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Most fast moving consumer goods (FMCG) companies have a two-pronged strategy to tap rural markets. It comprises launching nano packs and scaling up rural distribution. Godrej Consumer Products Ltd (GCPL) is going a step further by adding a regional advertising component.
In takeout financing IIFCL will enter into a pact with banks to take over some of their infrastructure loans on its books.
The World Trade Organization will remain in Geneva, Switzerland. That is what the voters of this city decided today in a special referendum.
Industry experts still remain cautious on numbers.
Come January and all mobile phone users will have 11-digit mobile numbers instead of their 10-digit numbers currently.
Oilmeal exports from India are falling due to higher prices and low quality compared to those from the US, Brazil and Argentina, which are offering better quality of soybean and rapeseed at lower prices. Exports are expected to come down by 15-20 lakh tonnes during 2009-10.
Based on the market feedback, both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have decided to postpone the implementation of new markets timings by more than a fortnight.
Two-wheeler manufacturer Bajaj Auto has set sight on securing the top spot in the world and a blueprint was being drawn, a top company official said today.
Rajesh Tandon / October 11, 2009, 0:26 IST
The Shipping Ministry has sought a three-fold increase in budgetary allocations at Rs 1,055 crore for ports in the country in the next fiscal.
Regulator may extend deadline after industry says it lacks Indian commanders
The Foreign Investment Promotion Board (FIPB) will again consider a proposal of Vijay Mallya-promoted United Breweries Holdings (UBHL) to raise Rs 708 crore by issuing convertible equity warrants in its meeting to be held on July 24.
The Vijay Mallya-led Kingfisher Airlines led the chart of the loss-making carriers by reporting a massive Rs 1,602 crore in losses in 2008-09, followed by Jet Airways with a loss of Rs 1,032 crore.
United Breweries (UBL), the owner of Kingfisher beer, yesterday reached a major milestone by signing a deal with Heineken NV, which like the Vijay Mallya group owns a 37.5 per cent stake in UBL. The company concluded a licensing agreement to distribute Heineken, the largest global beer brand, in India.
With a sharp rise in bond yields in the third quarter, most banks have been saved mark-to-market (revaluing securities to reflect their current value) losses by a whisker.
The government today said market regulator Sebi does not monitor usage of proceeds of any initial public offers (IPOs) and it is not contemplating any change in the current regulatory framework.
Auto makers Maruti Suzuki, Hyundai and Hero Honda today reported robust sales in November, lending optimism that the good economic showing in the second quarter would continue.
Auto component maker Rane Brake Lining today reported an over three-fold increase in its net profit at Rs 2.66 crore for the quarter ended June 30, 2009.
Auto component maker Federal-Mogul Goetze (India) today said its net profit jumped two-folds to Rs 16.88 crore for the quarter ended June 30, 2009, over the same period last year.
The Comedy Store, a humour club in the UK, will launch its Mumbai edition later this year. Founder DON WARD talks to Neha Bhatt
The stock touched a high of Rs 233 and finally settled 4% higher at Rs 228. The counter clocked volumes of 1.93 million shares on the BSE.
The country"s largest sugar manufacturing firm, Bajaj Hindusthan, today said its shareholders will meet on December 16 to consider and approve raising of Rs 2,000 crore from domestic and international markets.
The country"s largest sugar manufacturing firm, Bajaj Hindusthan, today said its shareholders will meet on December 16 to consider and approve raising of Rs 2,000 crore from domestic and international markets.
Tata Steel, for a consecutive quarter, has posted a consolidated net loss, of Rs 2,719.8 crore for the quarter ended September, compared with a net profit of Rs 4,703.6 crore in the corresponding quarter last year. Consolidated net sales during the period plunged to Rs 25,269.8 crore from the previous year’s Rs 44,050 crore, down 42.6 per cent.
Kolkata-based Balrampur Chini Mills profit after tax for fourth quarter ending September 30, 2009 improved 193 per cent at Rs 42.7 crore from Rs 14.58 crore in the fourth-quarter last year. Net sales dropped to Rs 379.96 versus Rs 416.73 crore in the corresponding quarter in the preceding year. Earnings per share gained 192.7 per cent at Rs 1.67 as against 57 paise in the year ago quarter.
