Public Relations
The Centre today urged the states to import foodgrains through their PSUs to support the public distribution system (PDS) and promised to look into subsidies for such imports.
An American federal court has upheld a patent violation ruling against Microsoft Corp related to Microsoft Word by restraining the software giant from selling the product in the US.
Ashok Leyland is working on a new bus platform, which “will offer a higher level of comfort and safety in public transportation”, says R Seshasayee, managing director. Its portfolio includes high-floor buses comprising the Viking & Cheetah series, vestibule and double-decker buses, semi-low-floor buses, and airport transfer air-conditioned coaches. Seshasayee was speaking on the sidelines of the launch of the company’s U-Truck series.
The government has cleared nine proposals that will bring in foreign investment of Rs 524 crore, more than half of which would be contributed by Japan’s Mitsui and Company to set up warehousing and container freight stations in the country.
Manufacturers upbeat on account of economic revival, year-end sales
The Nifty faced resistance above 5,200 and closed below the trend-line resistance level of 5,182 on profit-booking at higher levels. The market will remain closed tomorrow and on Monday. Rollovers in the January futures were substantially lower at 10.22 million shares, with only three trading sessions left for the expiry of the December series. So we may see strong carry forward of positions.
Lokesh Machines Limited, a Hyderabad-based manufacturer of machines tools and automotive components, will be setting up a six-cylinder heads production line for Mahindra & Mahindra’s Navistar trucks, at the latter’s Pune plant with an outlay of Rs 10 crore. Targeted at the export markets, the Navistar trucks will be rolled out from M&M’s stable in the next five months.
A section of Air India (AI) employees, owing allegiance to the Air Corporation Employees Union (ACEU), has threatened to strike work from December 22 to protest the management’s proposed move to withdraw some facilities from January 1.
With the BJP now negotiating with Shibu Soren to form a government in Jharkhand, with Soren as the chief minister, one wonders what happens to all the statements the party made in Parliament and outside it about Soren.
Aditi Phadnis / New Delhi December 26, 2009, 0:04 IST
Air India CMD Arvind Jadhav is likely to hold a meeting on Friday with the committees reviewing the Productivity-Linked Incentives (PLI) of employees to chalk out a road map on the issue.
To dole out Rs 3,000 cr to fertiliser companies; Rs 800 cr to AI
*Name the person and the name he gave to the theoretical proto-hypertext computer system he proposed in 1945. This has been referred to as the vision behind search engines.
Petroleum and natural gas companies without any experience in executing infrastructure projects will no longer be able to bid for projects under the public private partnership (PPP) model.
Pureit and Acquasure are fighting hard for leadership in the entry-level market.
FMCG company Hindustan Unilever (HUL) has introduced a new water purifier called Pureit Autofill priced at Rs 3,200 that shuts the inflow of water once the container of the said gadget is full.
The country’s first Special Economic Zone dedicated to the Aerospace industry has been inaugurated in Belgaum district. The SEZ situated at Hattaragi, 37 km from Belgaum is promoted by Quest Global, an aerospace engineering and manufacturing company. The SEZ houses an engineering services facility, a precision machining unit and Aerospace Processing India, a joint venture between Quest and Magellan, a processing facility, which is critical for the industry.
Cash-strapped Air India may be heading for another strike after the meeting between the pilots and the airline management remained "inconclusive" today.
Axis Bank, India’s third-largest private sector bank, today entered into a strategic alliance with Motilal Oswal Securities (MOSL), one of India’s largest financial services intermediaries, to facilitate online trading for the bank’s 10 million customers.
The Sensex opened at 17,719 and soon touched a high of 17,790 - the highest level in the last 22 months. Weakness in the IT shares however pulled the index into the negative terrain to touch a low of 17,636, down 153 points from the day"s high. The BSE benchmark index kept on swinging zones for the rest of the trading session and finally ended flat at 17,701, up 15 points. The NSE Nifty is at 5,282, up four points.
