Public Company
The Sensex has dipped further to a low of 17,586. It is now up 61 points at 17,601.
Describing Marxist veteran Jyoti Basu as a long-standing friend of Bangladesh, the country"s Parliament and cabinet have mourned his death, with premier Sheikh Hasina saying that she has lost a "guardian".
Even as some sections of industry found the 75 basis points (bps) increase in the cash reserve ratio (CRR) more than expected, the government commended the Reserve Bank of India (RBI) for the “right move” and said it would not result in an immediate increase in interest rates. It said the Reserve Bank had aptly acknowledged the need for paying attention to inflation as well as growth.
Samajwadi Party leader Amar Singh today said as his resignation from key posts was not yet accepted by Mulayam Singh Yadav, he would not be able to actively participate in party-related issues.
Senior Samajwadi Party leader Amar Singh today ruled out withdrawal of his resignation from party posts, saying he would "not slog" for the organisation the way he used to.
Senior Samajwadi Party leader Amar Singh today ruled out withdrawing his resignation from party posts, but said he would no longer ‘slog’ for the organisation like he used to.
In the midst of current chill in Indo-Pak relations, a SAARC Home Ministers" conference is scheduled next month in Islamabad to which P Chidambaram plans to go subject to Foreign Office"s approval.
India’s Vavasi Group and Malaysia’s Al Bukhary Group have together appointed a merchant banker for conducting due diligence and fixing a valuation of Kuwait’s Zain Telecom. The two, along with BSNL and MTNL, the state-run telecom majors, have shown interest in jointly buying a 46 per cent stake in Zain.
A consortium comprising BSNL and MTNL looks to acquire 50 per cent stake.
The Chennai port-Ennore road connectivity project has hit a roadblock with the National Highway Authority of India (NHAI) sending feelers to the Chennai Port Trust (ChPT) that “it would wind up the project” if the latter fails to pay its share of Rs 300 crore for the proposed project. NHAI has given a deadline till October 20, 2009, to the latter to release the amount, according to sources.
Aditi Phadnis / New Delhi November 14, 2009, 0:26 IST
Finally, after all these years, the soul of Ruchika Girotra will get some rest. The Central government has stripped SPS Rathore of his police medal and the Haryana Police has slapped an abetment to suicide case against Rathore. Some action now needs to be taken against those policemen and other officials who aided and abetted him in his nefarious deals. The policemen who filed fake charges against Ruchika’s brother must have known they were fake charges, and yet they went along. If complete justice is to be done, these men must also be punished.
Suzlon Energy Limited (SEL), India’s largest wind turbine manufacturer, has completed and commissioned a 19.5 MW wind farm project for state-run Gujarat Mineral Development Corporation (GMDC) at the Maliya –Miyana site in Rajkot district of Gujarat.
Danish wind player plans to invest Rs 1,750 crore for the project.
Wind turbine manufacturer Suzlon Energy today said it has bagged an order from Turkey-based Ayen Enerji to supply and install 27 units of turbines to generate 57 mega watt (Mw) of energy, in a filing to the Bombay Stock Exchange (BSE).
JSW Energy will set up 10 power plants with a capacity of 1,350 mega watt (Mw) in all, in Rajasthan"s Barmer district.
- BBX awaiting RBI nod to start global trading in India - Statistical lie - Central Bankese" - RBI seems cool to banks" plea for hiking group exposure limit - Regional Rural Banks demand autonomy - India Inc dispels Dubai debt fears
Sunanda K Datta-Ray / New Delhi October 24, 2009, 0:25 IST
Overseas borrowing by India Inc declined by around 9 per cent in November to $2.35 billion compared to the previous month.
In the press conference that he addressed after the release of the third-quarter review of monetary policy, the RBI governor articulated in a clear manner the rationale for his proposals (“An expansionary policy is like chakravyuh”, January 30). However, one statement that he made is disturbing. He said: “We are going to manage the liquidity situation; we are going to calibrate our monetary policy to manage the borrowing in 2010-11.” It means the subordination of monetary policy to the management of public debt. The proposal for a debt management office (DMO) in the government delinking it from RBI is being actively pursued on grounds of the so-called conflict of interest that the latter faces. Now that it is resolved in favour of debt management, there is one more reason as to why the proposal for the new office should be given up.
