Small Business
The Directorate General of Income Tax (investigation) today claimed it has unearthed Rs 122 crore "un-assessed" income during its search operations at ship building and repairing major ABG Shipyard"s establishments.
Income Tax (I-T) authorities are carrying out search operations at various establishments of the ship- building and repairing firm, ABG Shipyard, for alleged tax evasion, an Income tax Department source said.
Titan Industries, a Bangalore-based watch and jewellery arm of Tata Group, today reported 41 per cent jump in its net profit at Rs 46.04 crore for the quarter ended June 30, 2009 compared to the corresponding quarter last fiscal.
Bharati Shipyard today said it has hiked the open offer price to acquire stake in offshore service provider Great Offshore to Rs 560 per share.
Accountancy regulator Institute of Chartered Accountants of India (ICAI) today agreed to withdraw disciplinary proceedings against the Delhi branch of the audit firm Price Waterhouse (PW) in the multi-crore Satyam scam.
With the increase in offer price the size of the proposal now stands at Rs 438.3 crore
As the takeover battle between Bharati Shipyard and ABG Shipyard for Great Offshore heats up, analysts feel it is the right time for retail investors to book profits, as the fundamentals of the target firm’s stock do not support sustainability of its current price. Ever since the bidding war between Bharati and ABG started in June, Great Offshore’s stock has jumped significantly.
Titan Industries, the manufacturer of mechanical, digital and quartz watches, jewellery watches etc., has announced that ICRA has upgraded the rating assigned to the Rs 52.83 crore, or 6.75 per cent non-convertible debentures and the Rs 100 crore bond programme of the company to LAA (pronounced as L Double A) from LAA- (pronounced as L Double A Minus) earlier.
‘If the Tatas can hold their nerves, profits will come back to this plant’.
Gold futures prices fell by Rs 83 or 0.49 per cent at the Multi Commodity Exchange today as traders reduced their positions.
As part of a restructuring plan, the Chennai-based Pyramid Saimira group, which produces films, has decided to dilute 40 per cent stake in all its eight subsidiary companies. It hopes to raise up to Rs 300 crore by doing so.
BS Reporter / Mumbai October 27, 2009, 22:21 IST
The country’s foreign exchange reserves fell $1.13 billion in the week up to September 11 to $284.4 billion on the back of portfolio investments and revaluation of currencies.
Industrialists say lack of policy guidelines affecting growth.
In the wake of the indefinite strike of the jute industry beginning December 14 this year, the Indian Jute Mills Association (IJMA) has drawn the attention of the West Bengal government to a number of long-standing issues.
The Punjab government has decided to establish a self-contained integrated information technology and knowledge industry park spread over an area of 1,276 acres at Rajpura. Punjab Chief Minister Parkash Singh Badal gave his in-principle approval for acquisition of common land in contiguity of six villages in one go for the setting up of the prestigious industrial park for IT/ITeS industry.
FBI Press Communique / November 8, 2009, 0:07 IST
Pakistan-born Canadian Tahawwur Rana, accused of plotting terror attacks in India and Denmark, was today denied bail by a US court, which said if released he may flee the country to avoid a possible 30-year jail term.
Indian stocks rose, led by steel and car makers, after the government said sales of the alloy to auto manufacturers rose in the first seven months of the financial year.
Dubai World will sell some of its assets to part finance its $26 billion debt, a senior city-state official said amid a sharp fall in the main stock exchanges in the United Arab Emirates today.
A top official of the Dubai administration today said the six months is not enough to restructure the debts of the troubled Dubai World and has asserted that the government-owned conglomerate has enough assets to meet its obligations.
Issuances of short-term money market instruments fell today because mutual funds — the major investors for such papers —were not keen on investing due to low rates, dealers said.
Online platforms for mutual funds (MFs) could soon become a reality. With the Securities and Exchange Board of India (Sebi) nudging the exchanges – the Bombay Stock Exchange and the National Stock Exchange – to launch such platforms, investors could soon find that buying or selling of mutual funds could be much easier.
Outperforming bigger peers, the relatively smaller fund houses including Taurus MF and Sahara MF have witnessed a significant growth in their assets, so far this fiscal.