Bangalore International Airport Limited (BIAL) has extended its end-to-end managed services contract with Nortel for three years. Nortel will manage BIAL’s entire IT infrastructure, which includes data and wireless network systems and will oversee network security. This network will be managed remotely through Nortel’s Network Operations Center (NOC) in India, which will continue to ensure the high level of reliability and dependability the airport requires.
At least half a dozen flights of Jet Airways were cancelled from here today as a large number of pilots did not report to work in protest against sacking of two of their colleagues. Flights from Hyderabad to Chennai, Mumbai, Goa, Delhi and Rajahmundry were cancelled, a Jet Airlines spokesman said here today.
The Mysore Mandakalli Airport will become operational by September 15 just before the Dasara, commencing on September 18, chief minister B S Yeddyurappa said in Mysore yesterday.
Bank credit fell sharply in the first half of the financial year, but the overall funds flow to the corporate sector was virtually the same as the corresponding period last year.
Industry shows revival signs as firms start raising money again.
Domestic institutional investors (DIIs) were net buyers of Rs 86.72 crore (provisional) today, according to data released by BSE.
With turnaround in exports, the finance ministry is likely to withdraw a string of fiscal stimulus given to exporters to fill in the "budgetary hole", commerce secretary Rahul Khullar said today.
JSW Energy, part of the $8-billion JSW Group, today said the company plans to scale up its capacity to 11,390 Mw which entails an investment of over Rs 50,000 crore.
The Reserve Bank of India (RBI) was needed to drain cash from the economy to check speculation in commodities, former Governor Bimal Jalan said, after food price inflation climbed to an 11-year high this month.
The BK Modi group’s finance arm, Spice Finance, has proposed to buy a 15 per cent stake in Ahmedabad-based National-Multi Commodity Exchange (NMCE).
The bourse to start with seven contracts.
The Sensex has opened at 17,378 - up 33 points. The index is now up 126 points at 17,473.
The Tata group, which is setting up a Sikorsky S-92 helicopter cabin manufacturing plant at the Aerospace and Precision Engineering Special Economic Zone at Adibatla near here, has formed a joint venture with Israel Aerospace Industries (IAI) for setting up defence aerospace manufacturing facilities in the same SEZ.
The markets ended the last day on a high note. Erasing the previous day"s losses and shrugging off the spike in food inflation, the Sensex gained 120 points to end at 17,464 and the Nifty conquered the 5200 barrier to close at 5208, higher by 39 points. Power, consumer goods and energy stocks powered the indices.
The shortage of information and communications technology (ICT) skills in developed countries could become a serious issue once the worldwide economic crisis starts easing. This will be exacerbated by the falling number of masters and PhD holders in science and engineering, restrictions on cross-border movement of IT professionals and the US H-1B visa programme. However, this vicious circle could be mitigated by the Indian service firms increasingly recruiting internationally, according to a new OECD report on employment trends in the ICT sector.
The government has now decided to go for electronic trading of wheat for bulk consumers like flour millers to boost sales of the grain in the open market.
IDBI Bank Chairman and Managing Director Yogesh Agarwal has emerged the frontrunner for the post of the chairman of the Pension Fund Regulatory and Development Authority (PFRDA).
The Income Tax (I-T) Department has claimed Rs 30,000 crore from companies that have violated provisions under the minimum alternate tax (MAT).
Time Warner today said its board has approved the acquisition of Prannoy Roy-promoted NDTV"s entertainment channel Imagine for $126.5 million (about Rs 592 crore).
The National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs 159.86 crore under Rural Infrastructure Development Fund (RIDF) XV to West Bengal. This includes an innovative Heifer Production Project (Rs 8.61 crore) in Kalyani. The project would generate and supply good quality crossbred cows and buffaloes throughout the state to boost milk production.
The National Bank for Agriculture and Rural Development (Nabard), which recently increased the corpus of its Tribal Development Fund (TDF) to Rs 600 crore, has launched six projects for the integrated development of tribals in Karnataka.
India and Britain have a responsibility to work together for "long overdue structural reforms" of the global financial system in the wake of recent global downturn, President Pratibha Patil has said.
