Management
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.”
Nilanjana S Roy / New Delhi September 29, 2009, 0:13 IST
The markets have slipped back into the negative terrian. The Sensex is now down 20 points at 17,466, and the Nifty is down 14 points at 5,211.
Private equity (PE) investments in south India dropped 64 per cent between April and September 2009 to $626 million from $1,752 million during the same period last year. The number of deals too dropped 48 per cent, according to Venture Intelligence, a research service focused on PE and M&A
Affordable housing segment will play a key role in driving growth for India"s real estate sector in 2010 on the back of pick up in demand, a top industry body has said.
Lookout notices issued against two other key associates of the former CM.
Ram Prasad Sahu / Mumbai November 09, 2009, 0:04 IST
Engineering and construction company Larsen & Toubro today said it has bagged an order worth Rs 6,897 crore from Maharashtra State Power Generation (Mahagenco) for manufacturing turbine generator units.
German engineering company Voith today said it has acquired the entire stake held by its joint venture partner, Larsen & Toubro (L&T), in Kolkata-based Voith Paper Technology for an undisclosed amount.
L&T’s future looks better with the economy showing signs of revival, higher infrastructure spending and firm crude oil prices.
Oil: Oil price bulls and bears have both had their triumphs in recent history. The price of crude rose to $147 a barrel in July of 2008 only to plummet to $33 a barrel a few months later. It swung past $82 a barrel this week because of the cold snap, and is up 18 per cent since mid-December. But barring heightened tension in the Middle East, oil looks likely to slide in the short term.
The arrest of former Jharkhand Chief Minister Madhu Koda by the Enforcement Directorate (ED) is "imminent" as the evidence against him, for allegedly carrying out hawala transactions and illegal investments worth crores of rupees, "is satisfying".
Monday and Tuesday were supposed to be the days for the mock auction for 3G spectrum, with the final auction to be held on January 14. Naturally, then, reporters rushed to meet Telecom Minister A Raja when the last date for the mock auctions passed without anything happening. Instead of announcing a new date, or giving the usual “no comment”, Raja surprised everyone by saying, “The date has not been pushed.”
To raise Rs 80 crore for working capital requirements
Commercial vehicle maker Ashok Leyland has said it would start delivery of the first 50 ultra low entry (ULE) buses to the Delhi Transport Corporation (DTC) soon as part of its Rs 1,190 crore contract to supply 875 buses this fiscal.
The JV was supposed to get at least 45 per cent stake
Maruti Suzuki India Limited (MSIL) launched its utility vehicle (UV) Eeco in Hyderabad on Wednesday. “The new family car is designed keeping in mind the needs of the Indian customers. Eeco will help us strengthen our presence in the C segment and give us good numbers,” IV Rao, managing executive officer (engineering) of MSIL, told mediapersons here.
Ronnie Screwvala-promoted UTV is close to partnering with Sun TV Network for a Tamil movie channel. Sources say the two will form a joint venture under which UTV will dub movies from Hindi, English and other languages.
British banking giant Barclays is curtailing international expansion plans under a crackdown imposed by its new head of retail banking, Anthony Jenkins, a media report says.
Sun TV Network is planning to restructure its distribution business and team with a creation of two verticals — South India operations and International business and the second would focus on expanding Sun TV bouquet into the north, west and eastern markets of India.
Auto major Hyundai Motor India Ltd (HMIL) on Monday entered into a memorandum of understanding (MOU) with Chennai-based Indian Bank.
In spite of a 15 per cent decline in the kharif rice output, the government’s rice procurement in the ongoing kharif marketing season is marginally up at 14.85 million tonnes due to an increase in purchase from the ‘grain bowl’ states of Punjab and Haryana even though procurement is down in states like Uttar Pradesh (UP), Andhra Pradesh (AP).
In the backdrop of the scarcity of sugarcane this season, the sugar mills in Uttar Pradesh are keeping the farmers in good humour by collectively making advance payment of nearly Rs 770 crore.