Indians pink-slipped in the Gulf region following the Dubai debt crisis may look for some breather on their return to India with the Centre deciding to soon announce a special fund to rehabilitate overseas returnees who has lost jobs due to economic downturn.
IRB Infrastructure Developers today said it has emerged as the lowest bidder for a Rs 800-crore road project of the National Highway Authority of India (NHAI).
The IRB Infrastructure Developers scrip rose 6 per cent to Rs 148.15 on securing a highway project in Rajasthan. The company emerged as the lowest bidder for the highway project to be built between Jaipur to Deoli section of NH12. The Rs 1,500-crore project is on a grant basis with a concession period of 25 years. It has sought a grant of Rs 306 crore for the project from NHAI.
Huge opportunities in the form of upcoming projects and robust revenue growth in existing businesses augur well for IRB Infrastructure.
A visionary, energetic and result-oriented minister has breathed fresh life into the road sector
Mahindra & Mahindra has ended at Rs 1,152, weaker by Rs 25 or 2.1%, on the BSE.
The Foreign Institutional Investors (FIIs) were net buyers of Rs 775.26 crore in futures and options segments on Friday.
Asian stocks fell, led by banks and developers, as UBS reported a wider-than-estimated loss amid investor concern that the withdrawal of stimulus measures will cause the global recovery to falter.
Aiming to expand its global footprint, JK Tyre is exploring possibilities to acquire a company in the South East Asian region.
Markets opened weak this morning following cues from the Asian markets. The Securities and Exchange Board of India’s (Sebi’s) move against Reliance also dampened the sentiment. The stock slipped below the Rs 1,000-mark in early trades.
Asian markets ended in the red today. The Hang Seng dropped 228 points (1%) to 20,948. The Nikkei, however, added 41 points to 10,183.
The bears seem to have the upperhand for the last hour or so. The Sensex is now down 100 points at 17,601. The Nifty is down 26 points at 5,255.
The Sensex today opened at 17,702 mirroring subdued global cues and slipped into the negative terrain within few minutes of trading. Selling in IT and auto shares dragged the markets further into red. The index touched a low of 17,566, down 177 points from the day"s high. The Sensex languished in the red for the rest of the trading session and finally ended at 17,616, down 85 points. The NSE Nifty ended at 5,263, down 19 points.
Strides Arcolab ended the day at Rs 254, stronger by Rs 19 or 8.2%, on the BSE.
Pharma major Wockhardt today said it has received tentative approval from the US drug regulator to market "Memantine HCl" tablets, used for the treatment of Alzheimer"s disease and dementia.
The political crisis in Andhra Pradesh worsened on Saturday when 20 ministers of the state cabinet from non-Telangana regions decided to resign to protest the formation of the separate state of Telangana.
Delhi-based Indraprastha Gas has objected to oil regulator Petroleum and Natural Gas Regulatory Board"s (PNGRB) decision to open price bids for giving gas licence for Ghaziabad, saying the Delhi High Court had given it permission to begin CNG retailing in the town.
Global pharma major Merck & Co has entered into a $130 million partnership with London-based Wellcome Trust to set up a not-for-profit research company in India. Merck operates in India as MSD Pharmaceuticals Pvt Ltd.
Hotels and retail stores in Pune have seen their sales drop 50 per cent. “We have seen a 60 per cent drop in the number of visitors and around 50 per cent in our total sales. We have sales of around Rs 3 lakh per day. So, over a week’s time we expect a drop of Rs 20 lakh to Rs 25 lakh in our collections,” said Srinivas Rao, regional sales manager, Provogue Studio.
Drug Firm Cipla today said it will raise Rs 676 crore through the issue of equity shares on institutional placement basis.
Buys 18 acre land adjacent to its existing plant.
Hyderabad-based Indian School of Business (ISB) has launched two new initiatives in an effort to encourage entrepreneurship among students. ISB’s Wadhwani Centre for Entrepreneurship Development (WCED) has launched the Entrepreneurs Development Initiative (EDI) and Planning an Entrepreneurial Venture (PaEV) to incubate and promote entrepreneurial ventures by students.
