Business Opportunities
Derivatives expiry, higher food inflation and lower earnings also weigh on indices.
The country"s largest retirement fund, Employees" Provident Fund Organisation (EPFO), remained indecisive throughout the year 2009 on investing part of its huge corpus of Rs 2.57 lakh crore in stock markets, an important step which will hang in balance for some more time.
With demand for real estate picking up, General Insurance Corporation of India (GIC) Housing Finance is targetting disbursal of Rs 750 crore housing loans this year, a top official of the institution has said.
There was a stunning omission from the government’s latest list of “problem” banks, which ran to 416 lenders, a 15-year high, as of June 30. One outfit not on the list was Georgian Bank, the second-largest Atlanta-based bank, which supposedly had plenty of capital. It failed last week.
Greenpeace, the ecology campaigners, have okayed Pepsico, ITC, MTR, Dabur and Haldiram. But given a thumbs-down to Britannia, Cadbury, Hindustan Unilever, Nestle, Kellogg and Safal.
India"s economic growth rate is expected to accelerate to 8 per cent in the next fiscal from 6.3 per cent projected for the current financial year, the Planning Commission has said.
State-run power generation company, Gujarat State Electricity Corporation Ltd (GSECL) intends to procure 15 lakh metric tonnes of non-coking steam (thermal) imported coal. The company has invited bids from coal suppliers for supply of coal on high seas sale basis.
The Centre today asked South Korean steel maker Posco’s Indian arm to apply afresh for permission to set up a 12-million-tonne-per-annum (mtpa) plant in Orissa, held up for four years over land acquisition.
Bankers will next week make a strong pitch to the Reserve Bank of India (RBI) to maintain sufficient liquidity to meet the demand for funds from the corporate sector.
US markets have rallied on Thursday as economic data boosted confidence in the recovery.
The Sensex today opened 55 points lower at 15,574 mirroring weak global vibes. The index slipped to a low of 15,423, down 206 points from the previous close.
The Sensex is now stable and is now at 15,677, up 49 points.
The much awaited auction of spectrum for 3G mobile services is likely to be delayed by more than a month and may commence from the first week of March next year -- schedule for which is to be announced soon.
With thousands of jobs across Europe at stake and the spectre of an internal subsidy race that would threaten the hard-fought internal market of the European Union (EU), the General Motors–Opel saga saw another twist in the tale this week, with Brussels stepping in to play referee.
Amidst the crisis, Dubai is keeping its date to create history by opening the Burj Dubai, the world"s tallest building, tomorrow, even as it is keeping the whole world guessing about the final height of the magnificent tower whose parent is fighting for survival.
It’s rather peculiar,” said a friend recently, “that of late, almost every time that I have tried to buy a train ticket, even if it is a month in advance, I have found myself wait-listed…” She was desperately trying to send off Sushil, her trusted right-hand man to Kolkata for some urgent business, and was unable to get tickets on any train going eastwards. “The air tickets cost upwards of Rs 12,000 — I don’t know what to do!” said she. Just then, her courier service provider, who happened to overhear some of this conversation, said, “Why are you getting so hassled madam? Just send him to the railway station and meet this travel agent friend of mine … he’ll get him on today’s Rajdhani to Kolkata!” But how could he do that when the train was full, she asked bemusedly. “It’s the unofficial Tatkal service,” said he.
To cash in on the demand surge in domestic markets as the threat from cheaper imports weakens.
In contrast to the lull in 2008, road-rollers and wheel loaders returned to action across the country as the government awarded highway projects worth Rs 20,000 crore in 2009 that saw Mumbai get India"s first and longest open sea cable-stayed bridge.
The government is contemplating slapping penalty on four foreign telcos, including AT&T, MCI and BT, for allegedly circumventing licence norms that may have caused revenue loss to the Government.
Farmax Retail (India) today said its board has approved to raise funds up to Rs 500 crore through various routes including issue of foreign currency convertible bonds (FCCBs) and global depository receipts (GDRs).
The foundation stone laying ceremony for the Posco India"s steel plant at Kujang in Orissa"s Jagatsinghpur district by South Korean President Lee Myung Bak in January 2010 is under a cloud.
Fortis Healthcare today said Wockhardt"s 10 healthcare facilities it has acquired would be rebranded as Fortis Hospitals.
Medical devices manufacturer Johari Digital Healthcare Ltd is planning to foray into retail and medical spa space.
There is generally little to recommend on government publications except for those that have some useful data. Not that there will not be exceptions. A new brochure from the steel ministry will find favour for offering an unambiguous roadmap for the industry’s future, along with neatly arranged data.
