Public Relations
Move comes within months of acquiring Wockhardt hospitals.
The government has cleared nine proposals that will bring in foreign direct investment (FDI) of Rs 524 crore, more than half of which would be contributed by Japanese Mitsui and Company in setting up warehousing and container freight stations in the country.
The airline gets an opportunity to clean up its balance sheet as the holiday season travel brings cheer to the sector.
FMCG major Dabur plans to launch ready-to-cook products under its "Hommade" brand to expand in the estimated Rs 2,800-crore packaged food segment.
A two-day global investors’ meet will be held at Bangalore on June 3 and 4. The state government has appointed a vision group headed by Kris Gopalkrishnan, CEO and MD, Infosys.
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.
The Supreme Court today dismissed a plea challenging the land acquisition by Gujarat government for Tata Motors Nano car project.
Notwithstanding the huge gains seen in 2009 and despite some challenges going ahead, analysts expect the overall trend to remain positive in the next year as well
Mundra Port and SEZ Ltd (MPSEZ) has been awarded letter of intent (LOI) by Hazira Port Pvt Ltd. (HPPL) for development of non-LNG port facilities at Hazira.
Central government-owned ports such as Kandla and Visakhapatnam might be the top two in the pecking order in terms of bulk cargo that they handle. But they might soon be overtaken by the new private upstarts, which have set up ports in Mundra and Pipavav (in Gujarat) and Gangavaram (Andhra Pradesh) and are growing at a rapid pace.
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.
The stand-off between Air India and Indian Commercial Pilots Association (ICPA), which represent the domestic pilots of erstwhile Indian Airlines, was resolved here today with the management agreeing to payment as per 5th day commission.
Andhra Bank ended at Rs 109, stronger by 1.5%, on the BSE.
Petroleum Minister Murli Deora, an otherwise able administrator, may earn the distinction of presiding over the fall of individuals and institutions in oil sector in a year when he also faced accusations of taking sides in corporate battles.
The Centre has expressed confidence that by 2020 the polluted river Ganga would be cleaned and Rs 15,000 crore will be spent on it.
German engineering conglomerate Siemens today said its net loss was at euro 1.06 billion (about $1.5 billion) in the fourth quarter of this year.
India Infoline has posted a consolidated net profit of Rs 58.02 crore for the quarter ended September 30, 2009 as compared to Rs 40.21 crore for the quarter ended September 30, 2008.
COMMENT: VK Aggarwal, Former Chairman, Railway Board
Trading in The New York Stock Exchange (NYSE) surged to a record 3.15 billion shares as derivatives expiration and changes in the Standard & Poor’s 500 Index lifted volume to more than double this year’s average.
Domestic institutional investors (DIIs) were net buyers of Rs 86.72 crore (provisional) today, according to data released by BSE.
The financial services industry will see significant changes.
The Union Ministry of Consumer Affairs has proposed to the prime minister that the Forward Markets Commission, the regulator for commodity futures, also be the regulator for all warehouses.
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.
T N Ninan / New Delhi August 22, 2009, 0:58 IST
Akash Prakash / New Delhi November 27, 2009, 0:18 IST
Even as the Telecom Regulatory Authority of India (Trai) has started investigating into the complaints of predatory pricing offered by some of the new operators, experts are divided over whether the current scenario actually resembles predatory pricing.
The fiscal deficit rose by 73 per cent to Rs 3.06 lakh crore in the first eight months of the fiscal against Rs 1.77 lakh crore a year ago, as the government cut taxes and stepped up expenditure to stimulate the economy hit by the global financial crisis.
The Orissa government is mulling a special package for the sugarcane growers to encourage cultivation of the crop in the state,
The US box office will set a weekly record of almost $500 million in the final days of 2009 on sales from Avatar, Sherlock Holmes and Alvin and the Chipmunks: The Squeakquel, according to Hollywood.com.
A weak dollar and investor appetite for higher returns from tangible assets have pushed up the prices of commodities
The Department of Telecom (DoT) is hopeful that the Defence Ministry will release more spectrum for the 3G radio wave auction scheduled for next month.
Faremers" suicides in the district were still continuing despite Rs 3,000-crore farm loans lent to farmers by banks during the last one decade, Yavatmal district Collector Sanjay Deshmukh said today.
India Inc is expected to witness a salary hike of 8 per cent, one of the highest pay increases in the Asia Pacific region, in 2010 riding on the country"s improved economic performance, said a survey.