The Royal Bank of Scotland (RBS), in which the UK government holds majority stake, has posted an operating loss of 1.53 billion pounds for the September quarter, as the battered entity continued to see higher impairment charges.
The government today said it is looking at steps to cut subsidy on fertiliser and oil sale with an aim to cutting non-Plan expenditure and contain fiscal deficit.
A K Bhattacharya / New Delhi November 4, 2009, 0:10 IST
India"s fiscal deficit touched 40 per cent of the full-year estimate in the first four months of FY10, kindling fears that expenses will exceed income beyond what was projected earlier.
This follows a renewed effort by CBDT to seek clarification on the issue.
The retail sector in Kolkata has adopted a wait and watch situation with retailers still wary of what lies ahead. What started as a big set-back for the retail industry in end-2008 with several malls and retailers shutting shop, the year 2009 was particularly bad for the industry with several cancellations of booked spaces and deferment of sanctioned projects.
State-run Oil and Natural Gas Corp (ONGC) has sought levy of windfall tax on crude oil price of over $60 per barrel to pay for fuel subsidies.
Drug maker Natco Pharma today said it has launched anti-swine flu drug Natflu.
Industrialisation, technology, urban need make commercial water supply a growing opportunity.
The Sensex touched a high of 17,062, and is now up 202 points 17,051.
The country"s most valued firm Reliance Industries (RIL) helped eight of the top-10 Sensex firms add over Rs 1 lakh crore in their market valuation during the last week, while the state-run MMTC and private telecom services provider Bharti Airtel saw value erosion.
Barring intra-day corrections, the market displayed a firm trend throughout the week. The Sensex rallied 4.27 per cent (691 points) to end at 16,849. IT, metals and select banking stocks were the major gainers during the week.
Pratip Kar / New Delhi January 11, 2010, 0:53 IST
The Ambani brothers may be at war with each other in real life, but that hasn’t stopped them from collaborating in reel life. The Aamir Khan starrer 3 Idiots, a Reliance Big Pictures release (an Anil Ambani enterprise), starts off thanking Mukesh Ambani for giving it permission to shoot at the IIM Bangalore campus — Mukesh Ambani is the chairman of IIM Bangalore.
The Indian cinema has witnessed some key changes over the decade. The surge of multiplexes and digital screens, changing methods of distribution & promotion of films and rising actor remuneration — all have redefined the business of Bollywood in India.
The Copenhagen accord on climate change was a partial success for India but it has certain "inbuilt hazards" of which the developing countries have to be wary, Environment Minister Jairam Ramesh said here.
- Many poverties - How many mouths to feed? - High inflation numbers derail Dalal Street - Sunil Jain: And now, quotas for Muslims">Sunil Jain: And now, quotas for Muslims - New rule raises number of poor by 100 million - "Over 27% were living below poverty line in 04-05"
Things are looking up for the DTH business. Why, then, is everybody so glum?
Things are looking up for the DTH business. Why, then, is everybody so glum?
Bharti Airtel, India"s number one cellular operator today received the nod from Bangladesh"s telecom regulator to purchase 70 per cent stake in Warid Telecom and to invest $300 million in the company.
BJP today attacked government"s decision to abolish profit sharing clause in the Sugarcane Control Order saying farmers would not be able to get better price even though mills are currently earning huge margins.
Trent is trying hard to make up for lost time. Consider this: In the last 10 years, the retail arm of the Tata Group set up only 68 stores with around one million sq ft of space.
The Sensex started the day on a very strong note mirroring international cues and on expectation of a good earning season. The Sensex is now at 17,660, up 120 points. The NSE Nifty is 33 points higher at 5,278.
A new battlefront has opened between multiplexes and big banner production and distribution houses. Ignoring the revenue concerns of the multiplexes, Reliance Big Pictures, Percept Pictures, UTV Movies and Dharma Productions want to release their new films on direct-to-home (DTH) television shortly after their release on theatre screens.
Airtel, Vodafone-Essar favour delinking; Reliance, Tata oppose.
