Small Business
With the increase in offer price the size of the proposal now stands at Rs 438.3 crore
The Madras High Court today directed Ahmedabad-based Zydus Cadila (Cadila Healthcare) not to sell its anti-depressant drug, Venz (venlafaxine), in the domestic market for the time being, based on a trademark complaint from Mumbai-based Sun Pharmaceutical industries.
The Income Tax (I-T) Department has issued a fresh notice to realty major DLF even as it’s appeal against an additional tax liability imposed on it by the I-T Department is being heard.
Axis Private Equity (Axis PE) and IL&FS Financial Services have announced an investment of Rs 90 crore in Shalivahana Green Energy Ltd (SGEL).
Domestic institutional investors (DIIs) were net sellers of Rs 875.92 crore (provisional) today, according to data released by BSE.
The government will sell its 8.38 per cent stake in NMDC by March 31, 2010, the Navratna mineral company said today.
The Reserve Bank of India (RBI) today extended the transition period given to the banks to treat the advances to equity-oriented mutual funds as capital markets exposure by six more months.
Gold futures prices fell by Rs 83 or 0.49 per cent at the Multi Commodity Exchange today as traders reduced their positions.
The political differences between India and China notwithstanding, the two countries are working in unison at the World Trade Organisation (WTO).
In a new disclosure, the Federal Bureau of Investigation has said that the famous Somnath temple in Gujarat, Bollywood stars and Shiv Sena leaders in Mumbai were also the targets of Lashkar-e-Taiba, which was planning to carry out strikes with the help of two Chicago-based residents of Pakistani origin.
Outperforming bigger peers, the relatively smaller fund houses including Taurus MF and Sahara MF have witnessed a significant growth in their assets, so far this fiscal.
Anil Ambani group firm Reliance Capital today reported 32 per cent decline in consolidated net profit for the second quarter ended September 30, while its total income rose by 11 per cent.
Chennai-based software company Zylog Systems posted a 21 per cent dip in its net profit for the second quarter ended Septmeber 30, 2009 to Rs 20.91 crore as against Rs 26.48 crore in the same quarter last year.
Aurobindo Pharma, Hyderabad-based manufacturer of generic and active pharmaceutical ingredients reported a net profit of Rs 103.2 crore for the quarter ended September 30, 2009, as against a net loss of Rs 38.4 crore during the corresponding period last year. Revenues were up 24.42 per cent to Rs 882.64 crore as compared with Rs 709.4 crore last year.
Ailing Jyoti Basu is responding to treatment and there is a positive change in his health condition, CPI(M) politburo member Sitaram Yechury said today.
The Sensex opened with a marginal positive gap of 23 points at 17,031. However, the index quickly slipped to a low of 16,907- down 102 points. The index has recovered somewhat and is now down 76 points at 16,932.
World"s largest drug maker Pfizer today said it is in the process of bringing in synergies in operation with Wyeth, which it acquired in January this year, and will launch one more product by the end of this fiscal.
Japanese drug maker Daiichi Sankyo, which holds 64 per cent stake in Ranbaxy Laboratories, today reported a 45 per cent drop in net income for April-September this year.
The strengthening of the National Highways Authority of India (NHAI) by creating its own cadre has been delayed further, as its board has rejected a proposal to absorb 50 per cent of the existing staff into its own cadre. The authority currently has only around 10 per cent of the present staff as permanent employees and the rest are on deputation.
Prime Minister Manmohan Singh is going to Kolkata tomorrow to see ailing former West Bengal CM Jyoti Basu. Singh would be leaving for the West Bengal capital in the morning and there was a possibility of the scheduled Union Cabinet meeting being postponed till the evening, official sources said.
Foreign institutional investors (FIIs) were net buyers of Rs 92.21 crore (provisional) today, according to data released by BSE.
Commercial vehicles major Ashok Leyland, Hinduja group"s flagship company, today reported an increase of 164 per cent in its sales in December 2009.
Kolkata is one place where domestic water supply isn’t billed. The Hooghly river is the primary source and there’s no supply crisis looming, unlike some other cities. That apart, there are no charges for supplying, for the most part.
Sesa Goa saw its profits and revenues fall a whopping 50 per cent and 38 per cent, respectively, on a year-on-year basis for the September 2009 quarter even as it sold more iron ore and pig iron. Although the performance includes the numbers of Dempo Mining, acquired in June this year, the Street was disappointed.
