Business Ideas
Anil Ambani Group"s DTH arm Reliance BIG TV is believed to be in discussion with content providers like Max Broadcasting, Warner Home Entertainment Group and CNN to acquire non-film content for its pay per view (PPV) platform.
JP Morgan Asset Management today announced the promotion of Christopher Spelman as the chief executive officer (CEO) of its India business and the appointment of Nandkumar Surti as the chief investment officer (CIO).
The Royal Bank of Scotland (RBS) will sell part of fund management assets to Aberdeen Asset Management Plc for an estimated 84.7 million pounds.
Saturday
These independent projects are likely to end the monopoly of PowerGrid.
Ahead of the Reserve Bank’s quarterly monetary policy, global consultancy firm Ernst & Young today said the central bank is likely to signal an interest rate increase to suck out liquidity from the market and check prices from spiralling further.
MANAGING DIVERSITY
After a weak opening today, the Indian markets have extended losses on subdued cues from Asian peers. The Sensex has dropped further to a low of 16,706 - down 160 points from the day"s high. The index is now down 134 points at 16,726.
If he had kept his mouth shut and his head low, Bradley Birkenfeld would be a free man today. He didn’t, so now the former UBS AG banker wears an electronic bracelet on his ankle and, beginning January, will spend three years and four months in a federal penitentiary.
Swiss banks may have turned over client details to the US, but they have said India is not welcome there on a name-fishing expedition.
The markets continue to trade weak. The Sensex is quoting at 16,435, weaker by 345 points, and the Nifty is at 4,893, down 114 points. Realty, metal, auto and banking sectors are weak; the FMCG space is the only silver lining.
On December 20, 2009, the Andhra Pradesh cybercrime police arrested a 23-year-old internet hacker for allegedly swindling Rs 30,600 from an HDFC Bank customer. This is simply a case in point. While banks prefer not to go public about cybercrime for obvious reasons, Minister of State for Home Shakeel Ahmad informed the Lok Sabha in February 2009 that banks across the country lost Rs 6.57 crore to internet frauds in 233 incidents of cybercrime, with Tamil Nadu topping the list, in 2008.
India Inc"s hiring activity witnessed a slowdown in December, a fall of 6 per cent compared to the previous month, mainly due to year-end holiday season impacting employers" recruitment plans, says a survey by job portal naukri.com.
Given the potential for growth, IT major, Tata Consultancy Services (TCS), is looking at hiring 8,300 trainees and around 3,000 laterals or experienced persons in Q4 FY10, a senior company official said.
The benchmark indices fell today despite robust industrial production data for November and Infosys’ better-than-expected results. Fears that the central bank will tighten monetary policy at its January 29 meeting dented the sentiment on the Street.
On the eve of the first anniversary of the terror attacks in Mumbai, British Prime Minister Gordon Brown today lauded the response of Indian government and the people to the strikes, saying they were "neither cowed nor provoked but stood resolute".
Amidst demand for massive hikes in Plan allocations in the next Budget, Finance Minister Pranab Mukherjee and Planning Commission Deputy Chairman Montek Singh Ahluwalia will meet here tomorrow to take a final call on the issue, according to Finance Ministry sources.
Mamata Banerjee is so impetuous that it is hard to fathom her. A lady member of the Planning Commission recently cleared some railway projects. After that, she had gone to the prime minister, when she ran into Banerjee. Banerjee walked up to her and gave her a big hug. “Thank you for clearing my projects,” she said to the member, who was completely bemused.
Slamming claims that it poses a threat to oil and gas sector regulator V K Sibal’s life, the Anil Dhirubhai Ambani group today said it would file criminal proceedings against the Director General of Hydrocarbons (DGH) for “defamation and character assassination”.
Life science company NYSE listed Millipore Corporation is understood to have paid out Rs 270 crore to gain full control of its Indian arm. The company during November 2009 struck a deal to buy out the 60 per cent stake held by pharma entrepreneur Subhash Bagaria in the Bangalore-based joint venture of the firm.
German auto giant and Europe"s largest car maker, Volkswagen Group, is looking at Malaysia as its sourcing hub for auto components in the region to fulfill its worldwide production.
Yahoo! News has emerged as the top destination for news in India on the web and Times of India the most engaging local brand news site with maximum visitors, reveals a study.
