Management
Tata Power Company reported a 28 per cent fall in net profit at Rs 182.1 crore for the second quarter ended September, compared to Rs 252.9 crore for the corresponding quarter last year.
Tata Power Company today said it will be able to supply electricity to an additional 30,000 consumers in the city by March next year.
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.”
Mumbai-based Udyog Software, is in talks with Special Economic Zone (SEZ) developers in Gujarat for its tax software solutions. Udyog Software, which provides technology solutions to number of businesses in areas of Payroll Solutions, Tax Compliance Solutions, Integrated Solutions and ERP implementations, now plans to tap both SEZ developers as well as the upcoming units in it.
- Poems for the people - Just imagine - Past speaking - Cool head in Eden - Would be nice - Epis-too-late
Nearly three decades after he co-founded Infosys Technologies with six others, N R Narayana Murthy has initiated the first step towards starting a venture capital (VC) fund focused on India. The Infosys Chairman, during the past two days, has offloaded 800,000 shares from his personal holding, to raise about Rs 177 crore.
Coordination at the national level will help in the screening of suspected influenza patients.
Karnataka Chief Minister B S Yeddyurappa today ruled out the question of dropping any of his ministers, a demanded made by the dissidents, but vowed to change his style of functioning.
The Karnataka Bhawan is packed with VIPs these days and the common Kannadigas are finding it difficult to get an accommodation in their state guest house. The BJP MLAs are camped there, besides a large Congress delegation that has come to hold parleys with the top leadership in New Delhi. HR Bharadwaj, the governor, also made a trip to the national capital while the political crisis in Karnataka was at its peak. Many thought Bharadwaj had come because of the current crisis, but the former law minister made it clear that his trip was planned almost two months ago when the BJP government was running smoothly. “I had come for a family wedding and to meet my chartered accountant for some accounts,” Bharadwaj told reporters.
Ram Prasad Sahu / Mumbai November 09, 2009, 0:04 IST
Issuers allow you to convert your credit card purchases to EMIs, but it comes with strings attached.
The first whiff that something had gone bad came 18 months ago, when officials from the Enforcement Directorate (ED) apprehended an individual at the Mumbai international airport as he was about to board an aircraft bound for Bangkok.
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.
The deadline set by the Income Tax (I-T) Department to record the statements of at least six associates of former Jharkhand Chief Minister Madhu Koda today expired without them appearing.
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.”
Burdened with rising commodity prices, especially of steel and copper, the country’s largest car maker, Maruti Suzuki India, has announced a marginal increase of up to 2 per cent in prices.
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.
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.
The government has decided to extend the ban on futures trading in sugar for another nine months till September 2010, commodity market regulator FMC said today.
Essar oil gave up some of its gains and finally settled at Rs 140, up around 2% from the previous close. The counter witnessed heavy trades of 658,518 million shares as compared to 248,533 million shares.
DuPont India, a subsidiary of E.I du Pont De Nemours and Company, today said it was planning to double its headcount to 3,000 in the next two-three years.
Anticipating an investment of Rs 3,240 crore in dairy and live stock sectors in Kerala in the next three years, an experts" committee has recommended the government to set up a live stock development finance corporation to ensure better credit flow in this high potential area.
Prime Minister Manmohan Singh will chair the meeting of the Inter-State Trade Council, which is expected to meet next month, to discuss ways to reduce transaction cost for exporters, besides simplification of procedures.
Crompton Greaves ended at Rs 426, higher by Rs 29 or 7.4%, on the BSE.
Aban Offshore slumped over 8% to Rs 1,130 on the back of 65% decline in net profit.
The Supreme Court today upheld an amendment exempting some posts from the purview of the office of profit law that was enacted three years ago in the midst of a controversy in the aftermath of the disqualification of Samajwadi Party MP Jaya Bachchan.
Union Law Minister M Veerappa Moily today virtually backed Chief Justice of India K G Balakrishnan on the issue of assets declaration by judges and said if judges were voluntarily disclosing their assets and "wanting to become heroes, it is their wish."
