International Business
SET Max, the official broadcasters of the Indian Premier League (IPL)cricket tournament, has already hit a sixer with the third edition of the twenty20 league. The channel is estimated to rake in over Rs 650 crore, 30 per cent higher than it got in IPL-2.
Finance professionals in America consider that the country is still in recession, despite the economy showing signs of stability in recent months, a latest report has found.
India"s handicraft exports increased by a whopping 177 per cent in September, raising hopes of a turnaround in the country"s overseas trade that has been battling global recession for the last 11 months.
Members in the Rajya Sabha today took strong exception to halting of work at Ladakh border road because of Chinese objection and said it was "humiliating" and a "challenge to India"s sovereignty". Raising the issue in Zero Hour, Shreegopal Vyas (BJP) said, "It is very humiliating and a challenge to India"s sovereignty."
The Indian Commodity Exchange (ICEX), promoted by public sector MMTC Ltd and Indiabulls Financial Services, has got recognition from the commodity market regulator, the Forward Markets Commission (FMC). FMC Chairman B C Khatua confirmed this.
The ratio of volatile capital flows, consisting of cumulative portfolio investments and short-term debt, to India’s foreign exchange reserve moved up to 51.1 per cent at March 2009-end from 45.4 per cent a year ago.
The gems and jewellery sector, hit hard by the global financial meltdown, has begun showing signs of improvement with employment reporting a 3.80 per cent increase during January-March 2009.
The domestic stainless steel industry has demanded removal of value cap on exports of the alloy with an aim to increase shipments which were hit hard by the global economic crisis.
Global FMCG major Procter & Gamble will be bullish on winning consumers in emerging markets of India and China as it eyes increased sales in the two strong economies, its new chief said today.
With the global venture capital industry showing signs of recovery, investment levels into India are expected to increase the most compared to others in the Asia-Pacific region over next three years, says a survey by Deloitte.
The Centre is preparing a development plan for harnessing renewable energy in Ladakh keeping in mind the expected load and hydro power potential of the region.
Natarajan Chandrasekaran (called Chandra by colleagues and friends) will take charge as the managing director and chief executive officer (MD & CEO) of India’s largest information technology services provider, Tata Consultancy Services (TCS), from S Ramadorai tomorrow. He’s the third in the line of TCS’ CEOs, after F C Kohli and Ramadorai.
After making three futile attempts to sell the controversial Crystal IT park, the only IT-specific SEZ in Madhya Pradesh, the state government has again invited tenders for a co-developer.
The US government is preparing to steer General Motors into bankruptcy as early as the end of next week, a plan which would provide billions of dollars more in federal funds to the ailing auto maker, says a media report.
Asking the US corporate sector to build a lasting partnership with India in high technology including the defence sector, new Indian envoy Meera Shankar has said that New Delhi is looking at optimising its ability to procure the best equipment from anywhere in the world.
ALL ABOUT STOCKS
Imagine this scenario. While you are booting your computer or notebook, an advertisement pops up and the screen freezes for some time. The ad could be an audio or a plain visual one. Regardless, it may offer you some product or could even offer the operating system (which enables you to start or boot your computer) free or at a lower cost. Tying you down for a few more seconds, the ad automatically fades away and allows you to continue with the booting process.
The Indian rupee rose marginally by 2 paise per US dollar at 46.48 in opening trade today, on hopes of higher capital inflows from foreign funds as the domestic stock market may open higher tracking the firm trend in the Asian markets.
Rupee dropped, completing the biggest two-day loss in two months, as declines in local stocks spurred speculation capital inflows will slow.
Chinese Premier Wen Jiabao today assured Prime Minister Manmohan Singh that his country would correct the balance of trade that is currently in its favour.
Hoping to bag environmental clearance by this month end, Gopalpur Ports Ltd (GPL) is confident of converting the minor port in south Orissa into an all weather deep water one within 24 months, two years ahead of the stipulated timeframe.
PROFILE
Emphasizing on the urgent need of a multi-prong approach to curb corruption, Prime Minister Manmohan Singh today said it is hurting India’s economic growth and discouraging investors from coming to this country.