The 92 per cent year-on-year growth reflected the additional revenues from the SEZ refinery numbers
Demand a court-appointed examiner.
Sales of two-wheelers in the month of July grew by 20.1 per cent over the same month last year, at 719,668 units, the highest growth till date in 2009–10. This strong growth comes on the back of Hero Honda, which has around 60 per cent of the market share, Yamaha, and Suzuki posting double-digit growth for the month.
With fast-changing consumer preferences, German auto major BMW is studying the Indian motorcycle market for launching its products in the country.
With many rich nations failing to meet Kyoto Protocol goals, top climate expert R K Pachauri today said a “stronger and firmer” regime envisaging punitive action against the defaulters awaits in a new climate treaty, whenever it is framed.
The UAE remains a popular destination globally among expatriate workers as employment prospects have increased by up to 8.3 per cent annually and is expected to maintain its upbeat growth this year, a leading Middle East online recruitment portal has said.
People in the Naxal-infested district of Dantewada in Chhattisgarh no longer want outsiders to interfere in its affairs to solve the insurgency problem.
Hinduja Group Company Ashok Leyland would open three more outlets in Punjab including, one in Chandigarh in the current fiscal to expand its network.
Hinduja Group firm Ashok Leyland today said that construction of its proposed facility to make light commercial vehicles (LCVs) in partnership with Japan"s Nissan has been deferred due to sluggish market conditions.
Hosted by President Barack Obama as the first State Guest, Prime Minister Manmohan Singh has favoured a strong and sustained engagement between India and the US with an emphasis on finding new pathways of international cooperation to respond more effectively to the "grave" global challenges.
For the first time in six months, the Hindi general entertainment genre has got a decisive leader in Colors. According to the latest ratings data provided by audience measurement firm TAM Media, Colors has got a record gross ratings points (GRPs) of 325 for the previous week — the highest since its launch in July 2008 and also the highest among all Hindi general entertainment channels (GECs) in over a year.
Rakes in Rs 240 crore in 10 days.
Online marketplace eBay India, in association with television channel Star Plus, has started a charity auction of celebrity memorabilia.
The government is in the final stages of setting up an Empowered Nodal Group which could act as a single point authority for disbursement of news in the event of major crisis like Mumbai terror attack.
A moving documentary about a baby with "two faces".
Yash Raj films" New York, which released worldwide on June 26, has grossed Rs 35 crore in its three day first weekend.
The United Nations plans to reduce about 40 per cent of its staff in Pakistan by realigning their deployment due to growing security concerns in the wake of a wave of terrorist attacks across the country.
Oil prices were stable in Asian trade today as dealers weighed recent price falls against a firming US dollar, analysts said.
Japan Airlines will slash 6,800 jobs and suspend a number of overseas routes in an attempt to cut cost.
Oil was lower in Asian trade today after a strong overnight rally on the back of positive US data and a weak dollar, analysts said.
Allaying apprehension about its disinvestment, aluminium giant National Aluminium Company (Nalco) is all set to invest over Rs 25,000 crore to launch new projects and undertake major expansion despite decline in profit due to global recession.
The Tamil Nadu government"s proposed Financial City, aimed at wooing private financial players, is expected to come up on 180-acres at suburban Sholinganallur and Perumbakkam and would initially attract companies involved in banking and insurance accounting operations, Deputy Chief Minister M K Stalin said today.
Anil Ambani group company Reliance Natural Resources Ltd (RNRL) has asked the Supreme Court to dismiss the government’s special leave petition (SLP) on the Ambani gas dispute, saying it had no legal standing to seek any orders and could, at best, only make submissions.
Over 100,000 students along with 2,000 teachers join the move.
Electronics major LG India plans to invest Rs 500 crore on research and development activities as well as advertising home appliances this year.
Consumer durables major LG Electronics today reported a robust third-quarter performance, with global sales soaring 16 per cent to 13.9 trillion Korean won (about $11.2 billion) as compared to year-ago period.
General Motors, which has been in talks with its Chinese partners SAIC and Wuling for bringing their products to India, is likely to finalise plans on the type of vehicles and manufacturing road map soon.
Pune-based Bajaj Auto, India"s second biggest two wheeler manufacturer today stated that the company has recorded a growth of 52 per cent in sales of motorcycles at 249,681 units in October as against 163,850 units recorded in the same month a year ago.
