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FMCG major Nestle today said its board of directors, in a meeting scheduled to be held on December 9, would consider the acquisition of nutrition business of Speciality Foods India.
The market turned weak on the cusp of settlement and made a partial recovery in the first session of the December settlement. The Nifty ended with a net week-on-week loss of 2.2 per cent, closing at 4,941.75 points while the Sensex was down 2.3 per cent at 16,632 points. The Defty lost 2.5 percent with the rupee losing ground.
The Indian Institutes of Management (IIMs) have finally broken their silence. Three days after the computer-based Common Admission Test (CAT) came under fire for its technical glitches, the IIMs and Prometric and NIIT, the companies have revealed that 10-11 per cent of students have been affected so far. Citing a virus "Conflicker" being responsible for glitches in the computer-based test at some centres, they said necessary steps are being taken to repair the damage.
Experts say problem easily avoidable, HRD ministry orders inquiry.
The seventh ministerial conference of the World Trade Organization (WTO) is scheduled next week (November 30-December 2) in Geneva. The meet comes four years after the Hong Kong conference, which failed to arrive at a consensus on key issues.
Nd Batra / October 25, 2009, 0:33 IST
Public sector lender Bank of Maharashtra today said its net profit grew over two-fold to Rs 137.33 crore during the fourth quarter of 2008-09 over the corresponding period a year ago.
IDBI Bank is expected to formally shelve its plan to become the first public sector lender to introduce variable pay for its employees.
The US financial crisis and the resultant economic downturn pushed many a top honchos out of their corner rooms in 2009, but Citigroup’s India-born chief, Vikram Pandit, continues to steer the once financial colossus out of its biggest crisis.
The country"s third-largest public sector lender Bank of Baroda (BoB) today said it is open to overseas acquisition if a good opportunity comes across.
The Indian Air Force’s Sukhoi-30MKI fighter is a beast that is tamed only by technology. The aircraft’s giant AL-31FP turbofan engines, which allow manoeuvres that no other fighter can dream of, are monitored by its pilots on high-tech computer screens called multi-function displays, or MFDs. A quick glance across the MFDs also provides information about on-board weapons and sensors, telling the pilots everything about how the aircraft is flying and fighting.
Making a u-turn, Praja Rajyam chief Chiranjeevi today announced his decision to resign as MLA and support a united Andhra Pradesh, changing the party"s earlier line of support to separate Telangana state.
Congress MPs from Telangana region today met senior party leader and Defence Minister A K Antony demanding disciplinary action against Y S Jaganmohan Reddy for joining a TDP protest in Lok Sabha against the decision to carve out a separate state from Andhra Pradesh.
With sugar prices doubling in last one year, a Parliamentary panel today suggested that the government should draw out a long-term plan to contain the rising price trend of the sweetener.
Kingfisher Airlines, owned by the UB Group, is planning to raise up to Rs 500 crore through issue of further share capital.
In what could be seen as a testimony of the quality of its work, a staggering 94 per cent of the orders received by state-run power equipment manufacturer BHEL last year came from the private sector.
Brewing major SABMiller today said it has moved the Andhra Pradesh High Court seeking its intervention on state beverage corporation"s decision not to procure to company"s beer.
Vinayak Chatterjee / New Delhi December 21, 2009, 0:46 IST
The iconic bike maker Royal Enfield, the custodian of the oldest motorcycle brand in the world, is looking at increasing its brand reach in international markets on the back of its rich heritage.
French auto major Renault today said it is looking at launching zero emission electric vehicles (EVs) in India by the middle of this decade. The company, which today unveiled its city two-seater "Twizy" in the country, also plans to produce up to five lakh units of EVs globally by 2014.
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.
Hexaware’s net profit for the third quarter ended September 30, 2009 jumped over threefold to Rs 41.3 crore from Rs 11.5 crore in the corresponding quarter last year.