Housing Development Finance Corporation Ltd (HDFC), the multi-faceted finance company, has decided to dilute a maximum 3.5 per cent equity to Qualified Institutional Buyers (QIBs) to raise over Rs 4000 crore.
Opto Circuits (India) Ltd. (OCI), a manufacturer of invasive and non-invasive medical devices, today announced that Criticare Systems Inc, its wholly owned subsidiary, has signed a long-term development agreement with an OEM customer. The agreement provides for a joint development programme focused on a new modular and MRI-compatible patient monitoring system.
The US Food and Drug Administration (FDA) has directed Glenmark"s US arm, Glenmark Generics Inc, and three other manufacturers to stop the marketing of unapproved codeine sulphate tablets in the US market. The drug is an old narcotics product widely used to treat pain.
Visiting Japanese Prime Minister Yukio Hatoyama today met top Indian industry leaders, including Reliance Industries chairman Mukesh Ambani and Tata Group chairman Ratan Tata, here.
America"s increasing unpopularity in Pakistan is an issues of concern for the United States, the Obama administration has said.
Holds an order book of 10-12 crore from Gujarat
The trade deficit in the US widened in September by the most in a decade, reflecting rising demand for imported oil and automobiles as the economy rebounded from the worst recession since the 1930s.
Tata Consultancy Services (TCS), an IT services, business solutions and outsourcing organisation, announced plans to form an innovative business alliance that will provide critical business services to Dow, a diversified chemical company, its subsidiaries and joint ventures.
The Asian markets have closed negative. The Hang Seng slipped 136 points to 21,479 and the Nikkei dropped 127 points or 1% to 9,717.
Commerce ministry recommends extending industrial package till 2013.
An intermediate reversal could mean net losses over the next 4-6 weeks.
The Foreign Institutional Investors (FIIs) were net sellers of Rs 72.74 crore in futures and options segments on Friday.
Foreign institutional investors (FIIs) were net sellers of Rs 478.80 crore (provisional) today, according to data released by BSE.
US markets slipped at the end of the week as worries about the economic recovery loomed once again.
The markets have recouped most of their losses and are now trading flat. The oil, pharma and FMCG stocks are seeing buying interest.
The stock market ended on a slightly negative note during the current truncated week as Ramzan holiday fell on Monday. Trading during the week was characterised by alternate days of buying and selling in the absence of a clear direction.
The Indian markets opened weak, on the back of negative US and Asian cues. There were feeble attempts at a comeback, with the markets crossing over into the green in the first hour of trade and again around noon, only to retrace immediately thereafter. The afternoon session was volatile, albeit in the red, as the indices unsuccessfully attempted to claw back above the dotted line.
While closing his arguments before the Supreme Court Bench in the Reliance Industries versus Reliance Natural Resources (RIL-RNRL) case, RNRL lawyer Ram Jethmalani said, “I won’t trouble you (the Bench) tomorrow…I could have said a lot. But I am tired myself”.
To encourage foreign portfolio investment, the Finance Ministry has set up a working group for suggesting changes in the existing policy on foreign capital inflows by FIIs, NRIs and venture capital funds.
Big Cinemas, a division of Reliance MediaWorks and a member of the Reliance ADA Group, said it has crossed the global milestone of 500 screens with the opening of its newest multiplex in Malaysia.
The Orissa government today said it was not prepared to implement Goods and Services Tax (GST) from April 1 this year and has sought permission from the Centre to re-introduce Purchase Tax on foodgrain.
Kingfisher Airlines is planning to raise around $600 million worth of funds in the current financial year to pay off its debt and strengthen its bottom line, in the backdrop of a turbulent time for the country’s aviation industry.
The Karnataka government is in the process of inviting more private players to increase public-private-partnership (PPP) in the state. This will be extended to sectors like Railways, which has not seen much projects as PPPs so far.
Australian Prime Minister Kevin Rudd today praised the very completion of the Copenhagen climate summit as progress, saying that the talks had hovered near collapse.
The Government today made it clear that social security number is not mandatory for getting services from Employees Provident Fund Organisation as the present provident fund membership number will suffice.
Nandan M Nilekani, who was appointed as head of Unique Identification Authority of India(UIAI), today said the government would take steps to end ID card duplication leading to fraud and create a network of verification and authentication.
With nuclear power generation emerging as a big business opportunity, state-owned Bharat Heavy Electricals (BHEL), has entered into talks with global players, including Alstom and Toshiba for manufacturing nuclear reactors to provide end-to-end solutions.
Comviva (formerly Bharti Telesoft) is in talks with several telecom service providers, including group company Bharti Airtel, to launch a SIM (or Subscriber Identity Module) card that allows up to 10 users to share the same mobile phone with their own specific numbers.