Global rating agency Moody"s today said large stimulus package provided by the government to perk up the economy and the consequent recovery has set the stage for it to roll back the measures.
With a view to tap the growing used car market in the country, General Motors (GM) India Limited plans to roll out five more Chevy Ok used car centers within a fortnight. GM India has already opened 17 such centres across the country and these centres have recorded over 500 transactions. “GM India has got a very good response to its used car business in the country. We are going to add five more Chevy Ok centres in different locations within a fortnight,” P Balendran, vice-president (sales), GM India told Business Standard.
US-based car maker General Motors today joined hands with Reva Electric Car Company to develop and produce electric vehicles in the Indian market as part of its plan to make the country a global hub for environment friendly vehicles.
General Motors India today said its proposed mini car, to be launched by this year end, would be exported after meeting the domestic demand.
Subir Roy / New Delhi October 30, 2009, 0:34 IST
These last few days Mudar and I have been on a treasure hunt. We have been up at the crack of dawn to get a free run of the roads and driving round hunting for garbage dumps. Yes, that’s right, the filthier and bigger the better.
The market as expected drifted lower after giving a downward breakout. It may test further lows before bouncing back.
HCL Technologies, BPO services and Talisma Corporation have announced a joint go-to-market strategy. Through this partnership, HCL and Talisma unveil a new service offering which provides clients with a hosted CRM service - a unique approach where BPO and hosted services enhance performance, accelerate transition and provide a packaged governance services model.
The stock erased all its losses and rebouned in to the positive in late trades. The stock finally ended at Rs 166, up 3%.
With an ambitious target to more than double their bilateral trade to $200 billion in the next four years, India and European Union (EU) today hoped they can resolve differences and reach a free trade agreement within a year.
A month after the Securities and Exchange Board of India (Sebi) announced guidelines for SME exchanges, the National Stock Exchange (NSE) has sought feedback from market participants. It recently met merchant bankers and brokers to discuss the broad guidelines announced by Sebi.
The Nifty on Friday closed above the resistance level of 5,060 to keep the current bull run moving. The index, however, is expected to face resistance above the 5,100 level next week. The SGX Nifty futures was down by over 50 points over the official close of 5,077 in the over-the-counter (OTC) session on Friday. The US and European markets closed more or less in a Doji pattern, indicating indecisiveness among participants. If this weakness continues, then we may see a gap-down opening on Monday.
With US and French leaders asking Prime Minister Manmohan Singh to attend the Copenhagen Summit on climate change, he is weighing options to participate in the meet where India is expected to strongly pitch for legally binding substantive outcome to deal with the challenge posed to the world.
IL&FS Cluster Development Initiative Limited, a subsidiary of IL&FS has given a proposal to the Orissa government for setting up 10 more centres in the state for imparting Sewing Machine Operator Training programme.
Private sector life insurer DLF Pramerica, promoted by realty firm DLF and US-based Prudential Financial, today said the two shareholders were committed to the venture, repudiating reports that the Indian partner was mulling over a possible exit.
Realty giant DLF has reported a 78.76 per cent plunge in its consolidated net profit to Rs 396 crore for the quarter ended June 30 due to sharp decline in demand for its housing and commercial properties.
Apex Agro Food Products Private Limited, a subsidiary of Apex Encon Projects, would spend Rs 150 crore over the next 4-5 years for setting up food processing units, cold storage plants and other infrastructure across the country.
Andhra Pradesh chief minister K Roasiah said the central and state governments had a task to strike a balance between growth and inflation. The three fiscal stimulus packages announced by the central government infused liquidity for maintaining economic growth.
In order to give a boost to exporters, reeling under the impact of the global financial meltdown, the government today said that various schemes like DEPB that provide incentives to exporters would continue.
The government today sought to bolster exporters, hit hard by recession in the West, by extending various tax sops and special incentives on trade with markets in Asia and Africa, in its Foreign Trade Policy.
With the death of a 30-year-old woman, the Swine Flu toll in the city has gone up to 91, health officials said today.
Auto major Tata Motors today said its wholly-owned European subsidiary, Tata Motors European Technical Centre, has got a loan of 10 million pounds (Rs 78 crore) from the UK government for its Rs 195 crore electric car project.
Wabco-TVS (India) Ltd, a provider of air brake actuation systems for commercial vehicles, is planning to tap new markets, including Brazil and Russia, during the current financial year to strengthen its export business.