While the run-up in prices have made metal stocks expensive, medium term prospects are unattractive due to weak demand and inventory pile-up.
Ras Al Khaimah (RAK), which is a part of the United Arab Emirates (UAE), is in talks with Indian companies to set up a maritime city, according to its Free Trade Zone (FTZ) chief executive officer Oussama El Omari.
Health and skin care products maker Johnson & Johnson today announced the launch of its global beauty care brand "Neutrogena" in the domestic market with an aim to be one of the top five companies in India.
Tata Group firm Rallis India today reported 9.90 per cent rise in its net profit at Rs 45.71 crore for the quarter ended September 30.
Deutsche Equities India is among the dominant players in the domestic capital market and ranks second based on funds raised since January 2008 till date in the equity market. Sanjay Sharma, head, Equity Capital Markets, Deutsche Equities India spoke to Rajesh Bhayani on the trends in capital market, especially in the IPO segment and the recent lacklustre listings among other issues. Excerpts:
The state health and family welfare department is looking to forge partnerships with the healthcare institutions in the private sector.
The Indian pharmaceutical market will treble to $20 billion from $7.1 billion (2007 figure) by 2015, with a compounded annual growth rate (CAGR) of 12.3 per cent.
Power PSU NTPC today moved the Supreme Court challenging Bombay High Court"s decision that allowed Mukesh Ambani group firm RIL to amend its petition on the gas dispute citing government"s pricing policy.
German pharma and chemical company Bayer group"s unit Bayer MaterialScience (BMS) has entered into an agreement with Ahmedabad-based Malibu Plastica (P) Limited, in order to supply polycarbonate sheets to the Indian market. Bayer MaterialScience intends to further grow its business in the country and strengthen its global position as a complete solutions provider to its customers.
Hyderabad-based Indian School of Business (ISB) has launched two new initiatives in an effort to encourage entrepreneurship among students. ISB’s Wadhwani Centre for Entrepreneurship Development (WCED) has launched the Entrepreneurs Development Initiative (EDI) and Planning an Entrepreneurial Venture (PaEV) to incubate and promote entrepreneurial ventures by students.
Hiring activity in Kolkata declined by 3 per cent in July compared to June this year, according to a Naukri JobSpeak, the monthly job index released by Naukri.com. The index moved from 775 in June to 750 in July. However, market sentiment remains positive with recruitment index expected to move up post September.
India"s top two law officers have advised NTPC to move Supreme Court at once to secure gas at a contracted price from Reliance Industries (RIL), a position in variance with Oil Ministry"s plea on the Ambani borthers" gas dispute.
The government counsel are understood to have advised the Centre to explore out-of-court settlement in the Ambani brothers" gas dispute as it cannot afford to contradict its position in another matter involving power PSU NTPC.
After contaminating the search results on major search engines such as Google and Bing, search engine optimisation (SEO) poisoning is set to pose a threat to small and medium enterprises (SMEs).
The new year may bring fresh influx of foreign buyers for local small and medium-scale industries of Madhya Pradesh. Buoyed by the encouraging response from its earlier MSME buyer-seller meetlast year, state-owned MP Laghu Udyog Nigam (MPLUN) is once again going to organise a three-day mega congregation of SMEs from all over the world at Gwalior from January 16 to 18. The meet will also invite select participants of Prawasi Bharatiya Diwas being organised in New Delhi.
Mafatlal Industries, a flagship company of Arvind Mafatlal Group, is planning to increase production of school uniform and corporate uniform by reducing capacity of non-profitable product ranges like industrial fabrics, sheeting’s, government supply products etc.
Despite the economic slowdown, India’s Fast Moving Consumer Goods (FMCG) sector has grown consistently during the past three to four years, reaching a size of $25 billion (Rs 120,000 crore) at retail sales in 2008. The industry is poised to grow 10-12 per cent yearly for the next 10 years to reach $43 billion (Rs 206,000 crore) by 2013 and $74 billion (Rs 355,000 crore) by 2018.
Chennai-based fast moving consumer goods firm Cavin Kare Private Limited has planned to double its exports this year by reaching out to new overseas markets like the US and Australia, a top company official said.
Jindal India Limited"s 1200 MW thermal power plant proposed to come up at Kaniha near here at an investment of Rs 6,000 crore has faced yet another roadblock.
