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Income Tax (I-T) authorities are carrying out search operations at various establishments of the ship- building and repairing firm, ABG Shipyard, for alleged tax evasion, an Income tax Department source said.
Bharati Shipyard today said it has hiked the open offer price to acquire stake in offshore service provider Great Offshore to Rs 560 per share.
Foreign institutional investors (FIIs) were net sellers of Rs 463.89 crore (provisional) today, according to data released by BSE.
Ship building firm ABG Shipyard is getting ready to counter the offer price of rival Bharati Shipyard to acquire offshore drilling company Great Offshore.
The Madras High Court today directed Ahmedabad-based Zydus Cadila (Cadila Healthcare) not to sell its anti-depressant drug, Venz (venlafaxine), in the domestic market for the time being, based on a trademark complaint from Mumbai-based Sun Pharmaceutical industries.
Mercedes sales decline over 10%, but the company expects double-digit growth this year.
The German luxury car maker BMW will put 8,800 workers on shorter working hours in January as it anticipates a slump in the sales of some models, a spokesman said today.
The Reserve Bank of India (RBI) today extended the transition period given to the banks to treat the advances to equity-oriented mutual funds as capital markets exposure by six more months.
Markets: Everyone knows money is not a panacea. Cash cannot cure broken hearts, and all that. But the news from Dubai and the foreign exchange markets shows that ample supplies of money can’t even solve all financial problems.
The Ministry of Commerce & Industry has put the onus of monitoring any violation by companies that have been allowed foreign direct investment (FDI) in the retail sector on state governments. It has directed them to create a “suitable mechanism” to hold periodic scrutiny against violation of Foreign Exchange Management Act (FEMA).
As part of a restructuring plan, the Chennai-based Pyramid Saimira group, which produces films, has decided to dilute 40 per cent stake in all its eight subsidiary companies. It hopes to raise up to Rs 300 crore by doing so.
Against the backdrop of some provocative steps by China, Prime Minister Manmohan Singh has said there was "certain amount of assertiveness" by China lately, which had to be taken note of.
As many as five Indian companies, including ICICI Bank and Infosys Technologies, rank among the top 12 companies in the Asia Pacific region for being instrumental in building leadership capability within their organisation.
Around 4000 people, mostly farmers, today took out a rally against land acquisition by Gujarat Industrial Development Corporation (GIDC) in villages near Sanand.
India has tightened visa approval norms for Pakistan-born US citizens by making it mandatory for such applications to be cleared by New Delhi and is also mulling similar action on American nationals born in China, Afghanistan and Iran.The step comes in the wake of the FBI foiling an LeT plot to use Chicago resident David Coleman Headley to target Indian facilities.
Cabinet Secretary K M Chandrasekhar today did some plain-speaking, asking administrative ministries to allow Central Public Sector Enterprises (CPSEs) to function independently.
Your holiday in Dubai just got a little cheaper. Thanks to Dubai World’s crash, travel portals and agencies like MakeMyTrip, Yatra, Cleartrip and SOTC are offering packages at prices almost 40 per cent lower than a week or two ago.
Pakistani-origin American David Coleman Headley, charged by FBI of being involved in the Mumbai terror attacks, was using US as a base to plan future attacks outside the country, a top Senator said today.
Seema Sindhu / New Delhi January 7, 2010, 0:24 IST
A high level committee, constituted by Prime Minister Manmohan Singh on road projects, is believed to have recommended relaxing the controversial concessionaire"s agreement to make the projects attractive for investors.
The government will invite bids by this year-end for three mega projects worth around Rs 14,500 crore in the road sector, Road Transport and Highways Minister Kamal Nath said today.
IRB Infrastructure Developers today said it has emerged as the lowest bidder for a Rs 800-crore road project of the National Highway Authority of India (NHAI).
Prime Minister Manmohan Singh is going to Kolkata tomorrow to see ailing former West Bengal CM Jyoti Basu. Singh would be leaving for the West Bengal capital in the morning and there was a possibility of the scheduled Union Cabinet meeting being postponed till the evening, official sources said.
The Foreign Institutional Investors (FIIs) were net buyers of Rs 1,209.29 crore in futures and options segments on Thursday.
The Indian Industries Association (IIA), an apex body of SMEs, has joined hands with Germany-based Confederation of Skilled Crafts to work for a development project for micro, small and medium enterprises (MSME) in Uttar Pradesh.
