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Describing Marxist veteran Jyoti Basu as a long-standing friend of Bangladesh, the country"s Parliament and cabinet have mourned his death, with premier Sheikh Hasina saying that she has lost a "guardian".
Vice President Hamid Ansari and Prime Minister Manmohan Singh today visited the CPI (M) headquarters here to pay homage to Marxist veteran Jyoti Basu.
A K Bhattacharya / New Delhi December 22, 2009, 0:02 IST
Bangladesh Prime Minister Sheikh Hasina today left for Kolkata along with several Cabinet ministers to attend the funeral of Marxist patriarch Jyoti Basu.
India’s Vavasi Group and Malaysia’s Al Bukhary Group have together appointed a merchant banker for conducting due diligence and fixing a valuation of Kuwait’s Zain Telecom. The two, along with BSNL and MTNL, the state-run telecom majors, have shown interest in jointly buying a 46 per cent stake in Zain.
The Telecom Regulatory Authority of India (Trai) is planning to make the one-second pulse a mandatory tariff option for all operators, a move that will benefit consumers by potentially reducing call charges and adding transparency to their tariff plans.
Maharashtra government employees can no longer browse online trading sites from Mantralaya now, as the state government has blocked two financial websites moneycontrol.com and bseindia.com.
In a rebuff to China, India today made it clear that any paper visa “stapled” to the passport in separate sheets rather than pasted would be treated as invalid for travel out of the country.
A minor storm is brewing in Indo-Russian relations over Delhi’s refusal to transfer properties in the name of the Union Soviet and Socialist Republics (USSR) to the name of the Russian Federation, considered worldwide to be the inheritor state of the USSR.
The Insurance sector is expected to witness a compounded growth rate of 10 per cent in 5-6 years, IRDA Chairman J Hari Narayan said today.
Indian Space Research Organisation (ISRO) would launch Oceansat-2 satellite, which would help identify potential fishing zones and in coastal zone studies, on September 23 in a mission that would have European flavour.
Dow Building Solutions, a foaming and insulation technology division of US-based Dow Chemical International, the world’s second largest chemical manufacturer, is contemplating investing $20 million (approximately Rs 98 crore) for setting up a manufacturing plant in India. “Potential for extruded polystyrene (insulation material) in India is very high.
Reserve Bank of India Governor D Subbarao told students at the Indian School of Business on Friday that there was a manner of expression that could be called “Central Bankese” — which essentially meant “to speak in a language that people don’t understand”.
- BBX awaiting RBI nod to start global trading in India - Statistical lie - Central Bankese" - RBI seems cool to banks" plea for hiking group exposure limit - Regional Rural Banks demand autonomy - India Inc dispels Dubai debt fears
The much-awaited white paper on railways is likley to be tabled in the coming session of Parliament, bringing forth its financial position and former minister Lalu Prasad"s claim of turning around the PSU behemoth.
Contrary to popular perception on interest rate movement, expected to head north following a likely central bank action on monetary tightening, banks may actually end by cutting rates in the below-prime lending rate region for at least their corporate clients.
Business Standard / Mumbai February 1, 2010, 1:49 IST
Those of you who thought the baton of global economic leadership is being seamlessly passed to the BRIC nations, in particular China, here is a reality check. While Asia is rising, the coming power shift from West to East won’t be as easy as everyone thinks.
Opens new store in Nashik
Stimulus exit looms as Pranab waits for third quarter.
ICICI, Kotak Mahindra announce fixed-cum-floating rate schemes.
Allcargo Global Logistics today said it will raise Rs 100.97 crore by issuing debentures to Black Entities (Investors) on preferential basis.
India’s oldest exchange, the Bombay Stock Exchange (BSE), has approached the Securities and Exchange Board of India (Sebi) for listing its shares. Sources said the listing would be through an initial public offering. This will make BSE India’s first listed exchange.
Jharkhand Governor K Sankarananaryanan today invited Jharkhand Mukti Morcha (JMM) Chief Shibu Soren to form the new government in Jharkhand.