The National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs 159.86 crore under Rural Infrastructure Development Fund (RIDF) XV to the government of West Bengal.
The National Bank for Agriculture and Rural Development (NABARD) has sanctioned a loan of Rs. 2.14 crore to the state government for implementation of a drinking water scheme at Lingdok Bazaar in East Sikkim, an official release said today.
Hershey: Hershey is smaller and brings less to the table than Kraft Foods in a potential takeover battle for Cadbury. But the U.S. chocolate and gum maker may have one distinct advantage in the battle for the UK confectioner: a potentially irrational owner.
Kraft Foods Inc’s £10.2-billion($16.7 billion) bid for Cadbury Plc may be a sign that Europe’s frozen takeover market is beginning to thaw after the slowest August in five years.
A big controversy on procurement of Rs 35,000-crore worth of equipment by telecom behemoth BSNL is brewing, with the position taken by the two government nominees on the board threatening the expansion programme of the state-owned telecom major.
A PIL was today filed in the Punjab and Haryana High Court here seeking a probe into the Ruchika Girhotra molestation case, including her expulsion by a local school, and the subsequent harassment of her family.
US markets jumped on Monday as more-than-two-year high home sales was reported.
Auto company Mahindra & Mahindra (M&M) today reported 32.11 per cent growth in domestic sales of its utility vehicles in October at 18,410 units.
Mercedes-Benz is planning to launch over-dimensional-cargo (ODC) vehicles and long-haulage trucks that can carry up to 240 tonnes in India soon.
Competes with Mercedes, BMW, Porsche, Audi and Accura
The move will shorten the 30-40 days it has to wait for between producing cars and delivering them.
Manufacturing and marketing of portable gensets firm, Honda Siel Power Products today said it has appointed BSR & Company an Indian associate of KPMG, as statutory auditors of the company.
The country"s largest two-wheeler maker Hero Honda today said it will upgrade all its existing models to meet Bharat Stage-III emission compliant norms by the end of this financial year.
Flagging investor segment ensured that merger and acquisitions, and private equity (PE) activity paled in 2009 in comparison with 2008. PE deal value took a 65 per cent knock in 2009 with deal volumes barely crossing $4 billion as compared to $11.96 billion in 2008. Harish H V — partner, National Management at investment advisory Grant Thornton, shares his views to Ravi Menon on what lies ahead.
Diamond and jewellery maker Goldiam International today said it will hold a meeting of its board of directors on October 30 consider the buy back of shares and financial results for the quarter ending September 30, 2009.
Sterlite Industries India, a Vedanta Group firm, today said it is planning to raise funds through the issue of securities under Qualified Institutional Placement (QIP) route.
Kolkata-based FMCG major Emami Limited has approved the qualified institutional placement (QIP) issue of 100,00,000 equity shares of Rs 2 each at the issue price of Rs 310 per equity share, aggregating to an issue size of Rs 310 crore.
Kumbakonam-based City Union Bank (CUB) is planning to raise Rs 300 crore through the qualified institutional placement (QIP) route.
Despite the fall in deal volumes on both the merger and acquisition (M&A) and private equity (PE) fronts during the fourth quarter ending December, investment managers expect the improving global and domestic macro-economic indices to revive consumption and services-led growth, in turn leading to higher fund inflows into key sectors. Telecom, pharma, FMCG, healthcare, IT/ITES and educational services are expected to attract strong capital fund raises in 2010.
The Organisation for Economic Co-operation and Development (OECD) today said the global economy is likely to witness an early recovery than expected before.
Kolkata Port Trust has run into fresh trouble, with the Union ministry of finance seeking a detailed report of operations at the Kolkata and Haldia Dock complexes, to gauge whether it is viable to continue to extend dredging subsidy.
Dredging Corporation of India Ltd has received approval for purchasing three dredgers worth Rs 1,722 crore from the Public Investment Board.
A global tea shortage may increase by 10 per cent next year as drought in Kenya, Sri Lanka and India, the top exporters, damage crops and propel prices to a record, the world’s biggest tea plantation company said.