Although growth was helped by the low base of last year, monthly sales suggest the recovery is turning stronger.
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.
Bharat Forge declined 2.5% to Rs 227. The stock touched a low of Rs 219 during the day. The counter clocked a volume of 349,244 shares as against its two-week average traded quantity of 762,305 shares.
A year after India ushered in reforms in 1991, C Rangarajan, then a member of the Planning Commission, was picked by then Finance Minister Manmohan Singh to steer Reserve Bank of India for five crucial years till 1997. Then, Rangarajan, who had taught in University of Pennsylvania and management institutes in India, headed the Twelfth Finance Commission, which paved the way for fiscal consolidation, and also the Prime Minister’s Economic Advisory Council (and was, for five years, Governor of Andhra). In an interview with Sapna Dogra Singh and John Samuel Raja D, he says there are some encouraging signs in the economy, but the real recovery will come only in 2010-11.
Foreign fund house Sloane Robinson LLP has hiked its stake in Indiabulls Real Estate to 5.42 per cent through open market share acquisition.
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.
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.
Two of the country"s top corporate stalwarts, Ratan Tata and Mukesh Ambani, today showered rich praises on Tarun Das, a day after he demitted office as Chief Mentor of business chamber CII, and described him as the face of modern Indian industry.
The new Foreign Direct Investment (FDI) norms, which stipulate changes in the way foreign investment in a domestic company is calculated, have put a roadblock in the path of credit information bureaus, which are eager to rope in private sector banks as investors.
Alok Retail India, a 100 per cent subsidiary of Alok Industries, is planning a major expansion and is in talks with private equity firms to raise Rs 100-crore.
Karnataka BJP dissidents today rebuffed Chief Minister B S Yeddyurappa"s efforts to reach out to them by refusing to meet him.
The government"s fiscal deficit has reached almost half of the full-year estimate in the first six months of FY10.
State governments are increasingly moving in the direction to promote entrepreneurship and are adopting newer approaches for its development, a study by global consultancy KPMG says.
Drug maker Wockhardt today said it has been chosen as the pharmaceutical company for the maximum number of patent filings and grants from India.
Given India’s large geographical spread and ready availability of sunshine, solar energy could be the answer to our energy shortage.
The Sensex touched a high of 17,062, and is now up 202 points 17,051.
A breakout is more probable, since the market rarely range-trades inside 150-200 points for extended periods.
Pump manufacturer Kirloskar Brothers today said it has acquired controlling stakes in four companies.
Pratip Kar / New Delhi January 11, 2010, 0:53 IST
Construction work on the onshore LNG terminal, coming up at Puthuvype, near here will be completed by December, next year.
Business Standard / New Delhi December 29, 2009, 0:11 IST
Bollywood actor Aamir Khan and actress Katrina Kaif are the most downloaded celebrities by Indian mobiles users, a new survey says.
The $2 billion World Bank loan the government is seeking for road development will reduce the total borrowing needs of the National Highways Authority by 20 per cent to Rs 1,53,421 crore over the next 21 years.
Sanjaya Baru / New Delhi December 21, 2009, 0:42 IST
At the launch of Arvind Virmani’s book on Wednesday, Finance Minister Pranab Mukherjee said he was intrigued by the book’s title, The Sudoku of India’s Growth. He said he’d have thought that his chief economic advisor would not think India’s growth surge was a puzzle and that he would actually know what had driven the growth. Having got everyone laughing, Mukherjee said that though he had not read the book in any great detail, his interaction with Virmani had convinced him that though the growth may have puzzled many, Virmani actually had the key to the puzzle. Suman Bery of NCAER said meanwhile that the appropriate metaphor was not Sudoku but Rubik’s Cube.
Although the West Bengal government is reluctant to admit that the political turmoil in the Hills has affected the tourism industry in Darjeeling and the surrounding areas, it is attempting to aggressively market other destinations within the state to ensure a steady inflow of tourists.
