Business Ideas
Anil Ambani Group"s DTH arm Reliance BIG TV is believed to be in discussion with content providers like Max Broadcasting, Warner Home Entertainment Group and CNN to acquire non-film content for its pay per view (PPV) platform.
Nation building through learning – Usha Martin Education & Solutions Limited (UMESL), forays into providing standardized end-to-end solutions and school management services to enable the creation of a national network of high quality English medium K-12 schools with a focus on non-metro towns and cities of India.
Indian Oil Corporation (IOC), the country"s largest refiner, today reported a steep decline of 76.45 per cent in net profit at Rs 696.59 crore for the third quarter ended December.
The Royal Bank of Scotland (RBS) will sell part of fund management assets to Aberdeen Asset Management Plc for an estimated 84.7 million pounds.
The Sensex opened weak this morning following subdued cues from its Asian peers. The Sensex opened at 16,827 and is now down 61 points at 16,798.
As with all the bad news from Iraq and Af-Pak, sooner or later the bad news on the climate acquires a stultifying sameness. Only when a surge is in sight — troop surge, storm surge — does one’s news radar jolt awake momentarily. The cause of this deadened state is not an unassimilable surfeit of information, rather, it is a shortage of the right sort of information. Despite the barrage of news and opinion, we don’t know enough to figure out what the right questions are. Without that foundation, our knowledge rests on a bog, into which it is liable to settle with a gentle burp or two of greenhouse gas (or, hot air).
The markets continue to trade weak. The Sensex is quoting at 16,435, weaker by 345 points, and the Nifty is at 4,893, down 114 points. Realty, metal, auto and banking sectors are weak; the FMCG space is the only silver lining.
All the base metals on the London Metal Exchange continue to rise higher and higher, aided principally by the growing investor support, improving global economic sentiment and inflation in smelter operational costs. At this point, with investors deciding to pin their faith on positives like good showing by China and India; and Euro zone breaking out of recession and not to be bothered by still wobbling US economy, copper is bid at $7,454 a tonne and aluminium at $2,293 a tonne, for ready delivery.
Ahead of the next round of talks on a bilateral trade treaty with India, the European Union (EU) today said it was keen that the comprehensive pact included government procurement agreement.
China presents four major opportunities to the IT industry in India, including servicing the north Asian market, Som Mittal, Chairperson of NASSCOM (National Association of Software and Services Companies), said here today.
On the eve of the first anniversary of the terror attacks in Mumbai, British Prime Minister Gordon Brown today lauded the response of Indian government and the people to the strikes, saying they were "neither cowed nor provoked but stood resolute".
A sizeable number of Americans believe that the next Bill Gates will come from India or China, as the two Asian giants are fast marching ahead on the global platform, a new US survey reveals.
After being market leaders for a long time, outsourcing firms in India and North America are now faced with increasing competition from new entrants amid rising demand for services globally, a survey says.
Apollo Tyres, India’s second largest tyre manufacturer by tonnage, posted an 18-fold increase in net profit at Rs 102 crore for the quarter ended December 31, as compared to Rs 5.5 crore in the same quarter a year earlier.
Sales of commercial vehicles (CVs), which were on a decline for over a year, are showing signs of a recovery. Two out of the three CV makers reported an increase in sales last month.
Auto components maker Cooper Corporation today said it will foray into manufacturing of commercial vehicles, mainly to compete with Tata Motors" LCV Magic, and has earmarked Rs 300 crore to set up a plant and expand facility in Maharashtra in next 18 months.
The economic and financial status of emerging market economies like India will continue to improve in the days to come and the recent downturn will help accelerate the trend, says a report.
The government has turned down the suggestion of the India Infrastructure Finance Co (IIFCL) to use its refinance facility for other lending. The Rs 10,000-crore facility was announced last year to support private partnership projects in the infrastructure sector. After seeing a lukewarm response to the facility, IIFCL had proposed that the funds lying idle could be utilised elsewhere.
The state government has invited large and mini cement players in Gujarat for obtaining new mining lease of limestone blocks.
BMW and Mazda lead the way in cutting auto emissions, well ahead of their rivals in the hunt for cleaner cars as new European Union targets begin to bear green fruit, a report showed today.
American car major Ford today said it will increase vehicle production in India by over 30 per cent from this month to meet increased demand in the upcoming festival season.