Union law minister M Veerappa Moily today said a road map for judicial reforms would be ready by September 30.
Markets extend losses in noon trades
Raj Oil Mills finally settled at Rs 118 on the BSE today. The debutant touched an intra-day high of Rs 133, up 6.5% from its opening. The counter clocked a volume of over 17.3 million shares on the first day.
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 global financial crisis that spilled over into its second year choked flow of foreign direct investments into India in 2009, forcing the government to loosen rules for investments but it kept multi-brand retail off-limits to foreigners.
Sunil Sethi / New Delhi July 25, 2009, 0:26 IST
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.
Colours and clothing may waltz in and out of style, but the watch is an accessory that rarely sees an off season. Here are a few picks to flaunt this summer:
Europe accused the United States and China of torpedoing the Copenhagen climate summit and vowed not to back down in its push for a tough, binding accord to avert the potential disaster of global warming.
Andhra Pradesh chief minister K Rosaiah said a meeting of the state Legislative Assembly and Council would specifically be convened to condole the death of former chief minister, Y S Rajasekhara Reddy.
The Prime Minister’s economic panel today said the government and the RBI will have to slowly withdraw the stimulus packages given during the slowdown once the economy begins to show surer signs of recovery.
Inflation turned positive for the first time in three months, rising to 0.12 per cent during the week ended September 5 as foodstuff became costlier.
Jonathan Weil / June 14, 2009, 0:13 IST
Foreign companies hunt for buyouts in growing market with lower production costs.
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.
Hospitality major Panoramic Universal today said it is in talks with a couple of private equity players and a strategic investor to raise up to Rs 100 crore by offloading stake to part-finance acquisitions of three-star and four-star hotels in India.
The main reason for the move is the volatility in prices and inconsistent supplies for value-added grades
Trinamool Congress leader and new Railway Minister Mamata Banerjee has called for a review of the Special Economic Zones (SEZ) policy. Whoever takes over as the Union commerce minister will have to do it in any case, as it is nearly four years since the SEZ Act, 2005, came into effect and over three years since the SEZ Rules, 2006, were put in place. A performance assessment can do no harm but certainly the SEZ developers who have already acquired land and sunk their money in developing infrastructure and the units, which have obtained approvals and started their operations, should not be left wondering for long as to whether any policy changes will affect them. They need to be assured quickly that any policy changes will affect only the intending SEZ developers and SEZ units.
The Orissa government today said it would assess the local situation in the trouble-hit site for Posco"s proposed Rs 50,000-crore steel plant before allowing South Korean President Lee Myung-bak to visit the place in January.
The Nifty formed another Doji pattern today after moving in a narrow band of 50 points, indicating indecisiveness among participants ahead of Christmas holidays in US and European markets. The index closed below its crucial trendline support level of 5,050, while maintaining its 50-day daily moving average (DMA) support at 5,000.
Munjals-promoted Hero Group today said it will launch up to six premium bicycles, priced up to Rs 35,000, in the country and also enter the category of children"s fancy cycles.
Struggling to bolster its claims of leadership in the fight against climate change, the European Union has announced a commitment of ¤2.4 billion (Rs 13,760 crore) annually between 2010 and 2012 to help developing countries adapt to the effects of global warming.
A crucial UN climate summit opened here today amid calls for "early action" to combat the threat and with the hope that emission reductions promised by key countries had put the world closer to a global warming control pact.
P B Jayakumar / Mumbai September 25, 2009, 0:10 IST
Notwithstanding the growing concern over an appreciating Indian rupee against the US dollar which could eat into their operating (Ebitda) margins, major Indian IT services providers believe the worst is behind the sector.
The row between the CPI(M) and its arch rival, the Trinamool Congress (TC), over land refuses to die. After the land acquisition issue played a crucial role in the 2009 Lok Sabha polls in West Bengal, it became a hot topic again today, as the CPI(M) and the TC locked horns during the Railway Budget discussion in the Lok Sabha.