National carrier Air India today said its passengers bookings in the last two days have regained the 26,000-28,000 level it had registered before the five-day stir by its senior pilots.
The Reserve Bank of India (RBI) today tightened the guidelines for external commercial borrowings (ECBs) by withdrawing relaxations provided to companies to raise money from overseas debt markets, a move that will contain surge of capital flows.
The government will soon invite bids for 10 mega highway projects under, pubic-private partnership, and is in the process of making feasibility reports.
Pre-selection likely to save 18 months.
GJEPC was planning to showcase its range in Dubai and Sharjah.
Stimulus exit looms as Pranab waits for third quarter.
Government today said it is concerned about development of backward districts and of "BIMARU" (Bihar, Madhya Pradesh, Rajasthan and Uttar Pradesh) states and has allocated Rs 4,670 crore for underdeveloped districts for the 11th Plan period.
Parliament today remembered those killed in the terror strike in Mumbai on this day last year with the Lok Sabha resolving to unitedly fight and defeat the forces of terrorism which pose the "gravest threat to humanity".
GMR Infrastructure, the Bangalore-based infrastructure major, today announced sub-division of all its equity shares of Rs 2 each into 2 equity shares of Re 1 each per share. A decision to this effect was taken at the board meeting held here today. The stock split is, however, subject to the approval of members of the company at the forthcoming annual general meeting.
Road Transport and Highways Minister Kamal Nath said here that India has achieved construction of nine-km roads per day and the target of developing 20-km daily would be accomplished by this April.
Not impressed by the ambitious plans announced by Road Transport and Highways Minister Kamal Nath, the Planning Commission has advised the ministry to fix a “reasonable target” for construction of roads this year. “...Fix a reasonable target for award of contracts in the rest of the current year and raise it subsequently as soon as possible,” the commission said in a communiqué to the highways ministry. The commission pointed out to the ministry that it would not be able to award road construction contracts for more than 3,794 km in 2009-10, against a target of 12,652 km.
Jharkhand Governor K Sankaranarayanan today asked JMM chief Shibu Soren to produce a list of MLAs supporting him as BJP gave enough indications of backing his claim to form a government.
The closure would lead to loss of 1,700 jobs
With trends throwing up a hung Assembly in Jharkhand, Congress today said people expect its secular alliance to form a government in the state as they have elected them as the largest group.
Natco Pharma touched a high of Rs 134 and a low of Rs 124. The stock finally ended with a 5.2% at Rs 129. Around 2.96 lakh shares were traded on the BSE as against the two-week average trade of 1.06 lakh shares.
The Bombay Stock Exchange (BSE), the National Stock Exchange (NSE), the Forex, Money, Oils and Oilseeds, Grains, Cotton and Solvent markets will remain closed today for "Christmas".
The government may not have come out clearly on introduction of the proposed indirect tax structure GST but the lack of preparedness for the new tax regime hints at a possible delay by up to a year.
Introduction of GST would help attain higher GDP growth and pull down prices of manufactured items, but would make farm goods and services expensive, the 13th Finance Commission Task Force on Goods and Services Tax (GST) said here today.
Towns and cities, witnessing a growing population and change in both quality and quantity of their urban solid waste, are finding garbage disposal a major environmental issue. Garbage clearance and its disposal is becoming a herculean task with the volume of solid waste rising by the day.
Continuing its agitation for the cause of Maharshtrian youth, Raj Thackeray-led Maharasthra Navnirman Sena (MNS) has written a letter to State Bank of India (SBI) for considering locals for its new job openings.
The Goods and Services Tax (GST), the new tax regime, would have four slabs and these were likely to be unveiled within 15 days, Chairman of the Empowered Committee of State Finance Ministers Asim Dasgupta said today.
The implementation of goods and services tax (GST) from next financial year will result in the reduction of tax burden for the industrial sector and make it more competitive, a senior official said today.
For journalists, pundits and comedians, the end of the year provides an opportunity to look back, fantasise forward and let the creative juices flow.
Polling began today at 7 am for the first of the five-phase assembly elections in Jharkhand under air surveillance and tight security, state election commission sources said.
As corruption cases against members of the judiciary make the headlines, a proposed bill on judicial accountability has suggested that the declaration of assets made by judges will be treated as a "legal document" and can be used to investigate complaints against them.
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.”