Essar Steel’s $2.5 billion (about Rs 12,500 crore) capacity expansion project at its Hazira plant in Gujarat will be completed by the end of this calendar year.
Shares of steel companies have risen significantly in the recent past in anticipation of recovery in demand and prices.
The Spices Board will implement a massive re-plantation programme for pepper cultivation in Idukki district of Kerala, with an investment outlay of Rs 230 crore.
India today termed the filing of chargesheet against David Headley as an important step in exposing the wider conspiracy behind Mumbai attacks and said the onus is on Pakistan to follow the leads and act with "unalloyed" determination against terrorism.
Pushing for a legally binding substantive outcome at the Copenhagen climate change meet, Prime Minister Manmohan Singh today said India is willing to sign on to an ambitious global target for emission reduction or limiting temperature increase if it is accompanied by an equitable burden-sharing paradigm.
The US, which foiled a major terror plot by LeT to target India, has said it would be forthcoming with details of the case but cited legal limitations in allowing Indian investigators to quiz the two arrested operatives David Coleman Headley and Tahawwur Rana.
India"s maiden moon probe Chandrayaan-I has developed a malfunction that puts some experiments in jeopardy and raises questions on completion of the mission that was intended to last two years.
The industry minister Raghunath Mohanty today urged the Central Public Sector Undertakings (CPSUs) in the state to register at least 100 vendors under their wing within a year to facilitate growth of the Micro, Small and Medium Enterprises (MSMEs).
Business Standard / New Delhi August 24, 2009, 0:08 IST
Bangalore-based public sector lender, Vijaya Bank has informed the Bombay Stock Exchange (BSE) that its authorised capital has been increased from Rs 1,500 crore to Rs 3,000 crore. The bank has a network of 1,132 branches in the country.
Oil and Natural Gas Corporation (ONGC), India"s largest oil and gas producer, will see crude output fall short by 1 million tonnes of the targeted 25.76 million tonnes this fiscal.
DB Realty today said it plans to raise as much as Rs 1,500 crore through an initial public offer (IPO) and will sell each share at a minimum of Rs 468 and a maximum of Rs 486.
The Indian bourses opened on a positive note at 17,200, tracking strong global cues. The index soared to a high of 17,352 but changed course after a robust industrial production data was declared which raised fears that the central bank may need to control monetary policy. The IIP number increased to 10.3% Vs 9.6% (MoM).
National Thermal Power Corporation (NTPC) today reported a growth of 5 per cent in net profit at Rs 2,364.9 crore for the third quarter ended December 31, 2009, over the same period last year.
Public sector lender Oriental Bank of Commerce today reported a growth of 14.76 per cent in net profit at Rs 289.43 crore for the quarter ended December 31, 2009, over the same period last year.
Professional forecasters have added to Reserve Bank of India (RBI) Governor Duvvurri Subbarao’s dilemma on timing the exit from an accommodative monetary policy stance.
Agriculture Minister Sharad Pawar today said monetary measures are not required to contain food inflation, amid speculations that the Reserve Bank of India (RBI) may squeeze money supply to rein in surging food prices.
Backed by a healthy growth in core fee-income, Bank of Baroda (BoB), overcame challenging market conditions to post a 17.5 per cent jump in net profit in the third quarter, overshadowing the muted earnings posted by many of its peers.
Amid reports of massive job losses in the time of global downturn, the government sees over 1 crore jobs being created in rural areas this financial year with khadi units contributing 10 lakh jobs.
China and India could reshape the global auto industry and pose a significant competitive threat in coming years, executives from the world"s top carmakers said at the Detroit auto show.
Jammu and Kashmir (J&K) Bank has posted over 19 per cent rise in net profit at Rs 139.99 crore for the third quarter of 2009-10 on the back of high non-interest income. The bank had registered a net profit of Rs 120.67 crore in the same quarter last year, a J&K Bank spokesman said today. Operating profit increased by 31 per cent during the same period.
Textile firm, Raymond, will open about 300 stores by end-March 2011, taking its total store-count to 800.
The row over handing over a portion of a 11-acre plot in one of the prime locations of the city to real estate major Unitech for development has deepened with the Orissa High Court restraining the government to take any decision on the matter.
Hyundai Motor"s net profit nearly quadrupled in the fourth quarter on higher sales following a strong performance during 2009 in the fast-growing Chinese and Indian auto markets.