The mammoth fraud at IT major Satyam, involving over Rs 14,000 crore as per CBI, proved to be the most brazen swindling act, forcing the government to re-write corporate governance rules during 2009 and tighten the norms for chartered accountants.
Petronet LNG, the nation"s largest liquefied natural gas importer, today signed an agreement to import 1.5 million tons of LNG Australia.
Petronet LNG (PLL), India"s largest liquefied natural gas importer, will sign an agreement to buy 1.5 million tonnes of LNG from Australia in August.
Essar oil gave up some of its gains and finally settled at Rs 140, up around 2% from the previous close. The counter witnessed heavy trades of 658,518 million shares as compared to 248,533 million shares.
Ties up with food, banking cos to up mkt share.
Ruias-owned Essar Oil has tied up $920 million to fund the expansion of its Vadinar refinery in Gujarat to 16 million tonnes, CEO Naresh Nayyar said.
Ruias-owned Essar Oil has tied up $920 million to fund the expansion of its Vadinar refinery in Gujarat to 16 million tonnes, CEO Naresh Nayyar said.
Haryana Cooperation Minister Paramvir Singh said that the central cooperative banks in the state would provide a loan of Rs 8,600 crore during the current financial year to the farmers. These banks had provided loans worth Rs 4,306.60 crore during the last financial year to the farmers under various schemes.
Leading Indian drug majors, such as Ranbaxy Laboratories, Dr Reddy’s Laboratories, Piramal Healthcare and Wockhardt, are in-licensing popular products from overseas drug makers to boost their domestic sales. They introduce the in-licensed drugs — which are mostly in the premium skin care segment — on payment of an upfront fee to the brand owners, who also get a share of the sales revenue.
Glenmark Pharmaceuticals today announced two significant agreements with US-based Medicis Pharmaceutical Corporation.
These days, you will see few fund houses promoting their monthly income plans (MIPs). With returns improving due to the stock market rally, MIPs have started looking more promising.
Jindal India Limited"s 1200 MW thermal power plant proposed to come up at Kaniha near here at an investment of Rs 6,000 crore has faced yet another roadblock.
Higher prices in India since the last seven months led to a rise of 42 per cent in the imports of black pepper during the April-October period. The country imported 11,500 tonnes of pepper compared with 8,100 tonnes in the same period last year. Interestingly, the exports during the period were also 11,500 tonnes.
India today lifted a 28-month ban on wheat export by allowing export of 900,000 tonnes of the grain by government-owned trading agencies.
A government-appointed committee has suggested expanding the ambit of Clause 49 on listing of companies specified by market regulator SEBI to include cost audit report.
The Central government would set up "model" markets in every state for preserving perishable commodities such as vegetables and fish to help farmers get better remunerative prices, Minister of State for Agriculture K V Thomas said today.
The Union government is planning to set model markets in every state across the country to preserve perishable commodities, said K V Thomas, minister of state for agriculture.
Sharing India"s views, French President Nikolas Sarkozy today said the upcoming Copenhagen meet on climate change should not miss the opportunity to tackle the problem as it would be a "historic failure" and asserted that New Delhi will not be a deal-breaker.
Exporters of engineering goods, which contribute over 40 per cent to the country’s total exports, have urged the central government that incremental exports be exempt from tax for three years, with the base year being 2008-09.
India would, by the second-half of September, launch Oceansat-2 into the space, Indian Space Research Organisation (ISRO) Chairman G Madhavan Nair said.
Planning Commission Deputy Chairman Montek Singh Ahluwalia said Rajya Sabha member Krishnaswamy Kasturirangan will be appointed as a member of the commission.
The stock ended at Rs 845, down 1.5% from its previous close. The counter clocked volumes of 7.43 lakh shares on the BSE.
The scientific instruments manufacturers’ cluster in Ambala (200 km north of Delhi on NH 1), which includes over 1,000 units, is upbeat, as the Union Ministry of Micro, Small and Medium Enterprises plans to organise the first exposition on scientific instruments to promote the cause of smaller units engaged in this business.
The stock market was volatile and moved in a narrow range during the week. Global cues were mostly subdued, and news flows were largely positive, resulting in limited downsides on weak days. However, the indices failed to give a clear breakout on the upside as well.
Kumar Gallery in Delhi turns 55.