Though the Congress party had allocated Saifuddin Soz a seven-seater helicopter for campaigning in far-flung areas of Jammu & Kashmir, he chose to use road transport. It was only when someone pointed out that the idle chopper was also costing his party a lot that Soz decided to use it to go to Ladakh.
The difficulty in land acquisition is going to seriously affect the industrial sentiment in Orissa. Though the government boasts of attracting investments worth over Rs 6 lakh crore, many projects including those proposed by Posco, Arcelor-Mittal, Tata Steel are hanging in balance due to stiff resistance by the locals.
In a path-breaking development for the tea industry of Assam and West Bengal, the Indian Space Research Organisation (ISRO) has offered its remote sensing (RS) and geographical information systems (GIS) facilities to tea gardens in the two states.
California-based BPO and KPO service company, which has operations in Ahmedabad, India and Manila, Philippines, is mulling expansion of its Indian operations in Gujarat by setting up a new service centre. However, the company is considering options among some of the upcoming special economic zones (SEZ) in the state.
Kolkata-based Shree Cement today announced its foray into commercial power business and will invest Rs 1,200 crore in the next two years to set up a 300 Mega watt thermal power plant in Rajasthan.
Swine flu today claimed five more lives, four of them in worst-hit Pune alone, taking the countrywide toll to 17, even as authorities in Mumbai shut down schools and colleges for a week and cinema halls for three days to check the spread of the virus.
One of the few young members of the UPA government, Sachin Pilot -- Minister of State for the Department of Information Technology (DIT) -- has taken charge of this portfolio at a time when there are great expectations from the information, communications and technology (ICT) industry. In a chat with Leslie D’monte and Kirtika Suneja, the young minister broadly outlines his vision for the industry even as he"s learning the ropes.
The government may extend the tax holiday for software exporters beyond March 2010, in the Budget tomorrow.
The country"s software sector is likely to miss the much-touted target of touching $60 billion exports by FY10, due to unprecedented slowdown in key markets like the US and Europe, IT industry body Nasscom said.
Indian solar power companies now want to light up the domestic market, with a little help from the government, of course.
Says industry can’t keep growing at expense of farms, poor.
In addition to the slowdown which is taking its toll on the economy, the IT industry faces multiple challenges, including a decline in sourcing spends, price reductions, competition from other countries and protectionism.
Ahead of the Copenhagen summit on climate change, India today discussed with France and the UK ways to ensure the success of the event as Prime Minister Manmohan Singh met French President Nicolas Sarkozy and British Premier Gordon Brown here.
On Thursday morning, the first prototype twin-seater, trainer version of the Tejas Light Combat Aircraft (LCA) will taxi out to the runway in Bangalore. With its design team watching tensely from the sidelines, the two test pilots will rev up the engine, race down the runway and, if all goes according to plan, lift the twin-seat Tejas into the sky for its first flight.
Seema Sindhu / New Delhi January 7, 2010, 0:24 IST
Showing the rift in two-wheeler giant Bajaj Auto, Chairman Rahul Bajaj today differed with his son and Managing Director Rajiv Bajaj’s decision to exit production of scooters saying he was not only “not convinced” but also “hurt” by it.
Unity Infraprojects, the construction major, has bagged a contract for re-development of R N Cooper Hospital at Vile-Parle (West), Mumbai from Municipal Corporation of Greater Mumbai.
Construction company Unity Infraprojects today said it has received a contract worth Rs 54.56 crore from Amanora Park Town for construction related works.
Pakistan launched its nuclear weapons programme after its 1971 military defeat to India in order to "augment its inferior conventional forces," a Congressional report has said.
To promote traffic of automobiles through the railways, its ministry is considering 15 automobile hubs to be set up on public-private partnership across the country.
In a major setback to cash-strapped infrastructure firm Maytas Properties, promoted by former Satyam Computer founder B Ramalinga Raju"s family, a local court has passed an order barring the company from using land as collateral for loans.
FMCG major Hindustan Unilever (HUL) has put up a total of seven residential properties for sale in Mumbai and Gurgaon, which could fetch around Rs 35 crore.