The stock recovered some of its losses to finally end at Rs 258, down over 2% from the previous close. Around 691,753 shares were traded on the BSE as compared to the two-week daily average traded volumes of 698,158 shares on the BSE.
A Johnson & Johnson subsidiary has developed chemicals that can protect monuments.
Aided by strong growth in sales of unit-linked insurance plans (Ulips), new business premium income of life insurers went up by 75 per cent during December to Rs 12,201 crore against Rs 6,961 crore during the corresponding period last month.
Steel Authority of India Limited (SAIL) chairman Sushil Roongta was in Beijing in October for induction in the hallowed committee of the World Steel Association now chaired by Lakshmi Mittal. Being an astute business diplomat, he made use of the visit to find out what China was going to do with its rapid steel capacity build up and production.
Kumar Gallery in Delhi turns 55.
Decrease in fuel prices in the Mumbai licence area pulled down Tata Power"s revenues in Q1 FY10 to Rs 2,015.62 crore as against Rs 2,026.13 crore.
Government of India has stayed suspension of Natco Pharma"s Albupax manufacturing (product) licence. Albupax is a nanotechnology based drug and is the first generic version of the international brand Abraxane of Abraxis Bioscience Inc, USA. Albupax consists of Paclitaxel in an albumin-bound nanoparticle form and is used to treat breast cancer.
Mobile services provider, Bharti Airtel, reduced its roaming rates by nearly 60 per cent. Customers who enroll into the Airtel Turbo plan will now be charged at 60 paise per minute for all incoming calls while on roaming. The new plan is available for both existing and new customers effective Friday.
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.
Anil Ambani-promoted BigFlix and Hulu have teamed up to offer this free service and make money through online advertisements
A record addition of 15 million wireless telephone users in August has catapulted the total subscriber base in the country to 494.07 million, closer to the government’s 2012 target.
Vanita Kohli-Khandekar / New Delhi November 10, 2009, 0:55 IST
Two blocks each to go under hammer in Rajasthan and Northeast.
The Cabinet is likely to consider tomorrow granting the coveted "Maharatna" status to select profit-making Central Public Sector Enterprises (CPSEs), including ONGC, SAIL, BSNL, NTPC and CIL, that will offer them greater functional autonomy.
The government today said the pledge to cut 20-25 per cent emissions intensity by 2020, which is equivalent to the 2005 level, is a voluntary domestic commitment and not globally binding, the Rajya Sabha was informed today.
A week ago, Mahindra & Mahindra (M&M) group bought majority stakes in component firm Aerostaff Australia and aircraft maker Gippsland Aeronautics for Rs 175 crore. Aerostaff supplies components to Boeing and Airbus. The purchase was made along with Kotak Private Equity.
Retail participants have provided relief to private equity (PE) players raising funds.
Leading IT-based security solutions developer, Micro Technologies (India) Ltd, today announced the launch of Micro Jai-Kisan, an innovative device for farmers.
The Bombay Stock Exchange (BSE) brokers plan to take up extending trading hours with the Prime Minister and market regulator Sebi.
Defending BSNL"s massive loss in market share to just 16.71 per cent now from over 31 per cent in 2006-07, the government today said it was mainly due to fierce competition and not due to managerial reasons.
BS Reporter / Kolkata/ Bhubaneswar October 12, 2009, 0:30 IST
Fire at the MCL Bharatpur coal mines today affected power generation from the captive power plant of Nalco, official sources said.
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.
The private carriers would continue to provide ground handling services inside the airport terminal, along with airport operators, Air India (AI) and other selected specialised service providers, under the policy approved by the government today.
The market could test 5,300 going into the December settlement
Says government needs to increase subsidy on kerosene and LPG
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.
The Imperial, Delhi, tries its best to turn you into a master chef.
A peep into a new book about underrated Maharashtrian cuisine.
Irda panel moots each lender tying up with two life, two non-life and two health insurers.