Offshore oil drilling and production services company Aban Offshore today opened bids for its Rs 1,000-crore qualified institutional placement (QIP) issue.
Four Seasons Wines Limited (FSWL), a subsidiary of UB Group’s spirits arm United Spirits Limited (USL), has cornered a 26 per cent share in Andhra Pradesh’s wine market within six months of the launch of its products, according to company director Abhay Kewadkar.
The listing of three big initial public offers (IPOs) — JSW Energy, D B Corp and Godrej Property — this week would be yet another test for the lackluster primary markets.
Bharati Shipyard today said its open offer for a 20 per cent stake in offshore drilling firm Great Offshore will open from December 3 to December 22.
Tata Group auto component firm York Transport Equipment (Asia) today said it plans to set up a new factory in the country to produce axles as it looks to increase sales volume by 10 times in the next five years.
Pakistan has alleged that India"s RAW is backing insurgency in its southwestern Balochistan province and said it is probing the matter.
The Orissa government will introduce the e-filing of returns and e-challan for the dealers in the state starting from 1 January, 2010. The finance minister Prafulla Chandra Ghadai has approved a proposal in this regard. Initially, this will be launched as a pilot project using the portal of the State Bank of India (SBI) and the system is proposed to be expanded to all the areas of the state later, Ghadai told the media.
The interest rate futures (IRFs) trading in the country will get a boost in coming days, as Life Insurance Corporation (LIC) and Central Bank of India have agreed to provide support to the exchange-traded product. Both these will ensure adequate liquidity on the National Stock Exchange (NSE)— the bourse where IRFs are traded.
The Supreme Court has quashed criminal proceedings against a branch manager of Coca Cola under the Food Adulteration Act, stating that prosecution could not be initiated unless the complaint was accompanied by the report of the public analyst. This principle was laid down in the case, Saumindra Bhattacharya vs State of Bihar. In this case, a lawyer bought three bottles of Limca. When he drank one, he fell sick. He complained to Coca Cola company, which owns the Limca trademark, that the bottles contained foreign substance. It replied that it was receiving several such complaints and the bottles were being tampered with by unscrupulous elements.
In a ruling that would bring cheers to thousands of customers, the National Consumer Commission has ruled that banks cannot unilaterally change its schemes as it might amount to "deficiency of service."
Teaser and step-up home loans may look similar in the beginning, but they work out differently in the later years
Leading home-loan lender HDFC plans to disburse Rs 3,000 crore over the next two-months under its special housing loan plan, offering an interest rate of 8.25 per cent, launched early this month.
Space, says Raavi Sabharwal, is “opportunity”, “challenge” and, most importantly, “fun”. Sabharwal, 63, is the publisher of Timeless Books and owner of Timeless — The Art Book Studio, tucked away in one of the many bylanes of Kotla Mubarakpur, one of the many “asides” of the Capital, cheek by jowl with the upmarket South Extension shopping centre. The 1,600 sq ft space, which you stumble into after you’ve taken a few wrong turns, is quiet and peaceful, a refuge from the chaos that surrounds it.
More incentives for companies going to backward districts
The stock soared to a high of Rs 738 and finally ended at Rs 733, up 3% from its previous close. The counter clocked volumes of 1.17 million shares as compared to the two-week daily average traded volumes of 686,880 shares on the BSE.
The mystery surrounding Black Rose, the Mongolian ship which sank near Paradip port a couple of months back, appear to be unfolding gradually with the officials of the Criminal Investigation Department (CID) unearthing some vital facts in their probe.
The Reserve Bank of India’s (RBI’s) signal on raising interest rate to manage inflation pushed the rupee to a one-year high against the US dollar.
Low volumes of the "common man"s car", expected to encourage people to buy a brand new car instead of an used one, has, however, put prices in the used car market back on track.
US President Barack Obama has appointed Indian American Arun Majumdar as in-charge of advanced research in the field of energy, one of the key posts in his administration.