The markets slipped as a knee jerk reaction to the 75 basis points CRR hike announced by the RBI, but has soon recovered again. The CRR (Cash Reserve Ratio) hike was suprisingly higher than the 50 bps expected by the markets.
The Sensex ended at 16,330, higher by 40 points, and the Nifty closed at 4,876, up 22 points (provisional closing).
The markets have pared gains in the last few minutes following a spike in inflation numbers. The food inflation for the week ended January 16 spurted 17.40% from 16.80% a week ago. The Sensex is now up 10 points at 16,300, and the Nifty is up eight points at 4,861.
Shiv Sena supremo Bal Thackeray today lambasted Maharashtra Chief Minister Ashok Chavan for backtracking on his statement on making knowledge of Marathi mandatory for renewing taxi permits in Mumbai and likened the political turnaround to Michael Jackson"s "moonwalk".
Under attack for making knowledge of Marathi a must to get new taxi permits in Maharashtra, Chief Minister Ashok Chavan today did a quick U-turn insisting that fluency in any local language like Hindi and Gujarati was also enough.
Kirtika Suneja / New Delhi January 3, 2010, 0:28 IST
Birla Sun Life Insurance, which belongs to the Aditya Birla Group, has roped in four cricketers — Yuvraj Singh, Virender Sehwag, Suresh Raina and Rohit Sharma — to endorse its wealth and protection solution plans.
Google: If you can’t beat them, tax them. Nicolas Sarkozy, the French president, has just added his voice to the chorus of those who have long demanded that Google be penalised for its dominance of the online advertising market. He has asked the government to find ways to get Google to pay at least some taxes in France. This come on the heels of a government-commissioned report suggesting online advertising should be taxed to the tune of 1-2 per cent of revenues, to help subsidise the French music industry and other online content providers. Both approaches are wrong. Worse, the French government’s Google obsession can only backfire.
Yahoo! announced partnerships with television and other device manufacturers as the Internet company joins others seeking to jump from the computer to the TV screen.
The search giant scores a point with the touch-screen Android cellphone, but needs to do - Cooperative banks in Hry to provide loans of Rs 8,600 cr - Retail recovery still some time away - Jeera futures prices likely to firm up - Hit-and-run claims triple in a year - Haryana dairy development corp registers profit - Plastindia Foundation to set up Knowledge Centre for Rs 100 crore
In a surprise development, telecom PSU MTNL"s Chairman and Managing Director R S P Sinha has resigned from the post.
US markets edged up on Monday. The Dow added 30 points to 10,501. The Nasdaq gained 22 points (1%) at 2,212.
On the back of the faster recovery and strong credentials, the domestic bourses are heading towards a multi-decade bull market, billionaire investor Rakesh Jhunjhunwala today said.
In the midst of a continuing legal battle over gas dispute between two Ambani groups, foreign investors seem to have got more confidence than the small individual investors of the country in the strength of the businesses run by the two industrialist brothers.
Far from the chaos of the city, Abhilasha Ojha finds a spacious farmhouse transformed into an exotic sea of green
About 40 per cent of people who have died of swine flu or fallen seriously ill were young and otherwise healthy, an expert from the World Health Organisation told a conference in Vienna today.
The Asian markets continue to trade weak.
Eveready Industries India has recorded a profit after tax of Rs 11.03 crore in the third quarter ended December 31, 2009, an increase of 31 per cent over the same period last year on the back of higher sales. Net sales for the quarter stood at Rs 245.96 crore, an increase of 15 per cent. Prices of zinc, a key input material, was higher during the quarter compared to the same period last year, but was compensated by the appreciating rupee during the quarter. Battery and flashlights turnover registered a growth of seven per cent and 24 per cent during the current quarter. An overseas company, Everspark Hong Kong Private Limited has been incorporated by the company for commercial benefits on the company’s sourcing of input materials and goods from China.
Power Grid ended at Rs 113, lower by Rs 1 or 1.2%, on the BSE.
Cadila Healthcare ended at Rs 695, higher by Rs 46 or 7%, on the BSE.
Drug firm Zydus Cadila today said it has acquired the remaining 30 per cent stake in its South Africa-based subsidiary Simayla for an undisclosed amount.
Drug maker Dr Reddy"s Laboratories today said it has launched a skin-care product, Strea Professional, in the country.
Power equipment supplier Bharat Heavy Electricals today reported a growth of 35.67 per cent in its net profit at Rs 1,072.50 crore for third quarter ended December 31, 2009, over the same period last year.