S Tel, a joint venture between the Siva group and Bahrain Telecom, today said it will launch mobile services in a few circles by this year-end and announced tying up funds to the tune of Rs 2,000 crore for the purpose.
A big controversy on procurement of Rs 35,000-crore worth of equipment by telecom behemoth BSNL is brewing, with the position taken by the two government nominees on the board threatening the expansion programme of the state-owned telecom major.
The Union government has directed state-run telecom majors, BSNL and MTNL, to continue placing 30 per cent of their product orders with ITI, the loss-making government undertaking.
The Union government has directed state-run telecom majors, BSNL and MTNL, to continue placing 30 per cent of their product orders with ITI, the loss-making government undertaking.
The government today approved the proposal of Jet Airways for raising around Rs 1,850 crore from foreign investors.
There is little doubt that public private partnerships have contributed to infrastructure-building, but if the lay public perceives them as one-sided, most politicians will be reluctant to promote them.
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.
According to him, GSS dominates the domestic market with over 70 per cent share and has a footprint in 40 countries including the US and the European countries.
The fall in steel prices in the wake of global economic meltdown has consigned many balance sheets of groups taking the metal in the red. The drop in demand in the final quarter of 2008 was so steep and steel product prices turned so uneconomic, particularly for high cost mills in western countries, that the industry in many regions was forced to switch off half the capacity.
Daiichi Sankyo, which has a majority stake in Ranbaxy Laboratories, today said it is going to launch some of Ranbaxy"s generic medicine in the Japanese market soon.
ABG Shipyard today said its open offer for 32.12 per cent stake in offshore drilling firm Great Offshore will now commence on December 3.
Rapid urbanisation, scanty rains add to scarcity
Nalco closed at Rs 392, higher by Rs 16 or 4.5%, on the BSE.
Haldia Petrochemicals (HPL) has lost Rs 40 crore due to the indefinite strike called by workers over wage revision that entered its fourth day today.
In a surprise move that could deprive it of over Rs 5,000 crore in revenue, the government has said the 3G telephony spectrum available with it for sale currently could accommodate only three operators.
Ohio Governor Ted Strickland is quick to admit that he doesn’t “particularly enjoy heights”. So why would he climb into a cherry picker to be lifted 40 feet in the air?
The government today asked the Serious Fraud Investigation Office (SFIO) to initiate prosecution proceedings against persons involved in the Satyam accounting fraud and partners of Price Waterhouse, the auditors of the IT company.
Oil India Ltd (OIL), the country’s second-largest state-owned explorer, has posted a 23 per cent increase in net profit for the quarter ended December 2009 on the back of higher price realisation due to a reduced subsidy outgo.
The Imperial, Delhi, tries its best to turn you into a master chef.
Finnish handset maker Nokia Corp today reported a 65 per cent jump in net profit at euro 948 million for the period ending December 31, 2009, despite a slump in sales figures.
Insurance claims arising out of the Mumbai terror attacks in 2008 are estimated to wipe out about Rs 500 crore from the corpus set up by general insurers to fund such losses.
State-run telecom majors BSNL and MTNL are not seriously considering to be a part of the consortium led by Delhi-based Vavasi Group to pick up a 46 per cent stake in Kuwait’s Zain Telecom.
The Centre appears to be bracing itself up for more discussions with political parties and groups on the issue of Telangana on the lines of the dialogue held here yesterday.
The markets are trading in the positive zone as global markets have improved on news of easing Dubai fears. Abu Dhabi has lent $10 billion to Dubai as emergency funds.
The markets witnessed some volatility in the first half of the day, as traders awaited the Reliance numbers. However, renewed buying interest in the latter half of the day backed strong quarterly earnings so far saw the markets stage a smart rally.
There are 600 employees of the Airports Authority of India (AAI) in Mumbai who draw their pay with no work to do.
If you thought a job is something people are dying to hold on to when the going in the market is tough, you couldn"t be more wrong as a survey has found that more than half are ready to quit work, switch professions or take a break.
Domestic mutual funds are again scouting investment opportunities abroad, mostly in emerging markets, as they plan to launch international funds, after more than a year. At least three fund houses-- SBI Mutual Fund, UTI Mutual Fund and Mirae Asset Mutual Fund— are planning to launch international funds soon.