Surjit S Bhalla / New Delhi December 08, 2009, 0:36 IST
Bhobhlal Dhruve, a member of aboriginal tribe Baiga community in Chada village (400 km from Bhopal), is eager to talk to his community on development issues. He and his fellow members of the community have formed ‘Apna Radio’, a community radio venture, and had applied for licence two years back.
Asian stocks fell for the first time in three days on concern the region’s economic recovery may falter after a Bank of Japan (BOJ) survey showed companies plan to deepen investment cuts.
The Asian markets ended on a weak note.
Sesa Goa saw its profits and revenues fall a whopping 50 per cent and 38 per cent, respectively, on a year-on-year basis for the September 2009 quarter even as it sold more iron ore and pig iron. Although the performance includes the numbers of Dempo Mining, acquired in June this year, the Street was disappointed.
The Nifty faced strong resistance above 5,300 and closed in a Doji pattern, indicating indecisiveness among participants.
Pharma major Wockhardt today said it has received tentative approval from the US drug regulator to market "Memantine HCl" tablets, used for the treatment of Alzheimer"s disease and dementia.
Novartis has ended the day at Rs 572, stronger by Rs 14 or 2.6%, on the BSE.
Ras Al Khaimah (RAK), which is a part of the United Arab Emirates (UAE), is in talks with Indian companies to set up a maritime city, according to its Free Trade Zone (FTZ) chief executive officer Oussama El Omari.
Glenmark Pharmaceuticals is confident of outlicensing at least one of its new chemical entities (NCEs) under development before the end of this financial year, according to the chief executive and managing director, Glenn Saldanha.
Yuvraj bats for Ranbaxy’s healthcare brand
Tata Group firm Rallis India today reported 9.90 per cent rise in its net profit at Rs 45.71 crore for the quarter ended September 30.
German multinational drug major Merck KGaA has acquired Bangalore Genei (India) Pvt Ltd (BGIP), which specialises in new generation proteomic and genomic research technologies, the cutting-edge study of proteins and organisms. Merck, which acquired the company through its wholly-owned Indian subsidiary, Merck Specialities Private, did not disclose the deal’s size.
The central government’s decision to continue controlling supply of the swine flu drug, oseltamivir, will help the drug innovator, Swiss multinational Hoffmann-La Roche, and its Indian licencee, Hetero Drugs, maintain their effective monopoly in the country, even as the drug lacks patent protection in India, fear domestic industry circles.
In the first case of suspected swine flu, a labourer who had gone to work in Pune was today found suffering from symptoms of the disease in Bihar"s Muzaffarpur district.
German pharma and chemical company Bayer group"s unit Bayer MaterialScience (BMS) has entered into an agreement with Ahmedabad-based Malibu Plastica (P) Limited, in order to supply polycarbonate sheets to the Indian market. Bayer MaterialScience intends to further grow its business in the country and strengthen its global position as a complete solutions provider to its customers.
Long dismissed as a price warrior, Acer is repositioning itself as a brand for the youth.
Acer, the world"s third-largest PC vendor, today said it will launch nine models of handheld mobile devices in the country, making its foray into the increasingly competitive smartphone sector in India.
Hiring activity in Kolkata went up by 12 per cent in June this year compared to May, revealed a latest report by Naukri Jobspeak.
The Gujarat government has banned Jaswant Singh’s book. But it is one of the items being smuggled into the state from Rajasthan, along with liquor. Two days ago, there were a few hundred copies of the book in various bookshops across Udaipur. Two days later, there were none. Reason? Smugglers bought these for circulation in Gujarat.
Alstom Projects India has bagged a contract worth Rs 373 crores for the supply of boiler components to Bharat Heavy Electricals Ltd (BHEL).
C&C Constructions Ltd, a Gurgaon-based infrastructure development company, has bagged two orders worth Rs 375 crore from Jaiprakash Associates Ltd.
News Corp, Time Warner Inc, and Qualia Capital LLC are interested in buying the Metro-Goldwyn-Mayer Inc film studio, owner of the ‘James Bond’ franchise, according to people with knowledge of the situation.
Leading Indian drug majors, such as Ranbaxy Laboratories, Dr Reddy’s Laboratories, Piramal Healthcare and Wockhardt, are in-licensing popular products from overseas drug makers to boost their domestic sales. They introduce the in-licensed drugs — which are mostly in the premium skin care segment — on payment of an upfront fee to the brand owners, who also get a share of the sales revenue.