Leading auto maker Bajaj Auto today said its technology ExhausTEC, which helps improve performance of a two-wheeler, has been granted a patent by the Munich-headquartered European Patent Office.
The current power crisis in Orissa, which was a power surplus state till a few months back, is the fallout of the lapses of the officials of the state energy department, according to the Anti Corruption Youth Forum (ACYF).
Firm had failed to complete closure within 12 months of project allotment. Has been given grace of 3 months
The Orissa government has made it clear that mining of bauxite in the Niyamgiri hills in Kalahandi district will not be allowed till all the statutory clearances are obtained.
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.
S Kalyana Ramanathan / New Delhi January 29, 2010, 0:51 IST
Tata Motors’ decision to promote its mini-truck as an FMCG brand has worked
Wipro Limited, backed by increases in price realisation, utilisation and fixed price contracts at its flagship IT services business, posted a 19 per cent increase in its net profit to Rs 1,162 crore for the second quarter ended September 30, 2009 as compared to the corresponding quarter of the previous financial year.
Six out of the top 10 companies added over Rs 24,000 crore to their market capitalisation last week with telecom giant Bharti Airtel alone contributing one-third of the gain.
The power situation is expected to see a dramatic change once the Kudagi thermal power plant goes operational. The foundation stone for the thermal plant near Basavana Bagewadi in Bijapur district will be laid in January next. The National Thermal Power Corporation has approved the proposal for setting up the coal-based 4,000 Mw plant at its meeting held in New Delhi on November 27.
IN MY MIND
Likely to kickstart its hybrid plans for India by a preview at Auto Expo 2010
Homegrown auto maker Mahindra & Mahindra (M&M) today reported its highest ever domestic monthly auto sales with 67.4 per cent increase in January at 28,988 units against 17,320 units in the same month last year.
The Nifty closed in a Doji pattern on the last day of this month’s expiry today, indicating continuation of indecisiveness in the next series. Global cues are strong and hence the Nifty is likely to trade above 4,800 with strong support at 4,820.
Foreign institutional investors (FIIs) were net sellers of Rs 2,813.06 crore (provisional) today, according to data released by BSE.
For the first time in four-and-a-half years, State Bank of India (SBI), the country’s largest lender, on Monday reported a decline in its consolidated net profit.
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.
Indian Oil Corp, the nation’s largest state-owned refiner, hired HSBC Holdings Plc, Standard Chartered Plc and Deutsche Bank AG to help it raise $500 million from its first overseas bond sale.
Talking to the civil servants, Prime Minister Manmohan Singh today asked them to be innovative and quick, saying people resent "apathy, sloth and corruption" at any level of government more than ever before.
Tata Communications today launched its data centre in Pune and said it plans to invest up to Rs 500 crore over the next three years.
Anil Ambani Group firm Reliance Infrastructure (R-Infra) today reported a growth of 10.35 per cent in its net profit at Rs 277 crore for the third quarter ended December 31, 2009, over the same period last year.
Anil Ambani Group firm Reliance Natural Resources (RNRL) today reported growth of 3.30 per cent in net profit at Rs 25 crore for the third quarter ended December 31, 2009, over the same period last year.
Hollywood"s iconic movie studio Metro-Goldwyn-Mayer (MGM) has received interest for a possible takeover from more than 10 suitors, including Anil Ambani-led Reliance-Anil Dhirubhai Ambani Group (R-ADAG), says a media report.
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.
Financial services major Bank of America today said its consumer banking chief Brian T Moynihan will replace Kenneth D Lewis as President and Chief Executive Officer of the company on January 1, 2010.
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.
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.
Business Standard / New Delhi January 22, 2010, 0:58 IST
Mahua’s success has spawned a host of Bhojpuri shows on Hindi television
In order to give a boost to its almost stagnant ratings, STAR Plus, the number two Hindi entertainment channel, is betting big on Bollywood films. Within past few weeks, STAR India has picked up exclusive satellite rights for blockbusters, including Paa, Wanted, De Dana Dan, Aladin and Drona for Rs 50 crore, the highest among the leading broadcasters this year for exclusive content.