The Trinamool Congress got a letter from the parliamentary affairs ministry asking it to nominate a party MP for an overseas tour. Railway Minister and Trinamool chief Mamata Banerjee took less than a second to decide and nominated singer-turned-politician Kabir Suman.
Nitin Gadkari today became president of the main opposition Bharatiya Janata Party (BJP), replacing Rajnath Singh. He is the first Maharashtrian to reach the party’s top post.
The Centre and the state governments may retain the powers of reducing rates for the proposed goods and services tax (GST) without going through the Parliamentary process. Despite stability and uniformity of rates being the basis for the concept of GST, the model GST Bills are likely to have a provision for giving the governments the flexibility to bring down rates, though with a certain degree of discipline.
During the Liberhan debate in the Rajya Sabha, BJP’s Vinay Katiyar and Balbir Bunj repeatedly tried to intervene while Home Minister P Chidambaram was replying to the debate. Even the Leader of the Opposition, Arun Jaitley, stood up a few times to ask questions or to counter Chidambaram’s argument.
HRD Minister Kapil Sibal said the process of formulating an overarching body for higher education regulation, on the lines recommended by the Yash Pal committee, was on. He also said he was open to the idea of Indian universities collaborating with foreign ones or with the corporate sector.
Australia captain Ricky Ponting quit Twenty20 Internationals today, hoping the decision would prolong his career in other formats of the game.
The Foreign Institutional Investors (FIIs) were net sellers of Rs 278.37 crore in futures and options segments on Wednesday.
An Indian man, whose partially-burnt body was found in Australia"s New South Wales (NSW) state last week, could be the victim of a labour dispute.
Nobel Laureates / October 11, 2009, 0:06 IST
A V Rajwade / New Delhi September 26, 2009, 0:41 IST
In yet another attack on Indian students here, a 22-year-old youth was punched on his face by a group of Australians, who also told the victim that "in this place there is no home for you".
External Affairs Minister S M Krishna arrived here today to attend the meeting of the seven-nation BIMSTEC that will focus on jointly combating terrorism and promoting free trade. "We have already identified 14 areas of cooperation which include health, energy, technology, human resource development, trade, tourism and culture," Krishna told reporters accompanying him to Myanmar.
A late charge by bulls helped key indices surpass crucial resistance levels. However, select momentum indicators are currently in a sell mode even while the trend is up. It seems that markets will remain directionless until a clear breakout in either direction appears.
International Atomic Energy Agency (IAEA) chief Mohammed ElBaradei has asked Iran to respond swiftly to the "unique" offer made by the US, France and Russia to process its enriched uranium fuel abroad.
International mergers and acquisitions are forecast to decline by 56 per cent this year compared with 2008, the largest year-on-year decline since 1995, the Organization for Economic Cooperation and Development (OECD) said in a report.
Deepak Lal / New Delhi November 14, 2009, 0:05 IST
Rupee rose for the first time in four days on speculation exporters took advantage of the currency’s slide to a six-week low to repatriate overseas income.
Gold traded near the lowest this month on speculation that the dollar will continue to advance on data pointing to a recovery in the US jobs market.
Honda’s global launch of its small car concept, called the ‘New Small’, at the first day of the Auto Expo here, heralds not only a change on the company’s view of the Indian market, but also its design ethos.
HOW MUCH THE RECOVERY HAS GAINED GROUND is best seen from the fact that the IMF has, once again, raised its forecast for global growth for 2009 as well as 2010. But, as was underlined at the G-20 meet, the recovery is fragile, heavily dependent upon government spending and support — global deficits are up 6 percentage points and governments in advanced economies have provided guarantees of over 30 per cent of their GDP to prevent their banks from collapsing.
In signs of easing labour market situation in the US, the number of first time claimants for jobless benefits declined by 26,000 to 550,000 for the week ended September 5.
SRF, a diversified company active in textiles, refrigerant gases, packing films and pharmaceutical intermediates, has said that it will consider a proposal to buy back the fully paid equity shares of the company in the forthcoming board meeting next week.