Madhya Pradesh is once again facing acute fertiliser shortage this rabi season, Chief Minister Shivraj Singh Chouhan has told the Centre. Soon after sowing wheat and other rabi crops urea was needed during the first watering, growers said, adding that fertiliser dealers hoarded and indulged in black-marketing to mint money from them. A few years ago, the state had faced a severe urea crisis, which had even triggered violence in some areas.
PM Manmohan Singh / New Delhi August 23, 2009, 0:52 IST
In a strong message, India today asked the developed countries to modify their ‘unsustainable lifestyles’ to significantly cut down carbon emissions by 2020 and to ensure that developing nations had enough resources to cope with climate change while pursuing accelerated development.
The first foreign visit by a delegation of the 15th Lok Sabha has become a victim of austerity measure.
Panacea Biotec today bagged a three-year contract worth over Rs 1,067 crore ($222.37 million) from Unicef for supplying its EasyFive vaccine.
The heavy votes polled to Raj Thackeray led Maharashtra Navnirman Sena (MNS) candidates during the recent Lok Sabha elections ensured a defeat for the BJP-Shiv Sena alliance in atleast 10 constituencies in Maharashtra. Taking a congnisance of this, the Shiv Sena seems to have taken the MNS factor seriously ahead of the state assembly polls scheduled in October.
US space agency NASA has signed an agreement with ISRO to use data from Indian satellite Oceansat-2, for various American agencies for research activities, including weather forecasting.
Kanika Datta / New Delhi August 6, 2009, 0:19 IST
Corporate Affairs Minister Salman Khurshid today agreed that the ICAI Act needs some amendments to become a more powerful body post the Satyam scam.
India has contributed 8,607 troops, police and military observers to nine UN Peacekeeping operations this year and has suffered 131 casualties, government today said.
Nokia, the dominant force in the handset industry, has spent the major part of 2009 guarding its turf against resurgent rivals like Samsung, LG, Sony Ericsson and Motorola, and also tech powerhouses like Research in Motion (RIM), Apple and HTC. Additionally, Nokia has also been deflecting blows at the operating system level, most notably from Google’s Android and Microsoft’s Windows Mobile.
US President Barack Obama"s top aide on climate has said there is virtually no chance the Congress will pass an energy legislation for him to sign before Copenhagen summit in December.
The public sector Oil & Natural Gas Corporation (ONGC) has cleared the ground for implementing “whistle blower policy” another major voluntary initiative to promote transparency and ethics in personal conduct and decision process.
Business Standard / New Delhi November 18, 2009, 0:15 IST
Even as the Indian IT industry is studying the fine print of the European Union (EU) to expand the scope of value-added-tax (VAT) from January 1, to include services like back-office operations, call centre work and administrative services delivered from non-EU nations (including India), it does not appear to be unduly perturbed.
The process of issuing catch certificates for export of marine products to European Union (EU) is now facing another hurdle. The issue of such certificates has become a complex exercise as the local fishing practices are not in tandem with the requirements of the European Commission (EC).
Prime Minister Manmohan Singh has assured Andhra Pradesh of all help from the Centre to cope with the situation arising out of the massive floods in the state.
The Indian Institute of Management, Calcutta, (IIM-C), has successfully placed all its 32 students of the post-graduate programme for executives (visionary leadership in manufacturing, or PGPEX-VLM). The highest offer was Rs 18 lakh and the average stood at Rs 11.37 lakh.
The government has approved an amendment to the Air Service Agreement between India and Saudi Arabia with a view to enhance bilateral economic relations and promote tourism.
As governments and NGOs fight on contamination levels, Bhopal gas tragedy victims continue to die a slow death
In the wake of the deadly fire that ravaged the Indian Oil Corporation’s (IOC’s) depot in Jaipur, the Madhya Pradesh governemnt has woken up to the realisation that the company’s Bhopal depot is a ‘nuisance’. The state government will soon serve a notice on the company under Section 133 of the CrPC (removal of nuisance).
BCCI almost doubles base price; stiffer cut-off for bidders.
The markets have recovered partially. The Sensex is now down 147 points at 16,160, and the Nifty has shed 46 points at 4,822.