The markets have opened in the positive, mirroring the gains in the US and firmness across Aia. The Sensex is quoting at 17589, higher by 103 points and the Nifty is at 5254, up 29 points.
The Sensex has finally ended (provisional) at 17,464, down 176 points.
South Korea"s economy is expected to grow at a faster clip than most other advanced nations in 2014, a report showed today, suggesting that the Asian country will stage a swift recovery from the worst downturn in more than a decade.
Suzlon, Cipla, JP Associates raise Rs 2,540 cr in block deals.
The 224-million-tonne cement industry is yet again set to strike a growth of 10 per cent in June. If the initial numbers from the top cement makers are anything to go by, industry analysts said, the continuous robust growth will be maintained.
Jaiprakash Power Ventures, part of the Jaypee group and L&T-MHI ((a JV between L&T and Mitsubishi heavy industries) have signed an agreement for the supply and erection of the boiler and steam turbine and generator for the Jaypee Nigrie super thermal power project. The contract is valued at Rs 4,000 crore.
Sun Pharmaceutical Industries’ attempts to take over Israeli drug major Taro Pharmaceutical is gaining more support from independent advisory firms. RiskMetrics Group’s ISS Governance Services (RMG), an independent proxy advisory firm, has recommended that shareholders of Taro Pharmaceutical Industries vote against all the proposals made by Taro’s board of directors, including all of its nominees for election and re-election as directors in the upcoming Annual General Meeting (AGM) scheduled for December 31, Sun Pharma said in a press release.
The economic crisis may have wiped off $300 billion from the wealth of America"s richie-rich club, but the net worth of many members, such as Bill Gates and Warren Buffett, is still sufficient to buy "almost anything" that includes many a countries of the world.
Dhanalakshmi Bank is planning a brand transformation initiative which will include changing the logo and related branding treatment across all its customer touch-points.
Following the increase in the long term loans of Videocon Industries (VIL), Fitch Ratings has today affirmed Videocon Industries Limited"s (VIL) National Long-term rating at "A-(ind)" with Negative Outlook.
Admitting that there were communication gaps in the recently concluded climate talks in Copenhagen, Environment and Forests Minister Jairam Ramesh today said that the Danish Presidency could have handled the larger consultation process in a better way.
Undeterred by the real estate crisis after Dubai World’s request to creditors for a standstill on repayment of its $60 billion debt until May, the Confederation of Real Estate Developers’ Associations of India (Credai) has stuck to its original plan to hold its national convention during January 23-25 in Dubai.
Renewable Energy Minister Farooq Abdullah will join policy makers, industry experts, who will be attending the third World Future Energy Summit to be held in Abu Dhabi next January.
Enthused by the robust demand for its affordable housing projects, realty major Unitech today said it would invest Rs 600 crore to develop 5,000 such units in seven cities across India.
Bharti Airtel"s proposed acquisition of 70 per cent stake in Warid Telecom of Bangladesh may marginally lower the Indian company"s liquidity and increase its business risk, leading rating agency Standard & Poor"s (S&P) said today.
Telecom major, Bharti Airtel, has announced that it has agreed to acquire 70% stake in Bangladesh-based, Warid Telecom. Bharti plans to make $300 million fresh investment in the company, thus taking the overall investment to $1 billion. The new funding will be for capacity expansion, coverage and innovative products.
Trinamool Congress chief and Railway Minister Mamata Banerjee today criticised the Centre for supporting to the CPI(M)-led government in West Bengal in the form of assistance for security operations in Naxal-affected regions of the state.
Posco India has sought more time from the Centre for implementing Rs 54,000 crore SEZ project at Jagatsinghpur in Orissa, as the South Korean steel giant could not get land due to protests by tribals.
Arvind Subramanian / New Delhi November 25, 2009, 0:54 IST
The country’s largest lender, State Bank of India (SBI), has said that there will be no hike in lending rates in the next six months as there is surplus liquidity in the market.
Realty major DLF today reported a 30.25 per cent decline in its net profit at Rs 467.89 crore for the third quarter ended December 31, 2009.
Home appliance maker Whirlpool today reported over two-fold increase in its profit after tax (PAT) at Rs 16.16 crore for the quarter ended on December.
A 20-member delegation from Karnataka today met Union mome minister P Chidambaram and demanded special incentives for its five districts.