Auto components maker Fiem Industries today said it has entered into an agreement with Japan-based Ichikoh Industries Ltd for manufacturing of automotive lightings and rear view mirrors.
Business Standard / New Delhi August 31, 2009, 0:44 IST
Chennai-based healthcare major Apollo Hospitals Group has opened Apollo Bramwell in Mauritius with an investment of $70 million (around Rs 350 crore).
Drug maker FDC today said it has bought back shares worth Rs 17.78 crore from its shareholders, following which the promoter group"s holding in the company has increased to 65.76 per cent.
ISRO initially planned to have Russian lander, rover for project.
Euphoric over finding traces of water by a Chandrayaan payload, confirmed by NASA"s spacemate onboard the country"s maiden moon mission, India is mulling exploring lunar surface deeper for water in its next Odyssey.
Oil prices hovered near $71 a barrel today in Asia after a weakening US dollar sent crude soaring overnight.
The Sri Lankan government wants to rope in Mukesh Ambani-led Reliance Industries (RIL) for exploration of oil in the island nation.
In a relief to Prasar Bharati CEO B S Lalli, the Supreme Court today restored to him the executive powers taken away by a recent order of the Delhi High Court.
The Anil Ambani group today asked the Oil Ministry to follow a uniform policy and become party to power PSU NTPC"s case against Mukesh Ambani-led RIL to save power consumers from paying additional Rs 30,000 crore for the benefit of "private monopoly" gas producer.
Novartis India surged over 4% to Rs 447. The scrip touched a high of Rs 450 and a low of Rs 434 during the day. The counter witnessed a volume 13,914 shares, which is more than two-fold increase in its two-week average traded quantity of 5,919 shares.
Markets extend losses in noon trades
While the world grapples with a cure for the H1N1 swine flu, those in the trenches are coming up with their own solutions. Russian soccer fans, Reuters informs us, have been advised to drink a lot of whisky on their trip to Wales for the World Cup next month. “We urge our fans to drink a lot of Welsh whisky as a form of disinfection,” Alexander Shprygin, the head of Russia’s supporter association VOB told Reuters. The Russian health ministry had issued an advisory against travelling to the UK because of the swine flu virus but, armed with the Shprygin Solution, it is expected that several hundred fans will travel to support the team.
Pharma firm Zenotech has approached the Company Law Board (CLB) seeking removal of two of its board members, appointed by Ranbaxy, alleging "operational mismanagement".
Cox & Kings (India) ended Day 1 at Rs 426, a premium of around 30% to its issue price of Rs 330.
The Madras High Court on Monday set aside its earlier order restraining country’s third largest two-wheeler manufacturer TVS Motors from manufacturing and marketing vehicles with twin spark technology.
The Supreme Court has allowed Paradip Port Trust (PPT) to re-invite financial bids for developing a deep draught coal berth at Paradip. However, it asked PPT to keep its decision in abeyance till further orders.
The US Supreme Court has refused to stay the much-touted Chrysler-Fiat deal, paving the way for the bankrupt American auto maker to steer itself out of bankruptcy soon.
The fast moving consumer goods (FMCG) industry has sought continuation of rural employment guarantee schemes in the upcoming Budget to help boost consumption across the country, particularly in villages.
The slowdown in the economy has resulted in several jobs shrinking and the companies are going slow in recruiting. But there are jobs for the MBA graduates, particularly in sales, FMCG, telecom and consulting areas among others.
In a bid to prevent surrogate advertising of alcohol and tobacco products on television, government has tabled a paper in Parliament to implement various provisions to this effect.
Even though the Copenhagen accord is not legally binding, the United States would not only "review" its implementation by India and China, but also would "challenge" them if they do not meet the goals set by the agreement, the White House said.