Cadbury Plc, the confectioner that rejected Kraft Foods Inc’s bid on Monday, may attract suitors ranging from Nestle SA to Hershey Co and sell for as much as $21 billion, according to analysts.
Two global lenders--JP Morgan and Bank of America (BofA) are preparing to lend US chocolate maker Hershey about $7 billion to bid for British confectionery major Cadbury, says a media report.
Kraft Foods Inc, the world’s second-largest food maker, may increase its 9.8 billion-pound ($16 billion) bid for confectioner Cadbury Plc by Monday’s deadline to keep its takeover attempt alive.
US food major Kraft Foods has reported a 39.5 per cent drop in the third quarter net earnings at $824 million, but said it remains interested in acquiring British confectionery firm Cadbury.
This festive season has been successful enough in pushing sales for companies to revise upwards their year-end targets. A survey by the Federation of Indian Chambers of Commerce and Industry (Ficci) says demand conditions have improved across sectors.
Schools and colleges have become the new hunting ground for non-life insurers, eager to push personal accident (PA) policies, a segment which has traditionally seen low claims.
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.
Former Haryana DGP SPS Rathore, who has been keeping a low profile following an uproar after he got away lightly in the Ruchika Girhotra case, today stepped out of his residence here to meet his lawyer in the wake of fresh FIRs being filed against him.
After acquiring 51 per cent stake in domestic money changer and transfer agent Wall Street Finance, the BK Modi Group-promoted Spice Finance is looking to acquire one of Nepal’s biggest money changer and transfer agent, Annapurna Finance, promoted by a local businessman.
Strong portfolio capital flows into stock markets and direct investments will continue to push the rupee up against the dollar in 2010.
US-based mobile electronics and transportation systems supplier Delphi today said it would hire 150 more engineers at its Bangalore Technical Centre to cater to the automobile sector.
In a twin decision on its global operations involving about Rs 27,000-crore investment, the state-owned aluminium major Nalco has shelved its proposed project in South Africa, and has put on hold the one in Iran.
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.
R L Narayanan, vice president - Equity & Institutional Sales, Bonanza speaks on market trends and sectoral view.
The stock extended gains and touched a high of 1,517 - up 2%. The stock finally ended with a gain of 1% at Rs 1,506. Over 26,830 shares were traded on the BSE today.
Low cost of funds and low credit growth have meant unprecedented levels of capital adequacy ratios (CARs) for banks.
Europe"s largest car maker Volkswagen is eyeing up to 10 per cent stake in the Indian passenger car market in the next six years from a minuscule share now, and is planning to roll out a smaller car than its upcoming "POLO".
To shore up its capital adequacy and also to fuel its growth, private sector Yes Bank plans to raise $150-200 million before the end of the current fiscal, a senior official said today.
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.
With the rupee appreciating by nearly 4 per cent against the US dollar, Indian information technology service providers are expected to see flat to negative revenue figures in rupee terms for the third quarter (October-December 2009).
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.
Business Standard / New Delhi December 30, 2009, 0:33 IST
Vanita Kohli-Khandekar / New Delhi November 24, 2009, 0:18 IST
Offshore oil drilling and production services company Aban Offshore today opened bids for its Rs 1,000-crore qualified institutional placement (QIP) issue.
United Spirits today acquired the entire share capital of Tern Distilleries (Tern) based in Andhra Pradesh for Rs 13.42 crore. Consequent to this acquisition, Tern has become a wholly owned subsidiary of United Spirits.
Like many, Britain’s queen will also not get a pay hike, at least till elections next year. According to the Daily Express, British Prime Minister Gordon Brown has told the queen, she will have to wait until after the general elections to discuss her bid for a rise in her £7.9 million a year Civil List payment. Brown has decided not to fix a new 10-year deal covering the queen’s costs, fearing that the plea for a huge pay rise over the next 10 years could become an election issue, the report said.
Pakistan has alleged that India"s RAW is backing insurgency in its southwestern Balochistan province and said it is probing the matter.
A senior official of Tata Steel on Wednesday indicated that the steel major might provide a rehabilitation package for the 1,700 workers slated to lose their jobs due to the partial mothballing of its subsidiary, Corus’ Teesside plant in Britain.
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 initiated against a Coca Cola company official in a case allegedly involving spurious Limca.
Global hospitality chain Carlson today announced plans to open its luxury brand Regent in India with the opening of a hotel in Gurgaon in 2013.