A consummate Russian diplomat, Vyacheslav Trubnikov is returning home this week after having served as serving as Russia’s ambassador to India for nearly five years. The period has seen several highs and lows in the bilateral relationship, including the building of the first civil nuclear power plants by Russia and nagging problems over defence spares and equipment. Edited excerpts from an interview with Jyoti Malhotra
India and Russian Federation has reached a new administrative arrangement on shipping and export of fish and seafood products from India, according to Marine Products Export Development Authority (MPEDA).
The markets yesterday witnessed typical derivatives expiry session, as stocks and indices swung between zones ahead of settlement. After rallying to a high of 16,525 in morning trades, concerns on higher food inflation and expiry pressure saw the Sensex tumble into red to a low of 16,182. The Sensex finally ended with a marginal (17 points) gain at 16,307.
Chennai-based Kavithalaya Productions, owned by veteran director K Balachander or KB, is in talks with private equity players for its proposed investment plan of Rs 100 crore. Besides, the company is planning to launch a venture capital fund to support upcoming directors in the film industry.
Bihar Chief Minister Nitish Kumar today accused the Congress of being "responsible" for the demolition of Babri Masjid in Ayodhya, saying the Liberhan Commission that probed the incident should have indicted the party and its leaders.
Microsoft today launched its new operating system (OS), ‘Windows 7’, with a host of tools for multimedia applications for business and retail customers. The much-awaited Windows 7 promises significant improvement in productivity levels, enhanced security, reduced risk and manageability costs.
When a family reports that their six-year-old son has accidentally floated away in a homemade helium balloon, the result is frenzied media coverage and nationwide sympathy for the stricken parents, accompanied by copious church-going (in addition to a small number of harassed papas and mamas mulling the possibility of constructing similar dirigibles for their own little Damians). When it turns out that there was no one in the vagrant balloon and that the kid was munching biscuits in the attic all the while, there is relief, along with puzzlement. But when it later transpires that the publicity-hungry parents had concocted the whole story just to get their own reality TV show, the reactions really heat up.
They said the day a black man became president of the United States, pigs would fly. Well, lo and behold, Obama was sworn in and one hundred days later... swine flu!”
At least the Shiney Ahuja rape case has taken some pressure off Mahendra Singh Dhoni’s shoulders, a friend says on Twitter, and he’s right: it takes something very special for the captain of a World Cup-losing cricket team to be only the second most vilified public figure in the country.
Nokia,maker of mobile devices and a pioneer in mobile telecommunications today, announced the availability of its latest touch devices—Nokia 5230 and Nokia 5530 XpressMusic in the market.
Commercial vehicle manufacturer Ashok Leyland’s associate company, Ashley Alteams India Pvt Ltd (AAIPL) will commence manufacturing high pressure die castings. The production of the castings, which will primarily be for the telecommunications and automotive sector, will begin next month at the company’s new facility in Chennai.
Once again coming to the rescue of American corporate, billionaire investor Warren Buffett will be buying $300 million worth Harley-Davidson bonds, which will help the bike manufacturer improve its cash position.
Finnish mobile phone maker Nokia today filed a complaint with an US agency for alleged infringement of its patents by technology major Apple.
Punjab National Bank CMD K C Chakrabarty has quit his post after his appointment as RBI Deputy Governor.
With two Deputy Governor posts falling vacant, the Reserve Bank has reallocated portfolios and Governor D Subbarao would handle the monetary policy department directly.
Rakesh Mohan, who was appointed Deputy Governor of the Reserve Bank of India in September 2002, moved to North Block two years later as secretary, department of economic affairs, during P Chidambaram’s tenure as Finance Minister, only to return to RBI after eight months. Mohan, who is taking retirement from the central bank seven months before his tenure is due to end, will take up a professorial appointment at Stanford University from June 15. In this interview, he spoke on a range of issues about the challenges he faced during his stint at the central bank and the journey from handling the real economy sectors to monetary economics. Edited excerpts:
The government may in "weeks" decide on raising price of natural gas produced by state-owned ONGC and Oil India by 30 per cent, Petroleum Secretary S Sundareshan said today.