Asian economies must handle their monetary and currency policies carefully to avoid unleashing a wave of potentially destabilising inflation, World Bank President Robert Zoellick said today. The US and European economies, which are barely starting to recover from the global meltdown, are less at risk, but in Asia, the massive liquidity flowing into regional markets could push asset prices up dangerously high, Zoellick said.
Driven by scarcity of talent and increasing competition, India Inc is expected to hike salaries in the new year with the pharma, telecom and consumer goods companies leading the space with up to 12 per cent pay hike, global consultancy Ernst & Young (E&Y) says.
The Centre for Monitoring Indian Economy has revised its GDP growth forecast for the current fiscal to 6.7 per cent from 6.2 per cent announced last month.
Domestic crude oil production in India declined by 1.2 per cent in HI of the current fiscal from the same period a year ago due to fall in output by oil exploration and production major-- ONGC, an economic think-tank said in its report.
Aditi Phadnis / New Delhi December 12, 2009, 0:15 IST
The government employees in Maharashtra today called off their proposed strike which was sheduled to begin tomorrow, saying the state government has accepted "most of their demands" including payment of HRA as per Sixth Pay panel recommendations from this month.
Cash surplus after dividend is projected to decline by over 40 per cent to Rs 8,722 crore in 2009-10.
Indian Railways will be paying a higher dividend of Rs 5,479 crore during the current fiscal despite over Rs 3,000 crore dip in cash surplus on account of higher wage bill following implementation of the Sixth Pay Commission award.
Industry body Assocham today called for consolidation in the Indian banking sector without any delay to enhance global competitiveness, despite dithering of RBI on the issues.
Minister for women development and child welfare Konda Surekha submitted her resignation to Governor ND Tiwari on Thursday. The minister stated she had resigned as she was unable to continue in a cabinet without former chief minister YS Rajasekhara Reddy. Ever since the death of YSR, Surekha has been pitching for the chief ministership of YS Jaganmohan Reddy, the late chief minister"s son. She had even said earlier that she would resign if Jaganmohan Reddy was not made the chief minister.
Vandana / Mumbai December 2, 2009, 1:24 IST
In advanced discussions with many domestic lenders, including SBI, Axis Bank and IDFC for raising the debt.
Public sector lenders, Bank of Baroda (BOB), Indian Overseas Bank (IOB) and Andhra Bank have signed a joint venture agreement for setting up India BIA Bank (Malaysia) Bhd, a banking subsidiary in Malaysia.
With seven of the 16 initial public offers (IPOs) launched this year trading below their issue prices, 2009 has been a mixed year for primary market investors.
Economists, bankers, however, think CRR likely to go up 25 per cent
In a surprise move, state-run telecom firm Bharat Sanchar Nigam (BSNL) has cancelled the equipment purchase order given to Chinese company Huawei saying the conditions imposed by the vendor are not acceptable, leaving the fate of Rs 32,000-crore capacity addition programme in limbo.
The Foreign Institutional Investors (FIIs) were net sellers of Rs 1,594.16crore in futures and options segments on Tuesday.
Finance Minister Pranab Mukherjee today said the RBI"s move to keep almost all rates unchanged is line with the discussions he had with the apex bank"s governor and the government"s thinking on fiscal and monetary policies.
Flooded with requests from candidates qualifying the NIFT entrance examination for change in the centres, the Textile Ministry has asked the prestigious apparel design and production training centre to change its admission policy.
The Ministry of Textiles, Government of India is planning to infused additional capital of over Rs 1,600 crore to Cotton Corporation of India (CCI). The Ministry also set a target to inaugurate seven mills which are moderinised at the outlay of Rs 130 crore in the next 100 days.
In the turf war between the CPI(M) and its arch rival Trinamool Congress, veteran Congressman and Union Finance Minister Pranab Mukherjee has found new prominence.
Bangalore-based jewellery exporter Rajesh Exports Ltd has informed the Bombay Stock Exchange that Rajesh Mehta, one of the promoters of the company has pledged 15 million equity shares in his personal capacity, about 17.18 per cent of his stake in the company to avail finance for his personal requirement.