Notwithstanding the high voltage overseas road shows and Incredible India campaign, the decline in foreign tourist arrivals in the country continues.
Hungry for growth, companies such as Godrej Appliances and LG Electronics are set to debut in the sub-Rs-7,000 refrigerator range.
Mono-brand stores, or single-brand retail outlets, have become the new growth mantra for consumer durables companies. What was a trickle initially is fast turning into a deluge, with leading companies drawing up aggressive plans to scale up their presence through mono-brand stores.
The bow tie brand now has an impressive new hatch. And we’ve driven it.
Kanika Datta / New Delhi December 1, 2009, 20:41 IST
The electric version of General Motors India’s small car Spark will hit the Indian road in the next 12 months, said its vice president P Balendran.
Ahead of President Lee Myung-bak"s visit to New Delhi, South Korea today said it is keen to forge cooperation with India in the nuclear energy sector as the two countries plan to upgrade their ties to strategic partnership.
AV Rajwade / New Delhi December 21, 2009, 0:43 IST
Tata group"s Tanishq retail chain of stores, launched a special festive contest for its customers in Gujarat today. The offer gives customers the opportunity to win diamond jewellery along with assured gifts on purchase worth Rs 15,000 or more from Tanishq.
Gold continued its rising spree today to set a fresh record at Rs 18,550 per ten gram in the bullion market today as dollar remained weak.
The Ashok Leyland stock continues to trade at a fairly high multiple of 25 times estimated 2009-10 earnings and 15.5 times 2010-11 earnings. The Street is pencilling in a recovery in the commercial vehicles (CV) cycle but almost all of that appears to be in the price.
Having placed nearly 70 per cent of their students in just over a month, the IITs are hopeful of wrapping up the placements season much before March
Shivani Shinde / Mumbai September 24, 2009, 0:36 IST
BS Reporter / Mumbai September 5, 2009, 0:48 IST
The country"s largest car manufacturer, Maruti Suzuki India, is expecting a double digit growth over the next few months.
The country"s largest car maker Maruti Suzuki India (MSI) has firmed up plans to roll out its small car Zen Estilo on August 25 which is equipped with the latest KB-series engines.
Maruti Suzuki will expand its passenger vehicle production capacity at Manesar by around 2 lakh units over the next 2 years.
Maruti Suzuki, the country"s biggest car maker, today said it will shift car production from its Gurgaon plant to the new facility at Manesar in a phased manner.
State-run Bharat Sanchar Nigam (BSNL) today said it is in talks with new telecom operators, including Unitech, for sharing its infrastructure with them and a separate division will be created within the firm to oversee its infrastructure sharing business.
The Sensex has erased some of its gains and is now at 17,666, up 109 points. The NSE Nifty is at 5,267, up 34 points.
Arena Animation — the animation and multimedia training business arm of global learning solutions company Aptech — is seeing greater growth from overseas markets as compared with the domestic market.
Tata Communications, a leading provider of a new world of communications, announced that India-based NDTV Convergence has chosen its LiveBroadcast service, a high-quality, flash-based streaming service, to broadcast three national channels in India — two news and one business — over the internet to a global audience.
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.
As the Budget preparation for the next financial year (2010-11) gathers momentum, Prime Minister Manmohan Singh has called for a full Plan panel meeting on Wednesday to take stock of the overall condition of the economy. The meeting would be attended by Planning Commission Deputy Chairman Montek Singh Ahluwalia, along with all the eight members of the Commission.
What do Cannan Partners and Indian Institute of Management-Ahmedabad have in common? They have both appointed an entrepreneur-in-residence (EIR).
Vishal Chhabria / Mumbai December 28, 2009, 0:01 IST
Vishesh Chandiok, the national managing partner of Grant Thornton India, now spends a lot of time while signing on new clients. He runs thorough background checks on any new company that comes to him – is the management too aggressive, what is its attitude towards financial reporting? Even old clients who want to renew the contract are put through the tests. “In the last one year, we have dropped 15 clients,” says Chandiok. “Some of them for this reason.”