Four public sector giants — ONGC, Steel Authority of India Ltd (SAIL), Indian Oil Corp (IOC) and National Thermal Power Corp (NTPC) — were likely to get in next ten days the Maharatna status, which would empower these Public Sector Undertakings (PSUs) with greater autonomy, a top government official said today.
Bangalore-based private sector lender ING Vysya Bank on Thursday reported a 16 per cent rise in net profit to Rs 60.6 crore for the third quarter ended December 2009 compared with the year-ago period. Its operating profit was up 37 per cent to Rs 145.8 crore.
The land cost at the proposed Kashipur estate is likely to be 40 to 50 per cent cheaper than the other industrial areas in Uttarakhand.
Mahindra & Mahindra Financial Services has reported a 111 per cent increase in its consolidated net profit to Rs 97 crore for the quarter ended December 2009 compared with Rs 46 crore in the same period last year. Total income of the non-banking financial company grew by 13 per cent to Rs 409 crore during the reporting period.
Public sector lender Bank of India (BoI) today said its net profit declined by 53.50 per cent to Rs 405.50 crore for the third quarter ended December 31, over the same period corresponding fiscal.
Oil prices dipped but stayed above $74 in Asian trade today as demand uncertainty weighed on investors already wary from recent economic policies in the United States and China.
Zooming inflation, a build-up of inflationary pressures and cues from global markets could impel the Reserve Bank of India (RBI) to further tighten its monetary policy stance by hiking the cash reserve ratio (CRR) and policy rates, bankers said.
With a modest rise in net interest income (NII) and decline in treasury income, Bank of Borada (BoB) has posted a net profit growth of 17.5 per cent to Rs 832.49 crore for the quarter ended December compared to Rs 708.37 crore recorded in the same period of the previous year.
Backed by a healthy growth in core fee-income, Bank of Baroda (BoB), overcame challenging market conditions to post a 17.5 per cent jump in net profit in the third quarter, overshadowing the muted earnings posted by many of its peers.
At the height of the dot-com boom of the 1990s, several executives at McKinsey & Company, the world’s most prestigious management consulting firm, launched what they called the War for Talent. After extensive research, they concluded that the best companies had leaders who were obsessed with “the talent issue”. They recruited ceaselessly, finding and hiring as many top performers as possible. They singled out and segregated their stars, rewarding them disproportionately, and pushing them into ever more senior positions. The “talent mind-set” became the new orthodoxy of American management — the intellectual justification for why a high premium was placed on degrees from first-tier business schools, and why the compensation packages for top executives had become so lavish.
The government is setting up a high-level Task Force to address the problems of Micro, Small and Medium Enterprises (MSMEs) which have been demanding adequate financing and other incentives to tide over the economic slowdown.
The shuttle Atlantis has blasted off carrying vital supplies and spare parts for the International Space Station to push its life past the 2010 retirement of the aging shuttle fleet.
Apollo Hospitals today reported a 48.6 per cent increase in its net profit at Rs 43.91 crore for the quarter ended on December 31, 2009, as compared to the similar period last fiscal.
Buoyed by ramping up output from Barmer oilfield, Cairn India today reported a 23 per cent rise in net profit to Rs 291 crore in the third quarter.
Despite adverse market conditions prevailing in the state, Jammu and Kashmir Bank has registered a business turnover of Rs 51,975.56 crore during the quarter ended June and operating profit of Rs.256 crore, recording a 41 per cent increase over the same period last year.
Public sector lender Oriental Bank of Commerce today reported a growth of 14.76 per cent in net profit at Rs 289.43 crore for the quarter ended December 31, 2009, over the same period last year.
Private sector lender City Union Bank on Saturday said its net profit rose by 26.55 per cent to Rs 40.65 crore for the third quarter ended December 31, over the corresponding period last year.
The year 2009 ended on a high note, with benchmark (BSE & NSE) indices registering best yearly gains in the last two decades and touching fresh 19-month peaks. The year, however, will be most remembered for the Sensex and the Nifty hitting the upper circuit for the first time.
Haryana Cooperation Minister Paramvir Singh said that the central cooperative banks in the state would provide a loan of Rs 8,600 crore during the current financial year to the farmers. These banks had provided loans worth Rs 4,306.60 crore during the last financial year to the farmers under various schemes.