Internet search giant Google is in talks to acquire local business review site Yelp for more than $500 million, says a media report.
The mutual fund (MF) industry is highly exposed to the banking sector, according to the Securities and Exchange Board of India (Sebi) data.
Naveen Jindal-led Jindal Power today said it will invest Rs 65,000 crore in new power projects and part of the financing for these would be done through its up to Rs 10,000-crore Initial Public Offer.
India Cements, a South-based cement maker, has posted a decline of 43.79 per cent in its net profit for the quarter ended December, 2009 at Rs 34.8 crore compared with Rs 61.91 crore in the corresponding previous quarter. The company’s net sales during the quarter stood at Rs 864.12 crore against Rs 754.82 crore last year, up 14.48 per cent.
Land in Navi Mumbai to be used for building Bollywood theme park.
KPIT Cummins today reported a marginal increase in its net profit at Rs 21.37 crore for the third quarter ended December 31, 2009.
The stock erased all its gains and slipped to a low of Rs 256. The scrip finally ended at Rs 259, down 1% from its previous close. The counter clocked volumes of 344,566 shares as compared to the two-week daily average traded volumes of 145,286 shares on the BSE.
Eminent economist Jagdish Bhagwati today said India had made a mistake in aligning with China at the recent climate conference in Copenhagen. Instead, the country should have taken a leadership role in climate talks by coming forth with fresh ideas.
Leading Japanese drug maker Daiichi Sankyo has challenged the Securities Appellate Tribunal (SAT) judgement that asked it to make an open offer to shareholders of Zenotech Labs at Rs 160 per share.
Media and entertainment firm UTV Software today said its board has approved to raise Rs 100 crore by issuing non-convertible debentures to Life Insurance Corporation of India.
The Union Budget is a few weeks away and entities across sectors are busy drafting their wishlists. Officials of the Bombay Stock Exchange (BSE), Asia’s oldest, are busy, too, but to get the exchange’s almost dormant equity derivatives segment in order by the Budget eve.
Wipro and Tata Power are scheduled to annouce their Q3 results today.
Private sector lender Yes Bank plans to set up a firm, Yes Ventures, to house its private equity funds, in 2010-11.
Civil and core infrastructure development company Tantia Constructions is looking at diluting 10 per cent of its total equity to raise money for upcoming projects, according to market sources. The company is considering fund raising through secondary market transactions, though the exact quantum of cash to be realised through the stake offloading could not be ascertained.
The improving global economic environment and an ability to sustain margins augur well for Infosys
United Auto Workers (UAW) President Ron Gettelfinger plans to anoint Bob King, head of negotiations with Ford Motor Co, to be the shrinking union’s next president, on December 16, said two people familiar with the matter.
Suzuki agreed to sell its entire 50 per cent stake in the venture, Cami Automotive Inc, to the Detroit-based car maker.
Bajaj Auto sold 2,20,429 two-wheelers in December 2009, registering an 85 per cent growth in sales over the same month last year, when it sold 1,19,215 units, a company release said.
A day after senior Samajwadi Party leader Amar Singh announced his resignation from key posts, party supremo and former Uttar Pradesh chief minister Mulayam Singh Yadav today said Amar Singh continued to be in the party fold and his quitting key posts was “nothing big”.
Tata Motor’s future profitability hinges on its ability to scale up JLR volumes and execute a slew of cost-reduction measures.
General Motors India (GMI) expects to increase its total vehicle sales in the country by 10 per cent and is also targeting to sell about 1,500 units of its new model Chevrolet Cruze this year.
US car maker General Motors today launched its luxury sedan Chevrolet Cruze in India at an introductory price ranging from Rs 10.99 lakh to Rs 12.45 lakh (ex-showroom, Delhi).
In a sprawling factory south of Shanghai, Li Shufu, the self-made Chinese billionaire who is poised to buy Volvo Car Corp from Ford Motor Co, is presiding over a new-model launch party. If he has any concerns that his Geely Automobile Holdings Ltd’s rising sales and surging stock price could falter, he’s not showing them on that summer day.
Venezuelan President Hugo Chavez ordered an investigation of Toyota Motor Corp, saying the world’s largest carmaker “can leave” should it fail to meet production quotas and technology-transfer laws.
The country"s largest carmaker Maruti Suzuki today said it expects September sales to increase by over 30 per cent due to robust demand during the festive season but cautioned that a looming hike in interest rates on car loans may not help in maintaining the momentum.
