Management
Abhay Kumar Srivastava, the chairman and managing director of Cement Corporation of India (CCIL) today took over as CMD of navratna public sector unit, National Aluminium Company Ltd (Nalco).
If the early signs are right, then Network 18’s letting go of 200 people may just be an aberration. Across the Rs 80,000 crore Indian media and entertainment industry, hiring is picking up.
With a spurt in demand from overseas for Indian cuisines like saag, rajmah and kurhi pakora, Punjab government-owned Markfed aims to achieve Rs 10-12 crore export turnover from canned food this fiscal.
After having launched a new IT policy this month offering incentives to attract investments in the sector, the Punjab government will now review the proposed 18 IT SEZ projects and IT parks in a meeting tomorrow to decide on "serious" IT players.
Mumbai-based Udyog Software, is in talks with Special Economic Zone (SEZ) developers in Gujarat for its tax software solutions. Udyog Software, which provides technology solutions to number of businesses in areas of Payroll Solutions, Tax Compliance Solutions, Integrated Solutions and ERP implementations, now plans to tap both SEZ developers as well as the upcoming units in it.
The markets have slipped back into the negative terrian. The Sensex is now down 20 points at 17,466, and the Nifty is down 14 points at 5,211.
spite the global recession, Karnataka continue to lead in software exports which touched a margin of Rs 71,000 crore in 2008-09.
N R Narayana Murthy, co-founder and chief mentor of India"s second-largest IT services provider Infosys Technologies, is planning to invest in US-based clean technology venture capital (VC) fund Siderian Ventures.
Private equity (PE) and venture capital (VC) investment in hospitals may surpass that in clinical research and drug manufacturing sectors, as hospitals currently offer more assured returns with lesser risks, is the feeling of informed observers.
The economy has developed a resilience beyond expectations.
The government today said that affordable housing will drive the construction sector and subsequently the industrial output during the current fiscal.
German engineering company Voith today said it has acquired the entire stake held by its joint venture partner, Larsen & Toubro (L&T), in Kolkata-based Voith Paper Technology for an undisclosed amount.
Engineering company Larsen & Toubro (L&T) today reported a profit after tax (PAT) of Rs 580.40 crore for the second quarter ended September, whereas the same was at Rs 460.26 crore during the corresponding period a year earlier.
The arrest of former Jharkhand Chief Minister Madhu Koda by the Enforcement Directorate (ED) is "imminent" as the evidence against him, for allegedly carrying out hawala transactions and illegal investments worth crores of rupees, "is satisfying".
Tata Motors, India"s biggest auto company by revenue, has speeded bus production at its massive Dharwad facility, primarily to avoid any delay in honouring its commitment to supply low-floor buses to the Delhi Transport Corporation (DTC).
China"s planned small-company stock exchange received 108 applications for initial public offerings on its first day of accepting proposals as its launch nears, a state news agency today said.
In spite of a 15 per cent decline in the kharif rice output, the government’s rice procurement in the ongoing kharif marketing season is marginally up at 14.85 million tonnes due to an increase in purchase from the ‘grain bowl’ states of Punjab and Haryana even though procurement is down in states like Uttar Pradesh (UP), Andhra Pradesh (AP).
Hyundai Motor India Ltd, the country’s second largest car manufacturer and the largest passenger car exporter ended the year on a high note with domestic sales growing by 42.6 per cent while exports grew by 9 per cent, said a company press release. Cumulative growth stood at 22.6 per cent for the month ending December, 2009.
- 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
Commercial vehicle maker Ashok Leyland today reported a 70.47 per cent decline in its net profit at Rs 53.32 crore for the quarter ended March 31, 2009, compared with Rs 180.57 crore in the same period a year ago.
President Barack Obama called small businesses the “engine” of the US economy and said too many are still struggling to get the credit they need to operate.
Hyderabad-based vaccines and biotherapeutics manufacturer Bharat Biotech International announced on Wednesday that its anti-staphylococcal molecule Lysostaphin had secured patent rights in US, Europe, China, Australia and other nations.