FMCG companies may re-engineer the packaging of coconut hair oil by increasing the grammage to escape the purview of the Central Board of Excise & Customs" decision to impose eight per cent excise on product packs under 200 ml.
The third book in Stieg Larsson’s Millennium trilogy brings an epic series to a very gratifying close. Unfortunately, writes Jai Arjun Singh, it all really does end here.
The annual plan ceiling of the water resources department (WRD) for 2010-11 has been fixed at Rs 2222.64 crore. It is the highest among all the departments.
Jindal India Limited"s 1200 MW thermal power plant proposed to come up at Kaniha near here at an investment of Rs 6,000 crore has faced yet another roadblock.
The proposed Vedanta University is likely to get chairman of the Knowledge Commission Sam Pitroda as its first Chancellor, Orissa"s Higher Education minister Debi Prasad Mishra said today.
Amidst protest from Opposition Congress, Orissa government on Saturday re-introduced in the Assembly a controversial bill on setting up a university by Vedanta Resource Corporation in Puri district.
Essar Steel’s $2.5 billion (about Rs 12,500 crore) capacity expansion project at its Hazira plant in Gujarat will be completed by the end of this calendar year.
Godrej Properties (GPL), the real estate arm of the Godrej group, is likely to come out with its initial public offering (IPO) in the next 10 months, a top company official said.
There might be political uproar over the meager revision of MSP of wheat (Rs 20 per quintal hike), but the farmers in Punjab are firm on expanding the area under wheat cultivation. The state agriculture department is hopeful that this year also the total area under wheat would surpass the designated target of 35.20 lakh hectares.
G Madhavan Nair, Chairman of the Indian Space Research Organisation, has been appointed President of the International Academy of Astronautics (IAA).
Cox & Kings Q3 net jumps 88% to Rs 19 cr
Uncertainty looms large over the holding of the meeting of the Rehabilitation and Peripheral Development Advisory Committee (RPDAC) for the Posco’s mega steel project in Orissa as the government is likely to miss the November time line for this meeting.
It wasn’t just ordinary passengers who suffered the brunt of the recent Air India strike. West Bengal Finance Minister Asim Dasgupta came to Delhi to attend a meeting on Goods and Service Tax (GST) with finance ministry officials. After which, he met Finance Minister Pranab Mukherjee. While Mukherjee’s office had kept an hour for the meeting, Dasgupta was in a hurry and spent just half the time since, with the Air India flight cancelled, he had no option but to leave on the earlier flight of a private airline.
Plans majority stake in JV; to offer NLD, ILD, ISP services.
The fate of the 1,320 megawatt (Mw) thermal power plant at Rajpura (Punjab) will be decided by next week. According to sources, the financial bids (related to power tariff) for the proposed project would be opened next week and sent to the Punjab State Electricity Board (PSEB) for approval.
S Kalyanasundaram, former managing director of GlaxoSmithKline Pharmaceuticals, will join Sun Pharmaceutical Industries, the country’s largest drug manufacturer in terms of market capitalisation, as one of its top three executives.
Barun Roy / New Delhi December 03, 2009, 0:26 IST
Exporters of engineering goods, which contribute over 40 per cent to the country’s total exports, have urged the central government that incremental exports be exempt from tax for three years, with the base year being 2008-09.
The Indian Space Research Organisation (Isro) is working on using space applications to improve rural health infrastructure through telemedicine. Already 55 super specialty hospitals and 350 nursing homes have been connected and more will be added shortly, said Isro chairman K Radha Krishna.
After the challenging mission to moon, Indian Space Research Organisation (Isro) said on Wednesday it has begun preparations for sending a spacecraft to Mars within the next six years.
Private sector lender Yes Bank today said it raised $250 million (about Rs 1,140 crore) by private placement of shares to fund its expansion plans, which include opening up to 250 branches next year.
The benchmark indices in Asia, Europe and the US closed in a Doji pattern last week, signifying indecision among market players. The Nifty closed at 5,117.30 as against its last week’s close of 5,108. The BSE Sensex closed at 17,119 compared to 17,101 a week ago. A Doji pattern is often found at the bottom and top of a trendline and is considered as a sign of possible reversal of direction. In a Doji pattern, the market explores its options either way.