Suven Life Sciences Limited, a Hyderabad-based biopharmaceutical company specialising in central nervous system (CNS) diseases, has received patents for two new chemical entities (NCEs) from the US Patent office.
Tata Sons chairman, Ratan Tata, is likely to discuss the Singur issue with West Bengal commerce and industry minister, Nirupam Sen, tomorrow.
A team of two researchers — an ayurvedic physician and a retired senior scientist of the Central Food Technological Research Institute — have discovered some beneficial properties of cow urine after about 18 months of research in a private analytical laboratory in Mysore. Meanwhile, a homeopathy practitioner, has claimed that it could help cure the influence caused by H1N1 virus too.
Sreelatha Menon / New Delhi June 28, 2009, 0:14 IST
To strengthen its IP-leveraged solutions business and capitalise on opportunities in the telecom sector, Infinite Computer Solutions (ICS) India Limited is looking at acquiring two US-based companies focussed on telecom-specific Intellectual Property (IP)-led solutions. Infinite is looking at acquiring companies with revenues in the $10 million-$15 million range, said Infinite chief executive officer Upinder Zutschi.
Cash is the preferred mode of payment for over 95 per cent of retail transactions in the domestic bullion market, a market survey said.
Dell Services, the new entrant into the information technology (IT) services segment (after its acquiring Perot Systems), is gearing its focus on the growing small and medium enterprises (SMEs) market.
Customs duty cut from 7.5% to 2.5%.
A year after Lehman Brothers, the 158-year-old Wall Street investment bank, filed for bankruptcy — signalling the global financial system’s descent into Great Depression II — the Bombay Stock Exchange (BSE) Sensitive Index has risen 16 per cent, after having hit a low of 8,160 in early March.
Silver futures prices extended gain for the second straight day by adding 0.48 per cent on the Multi Commodity Exchange(MCX) today on increased offtake in the spot markets due to festival season.
Tata Group today said the British government has not yet contacted it on the possible options to avoid closure of Corus steel plants in Teeside that could result in 1,700 jobs losses.
Making a strong case for safeguard duty on vital steel imports, the Safeguards Directorate has maintained that cheap inflows from China and other countries is hurting the domestic industry.
Business Standard / New Delhi November 27, 2009, 0:14 IST
The ‘Jai Ho’ trust by the ‘Slumdog Millionaire’ filmmakers has hired a social worker to ensure the welfare of Rubina Ali Qureshi after her father allegedly tried to sell her for nearly USD 300,000.
MoUs range across pharma, telecom, IT and homeland security.
Maruti Suzuki’s portfolio has several small cars. That makes its task of differentiating each of these cars difficult. To bolster one of its most sturdy performers, the WagonR, which sold 135,000 last year, the country’s largest carmaker has come out with a mascot named WizeR.
In order to meet the demand for three million cubic metre of wood annually by approximately 5,000 wood-based industries in the state, Punjab Forest Minister Tikshan Sud has directed the department to work out on every possibility to plant thirty million plants for this purpose in the state.
After showing gains for the last two days, both the precious metals reacted downwards on the bullion market here today on renewed offerings by stockists on the back of overnight fall in New York market.
Gold and silver sparkled and logged an all-time peak in Mumbai"s Zaveri Bazar on Wednesday on heavy stockists buying and firm global guidance.
Business Standard / New Delhi December 17, 2009, 0:58 IST
Even as work on border road construction in Jammu and Kashmir was stopped after Chinese objection, Arunachal Chief Minister Doorjee Khandu has asserted that his government will not succumb to any such pressure.
Surjit S Bhalla / New Delhi December 5, 2009, 0:50 IST
History repeats itself. It was the fast unto death of Potti Sriramulu that heralded the formation of Andhra Pradesh and the subsequent reorganisation of states on a linguistic basis in the 1950s. This time, it is Chandrasekhara Rao’s fast whose reverberations are indicative of the fact that another redrawing of the map is on the anvil.
Higher consumption expenditure from the government in the form of pay arrears given to its employees contributed to a high GDP growth of 7.9 per cent in July-September, while gross capital formation slowed to a seven-year low of 1.6 per cent. Private sector consumption also showed a 5.6 per cent increase.
The country’s largest carmaker, Maruti Suzuki India (MSI), today said its exports are expected to achieve the 100,000 units mark in the current financial year (2009-10).
