to attract strong capital fund raises in 2010.
Kolkata Port Trust has run into fresh trouble, with the Union ministry of finance seeking a detailed report of operations at the Kolkata and Haldia Dock complexes, to gauge whether it is viable to continue to extend dredging subsidy.
Global steel giant ArcelorMittal"s open offer for a 29.4 per cent stake in domestic company Uttam Galva will begin on December 19, according to a Bombay Stock Exchange (BSE) filing by the secondary steel maker.
United Spirits today acquired the entire share capital of Tern Distilleries (Tern) based in Andhra Pradesh for Rs 13.42 crore. Consequent to this acquisition, Tern has become a wholly owned subsidiary of United Spirits.
Tata Group auto component firm York Transport Equipment (Asia) today said it plans to set up a new factory in the country to produce axles as it looks to increase sales volume by 10 times in the next five years.
RBI is expected to increase CRR next month to signal a rate increase.
Volkswagen revs up the market with a larger-than-life brand campaign.
The spinning mills of Punjab which were severely hit by the global financial meltdown are now gearing up to utilise higher capacities as the green shoots of recovery are visible in the international market.
Plans greenfield plant at Gulbarga in Karnataka
Infosys ended at Rs 2,454, higher by Rs 10 or 0.4%, on the BSE.
Alok Industries closed at Rs 22, higher by Rs 1 or 5%, on the BSE.
The power supply in the state was disrupted when around 20 armed Naxalites attacked Balimela hydro power station in south Orissa on Saturday night damaging its Valve House and thus affecting generation at the station.
- A practical strategy - Reacting to rumours - Mastering money making - Don't be bold on gold - Getting rid of government controls - For the risk-takers
A V Rajwade / New Delhi November 2, 2009, 0:32 IST
The economic recovery in Asia is faster than the rest of the world and is projected to grow by 5.75 per cent during 2010, says the International Monetary Fund.
The Centre for Monitoring Indian Economy has revised its GDP growth forecast for the current fiscal to 6.7 per cent from 6.2 per cent announced last month.
Around a third of India Inc’s investment plans are in states affected by Naxalism.
Dubai has set up of a tribunal to settle all financial disputes between Dubai World, which is seeking to restructure around $26 billion of debt and its creditors.
The Reserve Bank of India (RBI) has directed regional rural banks (RRBs) to keep a watch on transactions of customers with countries like Pakistan and Iran since concerns have been raised about the rules there in combating terror funding.
Basic salaries for executives at Britain"s top companies jumped 10 per cent last year despite the worst financial crisis in decades, a report said today.
The government today said it has received a complaint from an ex-employee of Subhiksha alleging that the company had not paid salary for three months and closed all units without any communication.
With fears of its flights being disrupted, Air India today warned its employees of wage and allowance cuts if they participated in the proposed two-hour "illegal" walkout this afternoon to protest delayed payment of salaries.
The government employees in Maharashtra today called off their proposed strike which was sheduled to begin tomorrow, saying the state government has accepted "most of their demands" including payment of HRA as per Sixth Pay panel recommendations from this month.
Cash surplus after dividend is projected to decline by over 40 per cent to Rs 8,722 crore in 2009-10.
After a breather, private sector banks are again catching up with their public sector counterparts in auto finance as car sales zoom.
The Reserve Bank of India has adopted a business correspondence model, acting as an agent of a commercial bank, to provide banking services to the people of remote areas where there is no banking outlet.
A consortium of Oilex of Australia, Videocon Industries, Gas Authority of India (GAIL), Bharat Petro Resources (BPRL) and Hindustan Petroleum (HPCL) are re-evaluating their commitment to exploration block no 56 in Oman, which it won in 2006 from the Sultanate of Oman for around Rs 220 crore.
With the number of hit-and-run road accidents seeing a sharp rise last year, non-life insurance companies have seen a three-fold rise in claims settled under the Solatium Fund.