National Thermal Power Corporation (NTPC) today reported a growth of 5 per cent in net profit at Rs 2,364.9 crore for the third quarter ended December 31, 2009, over the same period last year.
Apollo Tyres today reported an over 18-fold jump in net profit for its Indian operations during the quarter ended December 31, 2009, at Rs 102.03 crore, mainly due to robust growth in topline.
A K Bhattacharya / New Delhi December 2, 2009, 0:09 IST
Anti-Posco activists today abducted four Posco officials engaged in the company"s corporate social responsibility (CSR) activities at Patana village under Dhinkia village panchayat in Jagatsinghpur district.
With five more entities folding up, the total number of American bank failures has touched nine in 2010.
Ii can give high profits, but the sugar industry is volatile and influenced by many factors
Business Standard / New Delhi December 31, 2009, 0:44 IST
The State Environment Impact Assessment Authority (SEIAA), headed by Prof. C R Das, has given environmental clearance to six ‘ B’ grade projects in the state.
Chennai-based Zylog Systems is planning to invest around Rs 400-500 crore to create infrastructures which would support its plan to bag government projects. The company is also in the final stage of acquiring a company in Singapore, which offers solutions for various e-governance and public utility services. Besides the company is also starting a pilot to give internet through towers.
Telecom service provider Aircel today entered into a partnership with software exporter Infosys Technologies to launch the first mobile application store in the country.
It’s not quite time for DTH to retire, as a leading IPTV firm would have us believe, since there are 13 mn DTH subscribers compared to IPTV"s 30,000.
Global Outlook, a white label hosted Microsoft Exchange and collaboration services provider with its data centres in Hyderabad and Dallas in the US, is targeting to achieve Rs 25 crore revenues from the Indian market by the end of this calendar year, according to its executive chairman Dayakar Puskoor.
Despite adverse market conditions prevailing in the state, Jammu and Kashmir Bank has registered a business turnover of Rs 51,975.56 crore during the quarter ended June and operating profit of Rs.256 crore, recording a 41 per cent increase over the same period last year.
Hinduja Group flagship company Ashok Leyland today reported 455 per cent jump in net profit for the quarter ended December at Rs 104.63 crore on the back of robust sales growth.
After Reid & Taylor, S Kumars Nationwide wants to try its luck in all segments.
Textile company S Kumars Nationwide today said its net profit stood at Rs 60.09 crore for the year ended March 31, 2009, while it had a net profit of Rs 178.13 crore in the same period previous fiscal.
DLF Ltd has exited its asset management joint venture with US based Prudential Financial Inc (PFI), the real-estate firm said in a filing with the Bombay Stick Exchange on January 23.
Hyundai Motor"s net profit nearly quadrupled in the fourth quarter on higher sales following a strong performance during 2009 in the fast-growing Chinese and Indian auto markets.
The Sensex has rebounded into the positive zone and is now at 16,357, up 48 points. The NSE Nifty is at 4,881, up 14 points.
Indian Premier League (IPL) Chairman Lalit Modi today brushed aside concerns that the Twenty20 League"s franchise team owners are miffed at not being compensated for extra expenditure incurred during the 2009 event held in South Africa.
The Insurance Regulatory and Development Authority (IRDA) is considering allowing life insurers to invest part of policy holders" money in equity derivatives, a move that would allow these firms to hedge the risks emanating from cash markets.
The semiconductor industry will post a revenue decline for just the sixth time in the last 25 years, with world-wide revenue totaling $226 billion in 2009, a 11.4 per cent decline from 2008, according to preliminary estimates by Gartner, Inc, an information technology research and advisory company.
Yahoo! announced partnerships with television and other device manufacturers as the Internet company joins others seeking to jump from the computer to the TV screen.
The Department of Telecommunications (DoT) will auction three slots of third generation (3G) spectrum for all 22 telecom circles.
The Department of Telecommunications (DoT) has again put the onus of deciding the number of slots to be auctioned for 3G spectrum on Finance Minister Pranab Mukherjee.
Lifetime Wellness Rx International Limited, an Apollo Hospitals group company, and Special Olympics Inc (SOI), an organisation founded by Eunice Shriver (sister of late US president John F Kennedy) signed a memorandum of cooperation to improve the health and well-being of those with intellectual disabilities in India.