State-run telecom operator Bharat Sanchar Nigam (BSNL) today said it has placed purchase order for mobile equipment for 20 million GSM lines for the south zone with Chinese firm Huawei and will not call for any fresh bids.
It’s a tough call for new players as entrenched ones add more services and strenghthen ties with distributors
Union minister of state for Railways K H Muniyappa has asked the state to submit a list of its demands for development of railway network in the state to the Centre before January 15, 2010.
The government today ruled out appointing an ombudsman to redress the complaints of poor mobile telephony services, like call drops, saying state-run BSNL and MTNL were taking effective steps to upgrade technology.
Shyamal Majumdar / Mumbai November 12, 2009, 0:24 IST
For the first time, India"s space scientists have developed electric propulsion technology that is expected to boost the life of geostationary satellites by upto five years.
Government today said it was carrying out research and development for using hydrogen as an alternative fuel for running transport and other power generation applications.
Subir Roy / New Delhi October 14, 2009, 0:00 IST
The order win by Suzlon’s subsidiary, REpower, to deliver 954 Mw of wind-power equipment is its largest ever onshore deal.
Suzlon Energy, one of the leading wind turbine makers, has entered into an agreement with Australia"s Infigen Energy to provide 20 units of wind power generators aggregating to a capacity of 42 MW.
Shree Cement today reported 17.66 per cent increase in sales for January 2010 at 8.82 lakh tonnes.
The Sensex after rebounding into green touched a high of 17,226, and is now up 77 points at 17,196. The NSE Nifty is up 15 points at 5,132.
The Sensex is now at 15,375, up 144 points. The NSE Nifty is at 4,566, up 43 points.
Japanese firms may be very competitive but they also understand the virtues of collaboration. At a recent press conference by Sony, the company’s managing director started his presentation by pointing out that both Sony and Nikon were supposed to have press conferences at the same time. “But we realised many of you cannot be at the same place at the same time … Since the MD of Nikon is a very good friend of mine, we sat down and found a way out. They have shifted the conference to an hour and a half after ours. So you can attend this presentation in peace, ask questions, and then head for the Nikon conference.” Nikon, for its part, arranged coaches to facilitate the transit.
Worldwide industry vertical market IT spending is projected to total $2.28 trillion in 2009, a 6.8 percent decline from 2008, according to Gartner, an information technology research and advisory company . Analysts predict the market will return to growth in 2010, when it will grow at 2.3 percent to reach $2.34 trillion.
The government today said it will raise Rs 97,000 crore in the last quarter of the fiscal through treasury bills, which are short-term bonds.
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.
Apprehending Mumbai-type terrorist attack in various parts of India, the US today alerted its citizens to be cautious during their visit to that country and asked them to defer their travel to Andhra Pradesh as violence continues over issue of separate Telangana state.
Calling for a national discussion on replicating the Gujarat model of making voting compulsory, the BJP today criticised the Congress and Left parties for opposing it "without applying their minds."
The markets continue to trade firm. The Sensex is quoting at 16,709, up 107 points, and the Nifty is at 4987, up 34 points. The BSE mid-cap and small cap indices are up in the region of a percent each. Metals, realty and consumer durables have surged in morning trades, while the IT space is subdued.
Indian handicraft exporters are gearing up to explore new markets in South Africa and Latin American countries as demand from major importers like the US and the European Union (EU) continue to suffer from the global economic downturn.
Credit rating agencies like Crisil, Icra and Care could soon get to grade educational institutions. This will help aspirants to compare institutes across various parameters, and help companies in the education space to raise funds. The Union Ministry of Human Resource Development has put up a note to this effect in the Cabinet. A decision is expected in a month"s time.
The International Monetary Fund (IMF) has reached an agreement with Sri Lanka to provide the island nation with about $2.5 billion, to help it in its reconstruction efforts.
Don"t let soaring gold prices dampen your passion for jewellery, switch to paper adornments.