India"s inflation is likely to touch 8 per cent by the end of this fiscal, with an increasing risk that it may even reach double digits due to soaring food prices.
Trades between FIIs generated a volume of Rs 30 crore on the BSE Wednesday-an decrease of 44.03% from Rs 54 crore clocked on Tuesday. As many as five stocks witnessed trades of 3.47 lakh shares on Wednesday.
Inflation jumped to 4.78 per cent in November, driven by rising prices of essential food items like pulses, fruits and vegetables.
Bajaj Auto shares rose 6.52 per cent to Rs 1,304.5 on the proposed increase in its motorcycle production. Bajaj’s plan to raise domestic motorcycle production by about 25 per cent in August 2009 came as a response to stronger demand in the segment.
People in the Naxal-infested district of Dantewada in Chhattisgarh no longer want outsiders to interfere in its affairs to solve the insurgency problem.
Hinduja Group firm Ashok Leyland on Wednesday said that construction of its proposed facility to make light commercial vehicles (LCVs) in partnership with Japan"s Nissan had been deferred due to sluggish market conditions.
Hosted by President Barack Obama as the first State Guest, Prime Minister Manmohan Singh has favoured a strong and sustained engagement between India and the US with an emphasis on finding new pathways of international cooperation to respond more effectively to the "grave" global challenges.
Sanjaya Baru / New Delhi January 11, 2010, 0:36 IST
Using a disputed measure, TAM, the television research agency, has said Doordarshan not only commands the highest channel share compared to private networks but attracts a far greater number of viewers. It made a presentation to this effect before the information and broadcasting minister recently.
The issue of proposed amendments to the existing Copyright Act, 1957, is becoming a flash point between broadcasters and the Ministry of Human Resource Development (HRD), with news broadcasters asking the government to take them into confidence before undertaking any amendment to the law.
- A tear for reality - RIP sweet child - Evidence of Krishna - Old money - Beat it, no more - The ultimate high
Prime Minister Manmohan Singh will inaugurate the 92nd conference of the Indian Economic Association (IEA) at the city-based KIIT School of Management on Sunday in the presence of the state chief minister Naveen Patnaik.
The Organisation of Petroleum Exporting Countries (Opec) has projected that a rise in India’s gross domestic product (GDP) would lead to increased oil consumption next year. India oil demand was not affected by the economic crisis in 2009, and next year’s oil usage is forecast to grow further. All sectors are seeking more energy and new vehicle registrations are expected to continue the fast growth of 2009. These factors would push up oil demand by 15 per cent, making it the fastest growing product in terms percentage rise, Opec said.
Linking the Kashmir problem with the Middle East conflict, President Asif Ali Zardari has asked the US to demonstrate "neutrality" and step up efforts to "mediate" on the issue between India and Pakistan.
The government"s high borrowings may not push up interest rates sharply towards the end of this year and are likely to hover around the current levels, Prime Minister"s Economic Advisory Council chairman C Rangarajan said.
The government today ruled out any increase in its borrowing programme for the current fiscal and said expenditure needs due to failed monsoon would be met with additional tax and adjustments within the budget.
Airlines this year would lose $11 billion due to rising fuel prices and exceptionally weak yields, the International Air Transport Association has said.
Japan"s national flag carrier is planning to suspend a total of 50 domestic and international routes by the end of fiscal 2011 through March 2012 as part of its restructuring measures, sources close to the matter said today.
SpiceJet has been recognised amongst the top ten budget airlines in Asia, based on the results of “Best in Travel Poll 2009”, an online survey on budget airlines conducted by Smart Travel Asia magazine, which is a online travel magazine for Asia read by over 10,00,000 visitors annually.
Stock broker Ketan Parekh, alleged mastermind of the securities scam of the 1990s, has moved the Supreme Court seeking permission to travel abroad for the treatment of his daughter.
After India-born billionaire Lakshmi N Mittal, French oil major Total SA has pulled out of the planned $10 billion refinery-cum-petrochemical project at Vizag in Andhra Pradesh.
The Society of Indian Automobile Manufacturers today said implementation of new emission norms scheduled to be effective from April 1, 2010, should be postponed by up to six months if there is no clarity on availability of upgraded fuels latest by January-end.
The country"s biggest two-wheeler maker Hero Honda Motors Ltd today reported 32 per cent jump in November sales at 3,81,378 units as against 2,89,426 units in the same month last year.