Looking at fortifying its position in touch-screen phones category, Nokia launched two new touch interface devices, Nokia5230 and Nokia 5530 XpressMusic, in Chandigarh on Tuesday. Regional General Manager (North India ), Nokia India, Chandan Dang maintained the two new touch screen handsets of Nokia would help strengthen the market for Nokia in the ‘touch-screen phone’ category .
A peak into gizmos you can safely invest in and carry over to the next year without feeling the itch to upgrade.
US markets edged up on Monday. The Dow added 30 points to 10,501. The Nasdaq gained 22 points (1%) at 2,212.
The Sensex dropped to a low of 16,537. The index has recovered now and is down 179 poinst at 16,537.
Markets have dropped again. The Sensex is now down 213 points at 16,567. The Nifty is down 75 points at 4,933.
Power Grid ended at Rs 113, lower by Rs 1 or 1.2%, on the BSE.
The US markets ended on a negative note on Friday.
Raymond extended gains to touch a high of Rs 207 - up 6%. However, it could not hold on to gains and ended flat at Rs 197. Over 125,500 shares changed hands at the counter today.
Drug maker Dr Reddy"s Laboratories today said it has launched a skin-care product, Strea Professional, in the country.
Shocked by the surfacing of fake Chinese medicines with "Made in India" logo in Africa, the government has asked its missions in the region to step up vigil for protecting the nation"s image and market.
With the economy showing signs of recovery, industry would pick up further momentum with a growth of more than seven per cent in August and nearly nine per cent in October, economic think-tank Institute of Economic Growth (IEG) today projected.
The Copenhagen accord on climate change was a partial success for India but it has certain “inbuilt hazards” of which the developing countries have to be wary, Environment Minister Jairam Ramesh has said.
Japan"s unemployment rate fell to 5.5 per cent in August, from a record 5.7 per cent in July, the first improvement in seven months, the government said today.
Rating agency Fitch in a report today said that Indian banks would remain resilient to face stressful conditions in the current and next financial years.
Following the increase in the long term loans of Videocon Industries (VIL), Fitch Ratings has today affirmed Videocon Industries Limited"s (VIL) National Long-term rating at "A-(ind)" with Negative Outlook.
Enthused by the robust demand for its affordable housing projects, realty major Unitech today said it would invest Rs 600 crore to develop 5,000 such units in seven cities across India.
Three variants to have introductory price of Rs 2.58-2.89 lakh.
Cadbury: Kraft Foods’ $19 billion acquisition of Cadbury creates an unstable dynamic in the global confectionery sector. Almost one third of the market will be split equally between the enlarged Kraft and US rival Mars. That raises some tricky strategic questions for the industry"s smaller players like Italy’s Ferrero, Hershey of the US and even for Switzerland’s Nestle .
The Union coal ministry and National Thermal Power Corporation (NTPC) have proposed to set up one power plant each near Kanpur.
With government’s flagship Sarva Siksha Abhiyan (SSA) scheme showing encouraging results in expansion of elementary education, the World Bank has come forward with an offer to provide additional funding of $ 500 million (Rs 2,325 cr approx) for the programme.
Shree Ashtavinayak Cine Vision, the film production company, plans to invest Rs 457 crore to expand its movie entertainment business.
Rural Electrification Corp Ltd (REC) is in favour of going in for a qualified institutional placement (QIP) of shares to raise funds, while its parent, the Government of India, wants the company to take the follow-on public issue route, an official familiar with the development told NewsWire18.
Increased capacity and demand have helped cement manufacturer Binani Cement post a whopping 573 per cent jump in net profit at Rs 57 crore in the third quarter this fiscal compared to the same period last year.
Oil refining and marketing major Hindustan Petroleum Corporation (HPCL) today reported a net profit of Rs 31 crore for the third quarter ended December 31, 2009.
Driven by healthy growth across key personal care categories, the homegrown FMCG major Dabur today reported a 28 per cent jump in its consolidated net profit at Rs 137.84 crore for the third quarter ended December over the corresponding period last fiscal.
The mutual fund (MF) industry is highly exposed to the banking sector, according to the Securities and Exchange Board of India (Sebi) data.
Anil Ambani’s Reliance Power today started power generation at its Rs 6,000-crore Rosa Power Project in Shahjahanpur district of Uttar Pradesh.