Mangalore-based public sector lender, Corporation Bank, today reported 41.75 per cent rise in its net profit at Rs 261.25 crore for the first quarter ended June 30, 2009 compared to the corresponding quarter last year. Its operating profit for the quarter went up by 77.96 per cent year-on-year to Rs 571.24 crore.
Buoyed by the improvement in demand for its products, stainless steel maker JSL today reported an over three-fold jump in its net profit at Rs 94.76 crore for the first quarter ended June 30, over the same period a year ago.
Congress likely to continue consultations with various interest groups and political parties.
India’s 10-year bonds gained the most this week, as yields near the highest levels since October 2008 attracted investors.
Over-exposure to mid-caps and small-caps, feel analysts.
Education solutions provider Edserv Softsystems today said it has received approval from its shareholders to raise funds through various options, including issuing securities of up to $500 million (about Rs 2,200 crore) in the overseas market.
The last fortnight of 2009 brought back smile on the face of bankers, as outstanding credit in this period grew at the quickest pace in the financial year so far.
Credit growth of banks remained at 13 per cent for the fortnight ended January 1 compared to 24 per cent in same period a year ago.
Railway Minister Mamata Banerjee-led Trinamool Congress, under fire from the Left parties for its nexus with the outlawed Naxals, will launch an aggressive campaign in the Naxal-dominated areas of West Bengal.
The government has relaxed the visa conditions that require a foreigner to take a two-month break before re-entering the country, Home Minister P Chidambaram said here today.
China is getting all worked up about the wrong thing when it comes to the US. Forget these nascent trade wars over tires, cars and chickens. China’s real problem is how quickly the dollars they hold in great quantity are getting all the respect of pesos these days. Sounds like hyperbole? Not when you consider what may be the hottest investment of 2010: the dollar-carry trade.
JPMorgan Chase & Co, the second- largest US bank by assets, said profit in the third quarter soared almost sevenfold, beating analysts" estimates, as fixed- income revenue surged.
The country’s foreign exchange reserves fell by $144 million for the week ended December 25, 2009, mainly due to revaluation of currencies. The rupee ended the week at Rs 46.65 to the dollar as against Rs 46.73 at the end of the preceding week.
Rupee fell, reversing earlier gains, on speculation importers were buying foreign exchange to save on costs. It retreated from the highest in more than a year as importers such as Indian Oil Corp, the nation’s largest refiner, may have bought foreign exchange to pay for crude oil, the price of which has increased more than 68 per cent this year.
Persons depending on post office savings schemes would witness an erosion of income if the government accepts the Economic Survey"s proposal to link interest rates on them with yields on government bonds.
Credit Suisse bonuses: Credit Suisse seems to think the best form of defence is attack. The banking industry is facing heavy criticism over bonuses. In response, the Swiss group is the first to set out the details of a new compensation structure, upholding a recent tradition of forward thinking on pay.
Hedge funds: Hedge funds are back in the land of the living. After a dismal 2008, they had a strong first half. Of course, rising markets aided them. But it helps that because of losses, withdrawals and, above all, a huge reduction in leverage, they wield only about a quarter of the nearly $10 trillion firepower they used to put to work. So trades are less crowded – and more profitable.
Reliance Industries (RIL) has raised over Rs 2,587 crore through sale of 2.5 crore treasury stocks of the company.
The Nifty remained listless after opening on a positive note on lack of follow-up buying in cash and F&O segments. With traders unwilling to be active at higher levels, the derivatives trading volume dropped significantly by Rs 10,000 crore. The Nifty December futures closed on a par with the spot index and shed 1.24 million shares in open interest (OI), mostly through a blend of buy and sell trades, indicating short-covering and unwinding of long positions. The rollovers in the Nifty January were lower at 0.78 million shares compared to unwinding in the December futures. This indicates that participants are not in a hurry to rollover their positions at the current level.