Domestic companies are expected to embark on a mega fund raising spree this year with plans to raise over Rs 50,000 crore by way of public offers, driven by the sharp recovery in the stock market.
Reliance Industries (RIL), the country’s largest private sector company, has announced its third successive gas discovery in the exploration block KG-DWN-2003/1 (KG-V-D3), of NELP-V. The deepwater block KG-DWN-2003/1 is located in the Krishna basin, about 45 kilometers off the coast in the Bay of Bengal. The block covers an area of 3288 square kilometres. RIL holds a 90 per cent participating interest (PI) and Hardy Exploration and Production India Inc holds the rest.
US markets ended flat on Tuesday. The Dow dropped two points to 10,545 while the Nasdaq slipped three points to 2,288.
A local court here today extended the judicial remand of B Ramalinga Raju and other accused in the multi-crore rupee fraud in Satyam Computer by 14 days.
Mysoreans will have the opportunity of witnessing for the first time thrilling aerobatic demonstration by the renowned Suryakiran team of the Indian Air Force (IAF) during this Dasara.
Not since the dark decade of the 1990s, when the Indian Air Force crashed 177 aircraft — losing 54 young pilots and some Rs 1,000 crore worth of equipment — has the air force faced such a pilot training crisis. The long-delayed Hawk trainers, which began arriving in India in 2007, have improved advanced training for IAF flyers. But the crucial introduction to flying, conducted in antiquated HPT-32 Deepak and HJT-16 Kiran aircraft, is taking a growing toll on pilots’ lives.
The Tiger Woods mistress scandal has impacted more than just the image of the world’s top golfer. Now it seems retailers are slashing prices of Woods merchandise and dumping memorabilia, a survey by a The Daily Beast reporter says. For instance, a Tiger Woods action figure from Toys R Us in California and Manhattan is now available for $9.98 compared to its sticker price of $15.99.
Pyramid Saimira Theatre, which is engaged in entertainment business, today said it will raise Rs 500 crore by offering securities to foreign investors, qualified institutional buyers and promoters.
Entertainment firm Pyramid Saimira Theatre today said it will demerge two of its subsidiaries — Pyramid Saimira Content Distribution and Pyramid Saimira Production International — from itself.
Pyramid Saimira today said N Narayanan has been appointed as Chairman on board of the firm.
Indian corporate gifting companies are set to laugh all the way to the bank this New Year. For, after a temperamental period in 2008 and 2009 on account of the recession, corporate biggies have finally started loosening their purse strings and placing orders for high-end gadgets like iPods, digital photoframes and dual-SIM handsets to dole out to their employees as well as clients.
The last one year’s efforts of the IT companies in India in terms of increasing utilisation rates, effective use of the onsite-offshore model and new engagement models, have resulted in better margins despite the drop in the revenues. However, going forward, IT companies have to depend on volumes picking up, to see growth as there is little room for improving the utilisation rate, Som Mittal, president of industry body Nasscom, said here on Tuesday.
Farm-to-fork model proves to be expensive, with prices higher than in neighbourhood stores.
After the near-flat growth in the first two quarters quarters, the third-quarter earnings of the 30 Sensex companies are expected to increase by 20 per cent, indicate analysts from Angel Broking, IDFC-SSKI and Motilal Oswal.
Kerala-based Federal Bank today denied reports on a takeover move on the bank by IDBI Bank which appeared in a section of the local print media. In a statement issued, the bank clarified that the reports are factually incorrect.
The Rs 1-lakh wonder Nano will soon enter the elite league thanks to auto design firm DC, which today said it will unveil redesigned version of the world"s cheapest car within the next two months with premium price tag of Rs 1 crore.
Prime Minister Manmohan Singh is going to Kolkata tomorrow to see ailing former West Bengal CM Jyoti Basu. Singh would be leaving for the West Bengal capital in the morning and there was a possibility of the scheduled Union Cabinet meeting being postponed till the evening, official sources said.
Marxist veteran Jyoti Basu"s son Chandan Basu today said he felt bad about the rumours being spread about the health of his father, who was critically ill in a hospital here with pneumonia.