The Auto index was up 1% at 7,316.
Mercedes-Benz India today sounded bullish about the growth of the heavy duty truck segment in India and said it plans to sell 240 units of the product this year.
Kishore Singh / New Delhi November 10, 2009, 0:00 IST
General Motors, which has been in talks with its Chinese partners SAIC and Wuling for bringing their products to India, is likely to finalise plans on the type of vehicles and manufacturing road map soon.
Two-wheeler manufacturer TVS Motor Company today reported 12 per cent increase in its vehicle sales during October.
With a view to tap the growing used car market in the country, General Motors (GM) India Limited plans to roll out five more Chevy Ok used car centers within a fortnight. GM India has already opened 17 such centres across the country and these centres have recorded over 500 transactions. “GM India has got a very good response to its used car business in the country. We are going to add five more Chevy Ok centres in different locations within a fortnight,” P Balendran, vice-president (sales), GM India told Business Standard.
Upbeat on demand for electric cars, Bangalore-based Reva Electric Car Company will launch two new models globally by early 2011.
General Motors India today said its proposed mini car, to be launched by this year end, would be exported after meeting the domestic demand.
In a bid to augment growth, the Rs 2,830-crore Dabur India has identified the foods segment in addition to skincare as areas it wishes to focus on in the coming quarters. Dabur India’s Vice-Chairman Amit Burman says these categories are critical for the company.
Kirtika Suneja / New Delhi December 10, 2009, 0:11 IST
To manage and transform data centre.
Second hand demand entirely for the top-end LX variant
Indian Commodity Exchange (ICEX) is likely to launch operations on November 23 with 10 contracts in the farm and non-farm space, a source familiar with the development informed. “Most pre-launch formalities such as finalising the bye-laws and a few regulatory approvals are at a final stage, and the exchange may go live on Nov 23,” the source said.
The Sensex has now re-gained the 17,000 mark and is now at 17,007, up 376 points.
Foreign Institutional Investors raised their holdings in as many as 25 Sensex companies in the first quarter of the current fiscal, riding on positive global cues and a decisive verdict in the general elections.
Private sector life insurer DLF Pramerica, promoted by realty firm DLF and US-based Prudential Financial, today said the two shareholders were committed to the venture, repudiating reports that the Indian partner was mulling over a possible exit.
Realty giant DLF has reported a 78.76 per cent plunge in its consolidated net profit to Rs 396 crore for the quarter ended June 30 due to sharp decline in demand for its housing and commercial properties.
With the city earning the dubious distinction of having the largest number of swine flu victims in the country, a heavily burdened health care apparatus is banking on development of herd immunity to combat the pandemic.
IT services provider Nucleus Software Exports today said it has entered into an alliance with Senior Solution for distribution and marketing of its product in Brazil.
Hyundai Motor Co, LG Electronics Inc and other South Korean companies will get greater access to India’s 1.2 billion people in a trade deal to be signed tomorrow.
The government today sought to bolster exporters, hit hard by recession in the West, by extending various tax sops and special incentives on trade with markets in Asia and Africa, in its Foreign Trade Policy.
President Barack Obama declared swine flu a national emergency, the White House announced in a statement yesterday.
Gold futures prices shot up to a record high of Rs 18,167 per 10 gram for April delivery at the MCX platform today, tracking firm global markets amid weak dollar.
Aurobindo Pharma Limited announced that it received two approvals from Swissmedic, a Switzerland government agency for therapeutic products, for the licence of Amlodipine APL 5mg and 10 mg tablets and Melformin APL 500 mg, 850 mg and 1,000 mg tablets.
Investment banking companies are back on the campuses of Indian Institutes of Technology (IITs), offering plum jobs to engineering graduates. IITs, which will begin placements tomorrow, expect this year to be a better one as compared to last year.
Aim at closing inactive accounts and increase low-cost deposits
Hyderabad-based Aurobindo Pharma Limited received approval from Swissmedic, an agency of Switzerland government for therapeutic products, for the licence of Cefepime APL for injection 1g and 2g.
IBM today announced that it has signed a 10-year Information Technology (IT) services agreement with Gujarat-based Sardar Bhiladwala Pardi People’s Co-operative Bank (SBPPCB). The engagement will be in the form of a pay-as-you-go model, which will enable the bank to save up to 50 per cent in its capital expenditure on IT Infrastructure, IBM said in a statement.