Eight automobile engineers from Detroit, the car capital of the United States, will join Maruti Suzuki’s operations in India in the next two months, as part of the start of the latter’s plan to transform itself as the largest research and development centre for parent Suzuki outside Japan.
Maruti Suzuki, the country’s largest manufacturer of cars, is also quite cash-healthy, markedly so in comparison to many of its competitors.
In my mind
People are chanting for the ‘God’ out there. They think Schumi can return to the paddock, wear a slightly larger racing suit, jump into Massa’s Ferrari and start winning races. Whatever the outcome may be, the return of The Champion is the best thing that could have happened to Formula One this year after the Brawn 1-2 at Albert Park.
The Centre, in an attempt to end the imbroglio over Telangana, today convened a meeting here on January 5 of the eight recognised political parties in Andhra Pradesh for a discussion on the issue, a move welcomed by a grouping of all parties spearheading the statehood stir.
After four days of vehement denial, Force India on Thursday announced that its Italian driver Giancarlo Fisichella is joining Ferrari with immediate effect, while also insisting that there was no financial settlement involved in his move.
The state-owned telecom service provider Bharat Sanchar Nigam Ltd (BSNL) is planning to seek exemption from paying licence fees, stating a clause under the National Telecom Policy of 1999 (NTP ‘99). At present, the company pays around Rs 3,000 crore per annum as licence fee to the exchequer.
The government today constituted a Group of Ministers to look into pricing and auctioning of spectrum for 3G telephony that will revolutionise the way data is received and transferred on mobile phones.
The Steel Ministry has sought absolute powers from the government on grant of mining rights for iron ore and other minerals to steel firms, a request that would, if granted, expedite projects, including that of Posco and ArcelorMittal, which are stuck for want of secure raw material supply.
The hike in import duty on gold could spur smuggling of the precious metal, especially during the festivals when the demand soars, the World Gold Council (WSG) warned today.
World"s largest steel-maker ArcelorMittal today announced the appointment of Peter Kukielski in the Group Management Board of the company, effective from January 1, 2010.
State-run UCO Bank today posted a net profit of 34.03 per cent in the first quarter of 2009-10 touching Rs 178.85 crore as compared to the same period in the last fiscal.
Gold breached the psychological Rs 17,000-per-ten-gram mark for all the running contracts in futures trading at the Multi Commodity Exchange on a firming trend in the global markets where it crossed $1,140 an ounce.
The Sensex is quoting at 16,633, down by 232 points and the Nifty is placed at 4,922, lower by 81 points.
Anil Ambani-led Reliance Communications (RCom) today announced its partnership with software major Microsoft for offering Windows Mobile solutions on its wireless networks.
With the economy regaining its momentum slowly, India will add up to 40 million sq ft of office space this year, which will be higher than many other advanced countries, but lesser than China.
US stocks slipped on Wednesday after a surprising reduction in an index of Midwest business activity, but buying of technology bellwethers like Cisco Systems at the end of a strong quarter however limited the losses.
Indian submarine cable companies, including Tata Communications and Reliance Communications, re-routed at least 300-400 Gigabytes of internet traffic over both own and consortium cable networks between the Chinese mainland, Asia and Europe following the recent Taiwanese earthquake that disrupted communications across Asia and the Chinese mainland.
Frank Sieren & Andreas Sieren / July 11, 2009, 0:03 IST
The Sensex is now at 17,082, down 145 points. The NSE Nifty is at 5,100, down 47 points.
The markets have been dragged down by weak global cues. The US stocks fell overnight after Dubai"s unresolved debt problems and Fitch Ratings" downgrade of Greece"s bond rating dented risk appetite. And corporate news in the States raised doubts about consumer spending, a key requirement for the recovery to take hold. And the dampening investor confidence rubbed off on the Asian investor in morning trades.
Bangalore-based telecom solutions provider, Subex, reported a loss of Rs 3.2 crore for the second quarter ended September 30, from a net loss of Rs 71.6 crore in the corresponding quarter last fiscal.
The Sensex finally ended (provisional) at 14,774 - down 638 points. The Nifty ended (provisional) down 192 points at 4,388.
Rajesh Bhayani / Mumbai December 18, 2009, 0:46 IST
Sun Mulitipurpose Cooperative limited (SMCL), a cooperative body consisting of the families of the land losers has welcomed the recent move of the Mahanadi Coalfields Limited (MCL) to allow the linked consumers to lift coal on the their own through hywas and tippers.