The cash reserve ratio (CRR) hike and a higher inflation forecast by the Reserve Bank of India (RBI) will not have much impact on the stock market as both have already been factored in by market participants, experts said.
Chef Patrick Verre goes microbiotic in search of “food energy”.
Marking the International Day of Non-Violence, the United Nations has released a stamp of Mahathma Gandhi on the occasion of his 140th birth anniversary.
BHARTI AIRTEL
Shantha Biotechnics founder Vara Prasad Reddy, who found a new partner in Sanofi Pasteur, is planning to dilute a part of his stake in the company.
Global brewer Heineken will buy the beer business of Mexico-based Fomento Economico Mexicano, SAB de CV (FEMSA), in an all share transaction worth $7.6 billion.
India today unveiled a detailed roadmap for phase out of ozone depleting and green house gas Hydro chlorofluorocarbons (HCFCs) and sought adequate funds and technology from the global community for it.
Abu Dhabi Commercial Bank PJSC may be owed $1.9 billion by Dubai World, making it the largest creditor outside the emirate to the state company seeking to reschedule debt, said two people familiar with the companies.
Sunil Jain / New Delhi February 1, 2010, 1:24 IST
The European Union is holding its collective breath going into Thursday, when a conclave of the heads of its 27 member-states is expected to decide once and for all on the first ever European president.
The third book in Stieg Larsson’s Millennium trilogy brings an epic series to a very gratifying close. Unfortunately, writes Jai Arjun Singh, it all really does end here.
Nation’s defence units will showcase their defence capability at a week-long defence show, organised for the first time during the on-going Dasara celebrations here.
Déjà vu for the US giant, as queries land at the eleventh hour.
NDTV Imagine, the Hindi general entertainment channel owned by NDTV, may soon welcome a new investor, with NBC Universal exiting the venture. The new investor, according to The Guardian-owned website, ContentSutra, could be Turner Broadcasting, though other names have been doing the rounds, too.
To make London its European hub.
With valuations of companies becomign more realistic due to the slowdown, investors are delaying their exit. What used to be a three-to-five year period now is five to seven years. The longer duration is to compensate for the low returns due to the slowdown, according to Sateesh Andhra, venture partner of Draper Fisher Jurvetson and convenor of The Indus Entrepreneurs (TiE)-Indian School of Business (ISB) Connect.
It is towards Ireland that all eyes in Brussels, the headquarters of the European Union, are currently trained. On October 2 the Irish will hold a referendum for the second time to decide whether or not to approve the Lisbon Treaty. The island-nation will thus decide the fate of a much beleaguered set of proposed changes to the 27-member EU’s rule book that has its opponents frothing at the mouth even as its supporters tout its transformational potential.
About 50 foreign universities, including Duke University from the US, have evinced interest in setting up campuses in India, as the government is set to introduce a Bill to allow entry of such institutions into the country.
A crucial test to gain admission in business schools in the US has seen a fall in aspirants for the first time in five years. Applications for the graduate management admission test (GMAT), administered by the Graduate Management Admission Council (GMAC), have dipped 9 per cent from around 6,260 in 2008 to 5,700 in 2009.
Faced with a heavy tax burden, the small-scale wall clock makers of Morbi (Gujarat) are diversifying into ceramics, stationery items and retail. Besides, the industry is also losing ground to the metros and cities like Bangalore, where clock manufacturing has started picking up and taxation levels are lower, Morbi players claim.
Sees itself as spearhead for G-77, to press for twin-track talks in run-up to Mexico.
WNS, the NYSE-listed business process outsourcing (BPO) player, continues to attract expressions of interest from its peers, as well as private equity players, to acquire the 50 per cent stake in it of investor firm, Warburg Pincus.
Telecom solutions and services provider Aricent today said its has earned an all-time high ever revenue of $460 million in FY09 and is looking at listing on Indian bourses in the next three years.
Clinton Foundation"s proposed "Solar Integrated City" project may come up in a special economic zone. The Central government has recently approached the state to consider setting up a solar SEZ in Gujarat.