The Indian Air Force (IAF) today said it had sought permission from the government to fire at Maoists if they attacked helicopters.
Among professional Indian economists, C Rangarajan comes next only to Prime Minister Manmohan Singh in terms of the number of years spent in economic policy-making. His professional life, like that of the PM, began in academia. Both chose to be teachers and ended up in government. Both served as governors of the Reserve Bank of India (RBI). Both worked closely together during the crisis months of 1991-92. One went on to become prime minister, the other almost became union finance minister!
The Karnataka government will soon select a consortium bidder for the 35-km high-speed rail transport between Bangalore International Airport at Devanahalli and the city centre, a top official said here today.
I am planning to buy a car, which most probably will end up with my father. My budget is in the range of Rs 10-13 lakh. Which one would you suggest — the Honda Civic or the Toyota Corolla Altis? He normally prefers a petrol, but if you think the new Chevrolet Cruze is much better than the rest, then I can convince him for the diesel also. I am also looking at a used, last generation 2007 Audi A4 diesel. It is working out to be more expensive even in terms of finance. What will you suggest?
Nasscom (National Association of Software and Services Companies) has identified 50 cities for the IT and ITES sector, by classifying them as leaders, challengers, followers and aspirants.
However, the survey says the Eleventh Plan period will create 58 mn new jobs
Here’s a list of the show’s snazziest and sleekest as you breeze through the event.
Will spend $58 million to acquire McCamish Systems
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 year 2009 was a difficult year for Indian merger and acquisition (M&A) deals. However, it established the supremacy of Indian investment bankers (i-bankers) by catapulting them to the top of the league table, leaving their international peers far behind.
The condition of 95-year-old Marxist leader Jyoti Basu, hospitalised with pneumonia, turned "very critical" today and he was put on a ventilator after developing acute breathing problems.
Consider the following aspects while reviewing my portfolio:
Business Standard / New Delhi October 7, 2009, 0:20 IST
India today said it supports a world free of nuclear weapons, but maintained that any international accord to achieve this goal cannot be discriminatory. “The international order cannot be discriminatory. States must fulfil the obligations they have undertaken,” External Affairs Minister S M Krishna said at the opening session of the United Nations General Assembly here.
Steel magnate L N Mittal is today believed to have proposed setting up a Rs 30,000 crore integrated steel plant in Karnataka when he called on the southern state"s Chief Minister B S Yeddyyurappa.
The US today said it was "doing everything" to make sure that Pakistan smashes terror groups like Lashkar-e-Toiba and denies them safe havens, as India remembered 183 people who fell to terrorists" bullets in attacks on Mumbai exactly a year ago.
Amid fears of a debt crisis in Dubai, ICICI Bank today said it does not have any significant exposure to Dubai corporates.
Foreign universities may be going the extra mile to lure Indian students abroad, but a new report reveals that Indian students who aspire for a Master in Business Administration (MBA) degree continue to find the country an attractive destination for higher studies.
India Infrastructure Finance Company (IIFCL) today reported five-fold jump in net profit at Rs 70 crore for the fiscal year ended March 2009.
All Sachin Tendulkar fans, who are already on a high celebrating the master blaster"s 20 years in international cricket, have another reason to rejoice as they now have a chance to own a bat autographed by him.
Describing the third quarterly performance of the bank as "very positive", ICICI Bank Managing Director and CEO Chanda Kochhar today said the bank has emerged stronger on all parameters recording an operating profit of 22 per cent minus treasury income.
Jai Arjun Singh / New Delhi November 07, 2009, 0:35 IST
Jai Arjun Singh / New Delhi October 10, 2009, 0:51 IST
Call it the Bollywood effect. At his press conference in Mumbai during the election campaign, Corporate Affairs Minister Salman Khurshid repeatedly gave film references. When someone alleged the Congress party had given very few seats to Muslim candidates and could be accused of neglecting the community, Khurshid recited lines from the famous Anand Bakshi song from the movie Amar Prem, “Kuchh to log kahenge, logon ka kaam hai kehna” (people will say something, that’s their job). After a few minutes, a chit was passed on to him saying that Minister of State in the Prime Minister’s Office Prithviraj Chavan had arrived for the next press conference. Khurshid wrapped up his press meet while saying, “This was just the matinee show. Now the evening show will start.”