The Foreign Institutional Investors (FIIs) were net buyers of Rs 647.45 crore in futures and options segments on Friday.
A local court today dismissed the bail petition of V S Prabhakara Gupta, Senior vice-president and global head of internal audit cell in Mahindra Satyam, who was arrested in the multi-crore accounting scam in Satyam Computer Services.
B-Trac 2010 Bangalore, a project to address issues of traffic congestion and safety by using latest traffic management technology, will become operational by March 2010, a top police official said.
State-owned Shipping Corporation of India (SCI) plans to acquire three new container ships in the New Year, and has set aside $200-225 million to fund these purchases, a top company official said.
The government is examining the economic climate for divesting its stake in state-run Shipping Corporation of India (SCI).
Says litigation against Sun is financed by Taro money.
Sun Pharmaceuticals Industries today said it will contest the lawsuit filed by Taro Pharmaceuticals in the US district court, terming the case as an attempt to divert resources by the Israeli drug firm.
Sun Pharma"s US-based subsidiary Caraco Pharmaceuticals has agreed to undertake a series of measures as per requirements of the US health regulator Food and Drug Administration (FDA) to get a ban on its manufacturing units lifted.
The Sensex has finally ended (provisional) at 15,881 - down 171 points.
GMR Hyderabad International Airport, a subsidiary of GMR Infrastructure, has signed an agreement with the world’s leading aircraft engine manufacturer, CFM International, to establish a new CFM56 maintenance training centre to support its customers in the South Asian region. CFM International is a 50:50 joint venture between Snecma (Safran Group) of France and General Electric Company (GE) of the United States.
Government’s security concerns about Chinese equipment makers not a deterrent.
Sun Pharmaceutical Industries today said it has got tentative approval from the US drug regulator for generic Gleevec (imatinib meyslate tablets), used in the treatment of chronic myeloid leukaemia.
Tata Motors has said all the existing bookings of the Nano will be delivered at the current prices, notwithstanding the rising input prices.
Sun TV Network will restructure its distribution business and team with the creation of two verticals one focused on managing the South Indian operations and the international business and the second focused on expanding the Sun TV bouquet into the north, west and eastern markets of India.
Japanese drug major Daiichi Sankyo said today a US Court has ruled in its favour in a patent litigation related to the anti-hypertensive drug, Benicar, against Mylan Inc and its Indian subsidiary, Matrix Laboratories.
Infosys has not named anybody who would fill Nandan Nilekani"s shoes but expressed confidence that leadership transition would be a smooth affair as was in the past.
In a major setback to Sun Pharmaceutical Industries - the largest Indian drug maker in terms of market capitalisation, the US Food and Drug Administration (FDA) has seized all medicines produced by Sun’s US arm Caraco Pharmaceutical Laboratories, for repeated violations of manufacturing standards.
Purists will tell you that celebrity endorsement is nothing but lazy advertising. Instead of working on the brand, companies use a celebrity to create awareness and get the message across in a jiffy. The cost of creating the campaign may go up, but the money and time required to rub the brand in get reduced by a huge margin.
The sugar industry is all set to challenge the recent amendment to the Essential Commodities Act, which seeks to introduce a fair and remunerative price (FRP) for sugarcane, besides absolving the government of a Rs 14,000-crore levy price obligation arising out of several court rulings.
Private sector Karnataka Bank said its net profit declined by 77.78 per cent to Rs 16.35 crore for the quarter ended September 30, 2009, over the same period last year.
Investors were reluctant to buy or sell aggressively today ahead of a closely-watched US job report on Friday. The trading volume in Nifty futures and options (F&O) suggested mere change of hands as buy- and sell-side traders were evenly matched.
The Bombay Stock Exchange (BSE) today said it received 357 complaints against 228 listed companies and resolved 317 complaints against 239 listed companies in July.
The office property market, which was hit hard in the aftermath of the global economic slowdown, will take at least a year to come out of the slump as demand for offices is still subdued, say fund managers, consultants and realty developers.
Luxembourg-based Millicom has rejected Indian telecom PSU BSNL"s bid to acquire its operations in Sri Lanka, but India"s largest private mobile operator Bharti Airtel has entered the ring.
FMCG group Dabur, manufacturer of mosquito repellent Odomos, has challenged a Delhi High Court order dismissing its plea to restrain the advertisement of its rival brand Good Knight.
Oil rose in Asian trade today, lifted by a weak US dollar which came under more pressure after a report that Gulf states considered dropping the greenback for oil transactions, analysts said.