Contrary to popular perception on interest rate movement, expected to head north following a likely central bank action on monetary tightening, banks may actually end by cutting rates in the below-prime lending rate region for at least their corporate clients.
The finals of the 2010 Football World Cup or Michael Schumacher’s amazing comeback, you can be on the ringside of all that sporting action and more. Ask Arun Raghu.
Business Standard / New Delhi January 29, 2010, 0:45 IST
Hinduja Group firm Defiance Tech today signed a Memorandum of Understanding (MoU) with Dassault Systemes to market the Euronext-listed company"s solutions across Indian automotive, industrial and aerospace and defence sectors.
The Sensex ended at 16,330, higher by 40 points, and the Nifty closed at 4,876, up 22 points (provisional closing).
Contract for a year; players will play just for Season-3.
Indian Premier League (IPL) Chairman Lalit Modi today brushed aside concerns that the Twenty20 League"s franchise team owners are miffed at not being compensated for extra expenditure incurred during the 2009 event held in South Africa.
Saturation in other businesses triggers the move.
Handset giant Nokia today said it will cut around 330 jobs in Finland and Denmark, as part of streamlining research and development operations.
Chinese auto component manufacturers are quietly making inroads into India. Over 100-odd companies, ranging from the largest truck engine manufacturer FAW Group, to medium-sized players like gear-box maker Weichai Power, are at the 10th Auto Expo in Delhi showcasing their products to the local commercial vehicle manufacturers.
Looking at fortifying its position in touch-screen phones category, Nokia launched two new touch interface devices, Nokia5230 and Nokia 5530 XpressMusic, in Chandigarh on Tuesday. Regional General Manager (North India ), Nokia India, Chandan Dang maintained the two new touch screen handsets of Nokia would help strengthen the market for Nokia in the ‘touch-screen phone’ category .
US markets ended flat on Tuesday.
Looking at India as a high-beta subset of global equity markets.
US markets ended flat on Tuesday. The Dow dropped three points at 10,194. The Nasdaq slipped seven points to 2,204.
The Madras High Court today directed Ahmedabad-based Zydus Cadila (Cadila Healthcare) not to sell its anti-depressant drug, Venz (venlafaxine), in the domestic market for the time being, based on a trademark complaint from Mumbai-based Sun Pharmaceutical industries.
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.
Among many fallouts of the general elections in West Bengal in 2009, the resurgence of trade unionism, in particular, has significantly affected industry in the state during the last year.
- FIIs infuse Rs 24,800 cr in Dec quarter - FIIs net buy Rs 516cr, DIIs net sell Rs 472cr - FIIs net sellers Rs 278cr in F&O on Wednesday - FIIs net buyers Rs 695cr in F&O on Tuesday - FIIs net sellers Rs 900cr in F&O on Thursday - Positive returns on the cards, but no sharp surge
Retired Chattisgarh High Court judge Dilip Rao Saheb Deshmukh today assumed charge as the Company Law Board Chairman, four days ahead of his scheduled joining date, as the arrest of presiding chairman R Vasudevan left the board crippled.
The Sensex and Nifty closed near their trendline support of 17,400/5,220 on the back of weakness in world stocks and lack of buying interest in the futures and options (F&O) segment in the last couple days.
The Sensex has finally ended (provisional) at 17,464, down 176 points.
Minister of State for Environment and Forests Jairam Ramesh said India will forward its domestic goals on climate change as its action plan under the Copenhagen Accord to the Conference of Parties (COP) of the UN Framework Convention on Climate Change (UNFCCC). Under the Accord, nations have to submit their action plans by January 31.
The Indian markets continue to languish in the red and the Sensex is now at 17, 592, down 50 points. The NSE Nifty is at 5,258, down 16 points.
The US markets ended in the green. The Dow added 115 points to 10,725 and the Nasdaq gained 32 points at 2,320. The S&P 500 was up 14 points at 1,150.
The indications of economic recovery notwithstanding, the revival in the job market still have a long way to go, as a latest study says that it may take more than seven years for the US to wipe off the job deficit.
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 has said.