Australian authorities today "unreservedly" condemned the killing of an Indian youth here calling his stabbing a heinous crime even as police claimed there was no evidence to suggest that it was a racial attack.
Wipro Ltd, a relatively late entrant in the lucrative information technology outsourcing market in Australia, is planning to hire more locals.
Australian Prime Minister Kevin Rudd has said that Canberra has bagged three new deals worth $70 billion to export gas to Asia.
Mumbai-based security solutions provider Micro Technologies (India) has entered into an agreement with Israel-based H.A.Sh Group System Services to provide security devices to the former, a top company official said.
Sliding queries from India and strong Australian dollar will lead to up to 10 per cent drop in the number of international university students later next year in Australia, according to a report.
India today said it is not in a position to resume the composite dialogue with Pakistan till "vigorous prosecution" is mounted against the accused in the 26/11 case and the infrastructure of terror across the border, responsible for the numerous attacks, is dismantled.
Rrishi Raote / New Delhi October 10, 2009, 0:59 IST
The Organization of Petroleum Exporting Countries (Opec) members had a consensus to keep oil production quotas unchanged as demand remained weak in developed economies, officials from Saudi Arabia and other Opec nations said.
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.
It could be one of those years when exposure in commodity futures, along with equities could be a good investment strategy.
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.
Team up with little-known Delhi-based group, Malaysian billionaire but say ‘no view’ taken on their participation.
The Planning Commission today said the economy may grow at a rate higher than 6.3 per cent projected earlier as it sees drought having lesser impact on agriculture.
Rupee rose for the first time in four days on speculation exporters took advantage of the currency’s slide to a six-week low to repatriate overseas income.
Next month, India’s homegrown Arjun tank will take on the new Russian T-90 in a long-awaited comparative trial.
SRF Ltd, a leading manufacturer of technical textile products, is planning to add to its product portfolio by entering the lamination fabric industry. The company, which primarily relies on manufacture of nylon tyre cord, wishes to reduce its dependence on this.
Top automotive component makers want to diversify to new markets.
Kolkata-based Pawan Kumar Ruia Group, which owns Dunlop India, today said that it had acquired a 60 per cent stake in Germany"s Henniges Automotive Grefrath GmbH, a supplier of automotive sealing systems to leading carmakers, for an undisclosed sum.
Come 2010 and the small-car market is likely to witness intense competition with at least four new players set to launch their products in the market.
Volkswagen’s decision to buy a stake in Suzuki Motor Company of Japan is proof of just how far Maruti Suzuki India Limited has come in Suzuki’s global activities. Under the agreement, apart from the larger capacity diesel engines that Suzuki will now be able to source from the German auto-maker, it will supply small cars that Volkswagen will sell under its brand name in Europe.
Food inflation softened marginally to 18.65 per cent for the week ended December 12 though inflation rates for cereals and pulses, which constitute the essential consumption basket, continued to be in double digits.
Measures like de-hoarding and selective import of certain items could help tame the soaring food inflation, said Kaushik Basu, chief economic adviser in the finance ministry.
The government may not be able to rescue the inflation-hit plastic industry, but researchers at Pantnagar University have lent a ray of hope to it. The environment ministry had recently asked the plastic manufacturers to express their views as to why should the production of plastic packets smaller than the size of 18’ by 12’ not be banned? The notice has raised uproar in the plastic industry as according to manufacturers, 90 per cent of plastic consumption is done in sizes smaller than the proposed ban.
Gretchen Peters’ Seeds of Terror: The Taliban, the ISI and New Opium Wars (Thomas Dunne Books, Hachette India reprint, Rs 495) tells you why Afghanistan and Pakistan’s North West Frontier provinces will always be on the boil that will spread into the Punjab and increase in intensity, as recent events have shown. Aided and abetted by rampant corruption spread by poppy growers to the Taliban and other local powers, to drug lords and their allies in government, the influence of opium money pervades Afghan life. Afghanistan today provides 93 per cent of the world’s heroin, far exceeding the combined production of Colombia, north Myanmar, Thailand and other regions of the world. Peters examines the depth of the opium problem and describes how opium sales have ballooned since 2001 and continue to grow exponentially, earning more than half a billion dollars off the opium trade. Why and what could be the consequences for us is the central question asked in the book.