Reliance Retail looks at deep-discount stores, Spencer’s at franchisees
Amid rice prices going up, the government today said it has no plans to abolish customs duty on rice import for now as there is sufficient stocks of the foodgrain.
The Finance Ministry today said that customs duty collections at about Rs 18,000 crore in the first quarter of this fiscal and initial reports on steel and cement sectors point to a recovery in industry that would also benefit from tax cuts announced as part of stimulus packages.
Helios Capital Management Pte, the hedge-fund manager once backed by Tudor Investment Corp, plans to start a “Slumdog Millionaire” fund that will buy underperforming shares of Indian companies.
Advocacy group, USAsian has commended globally acclaimed author Vikas Swarup for receiving the US-India Business Council’s 34th anniversary award and for being invited to the Capitol Hill by the co-chairs of the Congressional Caucus on India and Indian-Americans.
Gold futures prices traded lower by 0.27 per cent today on reduced offtake at existing higher levels.
The government on Tuesday said it would not withdraw the fiscal stimulus, provided in the last one year to help the economy deal with the global slowdown, in the current financial year.
Business Standard / New Delhi December 17, 2009, 0:58 IST
The Asian Development Bank (ADB) plans to channel around $700 million from two new investment funds to its developing member countries as part of a broad global initiative to help developing countries meet the cost of actions needed to combat climate change.
Which SUV would be the best in the used car market for a price range of Rs 10-15 lakh? The vehicle should be not more than two years old and should not have done more than 20,000 km. My second query is which SUV is good but as a new vehicle in the price range of Rs 15-20 lakh. Diesel is preferable for economy though I don’t drive much (about 100 kilometres in a week). Kindly suggest.
Aurobindo Pharma Limited, a Hyderabad-based manufacturer of generic pharmaceuticals and active pharmaceutical ingredients (APIs), has received approval from the Medicines Control Council (MMC) to manufacture and market two more products in South Africa.
When is Skoda likely to launch the Laura 1.8 TSI Elegance with a DSG?
The country"s largest car-maker, Maruti Suzuki India (MSI), today said its exports are expected to achieve the one-lakh units mark in the current financial year (2009-10).
The country"s largest car maker, Maruti Suzuki India Ltd, today reported a 33.36 per cent jump in sales at 78,074 units in July.
Orchid Chemicals gained nearly 4% at Rs 105, after touching a high of Rs 106 during the day. Around 862,500 shares were traded at the counter against its two-week average of one million shares.
Eight automobile engineers from Detroit, the car capital of the United States, will join Maruti Suzuki’s operations in India in the next two months, as part of the start of the latter’s plan to transform itself as the largest research and development centre for parent Suzuki outside Japan.
The country’s largest car manufacturer, Maruti Suzuki India, expects double digit growth over the next few months.
The country"s biggest car maker Maruti Suzuki India today said it would shift some of its car production from its Gurgaon plant to the new facility at Manesar in a phased manner.
Glenmark Pharmaceuticals has raised Rs 413 crore through its recently concluded Qualified Institutional Placement (QIP), which will be used towards its debt reduction plan, a top company official said.
The consumer electronics market is strongly driven by technology. Companies vie with each other to introduce new technologies in the market. Thus, Samsung has opened a new category of flat-panel televisions that use LED (light emitting diode) technology. These televisions use LEDs as the primary light source rather than the traditional cold cathode fluorescent lamps, which allow higher contrast ratios and slim depths for better design.
Information technology major IBM has signed a 10-year strategic outsourcing agreement with cable and broadband distribution player Digicable, for an initial outlay of Rs 380 crore.
People are chanting for the ‘God’ out there. They think Schumi can return to the paddock, wear a slightly larger racing suit, jump into Massa’s Ferrari and start winning races. Whatever the outcome may be, the return of The Champion is the best thing that could have happened to Formula One this year after the Brawn 1-2 at Albert Park.
The Centre, in an attempt to end the imbroglio over Telangana, today convened a meeting here on January 5 of eight recognised political parties in Andhra Pradesh for a discussion on the issue, a move welcomed by a grouping of all parties spearheading the statehood stir.