A day after the path-breaking revelation by the international scientific community that India"s maiden mission to the moon, Chandrayaan-I has succeeded in tracking presence of water on the lunar surface, ISRO chairman G Madhavan Nair today said that the mission was 110 per cent success.
UN chief Ban Ki-moon has pressed world leaders to publicly commit here next week to reaching a global climate change deal in Copenhagen in December.
The global swine flu pandemic will expose the failure of the international community to invest in health protection in poor countries, the world"s top health official warned here today.
Reserve Bank Deputy Governor, K C Chakrabarty, today said that rise in bond yields was not a concern for the central bank and yields would come down only if banks cut their deposit rates.
Oil prices hovered near $71 a barrel today in Asia after a weakening US dollar sent crude soaring overnight.
Expressing concern over reports of China taking substantial portion of land in Ladakh, Union Minister Farooq Abdullah today said the Centre should take up the matter with Beijing at the earliest and sort out the boundary dispute.
The Tamil Nadu government will set up swine flu test centres in major towns of the state. The move comes after a four-year-old boy died in Chennai due to the flu on Monday.
Altogether 73 swine flu cases, the highest for a day so far, were reported today in the city, which has so far seen five H1N1 deaths.
Cox & Kings (Australia), the wholly-owned subsidiary of Cox and Kings (India), a travel and tour company, has bought MyPlanet Australia and Bentours International through a share sale agreement from First Choice Holdings Australia. The acquisition is being done through an ‘earn-out mechanism’ and is not being paid for from funds raised for acquisition from the company’s recent initial public offering (IPO).
Piramal Life Sciences has commenced phase I trial of a new experimental drug molecule P2202 for diabetes metabolic syndrome in Canada. P2202 is the second compound from Eli Lilly and is part of the collaborative agreement between two companies and is being developed for diabetes metabolic syndrome.
The Supreme Court today sought a response from the Centre, Maharashtra government and four real estate developers on Bharat Petroleum Corporation"s (BPCL) plea alleging a security threat to its refinery, Tata Electricity Company"s plant and the Bhaba Atomic Research Centre (BARC).
Sunil Sethi / New Delhi July 25, 2009, 0:26 IST
NMDC, the country"s largest iron ore producer, is set to restart mining at the Panna diamond reserves in Madhya Pradesh in the next three months with the Supreme Court giving conditional nod to such activities at the site.
The country’s largest special economic zone (SEZ), promoted jointly by Reliance Industries Chairman Mukesh Ambani and his confidant Anand Jain, is in danger of being scrapped. The zone was being set up by a company called Mumbai SEZ Ltd in the Raigad district of Maharashtra.
FMCG major Dabur is stepping up expansion in the skin care segment, on the back of its acquisition of Fem Care Pharma last year, with plans to expand range of products from the latter"s stable besides launching a new brand of its own.
Drug maker Aurobindo Pharma today said its US-based joint venture firm has received approval from the drug regulator for its anti-bacterial veterinary medicine.
The Audit Committee and Board of Directors of pharmaceutical and biotechnology major, Wockhardt Limited, today appointed BDO Haribhakti as Statutory Auditors of the company from the financial year commencing from January 1, 2009.
India"s concerns on non-binding emission cuts have been met at the Copenhagen summit though the climate deal does open a window for a new legal treaty that may kill Kyoto Protocol based on principle of equity, a top government climate expert said today.
OPEC oil producers gathered in poverty-stricken Angola today said they would hold output firm amid comfortably high prices at their first ever meeting hosted by Africa"s new crude-pumping giant.
- Succession race hots up in AP - AP Cabinet wants YSR"s son Jagan as next CM - YSR"s death may hit infra companies - V V: Gray"s anatomy of the mind">V V: Gray"s anatomy of the mind - India has lost an outstanding leader: Manmohan Singh - PM, Sonia pay homage to YSR
Taking forward the agenda for developing the corporate bond market, the Reserve Bank of India said it initially intends to allow repo transactions in only listed securities like non-convertible debt, debentures and bonds rated AA+ and above.
Regulator charges the firm with allotting employee quota shares to others.