Mahanadi Coalfields Limited (MCL) organized an awareness camp at its headquarters at Burla near Sambalpur in association with the Young Men Christians" Association (YMCA) on the occasion of the World AIDS Day. Free comdoms and pamphlets on HIV/AIDS were distributed to the truck drivers on the occasion.
The condition of Gujarat Chief Minister Narendra Modi, who is suffering from swine flu, has improved overnight, doctors attending on him said today.
Communications Minister A Raja today alleged that the Bharatiya Janata Party (BJP)-led NDA government had distributed free spectrum to operators in what he called “biggest ever scam” that deprived the exchequer of over Rs 1.6 lakh crore revenue.
Rise of Congress, further decline of BJP and the relegation of the Left and some regional parties to the margins marked the highs and lows of politics in 2009 as price spiral poses an intense challenge to the government in the new year along with Naxal and cross-border terror.
In the last one year, Dubai has lost much of its lustre. The global credit crunch already hit inflows into the emirate, leading to job losses and delayed real estate projects.
The Central Bureau of Investigation (CBI) has sought permission to prosecute Congress leaders Jagdish Tytler and Sajjan Kumar, accused in the 1984 anti-Sikh riots, Home Minister P Chidambaram said today.
Lok Sabha was today adjourned minutes after it met for the day as TDP members from coastal Andhra and Rayalseema disrupted proceedings protesting against the announcement for a separate Telangana.
The railway ministry is contemplating new policies for land acquisition, including job offers, for the displaced landowners, Railway Minister and Trinamool Congress chief Mamata Banerjee said in the Lok Sabha.
Winter session of West Bengal assembly began here today and is likely to be stormy with the ruling Left Front moving a non-official resolution in the House demanding discussion on "Statewide anarchy by Maoists and Trinamool Congress". Announcing to move along with several other resolutions, government chief whip Syed Mohammad Masih told reporters that they had raised the issue in Business Advisory Committee meeting. He alleged that Naxalites and TMC were "unleashing a reign of terror" in the state and the latter was involved in spreading anarchy with their direct or indirect involvement with the former.
Business Standard / New Delhi September 28, 2009, 0:36 IST
Federal prosecutors said they will file fresh charges against Sri Lankan-born hedge fund operator Raj Rajaratnam alleging he made at least $36 million from the biggest insider-trading case in US history, double what was previously thought.
Galleon Group LLC, the US hedge fund whose founder Raj Rajaratnam has been charged with insider trading, has exited domestic brokerage firm Edelweiss Capital by selling entire 7.02 per cent stake in the company.
The raging controversy over the credit for the story in 3 Idiots escalated today with director Rajkumar Hirani accusing author Chetan Bhagat of “lying” despite agreeing to several conditions including a rolling credit in a contract.
Reliance Life Insurance has entered into an association with the makers of "3 Idiots", as per which the insurance firm will use the thought "All is Well" -- one of the mainstay theme of the film -- to promote its products.
The cost cutting measures taken by companies to tackle economic crisis, have sharply eroded morale and commitment of their employees, especially of the top performers, a study by Watson Wyatt says.
Insurers want mortality charges outside the ceiling
India’s life insurance sector is expected to grow by almost 15 per cent in the current financial year and touch a total premium income of Rs 2,55,000 crore (about $ 50 billion).
India’s life insurance sector is expected to grow by almost 15 per cent in the current financial year and touch a total premium income of Rs 2,55,000 crore (about $ 50 billion).
Operators may ask for more after studying the viewing habits of subscribers
ICICI Prudential AMC is eyeing Rs 250 crore business from its Child Care Plan Scheme in the current fiscal.
Irda nod to policies with flexible premium, sum assured and tenure.
The assets under management (AUM) of mutual funds in the country have increased to Rs 8 lakh crore at the end of November, mainly propelled by bulk inflow into debt schemes.
After acquiring United Western Bank three years ago, IDBI Bank is at it once again and has identified two domestic lenders as possible targets.
Foreign institutional investors (FIIs) were net buyers of Rs 198.14 crore (provisional) today, according to data released by BSE.
The government at all levels needs to create an enabling environment to tap hydropower’s unrealised potential.