India’s largest IT services provider, Tata Consultancy Services, beat market expectations to post a 33.9 per cent jump in its net profit at Rs 1,824 crore for the quarter ended December 31, 2009 as compared to the same period a year ago. Its revenue, too, jumped 5.1 per cent on strong volumes of 6.6 per cent to touch Rs 7,649 crore year-on-year.
The rupee today declined by 10 paise to 45.91 against the US dollar in early trade in line with other weakening Asian currencies.
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.
The decks have now been cleared for the finalization of the draft Comprehensive City Development Plan (CDP) for Bhubaneswar with the Bhubaneswar Development Authority (BDA) submitting its recommendations to IIT-Kharagpur.
It"s called initial public offer, but it was promoters who walked away with a lion"s share in this market during 2009, when they sold shares worth about Rs 20,000 crore in their companies to the public shareholders.
The Ruias’ Essar Group is to acquire a 51 per cent stake in the telecom operations of the Dhabi Group, an investment company led by Abu Dhabi’s royal family, in Uganda and Congo for around $150 million (Rs 692 crore).
Even as the government is gearing up to auction radio waves for the next generation mobile services, credit rating agency Fitch today said it is closely monitoring the impact of the cost for pan-India 3G licence on the revenues of Bharti Airtel.
While H1N1 scare is keeping tourists away, the Rs 6 crore state-sponsored Dasara celebrations are taking off here today. Works are hurriedly being completed at several places to dress up the old royal city for the 10-day celebrations. Unprecedented number of programmes is chalked out and programme rehearsals and publicity campaign are in full swing.
Telecom major, Bharti Airtel, has announced that it has agreed to acquire 70% stake in Bangladesh-based, Warid Telecom. Bharti plans to make $300 million fresh investment in the company, thus taking the overall investment to $1 billion. The new funding will be for capacity expansion, coverage and innovative products.
Government’s security concerns about Chinese equipment makers not a deterrent.
With the Versa laid to rest, Maruti Suzuki is ready with another van option called the Eeco that can seat five to seven people. Set to be unveiled at the Auto Expo in New Delhi, it is likely to be priced below Rs 400,000, and will come with air-conditioning and the option to choose from six colours.
Presenting the Business Standard Motoring Awards 2010.
I am a first time buyer of a four wheeler. I don’t change my vehicles often and plan on using my next acquisition for the next 12 to 15 years. I have shortlisted the Chevrolet Spark LT, Hyundai Santro Xing GLS, and Maruti Suzuki Zen Estilo LXI.
Eyes Rs 700 cr premium income this fiscal.
After putting a cap on charges on unit- linked insurance plans (ULIPs) products, the insurance-sector regulator, Insurance Regulatory and Development Authority (IRDA) is mulling a similar move for traditional insurance products, a top official said.
Helped by cash subsidy from the government, Hindustan Petroleum Corporation Ltd (HPCL), India’s third-largest refiner, managed to report a net profit of Rs 31.4 crore in the quarter ended December 2009. It posted a net loss of Rs 422 crore in the corresponding quarter last year.
Reserve Bank of India Governor D Subbarao is scheduled to meet a group of select bank chiefs on Friday to assess the resource mobilisation situation and also seek their inputs for the next month"s second quarter review of the monetary policy.
Public sector lender Union Bank of India (UBI) today said its net profit declined by 20.48 per cent to Rs 534.13 crore for the third quarter ended December over the same period in the previous fiscal.
The mutual fund (MF) industry is highly exposed to the banking sector, according to the Securities and Exchange Board of India (Sebi) data.
Market regulator Securities and Exchange Board of India (Sebi) today said separate bourses can be set up for trading in shares of small and medium enterprises (SMEs), while existing exchanges can also have a separate platform for SMEs.
The Delhi High Court today dismissed an application by ITC Ltd for grant of an injunction against the use of a device mark by Philip Morris in relation to its Marlboro brand of cigarettes in India.
Even as the government is gearing up to auction radio waves for the next generation mobile services, credit rating agency Fitch today said it is closely monitoring the impact of the cost for pan-India 3G licence on the revenues of Bharti Airtel.