OPEC oil producers gathered in poverty-stricken Angola today said they would hold output firm amid comfortably high prices at their first ever meeting hosted by Africa"s new crude-pumping giant.
Suzlon Energy bagged a repeat order from Gujarat Alkalies & Chemicals (GACL) to set up, operate and maintain a 21 megawatt (Mw) wind energy project in Maliya Miyana in the Rajkot district, Gujarat. The project will comprise of 14 units of Suzlon"s S82-1.5 Mw wind turbines.
Swaraj Baggonkar / Mumbai June 25, 2009, 0:57 IST
Foreign companies hunt for buyouts in growing market with lower production costs.
The robust bookings are in spite of travel advisories issued by Western and pacific countries.
In its efforts to revive ailing public sector units under the steel ministry, the government today decided to hand over management control of three sick units to steel major Rashtriya Ispat Nigam (RINL).
The country"s largest steel maker Steel Authority of India (SAIL) today said it is open to partnering NMDC in setting up a steel plant in Karnataka, primarily catering to sectors like the automobile and consumer durables.
Scam-hit Satyam Computer has entered again the elite club of the top 100 companies in terms of market valuation -- a status it had lost after being hit by the country"s biggest corporate fraud.
Kishore Biyani-promoted Pantaloon Retail today reported a jump of 51.07 per cent in its third quarter net profit at Rs 50.67 crore.
Sanjay Jog / Mumbai January 03, 2010, 0:44 IST
State-run Bharat Petroleum Corporation today reported a 62-fold growth in net profit at Rs 3,628.02 crore for the fourth quarter ended March 31, 2009.
Devika Banerji / New Delhi November 11, 2009, 0:33 IST
Despite the global economic downturn, medical tourism has emerged as the fastest growing sector of the Indian tourism industry as it provides first world treatment to patients at an affordable rates.
GMR Energy Ltd, the subsidiary of Bangalore-based infrastructure major, GMR Infrastructure Ltd, has finalised a Rs 400crore investment plan to relocate and restart its barge-mounted naphtha fired power project from Mangalore on the west coast to Kakinada on the east coast in Andhra Pradesh. The new plant, which will use natural gas as basic fuel, will be operationalised by March 2010.
French power equipment maker Areva is all set to dispose of its transmission and distribution business, including its Indian arm Areva T&D.
Robert Bosch Engineering and Business Solutions (RBEI), the engineering and IT services subsidiary of Bosch in India, has launched the Reliability Testing Centre that it said would help enhance the reliability of automotive components like Electronic Control Units (ECU), in varied environmental conditions.
Two-wheeler giant Bajaj Auto reported a smashing 189.24 per cent increase in its net profit at Rs 475.14 crore for the third quarter ended December 31, 2009.
Tata Motors’ decision to promote its mini-truck as an FMCG brand has worked
The setting is very playful with a fit Mahendra Singh Dhoni asking an even fitter Bipasha Basu out on a date. She agrees, only if he can beat her in a race. The next morning, the two set out to race. Basu creates hurdles for Dhoni by distracting people on the way. Thus, when he finally makes it to the finish line, she’s already waiting for him, but is willing to give him a second chance.
Auto component maker Sona Koyo Steering Systems reported an unaudited profit after tax (PAT) of Rs 3.71 crore for the quarter ended September 30.
The global rating agency Fitch today warned that hardening of interest rates could jeopardise the prospects of the real estate sector in the coming months.
The markets opened on a flat note amid mixed global cues. However, bears were soon seen active following yesterday"s weakness. The Sensex drifted to a low of 16,778, down 109 points from the day"s high.
The country"s largest two-wheeler maker Hero Honda today reported 23.57 per cent jump in its sales at 3,89,802 units in January compared to the same month"s last year.
Jindal Steel & Power (JSPL) today said its consolidated net profit declined by 3.20 per cent to Rs 874.35 crore for the third quarter ended December 31, compared to the same period corresponding fiscal.