Are Indians likely to mail five times as many letters this year as they were expected to last year? That"s the question that comes to mind when you see the rise in the deficit for the postal department. From a revenue deficit of Rs 958 crore in the budget estimates for 2008-09, this rose to a whopping Rs 3,825 crore in the revised estimates for the year and an estimated Rs 5,395 crore in 2009-10 budget. It turns out nothing of the sort is happening. The postal department’s receipts fell from a budgeted Rs 6,159 crore in 2008-09 to Rs 5,966 crore in the revised estimates, but this is budgeted to rise again, to Rs 6,136 crore in 2009-10.
The budget is big on rural India and allocations for the Bharat Nirman project, for instance, have been hiked 45 per cent over those allocated in Budget 2008-09 — within this, allocations for projects like the Pradhan Mantri Gram Sadak Yojana have been hiked 59 per cent. While that’s all very well, it would be a good idea to see what’s happening on the government’s plans for connecting rural India, not by roads but by telephones. As compared to urban areas where around 90 per cent of people have phones, tele-density is just around 15 per cent for rural India.
Banking stocks have gained between 5 per cent and 11 per cent on the Bombay Stock Exchange (BSE) in the last two days on higher advance tax payments by banks and a correction in valuation of small banks.
State"s contribution had tanked below 20% from 42% in last two years.
Fortnight ended July 31 witnesses Rs 29,500-crore jump.
Andhra Pradesh will seek financial assistance, including an additional Rs 2000 crore under NREGA, from Centre to meet the drought situation prevailing in the state.
PHD Chambers: No big-ticket reforms
India’s foreign minister today advised its students to be “more discreet” in choosing educational institutes and courses of study in Australia, whose high commissioner admitted there was a drop in applications of Indian students following media coverage of attacks on them.
“Consumer wants can have bizarre, frivolous, or even immoral origins, and an admirable case can still be made for a society that seeks to satisfy them. But the case cannot stand if it is the process of satisfying wants that creates the wants.”
Adventure tourism operators in Uttarakhand are up in arms against the state forest department for its move to withdraw lease permits for the Ganga beach.
Martin Feldstein / September 8, 2009, 0:31 IST
IT infrastructure services provider Allied Digital Services today said it is planning to raise $50 million (about Rs 244 crore) through issue of securities on a preferential basis.
Packaging solutions provider Bilcare today said it is planning to raise $35 million (about Rs 170 crore) through the issue of securities.
In what should come as a huge respite for Common Admission Test (CAT) candidates, the Indian Institutes of Management (IIMs) have hinted that the registration fee for the computer-based test this academic year will not be as high as similar tests like GMAT (Graduate Management Aptitude Test, for admission to business schools overseas).
The Bangalore Electricity Supply Company (Bescom) has caught the fancy of students of the HEC School of Management, Paris, who are planning to prepare a case study of the same in association with students from the Indian Institute of Management - Bangalore (IIM-B). The students were in Bangalore as part of the first year of the HEC IIM-B Exchange Programme (HIEP).
Business Standard / New Delhi September 16, 2009, 0:29 IST
With power situation improving following good rains, Karnataka minister for energy K S Eshwarappa today said urban areas would get 22 hours of supply a day from August one, while load-shedding in rural ones would be to the extent of 14 hours. In Bangalore, the Bangalore Electricity Supply company (Bescom) has said it would make all efforts to provide 24-hour power supply, he told reporters here. Rural areas would get power supply for five hours in case of single-phase and five hours for irrigation purpose (IP sets) which means they would face load-shedding for 14 hours.
One of the key challenges in the implementation of a Goods and Services Tax (GST) is with regard to exemptions from the tax for specified goods and services. In the Indian context, given the plethora of exemptions that currently exist in regard to numerous goods and services, under the respective Central and state laws, the challenge is a larger one. The matter gets complicated if one were to consider that in addition to the exemptions, there exist exemptions from the tax, both Central and State, that are based on the geographic locations of the manufacturing units. These are commonly known as area based exemptions.
Indian industry is of the view that the proposed Goods and Services Tax (GST) will be beneficial for the economy, but the deadline of April 1, 2010, is not realistic, a leading consulting firm said in its survey.