Punjab National Bank (PNB) has posted 62.39 per cent rise in net profit at Rs 832.05 crore for the quarter ended June 30, 2009 as compared to Rs 512.40 crore in the corresponding quarter last year. Total income during the quarter under consideration increased from Rs 4594.62 crore to Rs 6177.58 crore.
Indian Overseas Bank (IOB) today slashed benchmark prime lending rate (PLR) by 0.5 per cent to 12 per cent in line with its peers.
BS Reporter / Mumbai October 26, 2009, 8:14 IST
FII attitude may be key
Virudhunagar, near Madurai in Tamil Nadu is to house one of the handloom clusters which was announced in the Union Budget 2009, said Union Minister for Textiles Dayanidhi Maran.
Having learnt its lessons from the land acquisition experiences in Nandigram and Singur, the West Bengal government today urged the industry to make land losers stakeholders in the development process.
Shyamal Majumdar / Mumbai January 07, 2010, 0:37 IST
India’s 10-year bonds gained the most this week, as yields near the highest levels since October 2008 attracted investors.
Education solutions provider Edserv Softsystems today said it has received approval from its shareholders to raise funds through various options, including issuing securities of up to $500 million (about Rs 2,200 crore) in the overseas market.
The government-owned Union Bank of India (UBI) has initiated preliminary discussions with 3-4 small-sized Indonesian banks for possible acquisition, a top official said.
Credit growth of banks remained at 13 per cent for the fortnight ended January 1 compared to 24 per cent in same period a year ago.
The rupee depreciated by 8 paise to 45.75 a dollar in early trade today as the US currency strengthened against major global currencies.
Sixty per cent of the country’s services sector enterprises are in rural areas, according to a report by the National Sample Survey Organisation (NSSO). The report is based on the 63rd round of survey by NSSO to estimate the economic characteristics of services sector enterprises in India in 2006-07.
The Oil and Natural Gas Corporation has doubled the crude oil production at Imperial Energy, the Russia-focused oil firm it acquired recently, to 16,000 barrels per day and is set to turn the company around next year.
M J Antony / New Delhi November 4, 2009, 0:59 IST
New Delhi, Dec 18 (PTI) A person seeking global trade mark now need not apply for it in several countries incurring a big cost, as Lok Sabha today amended the trade mark law to simplify the procedures.
Wind Turbine maker Suzlon Energy repaid $780 million (around Rs 3,700 crore) acquisition loan. This has also made the company achieve a net reduction in overall debt by $350 million (around Rs 1,700 crore).
Oil regulator PNGRB has asked the Reserve Bank of India (RBI) to include networks built for sale of CNG to automobiles and piped gas to households in the definition of infrastructure so they can get project financing.
The government has relaxed the visa conditions that require a foreigner to take a two-month break before re-entering the country, Home Minister P Chidambaram said here today.
The central government, which has stepped up efforts for the blending of ethanol in a 5 per cent proportion with petrol, has threatened to blacklist ethanol manufacturers if they fail to supply the commodity to oil marketing companies (OMCs).
State Bank of India (SBI) and Macquarie Capital today announced today the appointment of Varun Bajpai as Chief Executive Officer and Praveen Gupta as Deputy Chief Executive Officer of their joint venture management company, SBI Macquarie Infrastructure Management (SMIM).
General Electric Co (GE) is seeking to sell its security unit, which builds surveillance cameras and alarms, and may fetch about $2 billion, people aware of the details said.
JPMorgan Chase & Co, the biggest US credit card lender, is taking aim at the market for affluent card holders dominated by American Express Co.
The country’s foreign exchange reserves fell by $144 million for the week ended December 25, 2009, mainly due to revaluation of currencies. The rupee ended the week at Rs 46.65 to the dollar as against Rs 46.73 at the end of the preceding week.
The rupee today appreciated by 12 paise to 46.75 a dollar in early trade in line with other firming Asian currencies.