The public sector Indian bank, with a lot of expertise in the field of recovery of Non-Performing Assets (NPAs), is exploring the possibility of floating a subsidiary for undertaking NPA management.
Rajasthan-based Rallison Electrical Private Limited today launched the country"s first Fire Survival Cable and targeted to achieve turnover of Rs 500 crore in the current fiscal.
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.
The Indian real estate sector is likely to experience consolidation wherein bigger players may opt for outright buy of smaller firms or forge joint venture or business alliances with them, industry body Ficci said today.
With the small car segment driving growth, the country"s domestic passenger vehicle market is likely to grow at a compounded annual growth rate (CAGR) of 13.9 per cent over the next five-years, a survey said.
The government today said it has approved revival of 36 sick central public sector enterprises (CPSEs) that will require Rs 2,921 crore of cash infusion, besides Rs 12,333 crore of other assistance.
Glass, Lewis & Co, LLC, an independent proxy advisory firm has recommended the shareholders of Taro Pharmaceutical Industries to vote against the proposals made by Taro’s board of directors in the upcoming annual general meeting of Taro’s shareholders scheduled for December 31.
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).
Fierce protests from the Trinamool force Sonia Gandhi to ask her managers not to proceed with the land Bill.
The chief climate change negotiator of the tiny Pacific island of Tuvalu today made an emotional appeal for a strong agreement that would legally bind all countries to commitments to control carbon emissions.
As the Obama Administration moves ahead with its new policy of engaging the Burmese military junta, a top US official today said it will actively consult India along with China on its new strategy.
The government today said it will allow the retail sale of "oseltamivir", the only medicine available to treat the swine flu virus "H1N1".
Two days after a student at the Indian Institute of Management, Ahmedabad (IIMA) tested positive for H1N1, the management institute has got its act together to handle the situation.
The Rs 15,000-crore steel pipes industry is set to grow 20-25 per cent in the next 3-4 years following massive investment laid out on energy security by the governments of developing economies. Developed economies require a change in existing pipelines that were installed over 25 years ago and demand is likely to emerge from various sectors of global economies.
A strong market rally triggered by the government"s encouraging economic growth forecast helped the country"s top-10 companies add over Rs 70,000 crore in the past week.
Indian stocks trading on the American bourses $5.33 billion to their cumulative market capitalisation, with the IT bellwether Infosys Technologies and private sector lender ICICI Bank accounting nearly half of the gain.
The net profit of Tata Sons declined 19 per cent to Rs 3,054 crore for the financial year ending March 31, 2009 as interest cost increased nearly four times to Rs 504 crore.
Tatas-owned Jaguar Land Rover will hire over 100 graduates and under-graduates in 2010 to fill up vacancies across different verticals as sales return on track after a prolonged bumpy ride.
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.
The Tatas are planning a new-look for their first prestigious acquisition Corus Steel next year, a move that coincides with the company emerging from the financial burdens and the global downturn.
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.
Car maker Premier Limited (formerly Premier Automobiles Limited) re-entered the Indian passenger vehicle market with the launch of its compact sports utility vehicle (SUV) ‘Rio’ on Thursday. The new vehicle, which seats five people, aims to cater to the segment between mid-size passenger cars and larger utility vehicles.
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 Uttar Pradesh government is keen on having an Information Technology/IT Enabled Services (IT/ITeS) Special Economic Zone (SEZ) in Lucknow to give a major boost to the sector.
A day after announcing decision to form separate Telangana state, Government today told Parliament that TRS chief K Chandrasekhar Rao has been invited here for talks to discuss the next step in the process.
Over Rs 30 crore worth of business has been affected in this major textile town in Tamil Nadu due to the "unrest" in Andhra Pradesh for the past 12 days and non-operation of lorries to that state, R S Natarasa Mudaliar, President, Erode Handloom Cloth Merchants Association said today.
Glenmark Pharmaceuticals has raised Rs 413 crore through its recently concluded Qualified Institutional Placement (QIP), which will be used towards its debt reduction plan, a top company official said.
Domestic mining firm Sesa Goa today said it will raise funds to the tune of Rs 6,000 crore through the issue of various securities in domestic as well as overseas markets.
Premvir Das / January 31, 2010, 0:16 IST
Land, and not mines, has emerged as the biggest stumbling block for steel projects, threatening to derail the government’s target to boost the capacity from 55 million tonnes now to 124 million tonnes by next year.