The simplest solutions continue to escape those trying to fix our broken financial system. Consider banks’ need to have enough capital on hand to weather market storms. Instead of requiring banks to simply raise and hold more common equity—the most important kind of capital—regulators are kicking around more convoluted ideas.
The late Swedish journalist/author Stieg Larsson was the man behind Lisbeth Salander — the undeniably twisted and talented female protagonist of his “Millennium” trilogy. The second part in the series, The Girl Who Played With Fire, translated from Swedish by Reg Keeland, continues from where the first book left off — asocial heroine Salander once again back to her punch-throwing, expert computer hacking ways that she honed as a former security analyst in Stockholm, spinning yet another edge-of-the-seat crime thriller. Interestingly, Larsson’s father Erland Larsson, while receiving an award for his late son last year, revealed in an interview that the character of Salander seems to have been inspired by his son’s niece Terese, to whom the author had been very close.
Ranbaxy Laboratories has entered into a licensing agreement with South Korean firm Medy-Tox Inc for selling its cosmetic product, Neuronox, in India.
Companies across the world have continued to send employees overseas to take advantage of business opportunities, despite a reduced budget for international assignment programs during the economic downturn, a KPMG survey said.
A large number of academicians, including principals and vice-chancellors of various colleges and universities, met here today to discuss the Yash Pal Committee report on higher education, according to Pankaj Chandra, director of Indian Institute of Management, Bangalore (IIM-B).
India hasn’t reached the stage where top professors acquire celebrity status, but it could be getting there. At an event organised by the All India Management Association, a student asked IIM Bangalore Director Pankaj Chandra for his autograph. Professor Chandra was a bit taken aback and suggested the student get autographs of important persons at the function — the student was adamant, so Chandra obliged.
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.
Last fortnight, Vancouver, British Columbia hosted the annual International Fiscal Association (IFA) Congress with over 1000 international tax experts representing large MNCs, international tax experts, academicians and tax administrators of several jurisdictions. Expectedly, the buzz centered on India’s Direct taxes code. Most participants expressed anxiety on DTC provisions impacting cross border investments, particularly on General anti-avoidance rules (GAAR) and were perplexed with a position that the Indian domestic law can override a double tax treaty (DTT).
The ‘unscientific’ coal mining in Jantia Hills of Meghalaya is severely affecting power generation at North Eastern Electric Power Corporation’s (Neepco) Kopoli hydro project in Assam due to rise in acid content of water in the reservoir. The high acidic nature of reservoir water has led to unprecedented rise in wear-and-tear and breakdown of machines and parts of the power plant.
Engineering Exports Promotion Council(EEPC) expects growth in exports to remain flat this year at last fiscal"s 15 per cent levels.
Gujarat Co-operative Milk Marketing Federation (GCMMF), marketing its products under the brand Amul, will hike milk prices for the second time this year by Rs 1 per litre in the city from tomorrow, a senior federation official said today.
Food company Britannia Industries has reported an increase of 11 per cent in its net profit at Rs 59.07 crore for the second quarter ended September 30, 2009, compared with the corresponding quarter last year, on the back of recent launches and its focus on the Rs 5 price point.
More than 150 entrepreneurs participated in business guidance and mentoring camp at Ludhiana organised by Punjab Infotech in association with TiE Punjab & Chandigarh for MSMEs. The campaign aims to take mentoring – TiE’s key value proposition and core philosophy – to Tier 2 cities across India and help entrepreneurs realize their dreams and is a part of TiE’s Pan-India campaign called "Enterprising India – Changing the nation. Leading the World".