Bank of Baroda (BoB) ended at Rs 556, higher by Rs 33 or 6.4%, on the BSE.
The country paid over 7 per cent higher amount in repaying its external debt at $7.67 billion during the first six months of this fiscal over the year-ago period, despite a soft interest rate regime globally.
After being in trouble for more than a year and losing Rs 10,000 crore, the Indian aviation industry is looking up.
The stock settled 10% higher at Rs 59 and witnessed trades of 240 lakh shares on the BSE.
A number of Reliance Retail outlets in Andhra Pradesh today came under simultaneous mob attack after a news report on some Telugu channels alleged the role of the Ambani brothers in the sudden death of former chief minister Y S Rajasekhara Reddy in a chopper crash last year.
What happens to the deal makers themselves when deal activity comes down to a grinding halt? The year 2009 was a difficult year for Indian M&A deals. Firms like Bloomberg, Dealogic and Grant Thornton that track M&A deal making statistics estimate that M&A deal volumes came down more than 50 per cent to about $21 billion from close to 500 deals in 2009.
IT firm Zylog Systems today said it is eying acquisition in Canada and its board has given approval to go-ahead with the bidding process.
IDBI Bank had completed due diligence on a private bank for a possible acquisition, Chairman and Managing Director Yogesh Agarwal said today. “Talks are on. Due diligence has been done. I cannot commit on the time-frame,” he said on the sidelines of Bancon 2009-10.
India has emerged as the second most targeted nation among the BRIC region, after China, for merger and acquisitions activities clocking deals worth $2.8 billion so far this year.
The manufacturing sector in December climbed to its highest level since May 2009, signalling a faster monthly improvement in the key economic activity, an HSBC survey said today.
India is clearly showing strong growth, as outlined by the RBI which stated that the output gap is narrowing with economy operating close to potential and raised its baseline projection for GDP growth in FY10 to 7.5 per cent from 6 per cent forecast in October 2009 in the monetary policy announced today.
UK Chancellor of the Exchequer Alistair Darling said bankers should stop complaining and get to work.
Some big boys disappoint, but India Inc’s Oct-Dec show has been impressive.
Energy-starved Karnataka has deferred a decision on purchasing power from cogeneration sugar mills in the state.
Anil Ambani group firm Reliance Capital Asset Management today announced appointment of Ian Lancaster as the CEO of its Malaysian subsidiary, which has been set up to tap the fast-growing market for products complying with Islamic law.
India’s largest private sector lender ICICI Bank on Sunday ruled out overseas acquisitions, but said it is open to buying local banks to increase presence and business within the country. “We are not looking at global mergers or takeover or anything.
President of Karnataka Pranta Raitha Sangha Maruti Manapade has threatened that the farmers would launch serious agitation against the state government which is “contemplating acquisition of 200,000 acres of fertile land across the state to set up special economic zones (SEZ)”. He told reporters here he has urged the state government to stop the process immediately.
Concerned over the continuous assaults on Indians in Australia, External Affairs Minister S M Krishna today spoke to his Australian counterpart asking him to expedite the investigations in these incidents.
Chief minister B S Yeddyurappa will lead an all-party delegation to meet Prime Minister Manmohan Singh on January 13 seeking his intervention to withdraw the revocation order on the Kalasa-Bandori Nala drinking water project.
Majority of HR managers in financial institutions across London expect hiring in the city to rise significantly in 2010, a survey by global professional recruiter Morgan McKinley says.
Developing country parties to the Global System of Trade Preferences (GSTP) today met at the minitrial level and agreed on “modalities” for cutting tariffs in trade between each other.
The farmers of Dadri in Ghaziabad district, where Anil Ambani-controlled Anil Dhirubhai Ambani Group (ADAG) has proposed a gas-based power plant, today urged the Uttar Pradesh government to grant more time for returning the land acquisition compensation paid by the company.