Mukesh Ambani-led Reliance Industries (RIL) today raised Rs 2,675 crore by selling a part of its treasury stock to Life Insurance Corporation of India (LIC), to create a war chest to acquire the bankrupt chemicals giant LyondellBasell.
The Prime Minister"s Economic Advisory Council Chairman C Rangarajan today suggested that the Reserve Bank of India (RBI) could reduce money supply and raise interest rates to tame the rising prices of food articles.
Business Standard / New Delhi December 21, 2009, 0:39 IST
Continuing the post-Diwali trend, markets extended losses for the second straight week. In fact, bears had the upper hand throughout the week, with the Nifty declining 5.7 per cent (285 points) to 4,712. In the last two weeks, the index has shed 8.4 per cent.
Indian Oil Corp, the nation"s largest refiner, and other state-run refiners will supply Euro -IV grade petrol and diesel in 13 big cities from April 1, but supply of the cleaner fuel to rest of the country may be delayed by three to six months.
India’s cotton exports are likely to rebound to 1.4 million tonnes in 2009-10 (October-September) at the cost of exports from the US, which are forecast to fall 20 per cent to 2.3 million tonne on year, according to International Cotton Advisory Committee (ICAC).
Oman Oil Company has paid a premium to pick 26 per cent stake in Bharat Petroleum Corporation"s under construction Bina Refinery Project in Madhya Pradesh.
The reversal of easy monetary policy would be a gradual process as the central bank is focusing on striking a balance between growth and inflation, Reserve Bank of India (RBI) Deputy Governor said here today.
The Reserve Bank may start sucking out money from the system to combat inflation, but this depends on how food prices move this month, the Prime Minister"s Economic Advisory Council said today.
Industry bodies were enthused by the more than anticipated GDP growth of 7.9 per cent in the second quarter (Q2) of the current financial year, 2009-10, along with the increase in consumption and investment. However, they are apprehensive about the sustainability of growth.
The paper industries in Orissa have urged the state government to roll back its move to raise the selling price of the bamboo.
The government today approved six proposals for setting up of special economic zones (SEZs), including that of gems and jewellery SEZ by Delhi State Industrial and Infrastructure Development Corporation.
Inflation proved to be the market"s Archilles heel this week. The Sensex traded in a narrow range of 582 points before ending weaker by 399 points at 16,719 and the Nifty closed at 4987, lower by 129 points. Dalal Street closed below the dotted line on four out of the five trading sessions.
Advisory firm calls for vote against Taro board’s proposals
Glass, Lewis & Co, LLC, an independent proxy advisory firm has recommended the shareholders of Taro Pharmaceutical Industries to vote against the proposals made by Taro’s board of directors in the upcoming annual general meeting of Taro’s shareholders scheduled for December 31.
Britain today called on Pakistan to see through in "a full way" the trial of seven suspects arrested in connection with the Mumbai attacks and to punish them if they are found guilty.
With the prevailing acute power shortfall in Orissa set to continue till July 2010, the power distribution companies have suggested for load regulation in various feeders.
India"s share in the global Foreign Direct Investment has almost doubled to 2.45 per cent in 2008 compared to last year, Commerce and Industry Minister Anand Sharma informed the Lok Sabha today.
Several mines exploded along the Line of Control (LoC) when a fire broke out in the area, defence officials said today.
The chief climate change negotiator of the tiny Pacific island of Tuvalu today made an emotional appeal for a strong agreement that would legally bind all countries to commitments to control carbon emissions.
An exclusive supplier of raw materials and technological advanced machinery for smart card manufacturing, Maze Cards India Pvt. Ltd. plans to now supply modules to Gujarat government for driving license smart cards. The company is in talks with the Gujarat government for supply of modules or chips used in the driving license smart cards.
The Rs 15,000-crore steel pipes industry is set to grow 20-25 per cent in the next 3-4 years following massive investment laid out on energy security by the governments of developing economies. Developed economies require a change in existing pipelines that were installed over 25 years ago and demand is likely to emerge from various sectors of global economies.
As is now well known, the Task Force appointed by the Thirteenth Finance Commission, Government of India, has issued a report on December 15, 2009 detailing the recommendations on various issues relating to the design and implementation of the proposed GST in India.