Before the introduction of the goods and services tax (GST), a crucial doubt of many states remains to be cleared: would they be compromising on their fiscal autonomy or the power to tinker with the tax rates when the new regime is rolled out?
Kirtika Suneja / New Delhi November 11, 2009, 0:35 IST
Pearson, the British-based education and education technology company, which recently picked up a stake worth $30 million (around Rs 150 crore) in Educomp Solutions’ vocational business and online tutoring firm, TutorVista, is leveraging these tie-ups to increase its India footprint.
Ban on entry load leads advisors to focus more on Ulips, insurance and NSC.
Asian markets ended weak. The Hang Seng closed down 234 points at 20,121 and the Nikkei dropped 216 points to 10,198.
The Madhya Pradesh government has said it would not adopt the goods and service tax (GST), made mandatory by the Centre for all states by 2010.
News Corp Chairman Rupert Murdoch, who began building his media group with the Adelaide News in 1953, said he’d like one of his children to succeed him, amid regular discussions about who will take over at the US company.
The Rashtriya Swayamsevak Sangh (RSS) today obtained a commitment from the Bharatiya Janata Party’s (BJP’s) warring leaders that they would stop their infighting even as moves were initiated for a major overhaul of the party’s top brass, which will see the exit of Rajnath Singh as party president in the next three months and likely stepping down of L K Advani as leader of the Opposition in the Lok Sabha.
CEOSPEAK: Amitabh Das Mundhra, Director, Simplex Infrastructure
With the last two stimulus packages working wonders for the packaged goods industry, players in the sector are now rooting for one more round of fiscal incentives to further boost demand in the domestic rural markets and be competitive overseas. They are hopeful the new government will meet their major demands in this Budget session.
A K Bhattacharya / New Delhi June 17, 2009, 0:28 IST
Obliging Manipur government"s request, the Centre has appointed the state-owned National Hydro-electric Power Corporation (NHPC) as the implementing agency for the 1500 MW multi-purpose Tipaimukh hydro-electric project in Manipur, official sources said here today.
The government is assessing the needs of major export-oriented sectors hit by the economic slowdown to provide support for their fast recovery, Director General of Foreign Trade R S Gujral said today.
With a view to providing domestic fuel to the power projects run by the State PSUs, Gujarat government has resolved to reserve additional area having lignite resources for public sector companies of Gujarat government and for power generation joint venture with state utilities.
India"s engineering exports dropped 26 per cent in April as orders from the US and European markets dried up in the wake of the global recession.
Modernisation of SMEs will be the focus of discussion with the new govt
ABG Shipyard, which is locked in a take-over battle for Great Offshore with Bharati Shipyard, today backed out of the race by selling 8.27 per cent stake in the offshore drilling firm, a day after its rival raised the open offer price to Rs 590 per share.
Latent Images Private Limited, which currently operates five ‘IIIrd i’ digital camera retail stores in Hyderabad, is planning to open three gadget retail concept stores under the ‘NowGadget’ brand – one each in Chennai, Bangalore and Kochi – in the next six months.
The government today said Indian Railways proposes to acquire 18,000 wagons in 2009-10,under rolling stock programme during the current fiscal against 11,000 in the previous financial year.
Confectionery brand Parle Products Private Limited will consider bringing more products in small packs at a price point of Rs 5 and below.
Small and Medium Enterprises (SMEs) in Orissa have expressed their resentment over the functioning of the State Level Bankers’ Committee (SLBC), which meets at regular intervals to monitor the flow of credit to the Micro, Small and Medium Enterprises (MSME) sector.
The Textiles Ministry is pushing for amendments in the Drugs and Cosmetics Act to ensure that quality standards are set for new medical textiles used in products like baby diapers, contact lenses and surgical gloves to promote their sales.
J K Lakshmi Cement will invest about Rs 1,600 crore over the next three years on expansion, which includes setting up of a 2.7 million tonnes greenfield manufacturing plant in Chhattisgarh.
Bihar today sought Rs 23,000 crore as immediate assistance from the Centre to tackle the drought situation in the state.
Anil Ambani group today questioned Mukesh Ambani-led RIL"s explanation on over three-fold jump in costs to $8.83 billion for developing gas fields, and asked the government to expedite the CAG audit and appoint an international expert to revalidate the expenses.