Anil Dhirubhai Ambani Group company Reliance Infrastructure (R-Infra) will soon be the official owner of the second phase of the Mumbai Metro project. The state government and the company would sign a concession agreement for the Rs 11,000-crore project on Thursday, according to sources.
Chinese auto component manufacturers are quietly making inroads into India. Over 100-odd companies, ranging from the largest truck engine manufacturer FAW Group, to medium-sized players like gear-box maker Weichai Power, are at the 10th Auto Expo in Delhi showcasing their products to the local commercial vehicle manufacturers.
As the world tries to get over the economic slump, commercial vehicle (CV) manufacturers like Tata Motors, Ashok Leyland, Eicher, Volvo, Daimler and Mahindra-Navistar are preparing for a flurry of launches to cash in on the increased economic activity in the country.
Harley Davidson Motor Company India (HDMCI), the wholly owned subsidiary of Harley Davidson Motor Company, the US-based motorcycle producing company, today announced the appointment of its national leadership team.
The iconic US cult bike maker Harley Davidson is set to enter Indian markets tomorrow, two years after it was first granted permission to start operations in the country. Sales will, however, begin only by 2010, the company said in a statement.
Grasim Industries, part of the Aditya Birla Group, has posted an increase of 56 per cent in its consolidated net profit for the quarter ended December, at Rs 715 crore compared with Rs 460 crore in the corresponding previous quarter. The company"s consolidated net revenue grew to Rs 4,844 crore, up 5 per cent during the period from Rs 4,610 crore last year.
Business Standard / New Delhi January 22, 2010, 0:58 IST
India"s eight ambitious missions to address climate change may get funds in the Union Budget that will be presented in Parliament next month.
Shilpy Sinha / Mumbai January 8, 2010, 0:47 IST
The small screen reality show, My Fan My Hero, starring Bollywood biggies has got sponsors vying for ad slots.
Yash Raj Films (YRF) has formally announced its entry into the television space, by joining hands with Sony Entertainment Television (SET), a leading Hindi genereal entertainment channel. As part of the deal, YRF will produce exclusive fiction and non-fiction content for SET.
The government today said though the exports affected by the global slowdown are hovering in the negative zone, the slide has slowed.
South Korean consumer durables major LG today said it plans to give a push to its LED TV sales by launching more advanced versions of it in 2010 and expects to sell up to 3 lakh units by the end of next year.
Kanika Datta / New Delhi December 1, 2009, 20:41 IST
Car maker General Motors India today reported a 65.27 per cent increase in sales in November at 7,118 units, its highest ever sales recorded in the month since start of its operations in the country 13 years ago.
General Motors India today reported 15 per cent increase in sales during October at 7,413 units, against 6,465 units in the same month last year.
The unemployment rate in the OECD region — a grouping of 27 developed and developing nations — stood at 8.8 per cent in November 2009, amid the global labour market slowly witnessing signs of stabilisation.
For the Tata group, which owns the luxury hotels brand Taj, Ginger Hotels are a sort of "Nano Taj" in terms of business.
Gold imports witnessed nearly a three-fold jump during August at 21.8 tonnes as compared to the previous month on rising investment demand with the onset of festival and marriage season.
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".
But no binding commitments, Ramesh reiterates to Parliament.
Maruti Suzuki plans to expand its passenger vehicle production capacity at Manesar, near here, by around 2,00,000 units over the next two years, said R C Bhargava, chairman. Currently, the plant at Manesar, the company’s second, which produces the company’s new models like the Swift, A-Star and the Ritz, has a capacity of around 3,00,000 units.
Maruti Suzuki will expand its passenger vehicle production capacity at Manesar by around 2 lakh units over the next 2 years.
With Formula One Supremo Bernie Ecclestone giving a categorical assurance that the Indian Grand Prix is very much on, Force India Chairman Vijay Mallya today said the 2011 race would be a huge boost both for motorsports and the outfit he owns.