A V Rajwade / New Delhi December 07, 2009, 0:32 IST
The Orissa State Pollution Control Board (OSPCB) has issued direction to thirteen Railway sidings in Keonjhar district for causing pollution.
India"s sugarcane production is projected to fall short of the demand by 17 million tonnes(MT) at the end of this Plan period (2007-2012) from a surplus supply of 14 MT now, as per the Planning Commission.
Sugar stocks have run up significantly triggered by higher sugar price outlook based on tighter supply side conditions. Earnings estimates for FY10 have been upgraded by about 75-200% depending upon the individual company’s profit-gearing to higher sugar prices, according to HSBC research.
The ambiguity over availability of 3G (third generation) telecom spectrum would end soon, as the ministry of defence has agreed to release 25 MHz of 3G spectrum before December 8, paving the way for auctioning of all the four slots in every circle simultaneously. But, the successful bidders in the auction would be able to utilise the spectrum only after June 2010, despite the auction process happening on schedule in January.
Investments in mutual fund schemes saw a sharp 68 per cent decline in November to over Rs 45,100 crore over the previous month, as investors preferred to stay away from equity market.
The fall in assets under management (AUM) in financial year 2008-09 has hit the net profit of the mutual fund industry. The industry’s average net profit has declined 29.84 per cent in financial year 2008-09, acccording to an ICRA report released today.
Indian private sector lender Kotak Mahindra Bank is looking at acquisitions in the coming months in India, says a media report.
Stock markets skidded today, commodity prices took a beating, Kerala panicked and even Bollywood worried as Dubai’s $60-billion debt woes sparked fears over corporate and bank exposure to the crisis. Indian companies and banks played down the impact, saying the exposure was not significant.
The Nifty closed above the crucial resistance level of 5,080 on strong buying in index stocks such as Reliance Industries, ICICI Bank, Tata steel and Cipla. Bharti Airtel, Reliance Communications, Jaiprakash Associates and State Bank of India closed in the red on shorts build-up on the F&O segment. The Nifty November and December futures closed at a premium to the spot on intraday short-covering and fresh long build-up.
The Securities and Exchange Board of India (SEBI) has issued directions to stock exchanges to amend their bye-laws to give discretion to the exchanges to extend the period of limitation for initiating claims under the arbitration mechanism of the exchanges, for a period of three months beyond the currently applicable limitation period of six months.
IT firm Wipro Technologies today said it will hire 5,000 people in the next couple of months and is looking at a fresh recruitment strategy of taking in graduates from non-engineering institutes.
The Supreme Court today issued notice to the Centre and Maharashtra government on a petition seeking laying down of security guidelines for hotels to avoid any terror attack like the 26/11 strikes in Mumbai.
Amid reports that the Satyam accounting fraud could be as high as Rs 14,000 crore, nearly double of what was confessed by its founder B Ramalinga Raju, the government today remained tight-lipped and said the real amount would be brought before the court of law.
JMM chief Shibu Soren is all set to take oath as chief minister heading a five-party coalition in Jharkhand tomorrow, which will be the seventh dispensation in nine years since it became a separate state.
The shareholders of the country"s most valued company Reliance Industries (RIL) today approved the 1:1 bonus issue for which the company fixed November 27, 2009 as the record date.
Shilpy Sinha / Mumbai January 5, 2010, 0:12 IST
Japan will explore the possibility of strengthening co-operation between its universities and those in Maharashtra.
State-owned Oil and Natural Gas Corporation has raised Rs 1,970 crore through a issue of bonds to refinance the debt its overseas investment arm had taken to buy UK-based Imperial Energy.
Leslie D"Monte & Kirtika Suneja / New Delhi December 5, 2009, 0:15 IST
USL Wines, a division of United Spirits, part of the United Breweries (UB) group, is set to start exporting its brands.
The government will import essential commodities to improve supplies, Finance Minister Pranab Mukherjee today said, as food inflation touched a ten-year high.
Around Rs 11,088 crore are being circulated via chit fund schemes in the southern states of Tamil Nadu, Andhra Pradesh and Kerala. Around 58 million house holds have participated in chit fund schemes, according to a recent study released by Institute for Financial Management and Research (IFMR). The study was funded by Bill Gates foundation Bill and Melinda Gates Foundation.
The industrial sector in Chhattisgarh government termed 2009 as good while the investors said it was bad.