Contrary to the perception that Direct-to-Home (DTH) television technology is an urban or a metro phenomenon, 70 per cent of its DTH subscribers reside in rural areas and towns with a population under a million. And metros like Delhi or Mumbai contribute only 2-3 per cent to the overall DTH subscriber base of 13.2 million, say the findings of a report by Francis Kanoi, a leading marketing research firm.
After venturing into the private equity (PE) space earlier through a joint venture, financial services provider Religare is now planning to go solo.
The consumption of technical textiles, used in the healthcare industry, in India is growing and the industry body Ficci wants the government to provide capital subsidy to the domestic companies to meet the demand.
Extended trading hours starting today did nothing to boost the volumes on the bourses that opened nearly an hour earlier at 0900 hrs, as part of conscious efforts to align trade timing with the Asian markets.
The country"s largest steel maker, Steel Authority of India (SAIL), today said it has cut prices of its long products — used primarily in construction — by Rs 1,500-2,000 per tonne and may further lower the rates if the situation so warrants.
Multinational drug firms Novartis, GlaxoSmithKline and Baxter are likely to initiate discussions with the Union health ministry next week on conducting clinical trials for H1N1 (swine flu) medicine.
The Supreme Court will hear Swiss drug maker Novartis AG"s plea against denial of patent for its blood cancer drug, Glivec, next week.
Zenotech today asked Japanese drug firm Daiichi Sankyo, whose open offer to buy 20 per cent more in the bio-technology firm hit legal hurdles, to go in for independent valuation to determine open offer price.
FMCG major Marico today said its consolidated net profit for the year ended March 31, 2009 stood at Rs 188.71 crore, while it had a net profit of Rs 169.07 crore in the same period ended March 2008.
Piramal Healthcare today said its shareholders have approved the appointment of Nandini Piramal, daughter of Chairman Ajay Piramal, as the Executive Director on the board of the pharma company.
The central government’s invitation to global pharmaceutical companies to conduct clinical trials here of their H1N1 (swine flu) vaccine candidates has evoked only a limited response. Only two companies, Novartis and GlaxoSmithKline, have come forward to seek regulatory approval for such trials in India, it is learnt.
Swiss drug maker Novartis today said its newly developed vaccine ‘Celtura’ against Influenza A H1N1 (swine flu) has shown effective result during a pilot test conducted by it.
Ludhiana-based Abhishek Industries Limited, Trident Group, India and Mundotextil Industrias Texteis, SA are in the process of formation of an alliance in the form of a joint venture, subject to the necessary approvals/consents, to best serve the needs of their wide range of clients in sync with their global vision of customer satisfaction.
Meghnad Desai admits in the preface that it is an ambitious book. Written by “someone who cannot claim to be a professional historian”, the book is the author’s own and “somewhat opinionated” account of how India became a nation. In the process, it outlines a new premise based on which Indians should “rediscover” the new India.
Russian gas exports dropped by 37.7 per cent to 69.5 billion cubic meters in January-July 2009, as compared to the previous year, the Federal Customs Service has said.
Reliance Industries Ltd (RIL) today told the Supreme Court that Reliance Natural Resources Ltd (RNRL) had agreed to the clause on ‘government approval’ (on gas sales) in the discussions that followed the demerger between the Ambani brothers, Mukesh and Anil.
For filmstar Bipasha Basu, the New Year festivities will be a hugely rewarding experience. As she spreads cheer among fellow Mumbaikars, Basu will get a whopping Rs 2.47 crore for a 15-minute song-and-dance appearance at Mumbai’s Sahara Star, a suburban hotel next to the airport.
A two-member CBI team will soon leave for Britain to follow the trail of about Rs 120 crore allegedly received by an Indian entity from a Russian firm to secure an equipment supply order from the state-owned power major NTPC.
The Centre has indicated that it would consider giving direct cash subsidy to state-owned oil marketing companies this year, instead of bonds, to compensate them for selling cooking fuel at lower than market price.
Toshiba Corp has said it has started test operating a pilot plant to develop a commercially viable technology to separate and capture carbon dioxide from flue gas generated in the process of thermal power generation.
Encouraged by the outcome of earlier initiatives, the Centre is preparing a roadmap to take the disinvestment process forward over the next two years.