Terming inflation turning positive after a gap of three months as "expected", Finance Minister Pranab Mukherjee today said inflationary pressure would rise further in the days to come.
The Prime Minister’s economic panel today said the government and the RBI will have to slowly withdraw the stimulus packages given during the slowdown once the economy begins to show surer signs of recovery.
Inflation turned positive for the first time in three months, rising to 0.12 per cent during the week ended September 5 as foodstuff became costlier.
China today condemned a US decision to slap tariffs on steel pipes from the Asian giant, saying it "strongly opposed" the move.
Tata Realty and Infrastructure (TRIL), a closely-held unit of Tata Sons, plans to invest Rs 20,000 crore to build special economic zones, roads, ports and other core sector projects in the next three years to take advantage of a stable political environment and revival in the economy, a top company official said.
The Christmas season has brought cheers for the Indian handicraft exporters as overseas shipments shot up by nearly fivefold to $26.32 million (around Rs 122 crore) in October, thanks to the economic revival in some of the western economies.
Scam-hit Satyam Computer has entered again the elite club of the top 100 companies in terms of market valuation -- a status it had lost after being hit by the country"s biggest corporate fraud.
Satyam Computer Services Ltd is launching a one-time programme — christened ‘Virtual Pool’ — aimed at addressing staff costs, while retaining talent.
In the same way that you should get massages and take naps or meditate, you should, everyone should, make a point to eat out by yourself from time to time,” wrote Amanda Hesser in her wonderful Cooking for Mr Latte. “You should be kind enough to yourself to lavish your appetite with good food without the interruptions of company.”
The government today said economic growth rate could decline to 6 to 6.5 per cent in the third quarter (October-December 2009) on account of the impact of drought and floods on agriculture production.
The Chennai-based Murugappa grorup, which crossed Rs 15,500 crore in turnover, is planning to invest Rs Rs 586 crore in 2009-10 through its group companies.
Two-wheeler maker Ultra Motor Company today launched two new electric scooters priced between Rs 28,300 and Rs 31,900 (ex-showroom, Delhi).
T N Ninan / New Delhi October 3, 2009, 0:41 IST
With the government yet to decide on whether prices of petrol and diesel will be freed, oil marketing companies run the risk of losing money on retail sales.
India’s coffee exports have declined 14.28 per cent to 2.28 million bags in the first 10 months of the 2008-09 coffee year till July, even as the global shipments rose marginally in the same period, the International Coffee Organisation (ICO) said.
Devika Banerji / New Delhi December 6, 2009, 0:28 IST
Despite the global economic downturn, medical tourism has emerged as the fastest growing sector of the Indian tourism industry as it provides first world treatment to patients at an affordable rates.
The Orissa Electricity Regulatory Commission (OERC) has stayed the operation of the load restriction order issued by the Orissa Power Transmission Corporation Ltd (OPTCL) to restrict the drawal of industrial load up to 10 Mw. It has issued notice to the State Load Despatch Centre (SLDC), OPTCL, Grid Corporation of Orissa (Gridco) and the Orissa government to file their replies before OERC within 7 days.
GMR Infrastructure, the Rs 4,500-crore Bangalore-based infrastructure developer with a focus on power generation, airports development, highways and urban infrastructure, is understood to be initiating plans for an 800-Mw coal-fired power plant on the eastern coast of India.
Power transmission and distribution company Areva T&D India today said its shareholders have approved sale, lease or transfer of its undertakings.
IN MY MIND
S Kalyana Ramanathan / New Delhi January 29, 2010, 0:51 IST
Tata Motors has started distribution of its Prima range of World Trucks, unveiled in May. The first product, the Prima 4028 S, is a 40-tonne 266-PS (Cummins ISBE engine) tractor with a 9-speed ZF transmission, a matching trailer with new generation brakes, ABS and specialised axles for heavy-duty and high-speed application. The tractor’s air-conditioned cabin includes reclining seats, adjustable steering wheels and arm rests for driver comfort. It has got sleepers to facilitate long-distance travel.