Famed British toy retailer Hamleys will make its India debut with a 22,000-square-feet store at the popular Phoenix Mills in Mumbai, by February next year.
Reliance Brands, a part of Reliance Retail, today said it has joined hands with US-based Timberland to distribute the latter"s footwear and apparel in the country.
As crude oil prices touched a fresh one-year high, trading at above $75 a barrel on Thursday, analysts and oil sector executives said underrecoveries could rise and become a cause of concern.
Indian conglomerate Tata Group has rejected a 10 million pound British government loan, which was supposed to be used for developing an electric version of one of its existing models, says a media report.
Malaysian conglomerate Ascenteus Holdings is looking to raise $40 million - $50 million (Rs 185 crore - Rs 235 crore) via the private equity route in India to part-fund its $400-million mega residential project coming up in Kuala Lumpur.
TRS chief K Chandrasekhar Rao was today discharged from a hospital here after being admitted for 13 days during his fast for a separate Telangana state.
Over Rs 30 crore worth of business has been affected in this major textile town in Tamil Nadu due to the "unrest" in Andhra Pradesh for the past 12 days and non-operation of lorries to that state, R S Natarasa Mudaliar, President, Erode Handloom Cloth Merchants Association said today.
Glenmark Pharmaceuticals has raised Rs 413 crore through its recently concluded Qualified Institutional Placement (QIP), which will be used towards its debt reduction plan, a top company official said.
Realty player Ackruti City has raised over Rs 302 crore through the issue of over 60 lakh equity shares by way of institutional placement basis.
Textile company S Kumars Nationwide today said its shareholders have approved the raising of additional funds through private placement of shares to institutional investors.
Eleven Congress MPs from Telangana today decided to resign from the House in protest against the Centre"s decision that appeared to put the separate state issue on the backburner.
New dy governor of RBI says capital flows, inflation challenges
With sugar mills facing cane shortage, prices of sugar are likely to firm up further in the retail market.
Special Economic Zones are nothing but special exemption zones and there is no reason to exempt these from all law. Hence, scrap these, is the recommendation of the Committee on Land Reforms and Agrarian Relations set up by the Union government to advise it on issues ranging from land reforms and land acquisition to measures to stop conversion of farm lands.
Mahindra Satyam today said its board has approved settlement of lawsuits brought by its former client Upaid Systems by paying $70 million.
Ask for amendment of the Atomic Energy Act and rule changes to
Kerala, which relies on West Asian remittances for a quarter of its economy, plans to sell the nation’s first Islamic bonds next year to help pay for infrastructure projects.
Only public sector player to have performance-linked salary
The mad rush to set up special economic zones (SEZs) that house export-oriented manufacturing units turned cold in 2009, as demand for commercial space waned due to the global meltdown.
The Mukesh Ambani-led Reliance Industries (RIL) is not responding positively in connection with the contract awarded to it for revival of the closed sugar mill at Motipur in Bihar"s Muzaffapur district, according to state Industry minister Gautam Singh.
Mahindra Satyam, the new brand identity of Satyam Computer Services, has embarked on international expansion and as part of this, is expanding its global solution centre (GSC) operations at its 15-acre campus in Cyberjaya, Malaysia.
Domestic air traffic in April was 14.8 per cent less compared to the same period last year. On the other hand, passenger load factors for all carriers rose significantly compared to the previous month, as a result of smarter pricing and cuts in capacity.
The rift in the ruling BJP in Karnataka widened further today with the two Reddy brothers, who are ministers in the state cabinet, intensifying their efforts to make chief minister B S Yeddyurappa yield to their pressures.
IT firm Mahindra Satyam (formerly Satyam Computer) today appointed Deloitte as auditors, within days of CBI charging Price Waterhouse of complicity in the Rs 14,000-crore accounting scam.
Even as the Telangana Sadhana Joint Action Committee (JAC) is all set to enforce a bandh tomorrow pressing for a separate statehood to Telangana, the students at Osmania University have ‘urged’ the people to boycott New Year celebrations in support of separate state.