The Indian corporates have all the reasons to smile in this scorching summer of June, as they can take their teams on the fast track. Radio City Connect, activation arm of Radio City, India’s first and leading FM radio brand has partnered with Force India F1 team for Corporate Go Karting Championship across Mumbai, Delhi, Chennai, Bangalore and Hyderabad. Corporates from these five cities will get an opportunity to participate in the Maruti Suzuki Ritz presents Force India & Radio City Connect corporate Go Karting Championship.
Vijay Mallya-controlled United Spirits Ltd (USL) has reiterated its plans to deleverage its balance sheet by the end of October this year. USL has a debt of around Rs 6,000 crore — a leverage of nearly 2.5 times.
In a rebuttal to Plan panel"s comments that his ministry"s highway targets were "unrealisable", Road Transport Minister Kamal Nath today said he was "realistic" about his 2009-10 plans on awarding projects for 12,652 km, which will be completed by June.
Prime Minister Manmohan Singh has assured Sri Lankan President Mahinda Rajapaksa of all support for resettlement of the Tamil civilians, displaced due to fighting between security forces and the LTTE in the north.
The world"s largest steel maker ArcelorMittal may cut 10,000 jobs globally next year and plans to reduce costs in order to regain its lost market share particularly in Europe, a media report says.
India and Pakistan"s decision to carry on with the dialogue process drew mixed response in Kashmir today with mainstream parties welcoming it and separatists insisting that the Sharm-el-Sheikh meeting was "inconclusive" without the participation of Kashmiris.
Hailing the decision of the two neighbouring countries to resume dialogue, the Pakistan media today said credit must go to both sides for "seizing the moment and breaking the impasse" and that they should build on the "breakthrough" achieved in the meeting between the two Prime Ministers.
May look at VRS later
A body of urban cooperative banks has appealed to Finance Minister Pranab Mukherjee to restore the income tax exemption they enjoyed till 2006.
Steel magnate Lakshmi Mittal has pulled out of a project to develop an oil field in Kazakhstan in partnership with Oil and Natural Gas Corp (ONGC) and is looking for buyers for its stake in another company in the Central Asian nation.
Jewellery makers and gold retailers are pulling out all the stops to bring back customers. The sharp rise in gold prices has meant dwindling sales and so discount offers have gone through the roof.
Gold is selling at a Rs 50 discount in Mumbai’s Zaveri Bazar on widening disparity between prices in dollar and rupee terms. The precious metal in rupee terms failed to catch the speed of price escalation in dollar terms, as Indian buyers kept on the sidelines on rising prices in overseas markets.
Foreign institutional investors (FIIs) were net buyers of Rs 366.81 crore (provisional) today, according to data released by BSE.
Gold breached the psychological Rs 17,000-per-ten-gram mark for all the running contracts in futures trading at the Multi Commodity Exchange on a firming trend in the global markets where it crossed $1,140 an ounce.
The contemporary hotel in India is lifestyle- rather than luxury-oriented, and it suits younger business travellers just fine.
Anil Ambani group firm Reliance Communications (RCom) today said its telecom tower subsidiary Reliance Infratel has filed the draft prospectus for its initial public offer with market regulator Securities and Exchange Board of India (Sebi).
Prime Minister Manmohan Singh today regretted that the food processing sector was subject to "multiple levies" and said there is an urgent need to rationalise tax structure to replicate the success of the IT industry globally.
Shipments in first 8 months of the calendar year dip 54.55%.
Tata Communications today announced its foray into the fast-growing managed banking infrastructure solutions space through a subsidiary, Tata Communications Banking InfraSolutions (TCBIL).
India’s government might miss a target to add capacity at its 12 major ports, as the economy grew less than anticipated and global trade slumped amid a recession, the shipping secretary said.
The Prime Minister’s Economic Advisory Council, or PMEAC, has favoured a single slab each for goods and services or one common rate for both under the proposed goods and services tax (GST), unlike the proposal mooted by the states.
The Sensex opened at 17,204 owing to negative global cues. The disappointing economic numbers from Japan had a negative impact on the Indian bourses. The index tried to recover but could only manage to rebound in green for a brief while. The benchmark index then slipped to a low of 17,057 following profit booking in the banking and metal stocks.
The Sensex opened marginally (24 points) lower at 17,204 amid weak cues from the global markets. The index soon dropped to a low of 17,111, and is now down 47 points at 17,181.
Prakash Industries, engaged in steel, mining and power businesses, today reported a 40 per cent growth in net profit at Rs 67.80 crore for the second quarter ended September.