Birla Shloka Edutech Ltd, part of the Yash Birla Group, an education company offering IT and ITeS services has announced a price band between Rs 45 and Rs 50 per share per equity share of Rs 10 each for its further public offering (FPO) of Rs 34.77 crore. The Issue opens on January 11.
Companies like Goldman Sachs, HSBC, Nomura, Standard Chartered, JPMorgan and RBS flock the campuses Banking and finance companies, whose dismal performance in late 2008 caused panic among students and faculty members of the premier Indian Institutes of Management, are making up this year with better profiles and stipends.
Global banking behemoth Standard Chartered plans to hire 3,000 employees in India by the end of 2010, a year that would also see it listing its shares on the bourses in India.
The Nifty has pulled back from a low of 4,942 to above 5,100 with support from positive global cues and short-covering. The index today closed at 5,144. Technically, the V-shaped pullback should have halted at around 5,090, but excessive short-covering saw the index close at the 5,144 level. However, the December futures changed hands at the 5,096 level, indicating there were few takers at higher levels.
Many smart buyers wait for the year-end to buy a car. Auto makers and dealers come up with the best discounts in the month of December to clear stocks. But if you are planning to buy a car any time soon, the current festive season could be an equally attractive opportunity, thanks to the availability of cheaper finance.
Dish TV’s new campaign presents Shahrukh in a new avatar to take on Tata Sky’s Aamir
JSW Energy, the first company to be listed on the bourses in 2010, today said it plans to invest around Rs 40,000 crore in developing power projects of 8,000 MW.
As companies step into the new year, they realise that they may have to live with lower growth and costlier money as 2010 could be more challenging than 2009.
Asserting that it has positive cash-flow position, debt-ridden Dubai World"s subsidiary DP World, which operates container terminals in the country, today said the debt crisis would have no impact on India operations.
DP World, a regional branch of the crisis-hit UAE investment company Dubai World, celebrated the 38th National Day of the country here, ignoring the hoopla over its parent company"s debt default issue.
Individual tax payers will save only Rs 1,000 more a year following the government raising the tax exemption threshold by Rs 10,000 to Rs 1,60,000, whereas the benefit for senior citizens (65 years and above) will be higher at Rs 1,500.
The Telangana agitation is casting its shadow on New Year revelry with most hospitality players in the city planning to make it a low-key affair. A few have even cancelled events which were being organised for New Year’s Eve.
Kolkata-based United Bank of India (UBI) has filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), for an initial public offering (IPO), with the issue size of Rs 50 crore.
The UPA government"s proposal requiring public and private sector companies to maintain religious profile of their employees has not gone down well with several corporate leaders, though some say they can live with it.
Rrishi Raote / New Delhi July 25, 2009, 0:52 IST
Filmmaker, translator of Sanskrit erotica, and India"s famous "shaved head" Pritish Nandy is committed to making "movies that rock".
Wadhwa Committee wants recovery of Rs 95 crore from those behind the fraud.
Adani Power Rajasthan, a 100 per cent subsidiary of Adani Power (APL), has been awarded letter of intent (LoI) by Rajasthan Rajya Vidhyut Utpadan Nigam (RRVPNL) for purchase of upto 1,200 MW of power on long-term basis.
ADANI POWER
Undeterred by the premature end to its life insurance joint venture with Indiabulls Financial Services Ltd, French banking giant Societe Generale is still buoyant on the opportunities in the sector and plans to develop a fresh strategy.
Great Offshore Ltd on Thursday said it had not received any offer from Bharati Shipyard and ABG Shipyard for its acquisition and also Sebi was yet to approve the acquisition.
Titan Industries, the manufacturer of mechanical, digital and quartz watches, jewellery watches etc., has announced that ICRA has upgraded the rating assigned to the Rs 52.83 crore, or 6.75 per cent non-convertible debentures and the Rs 100 crore bond programme of the company to LAA (pronounced as L Double A) from LAA- (pronounced as L Double A Minus) earlier.
Disinvestment ball starts rolling: 15 companies shortlisted.