Consequent to the sharp run up in markets in 2009, investors will have to be careful in picking stocks while lowering their return expectations
The country"s oldest fund house, UTI Asset Management Company (AMC), today said it will divest 26 per cent stake to a strategic partner by August this year.
Farmers who want land back wish to return the compensation only in instalments.
Private sector lender Yes Bank plans to set up a firm, Yes Ventures, to house its private equity funds, in 2010-11.
Aditya Birla Capital Advisors, the private equity (PE) arm of the Aditya Birla Financial Services Group, raised Rs 675 crore and announced the first closure of the Aditya Birla Private Equity - Fund I. The promoter group has contributed 20 per cent, or Rs 135 crore, to the fund.
Maruti Suzuki India Limited (MSIL) launched its utility vehicle (UV) Eeco in Hyderabad on Wednesday. “The new family car is designed keeping in mind the needs of the Indian customers. Eeco will help us strengthen our presence in the C segment and give us good numbers,” IV Rao, managing executive officer (engineering) of MSIL, told mediapersons here.
Ford India will hike the prices of all its models across the board from January 1, 2010. The upward price revision is due to a steady rise in input costs and exchange rate fluctuations. Ford India is a wholly owned subsidiary of Ford Motor Company.
United Auto Workers (UAW) President Ron Gettelfinger plans to anoint Bob King, head of negotiations with Ford Motor Co, to be the shrinking union’s next president, on December 16, said two people familiar with the matter.
The Mahindra & Mahindra group today said it would enter the motorcycle segment this year with the launch of an in-house developed bike.
Bajaj Auto Finance today said its net profit jumped over two-fold to Rs 27.32 crore for the quarter ended December 31, 2009, over the same period last year.
Spurred by huge demand from power, telecommunication and housing sectors, India’s copper consumption is likely to rise 5-6 per cent this year. The three sectors account for 65 per cent of the total demand in India.
In my mind
Japanese auto maker Nissan, which plans to launch its global small car in the Indian market next year, will start the first trial production of the product from its Chennai plant in November.
You have to rub your eyes hard to believe the Tata Prima and Mahindra Navistar trucks can rival the best that Mercedes-Benz, Volvo and Scania have to offer. Their stylish cabs, with the multitude of buttons and gizmos and quality fittings, make you feel you are in a European truck. But then again, both have been developed by Indian manufacturers to rival the best the world has to offer and beat these in markets outside India as well.
The combined turnover of 23 commodity exchanges in the country surged by 47.47 per cent to Rs 5,174,274 crore till December 15 this fiscal, commodity market regulator FMC said today.
The markets have pared gains in the last few minutes following a spike in inflation numbers. The food inflation for the week ended January 16 spurted 17.40% from 16.80% a week ago. The Sensex is now up 10 points at 16,300, and the Nifty is up eight points at 4,861.
The Sensex ended at 16,330, higher by 40 points, and the Nifty closed at 4,876, up 22 points (provisional closing).
For the first time in four-and-a-half years, State Bank of India (SBI), the country’s largest lender, on Monday reported a decline in its consolidated net profit.
The country"s largest lender, State Bank of India (SBI), reported a 8.40 per cent decline in its consolidated net profit at Rs 3,304.59 crore for the third quarter ended December 31, 2009.
LIC Housing Finance (LICHF) reported a 14 per cent rise in net profit to Rs 153.58 crore for the quarter ended December 2009 compared with Rs 134.33 crore in the year-ago quarter.
Lower raw material costs helped Maruti post better-than-expected margins, which analysts believe is unlikely to be sustained.
IDBI Bank Chairman and Managing Director Yogesh Agarwal has emerged the frontrunner for the post of the chairman of the Pension Fund Regulatory and Development Authority (PFRDA).
S Tel, the latest entrant in the Indian cellular market, aims to be present in six telecom circles of the country by the end of 2010.
India has emerged as the second most targeted nation among the BRIC region, after China, for merger and acquisitions activities clocking deals worth $2.8 billion so far this year.
BCCI to partner Google India for the venture.
Expressing confidence that the country will return to 9-10 per cent economic growth within a couple of years, Prime Minister Manmohan Singh today invited the Indian diaspora to participate in the development of the country of their origin.