General Motors Co and Ford Motor Co announced sales incentives aimed at luring owners of Toyota Motor Corp vehicles, after the Japanese carmaker expanded recalls to fix accelerator pedals that may stick in some models.
United Spirits, India"s largest spirits firm, has posted a 25 per cent decline in net profit to Rs 69.6 crore for the quarter ended September 30, 2009 where as the same was at Rs 94 crore for the quarter ended September 30, 2008.
Power traders have opposed a Central Electricity Regulatory Commission (CERC) draft suggesting trading margin of 7 paise per unit if the sale rate is more than Rs 3 on a short-term trading market.
The Nifty closed in a Doji pattern on the last day of this month’s expiry today, indicating continuation of indecisiveness in the next series. Global cues are strong and hence the Nifty is likely to trade above 4,800 with strong support at 4,820.
The leading Kerala-based private sector lender Federal Bank today said its net profit declined by 45.92 per cent to Rs 110.25 crore for the third quarter ended December, over the corresponding quarter last fiscal.
The swine flu toll in the city rose to 97 with the death of a 29-year-old youth, health officials said today.
Spices exports from India will cross the $1-billion mark in the current financial year, according to VJ Kurien, chairman of the Spices Board.
Improved passenger numbers in the last three months helped low-cost carrier SpiceJet post a profit of Rs 108.9 crore in the third quarter ending December 31, 2009. The airline had incurred losses of Rs 17.96 crore during the same period last year.
State-owned IDBI Bank is believed to have zeroed in on Kerala-based private sector lender Federal Bank for acquisition.
Approaches government for fresh funds, conversion of bonds into equity.
The stock ended at the same 5% upper circuit with pending buy orders of 166,353 shares on the BSE.
All the 13 Congress ministers from Telangana region in Andhra Pradesh today decided to withdraw their resignation after the Centre"s announcement on holding discussions with political parties the state.
With the aggressive disinvestment of PSUs being planned for the coming months, the government is likely to introduce a fixed time-frame during which the nomination of independent directors should be completed by state-run companies.
The manufacturing sector in December climbed to its highest level since May 2009, signalling a faster monthly improvement in the key economic activity, an HSBC survey said today.
UK Chancellor of the Exchequer Alistair Darling said bankers should stop complaining and get to work.
Mansi Taneja / New Delhi January 15, 2010, 0:05 IST
Reliance Communications (RCom) has asked the department of telecommunications (DoT) to take action against its special auditor, Parakh & Co, for alleged breach of confidentiality and misconduct. It has also asked DoT to scrap Parakh’s report, saying the conclusions are incorrect, unilateral and biased.
The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has held that the ongoing arbitration between broadcast major STAR India and telecom major BSNL is not valid and that it has the sole jurisdiction to decide on the disputes between the two.
Anil Ambani Group firm Reliance Infrastructure (R-Infra) today reported a growth of 10.35 per cent in its net profit at Rs 277 crore for the third quarter ended December 31, 2009, over the same period last year.
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.
Integrated offshore oilfield services provider Great Offshore today reported a decline of 14% in net profit at Rs 49.54 crore for the quarter ended December 31, 2009, over the same period last year.
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 Sensex is quoting at 16757, lower by 102 points, and the Nifty is at 4996, down 39 points.
India has asked the developed world to modify their stand on market access to the developing countries to make progress on the Doha Round.
As the world tries to get over the economic slump, commercial vehicle (CV) manufacturers like Tata Motors, Ashok Leyland, Eicher, Volvo, Daimler and Mahindra-Navistar are preparing for a flurry of launches to cash in on the increased economic activity in the country.
Japanese two wheeler major Yahama today launched its super-bike "VMAX" in the country priced at Rs 20 lakh (ex-showroom-Delhi). The company also launched limited edition of its "FZ" series in three variants.
Controversy-ridden UN climate panel has said it is reassessing another of its claim for linking global warming to an increase in the number and severity of natural disasters, bringing fresh embarrassment to it.
Top US and Indian officials are making hectic efforts to conclude the discussions on critical reprocessing deal on spent nuclear fuel before Prime Minister Manmohan Singh"s high-profile state visit here next week.