India"s exports fell by 28 per cent in July, for the tenth month in a row, due to the ongoing global downturn, Commerce Secretary Rahul Khullar said today.
Infosys ended at Rs 2,454, higher by Rs 10 or 0.4%, on the BSE.
Union Bank of India is planning to raise $500 million through bonds by the end of this financial year to fund its global operations. The money would be raised under its medium-term note (MTN) programme from the overseas market by March.
The healthcare major GlaxoSmithkline Consumer Healthcare Ltd has posted 19.56 per cent rise in net profit at Rs 55.19 crore for the quarter ended June 30, 2009 as compared to Rs 46.16 crore in the corresponding quarter last year.
State-run, Union Bank of India has revised its interest rates on foreign currency deposits with immediate effect.
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.
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.
UK-based Barclays today said it would increase workforce in merchant banking segment across Asia by 10 per cent during 2010.
Business Standard / New Delhi July 28, 2009, 0:40 IST
Based on the recommendations of T M Bhasin Committee, appointed on behalf of West Bengal State Level Bankers’ Committee, 938 unbanked gram panchayats have been identified for opening bank branches in West Bengal.
After a breather, private sector banks are again catching up with their public sector counterparts in auto finance as car sales zoom.
In advanced discussions with many domestic lenders, including SBI, Axis Bank and IDFC for raising the debt.
Bank of Maharashtra will raise Rs 300 crore by September this year as Tier I and Tier II capital by issuing bonds, the bank executive director M G Sanghvi said today.
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.
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.
Public sector Corporation Bank has posted 52.29 per cent increased in its net profit to Rs 291.67 crore for the second quarter ended September 30, 2009 as compared with the corresponding quarter in the previous fiscal.
Business Standard / New Delhi October 28, 2009, 0:01 IST
Domestic institutional investors (DIIs) were net sellers of Rs 171.16 crore (provisional) today, according to data released by BSE.
FII attitude may be key
Corpus may touch $500 mn if infrastructure included
Shyamal Majumdar / Mumbai October 1, 2009, 1:48 IST
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.
Wells Fargo & Co, seeking to wipe away the tarnish of US government bailout funds, kept pace with rival banks by announcing a $10.4 billion share sale to help repay the Troubled Asset Relief Program. The San Francisco-based bank plans to return all of the $25 billion that taxpayers invested last year, according to a company statement issued on Monday.
Bank of America Corp, UBS AG, JPMorgan Chase & Co and other banks were sued by a California public utility over claims they rigged sales of municipal derivatives and shared illegal profits through kickbacks.
Prime Minister Manmohan Singh today said economic reforms have helped reduce poverty in the country but admitted the rate of decline should have been faster.
Broking firm Kotak Institutional Equities today revised upwards the growth estimate of Indian economy at 7.5 per cent for the current fiscal on the back of increased economic activities and turnaround in industrial production growth.
The Oil and Natural Gas Corporation has doubled the crude oil production at Imperial Energy, the Russia-focused oil firm it acquired recently, to 16,000 barrels per day and is set to turn the company around next year.
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 company is consolidating its several loans into a single one
Japanese economy shrank at a staggering pace of 4 per cent in the first three months of 2009, as the country continues to experience the jitters of the global financial turmoil.
BofA: Bank of America chief executive Ken Lewis may have fouled things up by poorly executing on a series of takeovers during the financial crisis. But with BofA"s imminent payback of $45 billion of U.S. government assistance, unveiled Wednesday evening, his successor will be able to focus on reawakening the dormant banking monster — and can even get paid for the job.
Vikram Pandit, the India-born chief executive of Citigroup, will continue to take the salary of $1 a year, although the financial services firm has raised base salaries for two of its senior officials.
Global business leaders are hoping for relaxed immigration regulations to help bring in more skilled foreign workers, who want to capitalise on the opportunities provided by a rebounding economy, says a survey.
While many of his fans, particularly in the US, appear disappointed, I, for one, believe that Mr Obama has had an extraordinarily successful first year as president.
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.
The foreign institutional investors (FIIs) were net buyers of Rs 1,770.73 crore in futures and options segments on Wednesday.
Kalpataru Power Transmission closed at Rs 1151, weaker by Rs 19 or 1.64%, on the BSE.
Media house DB Corp, which publishes Hindi daily Dainik Bhaskar, will list its equity shares on the bourses on January 6.
Business Standard / New Delhi October 28, 2009, 0:09 IST
Advance tax collection shored up in the second quarter of the financial year indicating expectations of profit for the September quarter.