For most consumer product players in the country, the upcoming festive season is being looked upon as the best platform to return into the black. However, for the biscuit and confectionary makers, the customer preference of traditional sweets over packaged items is expected to affect business. To counter this, companies are devising strategies to hold their profits through gift hampers and customised products.
Punjab today demanded a special package of Rs. 7410 crore from the Centre to fight the drought like situation in the state. The package included Rs.4400 crore on increase of Rs.400 per quintal in MSP of Paddy, Rs.1100 crore as drought relief for Paddy and Cotton, Rs.1420 crore for Punjab State Electricity Board to compensate it for diversion of 3500 million units of power to agriculture sector from industrial commercial and domestic paying sectors, Rs.440 crore on hike of Rs.400 per quintal in MSP of cotton and Rs.50 crore on increase of Rs.100 per quintal in MSP of Maize.
The utilisation of funds under the National Rural Employment Guarantee Scheme (NREGS), the flagship programme of the United Progressive Allinace (UPA) government, declined to 75 percent in 2008-09 from 82 percent in 2007-08.
Equity derivatives volumes on NSE fall, but traders say it’s too early to see a trend.
GVK Power and Infrastructure (GVKPIL), with interests in power, roads, airport, and aviation, reported a 45.19 per cent increase in net profit to Rs 44.23 crore for the second quarter ended September 30, 2009, as compared with Rs 30.47 crore in the corresponding period last year.
The state-run aluminium major National Aluminium Company (Nalco) has posted 64 per cent erosion in net profit at 159.49 crore in the second quarter ending September 30, 2009 as compared to Rs 444.46 crore in the corresponding quarter last year.
Paul Samuelson had a Nobel Prize in economics to his credit, a large and faithful following who venerated him for his resurrection of Keynesian economic theory, the ear of several US Presidents and a tradition of fruitful, running battles with the likes of Milton Friedman and Alan Greenspan. But when he died this Sunday, at the age of 94, the legacy he left behind him was to be found in college classrooms across the world.
Private Equity (PE) investments into South India have dropped 64 per cent between April and September, 2009, to $626 million from $1752 million, during the same period last year. The number of deals fell 48 per cent. Among the four states in South, Andhra Pradesh had attracted the highest investment, in terms of value.
State-run BHEL today said it has bagged a Rs 91 crore order from UK-based Power Engineers Contracting company to supply gas turbine generating unit for its Nasiryah power project in Iraq.
As probe intensifies, says he’s being framed since he’s a tribal.
Former Jharkhand Chief Minister Madhu Koda was today discharged from a city hospital and claimed he was "innocent" and was not involved in the Rs 2,000 crore hawala scam even as Income Tax officials prepared to question him in connection with the case.
The markets opened the New Year on a promising note today with the BSE Sensex shutting the shop at a 20-month high at 17,558.73 gaining 94 points, driven by a rally in the auto and metals counters and firm European cues.
Hinduja Group’s flagship company Ashok Leyland’s Rs 1,300-crore Pantnagar (Uttarakhand) plant is likely go onstream within the next few months. The plant would have an installed capacity of 50,000 units of commercial vehicles annually.
Sun TV erased all its gains and finally ended in the negative terrain at Rs 333. The counter clocked volumes of 6,969 shares as compared to the two-week daily average traded volumes of 18,919 shares on the BSE
Korean consumer durables maker LG Electronics today said it will hire around 4,000 people in India in next three months to enhance its after-sales services in the air conditioner segment.
Foreign fund house Deutsche Securities Mauritius has hiked its stake in commercial-vehicle maker Eicher Motors to 5.17%, after purchasing fresh shares through an open-market transaction.
Driven by robust growth in its larger units, hospital chain Fortis Healthcare today reported a 23.4 per cent increase in net profit at Rs 12.9 crore for the second quarter ended on September 30, 2009.