Reliance tops the combined value chart on both the BSE and the NSE with a total turnover of Rs 558.09 crore. It is followed by Suzlon (Rs 531.62 crore), Tata Steel (Rs 413.41 crore), DLF (Rs 390.68 crore) and Aban Offshore (Rs 372.79 crore).
The Sensex is at its day"s low of 14,999 - down 411 points. The Nifty is down 129 points at 4,459.
Continuing their association with the Indian Institute of Management, Ahmedabad (IIM-A), the institute"s alumni picked up students for the ongoing summer placements through their companies. The alumni"s firms that returned to the campus included Edelweiss Capital and Feedback Ventures.
Summer placements at the Indian Institute of Management-Ahmedabad (IIM-A) started on a good note today, with consulting firms and investment banks continuing to rule the roost on Day Zero — the opening day.
Corporate profit margins have recovered handsomely but are likely to come under pressure in the face of both higher salary as well as increased raw material costs.
Plan aimed at minimising any direct redundancies.
With Haryana Chief Minister Bhupinder Singh Hooda earlier indicating review of the Haryana industrial policy, industrialists in Panchkula eagerly await the review that might help in changing the facade of industry in the state.
Haryana is scouting for alternative means of revenue generation to combat the tight fiscal health of the state. State Finance Minister Captain Ajay Singh Yadav told Business Standard that a meeting of resource mobilisation committee had been called under the chairmanship of Chief Minister Bhupinder Singh to discuss the new avenues for revenue generation.
Rise of Congress, further decline of BJP and the relegation of the Left and some regional parties to the margins marked the highs and lows of politics in 2009 as price spiral poses an intense challenge to the government in the new year along with Naxal and cross-border terror.
Dubai World: Lenders to Dubai probably face writedowns. But the few available numbers suggest the losses won’t be huge.
In yet another twist to the issue at Singur—the erstwhile Tata-Nano project site— the West Bengal government has written to the Railway Board, seeking a formal proposal for the rail coach factory on the site, mooted by Trinamool Congress leader and Railways Minister Mamata Banerjee.
Ahmedabad-based Adani Group is looking at increasing the area of its multi-product SEZ at Mundra in Kutch.
Indian-American Anil Kumar, an accused in one of the the largest insider trading scam in the US, has agreed to waive indictment in the Galleon Hedge Fund case, in an indication that he might plead guilty as per a deal struck between him and the prosecutors.
Sri Lankan Tamil-origin billionaire Raj Rajaratnam has pleaded not guilty before a court here to running an insider trading scam that allegedly racked upto $21 million in profits, the biggest such case in the US.
Maharashtra sugar mills, which contribute over 35 per cent to the total sugar production, are not affected by the controversy over the fair and remunerative price (FRP) and the subsequent ordinance issued by the Centre. Over 150 cooperative and 25 private mills in the state have paid Rs 800 a tonne more than the prevalent statutory minimum price (SMP) of Rs 1,070 a tonne during the 2008-09 season.
He’s done it again. The director whose fun films pack a hard social message is relishing the success of 3 Idiots. Abhilasha Ojha finds out what makes him tick.
The cost cutting measures taken by companies to tackle economic crisis, have sharply eroded morale and commitment of their employees, especially of the top performers, a study by Watson Wyatt says.
Shree Renuka Sugars ended at Rs 229, up by Rs 7 or 3.3%, on the BSE. Over 4.07 lakh shares have changed hands at the counter. The stock hit a high of Rs 230 and a low of Rs 223 during the day.
Business Standard / New Delhi August 26, 2009, 0:43 IST
US-based provider of low-cost shared computing technology NComputing Inc is aiming at doubling its deployments in India to 400,000 by the end of the calendar 2009.
Insurers want mortality charges outside the ceiling
Insurance companies have asked the government to shift to the new tax regime under the Direct Tax Code only for those policies sold after the proposed Code came into effect from April 2011.
Business Standard / July 07, 2009, 3:14 IST
The promoters of Aegon Religare Life Insurance today infused fresh capital of Rs 70 crore into the company taking the total base to Rs 465 crore.
Low economic activity and unwillingness by insurers to underwrite loss-making portfolios led to a fall in business for segments such as marine cargo and health.
Abheek Barua / New Delhi July 22, 2009, 0:45 IST
Authorities in Mexico have announced three more deaths, as the United States and Canada each said they had another death connected with the illness.