The Union government has set up a non-profit trust which would serve as a single-window platform to implement projects funded by overseas Indians in the social sector.
Mergers and acquisitions (M&As) and private equity (PE) investments in India dipped both in value and volume terms in 2009 due to the global slowdown. This, along with the sharp run-up in the equities in the second half of the year and too much liquidity globally, has made deal closure an arduous task for PE players. Despite this, the players are hopeful that the investment market will improve in 2010. The value of deals (both PE and M&As) announced in calendar year 2009 (January to December 13, 2009) was $21.20 billion as against $41.54 billion, a decline of nearly 49 per cent. During 2007, the value was $70.14 billion, according to data compiled by Grant Thornton.
Air Deccan as an airline may have flown into sunset with Kingfisher buying it out two years ago, but the brand continues to fly the Indian skies as about 10 jets of the erstwhile carrier are yet to be repainted by the new owner.
With sugar mills facing cane shortage, prices of sugar are likely to firm up further in the retail market.
The Indian sugar industry, which is reaping the fruits of better prices, has made a fresh appeal to the Centre to reduce the present weight of 3.62 of the commodity in the wholesale price index (WPI).
Ask for amendment of the Atomic Energy Act and rule changes to
Kerala, which relies on West Asian remittances for a quarter of its economy, plans to sell the nation’s first Islamic bonds next year to help pay for infrastructure projects.
The mad rush to set up special economic zones (SEZs) that house export-oriented manufacturing units turned cold in 2009, as demand for commercial space waned due to the global meltdown.
The food and commerce ministries are at loggerheads over exempting sugar mills from export- obligation and the Cabinet will now decide whether or not the obligation can be waived beyond December 31, official sources said.
As part of its Phase-II plan, the Tamil Nadu government is planning to construct 17,000 disaster-resistant houses in rural areas. Each house would cost Rs 3 lakh, which is likely to be funded by the World Bank.
Highlighting the importance of setting up Unified Metropolitan Transport Authority (UMTA), Dr M Ramachandran, secretary ministry of urban development, today said it should, however, be tailored to suit our needs.
When the year 2009 dawned, there was widespread apprehension on how the export sector would cope with the recession in the rich countries. Throughout the year, the government took various steps to help exporters and, as a result, the mood at the year-end is far more upbeat, although some sectors like textiles, leather and handicrafts still face uncertain prospects.
Sanjaya Baru / New Delhi October 21, 2009, 0:16 IST
IT firm HCL Infosystems today said it has partnered with Sanako Corporation for providing education solutions.
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.
Private sector companies engaged in aerospace manufacture and R&D now have an influential new supporter: The Indian Air Force (IAF). In New Delhi today, the IAF’s vice chief, Air Marshall Pranab Kumar Barbora forcefully called for government policy changes to encourage the private sector in aerospace production, to kickstart a sector that has long been dominated by public sector Hindustan Aeronautics Ltd (HAL).
Six global vendors have been shortlisted.
Plan panel aims at making data accessible in analytical format
Busness Standard / New Delhi May 28, 2009, 0:24 IST
Mahanadi Coalfields Limited’s (MCL) plan to kick off the 10 million tonne per annum Kaniha open cast coal mining project at Talcher Coalfields has suffered further delay. The villagers to be displaced by the project are reluctant to cede their land for the project unless their demand for 41 jobs under the ‘C’ category is fulfilled by the company.
Reliance Anil Dhirubhai Ambani group-controlled Reliance Mutual Fund, today annnounced the launch of its Reliance Infrastructure Fund.
DLF finally ended at Rs 365, down 4% from its previous close. The counter witnessed trades of 4.98 million shares as compared to the two-week daily average traded volumes of 2.46 million shares on the BSE.
Crucial Support at 4,800
The German luxury carmarker today said it will invest $50 million (about Rs 230 crore) to set up a financial services subsidiary to better serve its customers besides industry as a whole.
Latha Jishnu / New Delhi November 20, 2009, 0:40 IST
Pakistan"s intelligence agency ISI was behind the attack on the Indian embassy in Kabul which killed 17 people and wounded more than 60 others, Afghan envoy to the US has claimed.