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.
CEO seeks changes in regulatory regime
The government should continue with the fiscal stimulus packages in the medium term to facilitate recovery in the economy hit by global economic meltdown, a top official with JSW Energy said.
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.
The markets ended their four-day winning streak as lower global indices upset the applecart. The Sensex ended at 17,343, weaker by 57 points and the Nifty closed flat at 5,169. The consumer durables pack was the leading sectoral gainer for the second day in a row, while FMCG and metals traded weak. The broader indices, however, outperformed the benchmark indices.
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.
Trapped by the Inca! For violating the sacred temple! Tied to stakes atop a pyre which will soon be lit by the rays of the sun, concentrated by a lens! But why does Tintin look so calm? Ah, it is because he knows something these colourfully dressed Incas don’t: there is going to be a solar eclipse. Tintin calls out to the sun to hide his face, and lo and behold! the god obeys. Tintin and his friends are saved; nay, they are treated as demigods by the hapless Incas.
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".
Investors got the upper hand in 2009, as regulatory changes made mutual funds more attractive to park their money in even as the industry shrugged off recession blues with its assets hitting an all time high of Rs eight lakh crore.
ADANI POWER
Constructed at an estimated cost of over Rs 611 crore, the 45-Mw Nimoo-Bazgo hydroelectric project, is scheduled to be completed by August next year to ease the power crisis in this border district, NHPC Executive Director Jatinder Singh told Governor N N Vohra.
JSW Energy’s track record and high revenue visibility are some clear positives, but the IPO leaves little to gain from in the short-term.
The Securities and Exchange Board of India (Sebi) has directed companies planning initial public offerings (IPOs) and their merchant bankers to pay commission to self-certified syndicate bankers (SCSBs) who process IPO applications for subscribers.
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.
Titan Industries (TIL) plans to tap the rural and semi-urban markets with its Sonata brand of watches, company officials said while launching new designs of its "Super Fibre" range here today.
As he prepared to meet President Dmitry Medvedev for the annual summit-level talks, Prime Minister Manmohan Singh has said defence cooperation has been a "very important aspect" in Indo-Russian ties.
With uncertainty prevailing over the supply of jute bags due to the indefinite strike of the jute mills in West Bengal, the Centre plans to allow Food Corporation of India (FCI) and the other government procurement agencies to place orders for polymer bags for packaging of food grains.
Tata Capital, the Tata Group’s non-banking finance arm, is looking to raise a fund that will invest in distressed companies and help them expand their equity base.
The Company Law Board (CLB) today allowed Satyam Computer (now Mahindra Satyam) to finalise accounts for 2008-2009 and also adjust past irregularities.
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 National Stock Exchange Nifty closed above the 5,000 mark for the first time in 16 months on Thursday after second-quarter advance corporation and personal income tax collections registered positive growth.
The Supreme Court (SC) today refused to entertain a petition filed by Himanshu Sabharwal challenging acquittal of ABVP activists in the case of killing of his father Professor H S Sabharwal in Madhya Pradesh.
The Sensex has dropped 55 points to 16,905. The Nifty is down 16 poinst at 5,011.
Sajjan Jindal-owned JSW Energy may go for an Initial Public Offer (IPO) to raise funds for its ambitious plans to step up power generation capacity to 12,000 Mw from the present 800 Mw.
The Initial Public Offering (IPO) of Adani Power Ltd. (APL), which hit primary markets on July 28, has got an overwhelming response. The issue was over-subscribed 22 times.
The Initial Public Offer (IPO) of Satluj Jal Vidyut Nigam Ltd (SJVN), the state-owned hydro power producer, is likely to hit the market in the next financial year.
Sensex, Nifty recoup on banking, realty rebound.
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.
Sahara Prime City Ltd, the company planning India’s second-largest real estate initial public offering in more than two years, is in talks to raise as much as Rs 1,000 crore ($214 million) from private equity investors.
Intrasoft Technologies, which runs greetings card website 123greetings.com, will enter the capital market to raise funds and has filed draft papers with market regulator Securities and Exchange Board of India (Sebi).
Sensex ends up 35pts
US-based private equity firm Norwest Venture Partners (NVP) today said it has raised $1.2 billion to invest in domestic and international companies across sectors.
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 government has deferred a decision on Pepsico India Holding"s proposal to invest $200 million (about Rs 930 crore) in the next three years.
Sunil Jain / New Delhi November 17, 2009, 0:41 IST