GMR Hyderabad International Airport Limited (GHIAL) has signed an agreement with aircraft engine manufacturer, CFM International (CFM), to establish a new CFM56 maintenance training centre to support its customers in the South Asian region.
Leading textile and apparel company S Kumars Nationwide today said its consolidated net profit rose by 77.88 per cent to Rs 67.39 crore for the quarter ended December 31, 2009.
The Securities and Exchange Board of India (SEBI) is reported to have appealed a decision by the Securities Appellate Tribunal (SAT) that over-ruled the Bombay Stock Exchange’s (BSE) refusal to issue an in-principle listing approval to a listed company.
Foreign institutional investors (FIIs) were net sellers of Rs 362.76 crore (provisional) today, according to data released by BSE.
In a move to streamline operations related to marketwide position limits (MWPL) of derivatives contracts, the Securities and Exchange Board of India (Sebi) has fixed a timeline for exchanges to disseminate information on individual securities.
AIM-listed integrated studio operator Eros International plc is planning to list its wholly-owned Indian subsidiary on the Bombay Stock Exchange in the current financial year.
Pyramid Saimira Theatre today reported a net profit of Rs 5.77 crore for the quarter ended September 30, 2009, while it had a net loss of Rs 3.11 crore in the same period last year.
A timely corporate initiative has mumbaiites lining up for lessons in western music.
Financial services provider Religare Enterprises today said its consolidated net profit declined by 51.80 per cent to Rs 21.4 crore for the third quarter ended December 31, 2009, over the same period last year.
The country"s largest two-wheeler maker Hero Honda today reported a huge 78.34 per cent jump in its third quarter net profit at Rs 535.77 crore on the back of a quarterly sales volume of over a million units, and said it may go in for a new facility soon.
Foreign institutional investors (FIIs) were net sellers of Rs 2,415.49 crore (provisional) today, according to data released by BSE.
Paint manufacturer Asian Paints today said its consolidated net profit surged over threefold to Rs 211.84 crore for the third quarter ended December 31, over the same period last fiscal.
Despite a sharp fall in treasury income compared to the year-ago quarter, private sector lender Yes Bank recorded a 19 per cent growth in net profit to Rs 125 crore for the quarter ended December 31, 2009.
Bajaj Auto Finance today said its net profit jumped over two-fold to Rs 27.32 crore for the quarter ended December 31, 2009, over the same period last year.
Bajaj Auto sold 220,429 two-wheelers in December 2009, registering 85 per cent growth in sales over the same month last year, when it sold 119,215 units, a company release said here today.
General Motors India unveiled the all new Chevrolet Cruze diesel model in Chandigarh. The car will be available in two variants - LT & LTZ. With the launch of this model, it expects that by the end of this year, it would be able to achieve a growth of 11-12 per cent over the previous year.
The usually choc-a-bloc bus parking lot at Makuhari Messe was deserted. There were no car company hoardings on the way to the Tokyo Motor Show venue either. Inside, the show was restricted to just three halls. There were no go-go girls in skimpy costumes dancing to loud techno beats. Missing in action were Ferrari and Lamborghini. No Jaguar or Aston Martin, either. Not even Volkswagen. The space normally occupied by the American giants was filled in with paintings by children – on an automotive theme, mind you.
Toyota Kirloskar Motors Limited (TKML) is looking to make further inroads into the Indian market as it puts its strategy into overdrive. With the launch of the Prius and its small car in 2010, it is looking to add another volume product to its portfolio,
India’s third biggest passenger vehicle maker, Tata Motors, today launched the Manza sedan, priced at Rs 4.8 lakh (ex-showroom, Delhi). The bookings commence tomorrow. This will replace the Indigo as the company’s new entry-level sedan.
US car maker General Motors today launched its luxury sedan Chevrolet Cruze in India at an introductory price ranging from Rs 10.99 lakh to Rs 12.45 lakh (ex-showroom, Delhi).
Venezuelan President Hugo Chavez ordered an investigation of Toyota Motor Corp, saying the world’s largest carmaker “can leave” should it fail to meet production quotas and technology-transfer laws.
Five companies including Hero Honda have evinced interest in investing in Karnataka. In the run up to the forthcoming lobal investors’ meet in June this year, the state industries department has been inviting companies from industry segments to the state.