Carnation, the multi-brand car servicing major, today announced plans to roll out its own brand of auto spare parts by mid-2010. “We’ll be launching our own brand of genuine car spare parts,” said Jagdish Khattar, CMD of Carnation, at the formal launch of nine service outlets today.
IT majors — Tata Consultancy Services (TCS), Infosys, Wipro Technologies and Cognizant Technology Solutions — have made 408 job offers to the students of Osmania University College of Engineering (OUCE) during the "premium company recruitment drive" that ended on December 31.
Dallas, Atlanta, Minneapolis and Tallahassee have been actively courting Indian tech outfits
Demand for gold waned by 49 per cent in the third quarter this year over the corresponding period last year, thanks to a surge in its prices, the World Gold Council (WGC) said today.
Over 175 exhibitors from India and abroad are expected to showcase their designs and products at the second edition of the Kerala Gem and Jewellery Show, which begins here from November 21.
Nancy Birdsall & Arvind Subramanian / November 21, 2009, 0:40 IST
Foreign exchange losses of Rs 22 crore in the quarter ate into the profits of Delhi-based NIIT Technologies, which posted a profit after tax (PAT) of Rs 26.3 crore for the fourth quarter ended 31 March, 2009, down 15 per cent from Rs 31 crore in the corresponding quarter last year.
The recent top-level changes at PricewaterhouseCoopers (PwC) have not gone down well with some local partners, who see it as an attempt by PwC Global to take control of the Indian operations. PwC officials say such fears are highly misplaced.
Union ministries have together sought a whopping 82 per cent increase in gross budgetary support (GBS) for Plan outlay in fiscal 2010-11 over budget estimates for 2009-10.
Tanla Solutions Limited, a city-based telecommunications software and services provider, has called off its plans to set up a new development centre in Hyderabad and a backup/ disaster recovery centre in Bangalore. The company had earmarked Rs 77.26 crore and Rs 12.78 crore respectively for its Hyderabad and Bangalore expansion.
Beware of investment products that promise the moon.
Amidst sugar prices touching Rs 44 a kg in the retail market, the government today said it is keeping a watch on the prices.
ICICI Bank on Friday said its consolidated net profit rose 75.7 per cent to Rs 1,144.6 crore in the quarter ended September on the back of a good show by its subsidiaries.
Jubilant Foodworks, which runs the Indian franchise for global fast food chain Domino"s Pizza, today filed an application with market regulator Sebi for an initial public offering (IPO) to raise up to Rs 300 crore.
400 firms to shift to new system in first phase.
Fear of rising inflation dragged the Sensex into the red at the beginning of the trading day. However, Reserve Bank of India governor D Subbarao"s positive comments perked investor sentiments in noon trades.
Unlike his predecessor Y S Rajasekhara Reddy, who took a tough line against separate Telangana, Andhra Pradesh Chief Minister K Rosaiah has no no personal view on the bifurcation of his state and would like the Centre to find a lasting solution not not a "temporary truce".
Promoters aim to hike stake; Dalmia’s stake over 25%
Essar Oil Ltd (EOL) is on track to complete expansion of its facility at Vadinar refinery in Gujarat to 16 million tonnes by December 2010, brokerage company IDFC-SSKI said in its report on the company while putting a price target of Rs 194 on its stock.
Anglo-Australian mining major Rio Tinto today said it will make its first ever sale of iron ore in India, to Essar Steel.
Secondary steel maker Uttam Galva Steels today hiked prices of its products by Rs 3,000 a tonne citing increase in its input cost and firming global demand trend.
Balrampur Chini ended flat at Rs 133, Around 410,679 shares were traded as compared to the two-week daily average traded volumes of 1.04 million shares.
Shipping Corporation of India (SCI) has gained in early trades on plans of purchasing new container ships.
The Foreign Institutional Investors (FIIs) were net buyers of Rs 694.71 crore in futures and options segments on Tuesday.