Resisting Japan"s push for signing Comprehensive Test Ban Treaty (CTBT), India today made it clear that the onus of taking the lead in this regard lies with the US and China which are yet to ratify the pact.
Realising that their two-way trade does not match the potential, India and Japan today decided to give a push to negotiations on the proposed Comprehensive Economic Partnership Agreement (CEPA) with an aim of concluding it by next year.
Finance Minister Pranab Mukherjee today did not rule out the possibility of delay in introduction of the Goods and Services Tax (GST) from scheduled date of April 1, 2010.
Financial service major Citigroup is planning to relaunch Citi Alternative Investments, a unit that contains its hedge fund operations, a media report said.
After the launch of the country’s first indigenous nuclear submarine, India has the “technical expertise and capability” to build nuclear-powered aircraft carrier and warships, Atomic Energy Commission (AEC) Chairman Anil Kakodkar has said.
Competing with Vedanta Resources, Grupo Mexico has come up with a $1.6 billion reorganisation programme for regaining control of its bankrupt firm, Asarco.
Business Standard / New Delhi June 04, 2009, 0:11 IST
Hoping to get the US government"s nod to go ahead with its business in India, GE Hitachi has begun talks with domestic companies like BHEL, Bharat Forge and Larsen & Toubro for making atomic power equipment.
Crucial Support at 4,800
Luxury car maker Honda Siel Cars India today launched a new version of its sports utility vehicle, Honda CR-V, priced between Rs 21.9 lakh and Rs 24.12 lakh (ex-showroom, Delhi).
Real estate firm CHD Developers" is looking to expand its education business and plans to open around 500 pre-schools in the next five years across the country.
Rajat Roy / New Delhi November 22, 2009, 0:36 IST
American couple Michaele and Tareq Salahi, who gatecrashed into a State Dinner on Tuesday, came face to face with US President Barack Obama as well as Prime Minister Manmohan Singh at the event, in the White House.
Ending an almost two-year-long dispute over partnership with the Vijay-Mallya owned United Breweries Ltd (UBL), Heineken NV, the world"s third-largest brewery firm, today agreed to permit UBL to brew and market the Heineken brand in India.
The Nifty witnessed selling at higher levels and closed in a Doji pattern, indicating indecisiveness among participants. The Sensex moved above the important trendline level of 17,290 but could not sustain it and closed at 17,170. The market is expected to be listless with mid-cap counters expected to outperform large-cap stocks. The support for the Nifty is expected at 5,080.
The Nifty witnessed selling at higher levels and closed in a Doji pattern, indicating indecisiveness among participants. The Sensex moved above the important trendline level of 17,290 but could not sustain it and closed at 17,170. The market is expected to be listless with mid-cap counters expected to outperform large-cap stocks. The support for the Nifty is expected at 5,080.
The country largest liquor manufacturer, United Spirits Limited (USL) today said it will raise $300 million through various channels to repay part of its debt.
Players like Nick India, Cartoon Network and Disney are making the most of the increase in viewership during the festive season
Sreelatha Menon / New Delhi November 15, 2009, 0:32 IST
Creditors of debt-ridden Japan Airlines (JAL) would incur loss of some $7.6 billion if the carrier enters a bankruptcy process, a report said today.
Barack Obama / December 6, 2009, 0:20 IST
Takes decision after Delhi High Court’s objections.
The Delhi-based franchise of audit firm PricewaterhouseCoopers today approached the Delhi High Court seeking quashing of proceedings initiated against it by the government in the aftermath of Satyam scam.
Sreelatha Menon / New Delhi October 11, 2009, 0:10 IST
The Directorate General of Civil Aviation (DCGA) is likely to submit its preliminary report to the Civil Aviation Ministry tomorrow on last night"s near-miss incident at Mumbai airport when two aircraft took off almost simultaneously from the same runway.
A parliamentary panel has rapped the steel ministry for under-utilisation of funds by Public Sector Undertakings (PSUs) like SAIL and RINL, and said the Budgetary Estimates (BE) may be “inflated”.