Mahindra First Choice, an arm of Mahindra and Mahindra Group (M&M) which sells second hand car, today said it would set up sales and service outlets in rural areas across the country to sell one lakh vehicles by 2015.
Domestic auto major Mahindra & Mahindra today reported a net profit of Rs 413.7 crore for the third quarter ended December 2009, on the back of strong sales in both automotive and farm equipment sectors.
Ford Motor Co hourly employees have rejected contract concessions the automaker said it needed to remain competitive with its US rivals, said two people familiar with the outcome of the voting.
The Foreign Institutional Investors (FIIs) were net sellers of Rs 749.25 crore in futures and options segments on Wednesday.
The Sensex is now at 16,262, down 27 points. The NSE Nifty is at 4,853, down two points. Meanwhile the European markets have opened on a positive note. FTSE is up 37 points.
Spice exports from India were valued at over $11 billion — an all-time high — in 2008-09.
Mortgage entities Fannie Mae and Freddie Mac are planning to introduce a programme aimed at helping independent mortgage banks to make home loans, says a media report.
In a record achievement despite the global economic recession, spice exports from India clocked $11.68 billion —an all-time high —in 2008-09.
Domestic passenger numbers in December 2009 rose 34.8 per cent to 4.5 million from 3.3 million in the same month in the previous year. This is the highest growth in the last 12 months.
Exporters, hit by a demand slump in the global market, have sought RBI"s intervention for dollar credit from banks at competitive rates.
Maruti Suzuki has ended at Rs 1433, down Rs 6 or 0.4%, on the BSE.
Friday will see companies like Axis Bank, HDFC Bank and TCS, announcing their results. NIIT Tech, IDBI Bank, Indusind Bank, UCO Bank and Balaji Telefilms will also report their numbers today.
India Inc today condoled the sad demise of veteran CPI(M) leader and former West Bengal chief minister Jyoti Basu.
Job seekers can get their resume ready as India Inc"s hiring outlook improves considerably with over 70 per cent recruiters predicting new job additions in 2010, a survey says.
The volume of merger and acquisition (M&A) deals by India Inc slumped by 41 per cent to $3.3 billion in the June quarter over the previous three-month period due to the impact of the global economic slowdown, a report by consultancy firm Ernst & Young has said.
Aditi Phadnis / New Delhi December 27, 2009, 0:23 IST
Road Transport and Highways Minister Kamal Nath today pitched for infrastructure bonds in different currencies, specially suited to NRIs, for raising resources for building roads in India.
As the global economy recovers from recession blues, more companies are going shopping abroad leading to the merger and acquisition (M&A) volume touching a 10-year high of $74.5 billion till date in 2010.
The stock slipped over 7% from the day"s high to end at Rs 230, up just 1%. Over 360,000 shares changed hands at the counter today.
India"s conduct after the Mumbai-terrorist attack by Pakistan-based Lashkar-e-Taiba (LeT) has been statesmanlike, US Defense Secretary Robert Gates said today, praising the restrain shown by the Indian leadership after 26/11.
US Defense Secretary Robert Gates today said there has been a remarkable advancement of defence relationship between India and the United States in the last few years.
Spurred by growth in the number of policies renewed, commission expenses of the life insurance industry grew by 5.64 per cent in 2008-09 to Rs 15,533 crore as against Rs 14,704 crore in the corresponding period last year.
The decade began with the government doing the right thing and auctioning mobile phone licences, but ended with the scandal over its decision to start playing favourites and handing over licences to a chosen few firms at a price that was Rs 50,000 crore less than the market one. The decade began with the government privatising the Delhi Vidyut Board (DVB) in the midst of a huge scandal, since it offered several thousand crore of concessions to two firms, and ended with another scandal over how the winning bidders for the Bangalore airport awarded the major part of the contracts to themselves — and passed on the increased costs to the flying public.
Under fire for rising prices, Prime Minister Manmohan Singh today asked state governments to tackle shortages of essential supplies while promising all possible assistance from the Centre.
Economists call it the “U without Q” (utilisation without quality) factor. The expression is now being increasingly used to describe the progress made by Bharat Nirman, considered by many as the jewel in the crown of the United Progressive Alliance (UPA) government.
State-run NTPC has undertaken 17 projects across the country for capacity addition of 17,930 Mw of power in the road map to achieve 75,000 Mw generation capacity by 2017.