Bhupesh Bhandari / New Delhi November 17, 2009, 0:13 IST
Business Standard / New Delhi December 31, 2009, 0:43 IST
Vallee de Vin, maker of the premium Zampa brand of wines, is looking at investing upto Rs 35 crore on expansion as well as verticalisation by offering a range of services centred around the core business of wine manufacturing. Ravi Jain, chief executive officer of the Sanjegaon, Nashik-based vineyard, said that the company has a horizon of upto three years to raise the amount.
Trades between FIIs generated a volume of Rs 100 crore on the BSE Wednesday-an increase of 51.54% from Rs 66 crore clocked on Tuesday. As many as 10 stocks witnessed trades of 22 lakh shares on Wednesday.
Intermediate trend bullish, short-term trend neutral.
A survey of 40 firms suggests that there’s money to be made fighting climate change
The world"s largest economy US climbed out of recession as it grew by 3.5 per cent in the third quarter ending September 30 -- the first quarterly expansion in a year -- thanks to higher consumer and government spending among others.
Domestic passenger car sales jumped by 40.27 per cent to 1,15,268 units in December last year.
Rapid and volatile capital inflows or outflows could pose significant policy challenges, potentially leading to exchange rate overshooting, asset price volatility and financial instability, Reserve Bank of India (RBI) Deputy Governor Shyamala Gopinath said in Mumbai today.
The Prime Minister’s Office (PMO) has convened a meeting with the telecom ministry on January 6 to discuss the issues plaguing state-run telco BSNL, including its declining revenues and market share.
Bike maker Royal Enfield, a part of Eicher Motors, today said it will shift entire production to a new engine platform from April this year to make products compliant to stricter emission norms "Bharat Stage III".
The Central Electricity Regulatory Commission (CERC), the apex power sector regulator, is reviewing the 4 paise per unit cap on power traders’ margin to assess if it is impacting the viability of power trading business in India.
Lanco group, through its newly formed special purpose vehicle Lanco Solar is planning to invest close to Rs 4,000 crore for setting up solar projects in the state.
Digital imaging company Canon India today said it would set up six outlets in various cities in the country over the next few months.
The Prime Ministers" Office (PMO) has convened a meeting with the Telecom Ministry on January 6 to discuss the issues plaguing the state-run telco Bharat Sanchar Nigam (BSNL), including its declining revenues and market share.
A 20 per cent share sale proposal in PSU steel maker SAIL will be taken to the Cabinet by mid-January next year, Steel Secretary Atul Chaturvedi said today.
The government today said it is considering a 20 per cent stake sale in steel major SAIL, proceeds of which would partly fund the company"s Rs 70,000-crore expansion projects.
Courts cannot review the evidence and documents already examined by arbitrators.
The third generation (3G) services will be hugely successful in India as there is a great demand from mobile data services in the country, global communication technology major Qualcomm Chairman and Chief Executive Paul Jacobs said today.
Spectrum crunch may force the government to allow only three private operators to offer 3G services in a circle and said that successful bidders will have to make 100 per cent payment by March 10.
Sensex ends up 35pts
Amid rising hopes of global economic turnaround Indians have emerged as an optimistic lot than their Chinese counterparts when it comes to trust in business.
Facebook lovers, here is another survey showing how employee productivity is robbed at workplaces. So put a limit on its usage before employers and the bosses put a stop on its usage at work.
Former US President Bill Clinton today made a surprise trip to North Korea amid an international standoff over the country"s nuclear programme and concerns about two US reporters imprisoned in Pyongyang since March.
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 has said "meaningful action" from India and China is necessary to make any substantial progress on climate change.
US has forged the most comprehensive engagement with India, which Washington ever had with any country, Secretary of State Hillary Clinton has said.
Manufacturing and automobile solutions provider KPIT Cummins Infosystems remains hopeful of eventually crossing the $1-billion revenue mark. However, the global manufacturing and automobile industry, which accounts for a majority of its top line, is currently facing turbulent times, affecting the company"s revenues. In a chat with KAUSTUBH KULKARNI, the company"s Chairman, RAVI PANDIT, gives his view on the road ahead. Excerpts:
A new draft bill to replace the Mines and Minerals Development Regulation Act, 1957, would be placed before the Cabinet soon, a senior government official said here today.