Persons depending on post office savings schemes would witness an erosion of income if the government accepts the Economic Survey"s proposal to link interest rates on them with yields on government bonds.
The Reserve Bank of India (RBI) has found and took action against 17 cases of irregularities by companies that raised foreign currency convertible bonds (FCCBs) since April 2005, Minister of State for Finance Namo Narain Meena said today.
Credit Suisse bonuses: Credit Suisse seems to think the best form of defence is attack. The banking industry is facing heavy criticism over bonuses. In response, the Swiss group is the first to set out the details of a new compensation structure, upholding a recent tradition of forward thinking on pay.
Financial services major Credit Suisse Group has withdrawn from the bid for ING Group NV"s Asian and Swiss private banking business, a media report said.
Swiss banking major Credit Suisse today reported 29.75 per cent growth in net income at 1.57 billion Swiss francs for the second quarter backed by strong results from its investment banking segment.
Hedge funds: Hedge funds are back in the land of the living. After a dismal 2008, they had a strong first half. Of course, rising markets aided them. But it helps that because of losses, withdrawals and, above all, a huge reduction in leverage, they wield only about a quarter of the nearly $10 trillion firepower they used to put to work. So trades are less crowded – and more profitable.
As investors get ready for Christmas celebrations, domestic bourses will not have much to cheer about and is likely to see subdued trading this week, feel analysts.
Reliance Industries (RIL) has raised over Rs 2,587 crore through sale of 2.5 crore treasury stocks of the company.
Kalpataru Power Transmission closed at Rs 1151, weaker by Rs 19 or 1.64%, on the BSE.
Over 15 senior executives of the PricewaterhouseCoopers (PwC), whose Bangalore-based arm audited accounts of scam-hit Satyam Computer Services, have quit and would be joining PwC"s global rival KPMG.
Power producer JSW Energy, which raised Rs 2,700 crore through initial share sale last month, will list its shares on the bourses tomorrow.
Vanita Kohli-Khandekar / Mumbai December 18, 2009, 2:33 IST
Global banking major, Standard Chartered, which is widely expected to list its shares on the bourses here in the first half of next year, said the listing would enhance the lender"s commitment to the local market. "The issue of proposed Indian Depository Receipts (IDRs) demonstrates our commitment to India," Standard Chartered, Global CEO, Peter Sands said.
Vishnupriya Hotels Limited (VHL), which is setting up a five-star hotel at Visakhapatnam, has tied up with US-based JHM Interstate to operate the hotel.
Tata Sons Director R K Krishna Kumar today said the company should increase its holdings in Tata Group companies.
The four sponsors of UTI Asset Management Company today signed an agreement with T Rowe Price, the US-based fund house, to offload 26 per cent stake for around Rs 700 crore.
Adani Power Rajasthan, a 100 per cent subsidiary of Adani Power (APL), has been awarded letter of intent (LoI) by Rajasthan Rajya Vidhyut Utpadan Nigam (RRVPNL) for purchase of upto 1,200 MW of power on long-term basis.
Average participation in the last 12 offers was just 2.39 times
Undeterred by the premature end to its life insurance joint venture with Indiabulls Financial Services Ltd, French banking giant Societe Generale is still buoyant on the opportunities in the sector and plans to develop a fresh strategy.
Bharati Shipyard is likely to get stock market regulator Sebi"s nod for an open offer in about 10 days for its acquisition bid for offshore drilling company Great Offshore, which is also being targeted by ABG Shipyard.
Govindraj Ethiraj / Mumbai September 15, 2009, 0:03 IST
The Securities and Exchange Board of India (Sebi) has directed companies planning initial public offerings (IPOs) and their merchant bankers to pay commission to self-certified syndicate bankers (SCSBs) who process IPO applications for subscribers.
The average size of IPOs rose by nearly half in 2008 over 2007, though the financial meltdown may have scared away many from the primary capital market, bringing down the number of IPOs to about one-third, the Economic Survey said today.