India"s moon mission has proved to be quite economical and cost much less compared to what other countries have spent on their projects, mission director M Annadurai said here.
US Agriculture Secretary Tom Vilsack stood up for pigs and hog farmers, saying their name has been dragged through the mud by people who insist on calling the A(H1N1) influenza pandemic "swine flu."
The swine flu virus may see a possible upsurge during the upcoming winter season in the South East Asian region, including India, the World Health Organisation today warned, asking nations to continue updating combat measures.
The Supreme Court today refused to give any relief to Swiss pharma firm Hoffman La Roche Ltd that had challenged a Delhi High Court order allowing Cipla to manufacture and sell a generic version of lung cancer drug "Erlotinib".
The Supreme Court today decided to commence final hearing on the high-profile gas dispute between the group firms of Mukesh Ambani and his younger brother Anil from October 20.
Indian drug firm Sun Pharma may have to shell out up to Rs 1,000 crore this fiscal for acquiring Israel-based Taro Pharmaceuticals.
The puppy has come to life. Calcium Sandoz, the 40-year-old calcium supplement brand for kids from Novartis, has long been synonymous with its cute ‘puppy’ packs. The company has now rolled out a television commercial which for the first time features the puppy in action — it helps a kid do his everyday tasks and activities with ease.
Indian drug firm Sun Pharma may have to shell out up to Rs 1,000 crore for acquiring the Israel-based Taro Pharma-ceuticals. “If we are able to get all the shares of Taro pharma-ceuticals, including promo-ters’, then the total cost would be up to Rs 1,000 crore,” the firm said.
Notwithstanding the presence of global steel giants like ArcelorMittal and Posco in the country, domestic steel firms are still "better placed" to grow in the lucrative Indian steel market, global research firm Macquarie says.
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.
With government"s flagship Sarva Siksha Abhiyan (SSA) scheme showing encouraging results in expansion of elementary education, the World Bank has come forward with an offer to provide additional funding of $500 million for the programme.
Students of the joint action committee (JAC) at Osmania University, the nerve centre of pro-Telangana protests, on Sunday said they would block all the entry points to Hyderabad, including national highways, in a bid to prevent leaders of Seemandhra (Rayalseema and Andhra) from entering the state capital on January 5.
Hyderabad-based pharmaceutical major, Dr Reddy’s Laboratories, forayed into the transdermal patch segment with the launch of Finrid – a medicated adhesive patch used in the management of severe to moderate pain – in the Indian market.
Kerala Finance Minister T M Thomas Issac today said that the government has no plan to cut tax rates on petroleum products.
Reliance Life is in talks with Chinese insurance giant China Life for a pre-initial public offer (IPO) placement. The Anil Dhirubhai Ambani group company is also in discussions with a private equity player for a total placement of 15 per cent stake.
Swaraj Baggonkar / Mumbai January 5, 2010, 0:31 IST
To make up for 80% of losses incurred by component suppliers
Anil Ambani Group"s life insurance venture Reliance Life expects to tap the capital market with its initial public offer in the first quarter of next fiscal, a top company official said here.
Business Standard / New Delhi December 11, 2009, 0:05 IST
Gold, which has been one of the bigger investment vehicles this year, would remain so as the demand for the metal is underpinned by inflation, economic uncertainty and investors" search for alternative assets, says an official of the World Gold Council.
India urgently needs a new land acquisition policy as the present framework is outdated and does not adequately incorporate the interests of the owners and workers of the land procured by private firms, according to Planning Commission member Arun Maira.
The Allahabad High Court today quashed UP government"s notification for use of emergency powers to buy land for Anil Ambani group firm"s Dadri power project, side-stepping a provision for inviting objections from land owners.
Business Standard / New Delhi December 30, 2009, 0:34 IST
Rajesh Bhayani / Mumbai September 18, 2009, 0:02 IST
Merchant power becomes attractive, as business evolves into end-to-end model.