There is need for a separate exchange or platform for small and medium enterprises (SME) as the criteria for listing such companies are different, Finance Minister Pranab Mukherjee said today.
TOP SEED Boris Gelfand edged Ruslan Ponomariov to take the World Cup and a place in the next Candidates. Gelfand held his nerve after the four normal games were drawn without much excitement. Gelfand won the second rapid tiebreaker and lost the fourth. Then, he won the second blitz, lost the third and finally won the fourth and last blitz game.
Quarterfinals at the World Cup. Just five of the top ten seeds are still in contention. Gelfand (No:1) is tied with Jakovenko (9) while Ponomariov (7) is tied with Gashimov (2) after the first game. Svidler (3) appears to be on his way out against Malakhov (22) and Karjakin (12) looks set to eliminate Mamedaryov (13) after Malakov and Pono won their first games.
With its plans to create 5,200 Mw of power capacity based on imported coal, JSW Energy, a power sector arm of Sajjan Jindal-led JSW Group, intends to accquire coal mines in overseas countries.
Deal goes ‘much further’ than the 123 agreement between India and US.
Overseas funds bought a net Rs 994 crore ($213 million) of Indian equities yesterday, taking their investments in stocks this year to Rs 77,410 crore, the nation’s market regulator said today.
The outgoing chairman of the Company Law Board (CLB) S Balasubramaniam on Wednesday said that lack of qualified manpower at independent quasi-judicial body could impede its functioning in the medium-term, especially considering the delay in the implementation of the proposed National Company Law Tribunal (NCLT).
The Supreme Court today dismissed a petition filed by an advocate challenging the refusal of Andhra Pradesh High Court to interfere with the order of the Company Law Board (CLB) facilitating takeover of the scam-tainted Satyam Computer Services and renaming it as Mahindra Satyam.
After a lull of over eight months when virtually no new endorsement deal of any significant value was signed, the Rs 400-450 crore celebrity endorsement business is back on the recovery path.
After a year of slow growth, apparel maker and retailer Provogue is reworking its business strategy to boost revenues and prop up margins, a top company executive said.
The stock finally ended near the day"s low at Rs 66.40 - down 3.8%. Around 2.23 million shares changed hands at the counter today.
The markets rebounded strongly towards close, riding on the back of a recovery in Europe. The Sensex recovered more than 400 points from its intra-day lows to close at 16,632, down 222 points and the Nifty ended at 4,943, lower by 62 points.
The Sensex has recovered partially from the day"s low of 16,210, and is now down 369 points at 16,485. The NSE Nifty is down 111 points at 4,894.
Ahead of its upcoming initial public offer to mop up about Rs 4,000 crore, realty firm Emaar MGF today said it would not be impacted by Dubai"s debt repayment crisis, which has led to a rating downgrade for its Middle-East promoter.
The follow-on public issue of the power sector financier, Rural Electrification Corporation (REC), is likely to hit the market by February next year.
Public sector hydropower producer Satluj Jal Vidyut Nigam (SJVN) today said its proposed initial public offer is likely to come in the next fiscal and the company is in the process of appointing independent directors, a prerequisite for firms planning to hit the market.
Hindalco Industries, the metals flagship company of the Aditya Birla Group, today said it has received approval from its shareholders for raising funds up to Rs 2,900 crore through issuing securities.
The government today referred a proposal by private carrier Jet Airways to raise Rs 2,000 crore from foreign investors to the Cabinet Committee on Economic Affairs (CCEA).
The stock soared to a high of Rs 1,347, and then settled with a gain of 3.8% at Rs 1,341. Around 812,000 shares changed hands at the counter on the BSE today.
If the Finance and Investment Committee (FIC) of the Employees’ Provident Fund Organisation (EPFO), scheduled to meet here on December 1, takes a final call on investing a portion of its massive corpus in the capital markets, as much as Rs 13,000 crore could flow into equities.
The budding corporate managers need to tap the huge potential offered by the retail sector which is the second largest employer in the country after agriculture and the retailers need to imbibe a work culture driven by productive performance.