There is need for a separate exchange or platform for small and medium enterprises (SME) as the criteria for listing such companies are different, Finance Minister Pranab Mukherjee said today.
Project finds place in Clinton’s CCI program
If Emirates airline is caught in the Dubai debt crisis, it may force the carrier to moderate its expansion, which could hurt aircraft manufacturers like Boeing and Airbus, as it has placed orders worth $55 billion with them.
Business Standard / New Delhi December 9, 2009, 0:13 IST
Comprehensive civil nuclear pact to be signed during PM’s visit.
Ratnagiri Gas and Power Private (RGPPL) or the erstwhile Dabhol power project in Maharastra would start generating 1,900 Mw of electricity by March, 2010.
Less than a year after joining Tata Capital as its private equity (PE) venture head, Shailendra Bhandari is quitting.
Non-banking finance company Tata Capital today announced the appointment of Jamshed Daboo, to the newly created position of head, of national sales and services organisation.
Acting chief Vasudevan caught taking Rs 7 lakh.
The Supreme Court today dismissed a petition filed by an advocate challenging the refusal of Andhra Pradesh High Court to interfere with the order of the Company Law Board (CLB) facilitating takeover of the scam-tainted Satyam Computer Services and renaming it as Mahindra Satyam.
After a lull of over eight months when virtually no new endorsement deal of any significant value was signed, the Rs 400-450 crore celebrity endorsement business is back on the recovery path.
After a year of slow growth, apparel maker and retailer Provogue is reworking its business strategy to boost revenues and prop up margins, a top company executive said.
The stock finally ended near the day"s low at Rs 66.40 - down 3.8%. Around 2.23 million shares changed hands at the counter today.
The GSM operators added over 93 lakh subscribers in the month of August, taking the total cellular subscriber base to 33.54 crore.
Abhineet Kumar / Mumbai September 9, 2009, 0:20 IST
The country"s second-largest realty firm, Unitech, is likely to raise $200 million (nearly Rs 1,000 crore) within the next three months by selling stake in its affordable housing projects to private equity players.
Unitech today said its telecom venture had earmarked a capital expenditure of Rs 10,000 crore for the next three years to roll out its services across the country.
An investor with a wide exposure to small caps can beat the Nifty.
The Sensex has ended at 16,647, down 208 points, and the Nifty has ended at 4943, lower by 63 points (provisional closing).
Telecom wizard Sunil Mittal has said Bharti Airtel would not call South Africa"s MTN again, after renewed merger talks between the two companies failed for want of government approval.
India may go beyond the purchase of 126 medium multi-role combat aircraft.
The Supreme Court today admitted the appeal of the Cellular Operators Association of India (COAI) against the order of the Telecom Disputes and Settlement and Appellate Tribunal (TDSAT) in the controversy over dual spectrum allocation policy.
Mysoreans will have the opportunity of witnessing for the first time thrilling aerobatic demonstrations by the Suryakiran team of the Indian Air Force (IAF) during this Dasara.
Indian Air Force today deployed two MI-17 helicopters to carry out flood relief operation in and around Pursura and Khanakul areas of Hooghly district, nearly 100 km northwest of here.
Not since the dark decade of the 1990s, when the Indian Air Force crashed 177 aircraft — losing 54 young pilots and some Rs 1,000 crore worth of equipment — has the air force faced such a pilot training crisis. The long-delayed Hawk trainers, which began arriving in India in 2007, have improved advanced training for IAF flyers. But the crucial introduction to flying, conducted in antiquated HPT-32 Deepak and HJT-16 Kiran aircraft, is taking a growing toll on pilots’ lives.
Logistic solutions provider Aqua Logistics is aiming to raise up to Rs 150 crore through its proposed initial public offer and has already filed draft papers with the market regulator Securities and Exchange Board of India (Sebi) for this purpose.