Global private equity firm Actis today said it has raised $750 million for investment in infrastructure across emerging markets, including India.
Kishore Biyani-led Future Group is planning entry into hotel business and may set up the first one in the next six months.
The state-owned copper miner Hindustan Copper will soon appoint merchant bankers to advise it on the proposed share sale aimed at part-financing its Rs 3,500-crore expansion plan.
The US auto maker General Motors has confirmed it will retain all four plants of its European subsidiary Opel in Germany but will cut 9,500 jobs in Europe as part of restructuring to make the company profitable again.
The year 2010 will start on a promising note as we have held on to the gains of 2009, even if it means consolidating for the first few months of the year, says Sundaresan Naganath, chief investment officer at DSP Blackrock mutual fund. After having worked with Credit Suisse Asset Management New York and Merrill Lynch Asset Management Hong Kong, Naganath oversees some of the best performing funds such as DSP Blackrock Equity and DSP Blackrock Top 100. In an interview with Vandana and Neha Pandey, he says challenges that markets face are more external than domestic. Excerpts:
Silicon Valley is beset by the biggest office property glut since the dot-com bust, leaving the US technology hub with empty high-rises and office parks that make it impossible for landlords to sustain average rents.
The stock jumped 2.3 per cent to Rs 1,204.55 after the company said Phase-III clinical trial for its anti-diabetic molecule balaglitazone achieved the set parameters.
The country emerges as a bigger player on the global scene
Hyderabad-based Dr Reddy’s Labs plans to launch new generic drugs in various therapeutic segments to push domestic operations and get back on the list of top 10 companies in the country. The company, ranked 13th with a 2.7 per cent share in the Rs 55,000-crore domestic pharma market, is working to increase domestic sales.
In yet another move to increase the flow of Japanese investment into India, visiting Japanese Prime Minister Yukio Hatoyama today assured India’s leading industrialists and bankers to look into the option of directly linking the rupee and yen.
Pharma company Piramal Healthcare today said it is looking for acquisitions in the fields of patented drugs, contract research and research molecules and will raise Rs 1,000 crore for this purpose.
The share of SGX Nifty has risen from 2% in March to 5.9%.
The Sensex after attempting recovery has once again slipped into the red. The index is now at 16,677, down 108 points. The NSE Nifty is at 4,947, down 42 points.
Hatoyama is the first Japanese PM to visit Mumbai in 25 years.
The Centre has refused to extend the in-principle approvals to as many as 11 SEZ projects, including the Mukesh Ambani-promoted Reliance Haryana SEZ, Posco India and Indiabulls Infrastructure, stating that the rules do not allow giving them more time for implementation.
The Sensex has come off from the day"s high and is now at 17,203, up 71 points. The NSE Nifty is at 5,106, up 15 points.
Sun Pharmaceutical Industries’ attempts to take over Israeli drug major Taro Pharmaceutical has received support from Proxy Governance, an investment advisory agency.
Disinvestment process in four public sector undertakings is likely to be completed over the next two months, a top government official said today.
Sensex ends up 35pts
Will be available from next year for Rs 2.5 cr.
US markets were mixed on Wednesday. The Dow slipped 19 points to 10.452 on weak energy shares. The Nasdaq, however, added nine points to 2,185.
Oil prices rose above $72 a barrel today in Asia as investors looked to a slew of US corporate earnings reports this week for signs of economic recovery.
Of the top-10 most valued firms, six lost a combined sum of over Rs 68,000 crore from their market capitalisation last week, while the rest including the country"s most valued firm Reliance Industries (RIL) and oil major ONGC saw rise in their valuation.
Sunanda K Datta-Ray / New Delhi November 07, 2009, 0:37 IST
Wipro, India’s third largest IT services provider, is seeing an improvement in the prospects for the IT sector. The company expects IT spends in the US to go up in 2010.