The huge government borrowing is likely to put pressure on interest rates in the remaining part of this fiscal, Member of Parliament and former Reserve Bank Governor C Rangarajan said today.
Shree Cements has reported 35 per cent increase in net profit to Rs 167.4 crore in the third quarter ended December 31, 2009 as against Rs 124 crore in the same qaurter last year.
Healthy demand outlook and partial improvement in prices have perked up sentiment towards cement stocks.
Gartner, Inc. has evaluated and highlighted technologies that will have an impact on Indian enterprises as they look at increased technology adoption to support growth and competitive differentiation. The Gartner Hype Cycle for ICT in India 2009 is the company’s most comprehensive to date, featuring 31 technologies and topics such as massive array of idle disks (MAID), fibre channel over ethernet (FCoE), video telepresence in India, x86 server virtualisation, and software as a service (SaaS) in India.
IT firm Tech Mahindra today said it has opened a new centre in Chandigarh with an initial capacity of 1,000 seats.
The markets have held on to their gains in the past one hour. The Sensex is now quoting at 17577, higher by 91 points and the Nifty is at 5251, up 25 points.
JSW Energy plans to hit the capital markets in the third week of October to raise around Rs 3,000 crore by diluting 10 per cent equity stake.
The government today said it will soon introduce a Bill to enact a Food Security law that will provide 25 kg of rice and/or wheat at Rs 3 to each family below the poverty line - a key poll promise of the Congress that heads the ruling coalition.
Direct-To-Home company Dish TV today said it will raise up to $200 million (about Rs 1,000 crore) through issue of securities in the domestic and international market.
Fearing opposition by employee unions, the government is considering listing telecom major BSNL on bourses by issuing nominal fresh shares and may shelve plans of directly divesting its equity for the time being.
Entrepreneurs in this traditional town of family- managed companies, popularly known as the Manchester of south India, are now more open to entering into equity collaborations with both domestic and international partners.
Tata Motors has threatened to scrap its plan to launch Vista electric cars in the UK if it does not receive a £10 million loan from the British government soon, The Observer reported today.
The stock market staged a remarkable comeback, thanks mainly to the improvement in global markets coupled with better-than-expected Q1 numbers so far. So ferocious was the pullback that major indices, the Sensex and the Nifty, recovered nearly all its losses suffered during the Budget week.
Jaypee Group firm Jaiprakash (JP) Associates today said it will invest Rs 4,500 crore to take its cement manufacturing capacity from 20 million tonnes per annum (mtpa) to 33 mtpa by 2012.
One of the nicest things that has happened to Kolkata in recent times is the creation of two new parks around the eastern and southern periphery of Victoria Memorial. Earlier, for most of the year the place used to collect rubble, coming alive once a year for the book fair, only to relapse into being an eyesore.
Telecommunications company Sprint Nextel Corp said it agreed to acquire Virgin Mobile USA Inc in a stock deal valued at $5.50 per share in a bid to expand its prepaid cell phone offerings.
Telecom company Airtel today said it is not affected by the global slowdown as the sector still had growth prospects and that the recessionary trends are showing signs of ending in many countries.
Jaiprakash Associates posted a 38.9 per cent decline in its net profit at Rs 103.02 crore for the third quarted ended December 31, 2009.
Pandemics are global, but political calculation to confront them is decidedly local.
Finance ministers of the world’s 20 largest economies, including India, today agreed on the need to have an “institutional cap” on bonuses paid to bankers. At the conclusion of a day-long G-20 finance ministers’ meeting here today, the nations agreed on more disclosures and transparency in the level and structure of remuneration along with global standards on pay structure, including deferral, effective clawback, relationship between fixed and variable remuneration, and guaranteed bonuses.
The stock was locked ta the same upper circuit with buy orders of 22,895 shares pending. Around 4,319 shares were traded on the BSE today.
The teaser home loan rate, the interest rate which is set artificially low for the initial period, could give a ‘payment shock’ to borrowers as the equated monthly installment (EMI) shot up on lenders charging regular interest rates, according to Fitch officials.