The government today approved three port projects worth Rs 7,737 crore for developing infrastructure at the Jawaharlal Nehru and Visakhapatnam ports.
Seeking to deepen its bilateral defence and strategic ties with India, the US plans to sell to the country 145 state-of-the-art 155mm towed Howitzers worth $647 million.
Karnataka Chief Minister B S Yeddyurappa, who is facing fresh bout of dissidence from his party legislators demanding ouster of recently inducted minister M P Renukacharya, today held talks with a four-member dissident group to defuse the crisis.
Arvind Subramanian / January 27, 2010, 0:53 IST
Amid reports of fresh bouts of dissidence in the ruling BJP in Karnataka, chief minister B S Yeddyurappa today said he has “committed several mistakes” after assuming charge and promised people that such mistakes would not recur.
The government is mulling whether the 2G spectrum can be offered to stand-alone winners of 3G bidders at the price of Rs 1,658 crore for pan India operations -- the amount charged from new players last year.
Jyoti Basu remained as popular in death, as he was when alive. The Marxist patriarch’s far-reaching appeal ensured that the country’s political establishment, irrespective of party affiliations, paid its last respects to him on Tuesday, save Trinamool Congress chief Mamata Banerjee.
In the backdrop of the US remarks that India would have limited patience if a Mumbai-type attack recurs, External Affairs Minister S M Krishna today said the government will have to be prepared to meet any eventuality.
Bangladesh Prime Minister Sheikh Hasina, Congress president Sonia Gandhi, Finance minister Pranab Mukherjee and BJP leader L K Advani will pay homage tomorrow to Jyoti Basu who would be given a state funeral.
The country"s largest power producer National Thermal Power Corporation"s (NTPC)
The telecom industry added a massive 44.21 million new subscribers in the quarter ended September 2009, while the gross revenue of the operators has slipped marginally by 0.65 per cent during the same period, the Telecom Regulatory Authority of India (Trai) said here today.
Continuing with the growth trajectory, Indian Railways have registered an increase of about 9 per cent in its revenue earnings.
Bharti Airtel chairman Sunil Mittal today said the company had not initiated any tariff war with the launch of per-second billing and was merely responding to the market needs.
Tata Communications has reached an agreement to acquire BT Group"s Mosaic business, which offers on-demand digital media management platforms, that manage content and workflow from production to distribution across collaborative market ecosystems.
Tata Communications has signed an agreement with the Qatar-based Qtel for a new undersea cable network that will connect a number of regional operators in the Gulf region with the country.
RCom’s tower arm to dilute 4-5% in pre-IPO placement.
The auditor for Bharti Airtel has asked for more time from the department of telecommunications (DoT) to finalise the special report sought by the government on the company, as they have yet to fully get the needed information.
After nearly 18 months of negotiations, United Breweries and Heineken are understood to be nearing an agreement for combined operations in India.
FXLabs Studios, a city-based developer of game products for PCs and video game consoles, has received the 24 FPS animation award for the best game design by Maya Academy of Advanced Cinematics (MAAC) for its game based on Bollywood movie ‘Ghajini’. MAAC is the academic wing of US-based 3D animation and visual effects house Maya Entertainment, a press release said on Wednesday.
Israel has launched an effort to tap India’s $1-billion homeland security market. The opportunities available in infrastructure, training and technology, excluding defence and weapons, are being looked at by Israeli companies such as Elmo Tech, Elbit Systems, ISDS, Netafim and Max Security.
Thousands of foreign students, including Indians and Chinese, have marched in Sydney and Melbourne seeking more measures from the Australian government on their safety, accommodation and travel concessions.
Denmark’s largest pension fund company, ATP, has expressed a desire to outsource its internal information technology (IT) management and back-office works to Indian service providers.
Cigretter major, ITC reported a 26.7% rise in net profit at Rs 1,144.17 crore in the quarter ended December 31, 2009 as against Rs 903.21 crore in the same quarter last year.
Hit by international student attack crisis, Australia has experienced a huge decline by 46 per cent of Indians applying for student visas in the country last year, country"s Immigration Department has said.
Reliance Power today reported a 26.46 per cent increase in its net profit at Rs 133.64 crore for the third quarter ended December 31, 2009.
Leading Internet firm Info Edge, which owns job portal naukri.Com, today reported third quarter profit after tax of Rs 15.64 crore, a nine per cent decline from the corresponding period previous fiscal.