R K Pachauri, the head of the UN panel of climate experts, have asked for concrete action at the grass-root level to save the environment and climate for future generations.
Business Standard / New Delhi January 27, 2010, 0:46 IST
Mahua’s success has spawned a host of Bhojpuri shows on Hindi television
Mono-brand stores, or single-brand retail outlets, have become the new growth mantra for consumer durables companies. What was a trickle initially is fast turning into a deluge, with leading companies drawing up aggressive plans to scale up their presence through mono-brand stores.
IN MY MIND
For the Tata group, which owns the luxury hotels brand Taj, Ginger Hotels are a sort of "Nano Taj" in terms of business.
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?
Hit by poor availability of scrap, expensive raw gold imports.
Gold imports fell sharply in July to 7.8 tonnes from 24 tonnes in the same month last year as demand dropped amid rising prices.
Maruti Suzuki plans to expand its passenger vehicle production capacity at Manesar, near here, by around 2,00,000 units over the next two years, said R C Bhargava, chairman. Currently, the plant at Manesar, the company’s second, which produces the company’s new models like the Swift, A-Star and the Ritz, has a capacity of around 3,00,000 units.
State-run steel maker SAIL today said it may cut prices of some of its products in near future.
The Sensex has ended (provisional) at 17,673 - up 114 points.
The Sensex is exhibiting firmness and is now at 17,708, up 149 points. The NSE Nifty is at 5,280, up 48 points.
Demand for gold waned by 49 per cent in the third quarter this year over the corresponding period last year, thanks to a surge in its prices, the World Gold Council (WGC) said today.
Aptech has so far trained five million students globally and has over 1,000 centres in 35 countries. In his first interview to the media after taking over as CEO and managing director, Ninad Karpe tells Shivani Shinde how he plans to take the company into the next phase of growth. Edited excerpts:
The Ministry of Finance has assured the Planning Commission of at least 15 per cent increase in gross budgetary support (GBS) for 2010-11, over the 2009-10 budget estimates.
Business Standard / New Delhi December 18, 2009, 0:21 IST
Union ministries have together sought a whopping 82 per cent increase in gross budgetary support (GBS) for Plan outlay in fiscal 2010-11 over budget estimates for 2009-10.
Bank of Maharashtra and State Bank of India Funds Management have joined hands to distribute mutual funds of the latter through the bank"s branches across the country.
The life insurance industry logged a 21 per cent increase in premium collections during the first seven months of the current financial year compared to the same period last year, indicating recovery in the sector.
Amidst sugar prices touching Rs 44 a kg in the retail market, the government today said it is keeping a watch on the prices.
The popularity of the ‘parallel banking service’ continues to rise
ICICI Bank on Friday said its consolidated net profit rose 75.7 per cent to Rs 1,144.6 crore in the quarter ended September on the back of a good show by its subsidiaries.
India exports 100 million tonnes of iron ore to China.
The Men in Blue haven’t quite got a thumbs up from advertisers for the team’s sponsorship, with virtually no takers for forms that are up for sale to bid for the sponsorship of the Indian cricket team till this evening. Sale of forms closed today and tomorrow is the last date for bids.
The Bombay Stock Exchange, the National Stock Exchange and bullion market are closed today on account of "New Year" holiday.
The Bombay High Court today asked the Economic Offences Wing (EOW) not to arrest Delhi-based businessman Sanjay Dalmia after senior counsel Ram Jethmalani said that he was trying to negotiate an out-of-court settlement with Indiabulls Financial Services (IFS).
Mega public sector undertakings ONGC, SAIL and NTPC got greater financial and operational autonomy after the government today accorded the Maharatna status to these firms to help them emerge as global giants.
As expected, the S&P CNX Nifty closed at 5,201 levels on long rollovers in index futures and key stocks futures. The index is expected to consolidate above 5,200 in the new series before moving above the short-term target of 5,350. The rollovers in the Nifty January futures, at 22 million, were at a five-month low, which indicates that bears are waiting in the wings. At similar point in July 2009, the Nifty had gained over 500 points in a couple months to move above 5,000 in September 2009. A similar trend may see the Nifty moving above 5,500 in the near future.