SkodaAuto India is looking to derive significant benefits from the expansion of its German parent, Volkswagen (VW), in the country. SkodaAuto, which was the first VW group firm to enter the domestic market about a decade ago, also intends to become more affordable in the long-term, enabling it to enter more segments.
Google India today said it has entered into an agreement with Indian Premier League (IPL) and its licensing partner Global Cricket Ventures to stream Twenty20 cricket matches live on its video sharing website Youtube.
The government expects to mop up a tidy Rs 24,000 crore in this fiscal with four more public issues of state-owned companies hitting the capital market in the next two-and-a-half months.
The government today cleared 14 foreing direct investment (FDI) proposals, including a Rs 273-crore application from Asset Reconstruction Company, which could together bring in foreign investment worth Rs 732.5 crore.
The Reserve Bank today raised by 75 basis points the cash reserve ratio -- the amount lenders need to keep with the central bank-- to suck Rs 36,000 crore out of the system and cool down the surging inflation.
Contrary to popular perception on interest rate movement, expected to head north following a likely central bank action on monetary tightening, banks may actually end by cutting rates in the below-prime lending rate region for at least their corporate clients.
Software company HCL Technologies today said it has received a contract worth around Rs 231 crore from UK-based defence equipment maker Meggitt for providing engineering services.
The Delhi High Court has said it is not mandatory for the government to award contract to the lowest or highest bidder in a tendering process and had the option of giving the work to some other party instead.
Domestic institutional investors (DIIs) were net buyers of Rs 529.12 crore (provisional) today, according to data released by BSE.
Business Standard / New Delhi January 13, 2010, 0:39 IST
Indian stocks trading on American bourses lost $3.85 billion (around Rs 18,000 crore) from their total market valuation last week, with HDFC Bank and Sterlite Industries leading the pack.
The government today said radio wave auctions for third generation mobile phone services, or 3G, will be completed by end of March.
Business Standard / New Delhi January 20, 2010, 0:47 IST
Finance Minister Pranab Mukherjee has asked Communications Minister Andimuthu Raja to complete the auction of the third generation (3G) spectrum within the agreed deadline (February 15), so that the revenue from it can be reflected in the Union Budget for 2009-10. Mukherjee had earmarked Rs 30,000 crore as revenue from 3G auction, which has already been delayed by a year, in the Budget.
Some big boys disappoint, but India Inc’s Oct-Dec show has been impressive.
Bharti Airtel is not looking at acquiring US telecom carrier Sprint, but would continue to focus on emerging markets where it sees huge potential for penetration, Group CEO Manoj Kohli said today.
State owned Bharat Sanchar Nigam Limited (BSNL) has achieved a subscriber base of over 20 lakh for its mobile services in the Orissa circle.
Tata Teleservices has added 3.3 million subscribers in December 2009, becoming the number one operator in terms of subscriber addition for the fifth consecutive time.
Hollywood"s iconic movie studio Metro-Goldwyn-Mayer (MGM) has received interest for a possible takeover from more than 10 suitors, including Anil Ambani-led Reliance-Anil Dhirubhai Ambani Group (R-ADAG), says a media report.
The Hyderabad Metro Rail Limited (HMRL), the special purpose vehicle set up to implement the metro rail project in the city, had postponed the sale of Request for Qualification (RFQ) applications for global bids to July 24.
A cartoon in a Delhi newspaper, which allegedly depicted a Victoria policeman as a member of hate group Ku Klux Klan in the wake of attacks on Indians, has sparked an outrage in Australia with acting Prime Minister Julia Gillard condemning it as "deeply offensive".
Vedanta Resource group firm Sesa Goa today said that it will spend about Rs 1,500 crore in its mining business during the next two years to reach the annual production capacity of about 50 million tonnes.
Public sector lender Bank of Maharashtra reported a 7 per cent drop in net profit to Rs 112 crore for the quarter ended December 2009 against Rs 120.6 crore in the year-ago quarter. Net interest income, or the difference between interest earned and interest paid, grew 5 per cent to Rs 361 crore from Rs 343 crore in the December 2008 quarter.
Chennai Petroleum Corporation (CPCL) today posted a net profit of Rs 220.36 crore for the third quarter ended December 31, 2009.