The advance tax collection from India Inc rose 20 per cent during the first nine months of the current fiscal compared to the same period last year, with automobiles, consumer goods and metals leading the pack.
A week after the government met select public sector bank chiefs to discuss consolidation, Reserve Bank of India Deputy Governor KC Chakrabarty reiterated again that the time was not ripe for such a move.
After acquiring United Western Bank three years ago, IDBI Bank is at it once again and has identified two domestic lenders as possible targets.
In a measure to control the circulation of counterfeit notes, the Reserve Bank of India (RBI) has directed banks to issue bank notes in denominations of Rs 100 and above either over their counters or through automated teller machines (ATMs), only after these banknotes are duly checked for authenticity and fitness by sorting machines.
The government said today it is examining a proposal to implement a debt-relief package for growers to revive the coffee industry.
Prices collapsed in settlement week with the Nifty dropping 5.7 per cent to close at 4,711.7 points. The Sensex was down 5.5 per cent, closing at 15,896 points. The Defty was down 6.8 per cent with the dollar bouncing from over-sold levels.
The ambiguity over availability of 3G (third generation) telecom spectrum would end soon, as the ministry of defence has agreed to release 25 MHz of 3G spectrum before December 8, paving the way for auctioning of all the four slots in every circle simultaneously. But, the successful bidders in the auction would be able to utilise the spectrum only after June 2010, despite the auction process happening on schedule in January.
The Empowered Group of Ministers (EGoM) on the auction of third generation (3G) spectrum will meet tomorrow to discuss the vacation of spectrum by defence forces.
JMM chief Shibu Soren is all set to take oath as chief minister heading a five-party coalition in Jharkhand tomorrow, which will be the seventh dispensation in nine years since it became a separate state.
Shilpy Sinha / Mumbai January 5, 2010, 0:12 IST
India, with exports of over 100 million tonnes of iron ore, must be keenly watching as to how soon the recently sealed joint venture (JV) between BHP Billiton and Rio Tinto to combine their mining operations in the Pilbara region of Western Australia will cross the regulatory hurdles at European Union Competition Commission and also China’s competition regulator. However, sweetly the JV is now framed to placate raising of market dominance questions, iron ore buyers fear that pooling of knowledge about production volumes and demand by the pair in JV will put them at a distinct disadvantage.
Anglo-Australian mining giant Rio Tinto today said it will sell building products maker Alcan Composites to Swiss firm Schweiter Technologies for $349 million.
US markets ended flat on Tuesday.
Citibank India today said it has launched a new rewards platform-CitiRewards, targeting customers who hold Citi-branded credit cards.
Delhi-based real estate company Emaar MGF plans to utilise over half of the amount it will raise through its initial public offer to repay part of its debt.
The stock extended gains and touched a high of Rs 1,239. It finally ended with a gain of 3.5% at Rs 1,212. Over 77,090 shares changed hands at the counter today.
Mahindra & Mahindra gave all its gains and slipped to a low of Rs 813. The scrip finally settled flat at Rs 820. The counter clocked volumes of 239,425 shares as compared to the two-week daily average traded volumes of 277,548 shares.
Around Rs 11,088 crore are being circulated via chit fund schemes in the southern states of Tamil Nadu, Andhra Pradesh and Kerala. Around 58 million house holds have participated in chit fund schemes, according to a recent study released by Institute for Financial Management and Research (IFMR). The study was funded by Bill Gates foundation Bill and Melinda Gates Foundation.
The US Administration will bring a Bill in the Congress to remove the federal cap on intake of medical students, a move that will benefit international students, including those from India, a body of Indian-origin physicians in America has claimed.
Gates-food: When Bill Gates was a young man, he wanted to turn his taste for software into a successful business. The Microsoft founder got rich beyond any technologist’s dreams. But Gates has changed over the years. His latest idea isn’t quite to get poor through low technology, but he will be giving away money to help people engaged in the simplest of economic activities: subsistence agriculture.
The rupee fell, reversing earlier gains, on speculation importers used the currency’s rise to a week’s high today to buy cheaper foreign exchange.
The two security guards with bamboo sticks look on sheepishly as guests make their way through metal detectors and X-ray scanners at the Taj Mahal Hotel in Mumbai. Before entering the hotel, however, a rather stern looking man — presumably part of the hotel’s elite security force — was asking them the purpose of their visit.