As BJP grappled with dissidence among its MLAs, opposition Congress today fielded T B Jayachandra as its candidate to contest the post of assembly Speaker to be held tomorrow.
Welcoming the government’s plan to cut down carbon emission intensity by 20-25 per cent by 2020, India’s automobile industry said it will compel manufacturers to produce greener cars with improved mileage.
Bank of America Corp, the largest US lender, raised $19.3 billion selling securities at $15 apiece in the biggest sale of stock or preferred shares by a US public company since at least 2000.
US markets ended flat on Tuesday. The Dow dropped two points to 10,545 while the Nasdaq slipped three points to 2,288.
Six years after the CBI dropped the abetment to suicide complaint against former state police chief S P S Rathore in the Ruchika molestation case, the Haryana Police today brought back the charge against the disgraced officer by registering a fresh FIR.
The country emerges as a bigger player on the global scene
Palak Shah / Mumbai December 29, 2009, 0:02 IST
The markets extended the previous day"s losses, mirroring the weakness in the US and across Asia. The Sensex ended at 16,719, weaker by 174 points and the Nifty closed below the psychological mark of 5k at 4,987, lower by 54 points. Realty, energy and bank stocks were the major draggers.
Government today filed its affidavit in the Supreme Court on the ongoing gas row between the Ambani brothers saying that the arrangement for public sector NTPC cannot be equated with any agreement between RIL and RNRL.
Infrastructure development firm Valecha Engineering today said its board will meet on November 27 to consider raising of funds through international markets.
The Sensex has come off from the day"s high and is now at 17,203, up 71 points. The NSE Nifty is at 5,106, up 15 points.
World"s biggest banks will pay out more than $65 billion in salaries and bonuses over the next fortnight, with banking conglomerate JP Morgan Chase alone likely to shell out a record $29 billion, barely a year after the bailout of the banking system.
Sun Pharmaceutical Industries has settled a patent dispute with MedImmune, a unit of drug major Astra Zeneca, to dismiss an ongoing litigation in a US District Court. This was on patent rights of Ethyol (amifostine), a drug used to reduce toxicities associated with chemotherapy and radiation in head and neck cancers.
The stock ended at Rs 1,468, up 1% from its previous close. The counter clocked volumes of 18,616 shares as compared to the two-week daily average traded volumes of 30,875 shares on the BSE.
Rolls-Royce thinks India will be a good market for its new luxury car, the Ghost
Oil fell in Asian trade today on profit-taking after overnight gains driven by hopes for improved demand as the global economy recovers, analysts said.
EdServ Softsystems (EdServ), a Chennai-based education and placement company, is planning to raise $25 million (around Rs 115 crore) either through a GDR (global depositary receipt) or an FCCB (foreign currency convertible bond) issue by the first quarter of the next financial year.
It was possibly the Reliance effect that fired up stock markets last week, helping the top 10 listed companies post a net gain of Rs 55,000 crore, with more than a third of the addition coming from banking leader State Bank of India (SBI).
The Andhra Pradesh government, which won four oil blocks in the VIII round of the New Exploration Licensing Policy (Nelp) bidding on Monday, will invest about Rs 160 crore in oil and natural gas related activities over the next five years.
Lower than expected refining margins have dragged down the company"s profits.
No terrorist atrocity in India has produced as much distorted reportage as Mumbai 26/11. The ill-equipped and untrained city police got all the blame, while journalists failed to ask even basic questions. Why, for instance, did the Indian Army and the Navy commandos refuse to fight the Pakistani jihadis inside the Oberoi hotel?
The scrip zoomed to a high of Rs 94 and finally ended at Rs 93, up 2.5% from the previous close. The counter clocked volumes of 30.16 million shares on the BSE as compared to the two-week daily average traded volume of 14.87 million shares .
Microsoft had set a target of having Windows 7 installed on over 100 PC models.
Mahindra Satyam today said it has received legal notices for claims totalling Rs 1,230.40 crore from as many as 37 companies, to whom it has replied terming these claims as "legally untenable".