After a lull of investments in the venture capital space last year, the US venture capitalists are optimistic about the future prospects of this segment in 2010 and said that India and China would attract a large chunk of these fund flows, a study said.
The country"s coffee exports plummeted by 22 per cent to 2.41 million bags in the first 11 months of the 2008-09 crop year as Indian prices were ruling higher than competing countries like Vietnam and Columbia.
India"s coffee exports have declined 14.28 per cent to 2.28 million bags in the first 10 months of the 2008-09 coffee year till July, even as the global shipments rose marginally in the same period, the International Coffee Organisation (ICO) said.
The government will tomorrow decide on the requests of stainless steel producer Jindal Stainless and 16 other developers for more time to execute their SEZ projects.
Steel Minister Virbhadra Singh today said that the government has given the nod for divesting an additional 8.38 per cent stake in iron ore producer NMDC, a move which may fetch the exchequer over Rs 13,500 crore.
The Steel Authority of India Limited (SAIL) plans to raise the steel consumption in Himachal Pradesh so that it reaches the national average, top SAIL officials said on Monday. “There is a lot of scope of raising steel consumption in Himachal infrastructure projects. The current consumption is 16 kg per head and we want to raise this to atleast the national average of 46 kg per head,” said Steel Secretary, Atul Chaturvedi.
Country’s biggest steel producer, Tata Steel, reported a consolidated quarterly net loss owing to lower demand and weak performance of its European unit Corus.
The Prime Minister"s economic advisory panel today said inflation may cross the six per cent mark by the end of this fiscal and managing food prices will be the biggest challenge for policy makers in the short run.
The Reserve Bank of India (RBI) today said that foreign institutional investors (FIIs) would be allowed to buy more shares of Maruti Suzuki but only after obtaining approval from the central bank.
M Govinda Rao / New Delhi January 5, 2010, 0:29 IST
Canon India, leading photographic and digital imaging company, expects to clock a 20 per cent growth this year. It earned a revenue of Rs 665 crore in 2008, registering a 20 per cent growth in the first eight months of 2009.
Gujarat’s Ahmedabad Stock Exchange (ASE) plans to tie up with the country’s top equity bourse, the National Stock Exchange (NSE), say sources within ASE.
The government has warned steel makers JSW Steel, Bhushan Power & Steel and Jai Balaji of action if they do not "take steps" to develop the captive mine jointly alloted to them in Jharkhand.
Chhatisgarh Chief Minister Raman Singh today said Maoists are hindering acquisition of land for Tata Steel"s proposed five million tonne integrated greenfield steel plant in the state.
Three states, Andhra Pradesh, Rajasthan and West Bengal, don’t have governors. ND Tiwari resigned and vacated the Raj Bhavan in Hyderabad recently. Gopal Krishna Gandhi quit the Raj Bhavan in Kolkata and Jaipur is vacant after the death of former foreign secretary SK Singh. The result is that various people in the race are making rounds of politicians they think will give them a leg-up to the post. Finance Minister Pranab Mukherjee’s residence is obviously one pilgrimage centre. Watch this space for more on this front.
Sensex ends up 35pts
Buoyed by the diplomatic success of former US president Bill Clinton in securing the release of two American journalists from North Korea, a top Senator has asked Pyongyang and Washington to now resume dialogue on the denuclearisation of the Korean Peninsula.
Former US President Bill Clinton today made a surprise trip to North Korea amid an international standoff over the country"s nuclear programme and concerns about two US reporters imprisoned in Pyongyang since March.
Arvind Subramanian / July 29, 2009, 0:41 IST
Analysts, economists plan to raise their IIP forecasts
Manufacturing and automobile solutions provider KPIT Cummins Infosystems remains hopeful of eventually crossing the $1-billion revenue mark. However, the global manufacturing and automobile industry, which accounts for a majority of its top line, is currently facing turbulent times, affecting the company"s revenues. In a chat with KAUSTUBH KULKARNI, the company"s Chairman, RAVI PANDIT, gives his view on the road ahead. Excerpts:
Inflation rose to 0.83 per cent for the week ended September 19 from 0.37 per cent in the previous week on account of higher food and fuel prices.