Indian-American Anil Kumar, former director of consulting firm McKinsey, has pleaded guilty to fraud charges in one of the largest insider trading cases in US" history, admitting that he got $1 million for giving secret information to its alleged ringleader Raj Rajaratnam.
Beware of investment products that promise the moon.
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.
Business Sandard / New Delhi October 29, 2009, 0:50 IST
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.
Domino’s Pizza is now delivering pasta. Here’s why
Nearly a decade and a half ago, a leading south-India based group with four sugar factories resigned the membership of Indian Sugar Mills Association (ISMA) leaving the industry then guessing about the compulsion of the move. What, however, was of some comfort for ISMA was that the group gave a commitment that it would neither work at cross purposes with the association nor would it ever say anything critical about it.
The Men in Blue haven’t quite got a thumbs up from advertisers for the team’s sponsorship, with virtually no takers for forms that are up for sale to bid for the sponsorship of the Indian cricket team till this evening. Sale of forms closed today and tomorrow is the last date for bids.
Maharashtra Electrosmelt (MEL), a SAIL subsidiary, will invest Rs 200 crore to set up a furnace with capacity of 42,000 tonnes per annum at its Chandrapur plant.
Anglo-Australian mining major Rio Tinto today said it will make its first ever sale of iron ore in India, to Essar Steel.
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.
The Centre today informed the Delhi High Court that differently-abled government employees will be eligible for equal benefits for the postal life insurance policy with maximum limit of Rs five lakh.
Shipping Corporation of India (SCI) has gained in early trades on plans of purchasing new container ships.
Global private equity firm Actis today said it has raised $750 million for investment in infrastructure across emerging markets, including India.
The coal consumers drawing coal from the Basundhara coal block under the command area of Mahanadi Coalfields Limited (MCL) continue to grapple with the problem of inferior quality of coal supplied to them.
The country’s largest retailers — Future Group, Spencer’s Retail and Shoppers Stop — have lined up investments of at least Rs 600 crore for 2010.
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.
Bangalore-based maker of medical diagnostic equipment, Opto Circuits (India) Ltd (OCI), today announced that its US-based subsidiary, Criticare Systems Inc (CSI), has forged a multi-year original equipment manufacturing contract with another US company to privately label its anaesthesia monitor for the US firm.
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.
Around 67 per cent of these funds have beaten debt funds and gold over 10 years
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 FIIs long build-up in the Nifty futures and short covering in stocks futures during the week ended November 13 augur well for the market. The Nifty expected to hit a new high in the coming week if it crosses a crucial resistance at 5,060. On the down side the 4,940 is healthy support and below that 4,860 is the crucial support level. The Nifty rose over four per cent during the week largely due to short covering from the foreign investors in Nifty futures and stocks futures.
The Sensex has slipped further and is now at 16,242, down 110 points.
Foreign institutional investors (FIIs) were net sellers of Rs 548.77 crore (provisional) today, according to data released by BSE.
Despite the 2.72 per cent-correction last week, the Nifty managed to close above its trendline support on Friday. The index ended the week with a loss of 138 points at 4,945. Although, the Nifty has ended marginally below its short-term (20-day) Daily Moving Average (DMA)of 4,957, the index ended above its trendline support around 4,920.
Late-noon short covering boosted markets to stage a spectacular recovery on the last trading day of this week. The Sensex gained 173 points from last week"s close to end with a gain of 1% at 17,022. The Nifty surged 1% to 5,052, helped by banking and oil stocks.
Foreign institutional investors (FIIs) were net sellers of Rs 331.65 crore (provisional) today, according to data released by BSE.
Wireless Planning and Coordination (WPC) wing, the highest policymaking wing of the Department of Telecommunications (DoT), has sought clarifications from the department on the licence fees that need to be paid by successful bidders of third generation (3G) auction for acquiring a unified access service licence (UASL).