Confusion seems to shroud the groundnut industry as production estimates by two of the leading associations in Gujarat show a huge difference of about four lakh tonnes for 2009-10.
Pipe manufacturer Welspun Gujarat Stahl Rohren today said it has raised $250 million (over Rs 1,100 crore) by way of institutional placement of shares and bonds issue.
The good, the bad, the ugly of downloading music.
State-run Oil and Natural Gas Corp (ONGC) has hired an ultra deep-sea drill rig from Reliance Industries for four years at close to Rs 3,915 crore.
India"s most valued company Reliance Industries (RIL) today reported 11.5 per cent fall in net profit at Rs 3,636 crore for the first quarter of the this fiscal on falling refining margins and reduction in fuel demand in the time of global recession.
State-run Oil and Natural Gas Corp (ONGC) has hired an ultra deep-sea drill rig from Reliance Industries (RIL) for four years at close to Rs 3,915 crore.
It will be the JMM chief’s third tenure as chief minister
Bharti Airtel today said it is still in talks with South Africa"s MTN over a deal which could see a merger of the two telecom giants that have a combined revenue of $20 billion.
A hundred and fifty years after photographer James Waterhouse charmed Nawab Sikander Begum of Bhopal to sit for him, an illustrated tome on the encounter, and other Indian trysts, enthralls Gargi Gupta.
The Indian economy would grow at least 7 per cent in the current financial year, according to Suresh Tendulkar, former chairman of the Prime Minister"s Economic Advisory Council (PMEAC).
The Indian Railways has posted over 6 per cent increase in earnings during the first half of the current financial year and registered a growth of over four per cent in passenger bookings.
Compiling a bunch of unforgettables from Indian cinema is bound to create room for argument. Suveen Sinha finds plenty to disagree with M K Raghavendra’s 50 Indian Film Classics
The Central Administrative Tribunal (CAT) has held that government can frame guidelines for departmental promotion committees (DPCs) and judiciary will not question its validity so long as it provides level playing field for all candidates.
The process may begin with banks where govt holds around 51%
The Rs 1,12,000 crore domestic gems and jewellery industry has urged the government to modify tax deduction at source (TDS) structure suitably in the proposed Direct Tax Code (DTC).
Trade unions have asked the government to shelve the proposal in the draft Direct Tax Code to tax all savings and provident fund schemes at the time of withdrawal, saying the move would hit the salaried class hard.
The Sensex is now trading at 17,002, weaker by 48 points and the Nifty is at 5,053, lower by 9 points.
Enquiry into the helicopter crash in which Andhra Pradesh Chief Minister Y S Rajashekhara Reddy was killed will be completed by this month end, Civil Aviation Minister Praful Patel informed the Lok Sabha today.
Mahindra Satyam, the rebranded Satyam Computer Services, on Thursday announced the appointment of Vijayanand Vadrevu as the senior vice president – strategic initiatives.
We are always better analysts with a 20/20 hindsight. Indeed, an ex post reading about events leading up to a crisis appears logical, and often leaves one with the question about why the evolution of the crisis could not be seen and corrected in time. Still, policy-makers know that such a review and understanding are important to learning from mistakes. Restoring Financial Stability (Wiley) acts as a catalyst to that understanding by offering a comprehensive sequencing of the causes and progression of the build-up of the financial strains that, following the Lehman bust in September 2008, evolved into a full-blown global financial crisis. It is a collection of thematic essays by the faculty of the Stern School of Business at New York University.
Blaming a rush of investor-buyers for pushing gold price to over Rs 17,000 level, market experts see the yellow metal getting cheaper by about Rs 500 per 10 gram by next week on profit-booking.
Microsoft India, the wholly-owned subsidiary of world"s biggest software firm, is going easy on hiring this year and will instead focus on consolidation, its country head said today.
The stock jumped 4.24 per cent to Rs 103.15 after Mahindra Satyam won an IT outsourcing contract from Swedish defence and aerospace firm, Saab.
Seema Sindhu / October 31, 2009, 1:17 IST
The Airports Authority of India is seeking financial assistance from the government for its loss-making operations in the North Eastern region.
The Sensex opened flat at 17,032 owing to subdued cues from the global markets. The index touched a high of 17,099 and continued to swing between alternate zones of red and green. The index slipped to a low of 16,958. The BSE benchmark ended at 16,998, down 52 points. The NSE Nifty settled flat at 5,054.
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Business Standard / New Delhi November 11, 2009, 0:27 IST
Technical problems and poor management continued on the second day of the computerised Common Admission Test (CAT) for admission to management institutes in the country.
With seats in certain national level institutes remaining vacant due to multiple counselling, the IITs and NITs could start common counselling, a move that would smoothen the admission process and reduce hardship of students.