Cane growers from the sugar bowl of Maharashtra are happy this time as the statutory minimum price (SMP) for sugarcane has been hiked to Rs 107.76 per quintal for the upcoming crushing season from Rs 81.18 a year ago. The politicians are happier and the happiest are political big-wigs of the ruling Congress-Nationalist Congress Party (NCP) democratic front as they want to en-cash this “feel-sweet factor” during the state assembly elections scheduled on October 13. However, these sugar barons are also swallowing the bitter pill of intra-party rebellion in this “green-belt” of the state.
German auto major Volkswagen today said it will offer package options to customers of its soon-to-be launched small car Polo, which will include features like accessories, safety and sports, and entertainment systems.
Finance Minister Pranab Mukherjee wants the Income Tax forms to be simple so that a taxpayer can understand his liability without consulting experts or chartered accountants.
Bajaj Hindusthan, the country"s leading sugar producer, has decided to take its power generation capacity to 830 MW by adding another 400 MW of newer capacities.
With more infrastructure projects needing funds, India Infrastructure Finance Co (IIFCL) expects a 50 per cent rise in disbursals to Rs 4,900 crore in 2009-10. Last year, it had disbursed Rs 3,200 crore.
The Polo produced at the Volkswagen plant in Chakan in Maharashtra may be good enough for the Indian market, but made in India is not good enough for Volkswagen. At the Polo’s launch in the auto fair in the Capital, most things in the company’s stall, right down to the chairs, had been imported.
The bank has been functioning with 3 directors.
Union Bank is on a restructuring drive to become the country’s top nationalised bank.
Steel Minister Virbhadra Singh today said the proposals for diluting stake in two state-run companies SAIL and NMDC will soon be taken to the Cabinet for its approval.
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).
The government today admitted in Rajya Sabha that almost half of 951 central sector projects are delayed resulting in cost overrun to the tune of over Rs 40,000 crore.
Long delays in environment and forest clearances are turning out to be a major hindrance to implementation of various development projects.
As a political backlash erupted in Andhra Pradesh over the decision to put Telangana on the backburner, the Centre was today said to be considering setting up a States Reorganisation Commission (SRC) amidst pressure mounted by pro-Telangana leaders.
The government today said credit growth from banks has slowed down to 9.8 per cent till November 6 in the current fiscal against 27.7 per cent in the corresponding period a year ago.
Somik Raha / November 26, 2009, 0:38 IST
Agitation hits livestock delivery to other places
India has cautioned against immediate withdrawal of stimulus packages by the governments as it may lead to "collapse" of the world economy.
Byravee Iyer / Mumbai January 5, 2010, 0:31 IST
State-run BHEL today said it has bagged another Rs 640-crore order from Adhunik Power and Natural Resources for supplying equipment for the company"s thermal power project in Jharkhand.
The government today said inflation was driven by a surge in commodity prices and the monetary policy had only a limited role in managing the price rise.
The Baltic Dry Index, a measure of shipping costs for commodities, had its worst week since October as Chinese demand for shipments of coal and iron ore slowed.
Car market leader Maruti Suzuki India today reported 50.6 per cent jump in its sales in December last year at 84,804 units.
State-run Shipping Corporation of India (SCI) today said it accepted delivery of a crude container named "Desh Vishal" from Daewoo Shipbuilding Marine Engineering Co.
Regulators tighten net on safety grounds
Environmental think tank Teri wants to commercialise its technologies. Here’s how.
Swiss cement maker Holcim today said its strong presence in emerging markets, including India, has helped the company balance the fall in earnings in other regions.
Even as legal experts refuse to buy government’s claim that 350 tonnes of waste is no source of pollution and factory premises pose no health risk to humans, a study is going on to incinerate the waste in some cement kiln. According to sources, a final report would come by end of this month or in January. If a well placed government source is to be believed, the Central Pollution Control Board and National Council for Cement and Building Material are in dialogues over the issue.
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.
Abdul Karim Telgi, the main accused in the multi-crore fake stamp paper scam, and two others were today awarded 10 years" rigorous imprisonment in two separate cases by a CBI Court which also imposed a fine of Rs 50 lakh on each of them.
The Union Mines Ministry has offered all help to the Karnataka government, including a Central Bureau Investigation (CBI) probe into the reported flouting of mining norms in the state.
Auto major Mahindra & Mahindra today reported 36.75 per cent growth in domestic sales of its utility vehicles (UV) in September at 21,961 units against 16,059 units during the same month last year.