World"s biggest banks will pay out more than $65 billion in salaries and bonuses over the next fortnight, with banking conglomerate JP Morgan Chase alone likely to shell out a record $29 billion, barely a year after the bailout of the banking system.
Shobhana Subramanian / Mumbai November 20, 2009, 0:53 IST
Gujarat State Petronet (GSPL) is set to bid for Mehsana to Bhatinda and Bhatinda to Jammu and Srinagar natural gas pipelines for which bids were invited by Petroleum and Natural Gas Regulatory Board (PNGRB).
Ahead of its upcoming annual general meeting on December 31, 2009, Israeli drug firm Taro Pharmaceutical today asked its shareholders to reject a takeover bid by India"s Sun Pharmaceuticals.
Also considering selling some of its third-party products.
Sun Pharma"s share price jumped 5.62 per cent on the Bombay Stock Exchange after it gained a new ally in its legal battle to acquire Israel"s Taro Pharmaceuticals with minority investor Templeton Asset Management switching sides to support Sun"s bid.
The stock ended at Rs 1,468, up 1% from its previous close. The counter clocked volumes of 18,616 shares as compared to the two-week daily average traded volumes of 30,875 shares on the BSE.
Investor wealth has increased by over Rs 25 lakh crore in just over five months from the beginning of the current financial year, on improving sentiments in the domestic and global markets.
Oil prices fell to near $71 a barrel today in Asia, giving up part of the previous day"s big gains, as the US dollar rebounded.
The country"s most valued firm Reliance Industries (RIL) helped eight of the top-10 Sensex firms add over Rs 1 lakh crore in their market valuation during the last week, while the state-run MMTC and private telecom services provider Bharti Airtel saw value erosion.
The Andhra Pradesh government, which won four oil blocks in the VIII round of the New Exploration Licensing Policy (Nelp) bidding on Monday, will invest about Rs 160 crore in oil and natural gas related activities over the next five years.
Of the 80 blocks offered, only 44 attracted bids
Viceroy Hotels Limited, a city-based hospitality player, is planning to raise an amount of up to $15 million (approximately Rs 70 crore) through a qualified institutional placement (QIP) of equity shares not exceeding 10 million of Rs 10 each at a premium.
Pinched by rising raw material prices, fast moving consumer goods (FMCG) companies, especially manufacturers of packaged foods and soaps, may raise prices or reduce grammage per pack over the next one or two quarters.
The Nifty futures moved in a narrow band and closed higher at 5,239 on poor volumes in both cash and derivates segments. The trading volume in Nifty January futures declined to 11.86 million shares from around 42 million shares on the first day of the December series. It is difficult to predict the market movement in the near future due to extremely poor volumes. However, the intra-day trading pattern in Nifty futures and options suggested that traders booked profits while bears built short positions at higher levels.
Sunanda K Datta-Ray / New Delhi December 05, 2009, 0:48 IST
A hospital, as the saying goes, is no place for sick people. It’s filled with hazards to your health, not least of which are the myriad infections, missed diagnoses, dosage mistakes and other complications that arise from human error. And, in a hospital, human error seems all but inevitable. How can any one individual, or even any one team of individuals, keep all the tasks straight and anticipate all eventualities 100 per cent of the time?
India will shortly test fly the indigenously designed and built Light Combat Helicopter (LCH), which will augment the IAF"s fleet of small and highly manoeuvrable rotary flying machines.
IT company Mahindra Satyam plans to appoint 1,000 freshers by December 15, a top company official said.
The tremors from the Dubai World crisis are unlikely to be felt by Indian information technology (IT) service providers, since they do not have a major exposure to the market in that region.
Taking its “In India, for India” initiative further, GE Healthcare today launched MACi, a low-cost portable ECG device.
Mahindra Satyam is reportedly on the verge of finalising a deal to payback an undisclosed sum to the Victorian government following the collapse of a $75 million IT project in Geelong.