Demand slowdown hits revenues.
IT firm HCL Infosystems today reported a consolidated net profit of Rs 58.97 crore for the second quarter ended September 2009, a 10.77 per cent drop over the same period a year ago.
Google India Managing Director Shailesh Rao has been appointed as Chairman of industry body The Internet and Mobile Association of India (IAMAI).
Global majors like Microsoft, Yahoo! and Google may have decided to trim their workforce worldwide, but these entities do have openings in India.
With its micro finance portfolio expected to cross Rs 500 crore, Ahmedabad-based non-profit organisation Friends of Women’s World Banking (FWWB) is floating an NBFC, Ananya Finance for Inclusive Growth (AFIG). The NGO, promoted by Self Employed Women’s Association (Sewa) Bank, expects to receive the Reserve Bank of India (RBI)’s approval soon for the new entity.
Defending the Bus Rapid Transit (BRT) system, government today said it will be implemented in nine more cities.
The Delhi High Court has rejected a claim of exclusivity by global alcoholic giant Pernod Ricard over usage of the word "Imperial", thus allowing other liquor makers to use it in their respective brands.
The recent accident at the Delhi Metro site in South Delhi that claimed six lives was caused by "serious deficiency" in design and inadequate concrete strength, Lok Sabha was informed today.
In a week marked by high volatility, markets corrected sharply only to bounce back with greater strength. Last week, it was mentioned that the markets might stage a July-like recovery amid high volatility. Although, markets have bounced back sharply, chances of a full recovery look remote currently. Going forward, one needs to watch the 15,530-15,640 zone for the Sensex as crucial for the current upmove to remain intact. As and when it comes below this level, the index is likely to test its long-term support of 14,800.
Commerce ministry officials are examining a demand made by the US that India should agree to steep tariff cuts on a range of industrial products that cover about 60 per cent of the latter’s overall imports.
Prime Minister Manmohan Singh and his Chinese counterpart Wen Jiabao met here today to discuss bilateral, regional and international issues of mutual concern against the backdrop of the war of words between the two neighbours over Arunachal Pradesh.
India will make a strong pitch for new initiatives with the Association of Southeast Asian Nations (ASEAN) to collectively respond to challenges thrown up by the global economic meltdown and climate change during the two day India-ASEAN and East Asia Summits beginning in Thailand on Saturday.
Fund flows into emerging markets touched $967 million in the second week of this month, the highest in 2009, as investors shifted their focus from US equity funds to these fast-growing markets, says a report.
JSW Energy, a part of Jindal South West (JSW) group headed by Sajjan Jindal, has received SEBI (Securities & Exchange Board of India) nod for IPO (initial public offering).
Imaging equipment maker Canon has targeted a 35 per cent revenue growth in Indian market this year, which will take the company"s total revenue to Rs 1,100 crore, a top official said today.
The inflow of foreign direct investment (FDI) in the Indian telecom sector has shot up to Rs 9,815 crore in the first half of the current financial year, the Lok Sabha was informed today.
Hitachi Ltd, maker of the 186 miles per hour (300 kph) Bullet Train, will bid against the French-built TGV (Train à Grande Vitesse, French for high-speed train) on its home soil, as the Japanese company targets a European rail market that’s the biggest in the world.
The implementation of mobile number portability (MNP) is likely to be delayed by one to three months, with operators still not fully prepared to meet the deadline and with the government imposing new requirements with respect to security.
Bank employees owing allegiance to four Left-leaning unions today went on a strike protesting the proposed merger of the State Bank of Indore with parent SBI, disrupting normal banking operations in the country, a top union official said.
Late Andhra Pradesh Chief Minister Y S Rajasekhara Reddy"s brother and MLC Y S Vivekananda Reddy today began an indefinite hunger strike here in support of a united state.
National Bank for Agriculture and Rural Development (Nabard) has estimated a credit flow potential of Rs 31,254.74 crore for the priority sector in Karnataka, for 2010-11, an increase of 13.5 per cent over the present year.
Things are beginning to look better for the hospitality industry across the country, with an increase in occupancy levels to 10-30 per cent and hotel rates getting closer to the pre-recession ones.
Credit growth of banks remained quite low at just over 10 per cent for the fortnight ended December 4 on an yearly basis compared to over 20 per cent in the corresponding period last year.
National Bank for Agriculture and Rural Development (Nabard), which recently increased the corpus of its Tribal Development Fund (TDF) to Rs 600 crore, has launched six projects for the integrated development of tribals in Karnataka.
Business Standard / New Delhi December 17, 2009, 0:58 IST