Megnasolace City Pvt Ltd, a special purpose vehicle (SPV) set up for the Mumbai IT/ITeS SEZ project coming up at Thane, is looking at raising up to $216 million (Rs 999.45 crore) for funding expansion through the private equity route.
Fiat group company Magneti Marelli today said it aims to clock $100-million sales in the next three years India by increasing its customer base and services in the country.
India is envisaging an investment of $150 billion from the private sector over the next few years to develop the much-needed infrastructure projects, a top Government official said today.
German auto major Volkswagen today said it will offer package options to customers of its soon-to-be launched small car Polo, which will include features like accessories, safety and sports, and entertainment systems.
Diversified auto component maker RICO Auto is looking to achieve Rs 1,000 crore turnover this fiscal on the back of investment in new models and sales growth in both domestic and overseas market.
Madhya Pradesh Finance Minister Raghavji has revised the tax collection estimates from GST, which is scheduled to be effective from April this year, and has put them at only Rs 14 lakh crore against the central government calculations of more than Rs 30 lakh crore.
Flight operations at IGI airport here today resumed after eight hours of delay due to dense fog and a cable fault in the sophisticated electronic landing system which aids take off and landing in foggy conditions.
Government-owned Punjab National Bank (PNB) has halved the penalty for premature withdrawal of deposits – a move aimed at attracting more depositors at a time when the medium-term outlook on interest rates is uncertain.
The government has approved 17 foreign direct investment (FDI) proposals worth Rs 4,551 crore, including that of the Federal Agency for State Property Management of the Russian Federation to buy 20 per cent stake in telecom service provider Sistema-Shyam for Rs 3,051 crore.
Long delays in environment and forest clearances are turning out to be a major hindrance to implementation of various development projects.
Cotton consumption by domestic mills in 2008-09 (October-September) declined about 2.4 per cent year on year to 19.09 million bales (1 bale = 170 kg), due to a slowdown in domestic and global textile demand, according to the Cotton Association of India.
The long-standing dispute over the finalization of the rate of private land for Essar Steel"s pelletisation project in Paradip has been finally resolved with the company authorities agreeing to pay Rs 19.1 lakh per acre to the land losers. This is the highest rate paid by any company for land acquisition in the state till date, sources said.
Baltic Dry Index touched 4,381 on Tuesday, a 14-month high.
As political parties eagerly await for Lok Sabha election results, Congress leader Jyotiraditya Scindia today expressed confidence that the Left, Samajwadi Party and JD(S) would support a Congress-led government at the Centre.
State-run Shipping Corporation of India (SCI) today said it accepted delivery of a crude container named "Desh Vishal" from Daewoo Shipbuilding Marine Engineering Co.
E Somanathan / New Delhi June 26, 2009, 0:21 IST
Developing-nation stocks may rise 32 percent in the next 12 months as a faster-than-expected earnings recovery fuels a long-term bull market, Morgan Stanley said.
Paving way for its disinvestment, the country"s largest coal miner, Coal India, will soon become a "Public Ltd" company from a private one at present.
Uttam Galva Steels, a manufacturer and exporter of value added steel product, has increased the prices of galvanised and cold rolled steel products by Rs 2,000 per tonne with effect from 15 August. The price hike is due to the mismatch in supply and demand of HR Coil in the domestic market as imports of HRC are restricted, the company said in a statement.
Indian matrimonial website says its competitors’ ads cannot be shown.
In the face of alleged multi- crore rupee kickback, which is being probed by CBI, the government is considering cancelling power PSU NTPC’s Rs 2,000-crore contract with a Russian equipment firm.
Lupin Ltd has settled all its ongoing patent litigation with US-based Forest Laboratories on the Alzheimer’s disease treatment drug, Namenda (memantine tablets).
Auto maker Mahindra & Mahindra today reported a net profit of Rs 843.6 crore for the second quarter ended September 30, 2009, driven by good sales in both automotive and farm equipment sectors.