Delhi-based auto component player Amtek Auto announced today that the company has raised an additional $75 million (Rs 360 crore) through 5.625 per cent Foreign Currency Convertible Bonds (FCCB).
Five companies including Hero Honda have evinced interest in investing in Karnataka. In the run up to the forthcoming lobal investors’ meet in June this year, the state industries department has been inviting companies from industry segments to the state.
The Nifty tested the 4,900 levels as indicated in our F&O outlook on Tuesday and closed below support level on profit booking in interest rate sensitive sectors like auto, banking and realty.
After five days of relentless selling, any hopes of a change in fortunes yesterday were dismissed early in the morning, as bears took grip of the markets. Aggressive selling in auto, banking, metal and realty stocks saw the markets break one support level after another during the course of the day.
Don’t make fresh lumpsum commitments, but continue with your SIP investments.
The Indian bourses opened marginally higher at 16,317.16 - up 28 points. points - mirroring positive cues from the global markets. The US markets ended on a positive note after the US Federal Reserve said that the conditions in the world"s largest economy are showing signs of improvement. The Dow Jones Industrial Average added 0.4 per cent and the Nasdaq Composite Index was up 0.8 per cent, respectively. The Asian stocks too started on a strong note however pared some gains towards end of the day. The Hang Seng was up 1.61 percent and the Nikkei added 1.5 per cent, respectively.
The Sensex is now at 16,262, down 27 points. The NSE Nifty is at 4,853, down two points. Meanwhile the European markets have opened on a positive note. FTSE is up 37 points.
The Foreign Institutional Investors (FIIs) were net sellers of Rs 1,625.66 crore in futures and options segments on Monday.
Indian food delicacies with flavour and taste of spices are becoming a big hit in China, Spices Board sources said here.
In a record achievement despite the global economic recession, spice exports from India clocked $11.68 billion —an all-time high —in 2008-09.
The Board of Directors of Jet Airways has given its in-principle approval to acquire 26 per cent stake in MAS GMR Aerospace Engineering Company for an unspecified amount.
Despite a 55.44 per cent rise in its net interest income, the Bangalore-based State Bank of Mysore (SBM), an associate bank of SBI, has posted a 22.6 per cent drop in its net profit to Rs 141.31 crore for the third quarter ended December 31, 2009 compared to the corresponding quarter last year. Its total income for the quarter stood at Rs 995.07 crore, a marginal drop of 5.3 per cent compared to the same quarter a year ago.
But, will help Indian funds get more deals.
HDFC Bank, India"s second largest private sector bank today reported a surge of 32 per cent in net profit at Rs 818.50 crore during the third quarter ended December 31, 2009.
Indian drug companies have reduced their cumulative foreign currency convertible bond (FCCB) burden by over 60 per cent. This has helped the companies improve their financial health and look for further fund-raising for expansions.
Merger and acquisition (M&A) activities globally declined in 2009 with deals worth $3.6 trillion being announced during the year, down by 15 per cent over the year-ago period.
A meeting of the board of directors will be held on January 21 to consider sub-dividing the equity shares and a second interim dividend for FY09-10, besides the unaudited financial results for the third quarter and nine months ended December 31, 2009, according to the company"s filing with the BSE.
The stock touched a high of Rs 174 and a low of Rs 165. It finally ended flat at Rs 167. The counter clocked a volume of 39,967 share on the BSE today.
A clutch of IPOs, including Asia"s third biggest by state-run NHPC, has propelled India to the sixth position in the list of most active nations in the global space of initial public offerings this year.
Financial services firm India Infoline’s net profit doubled to Rs 59.50 crore for the third quarter ended December 31, 2009, compared to last year. Its income rose 39 per cent to Rs 319.48 crore during the same period.
K Subrahmanyam / January 21, 2010, 0:30 IST
Under fire for rising prices, Prime Minister Manmohan Singh today asked state governments to tackle shortages of essential supplies while promising all possible assistance from the Centre.
State-run NTPC has undertaken 17 projects across the country for capacity addition of 17,930 Mw of power in the road map to achieve 75,000 Mw generation capacity by 2017.
The government today approved three port projects worth Rs 7,737 crore for developing infrastructure at the Jawaharlal Nehru and Visakhapatnam ports.
The rupee fell to a two-week low on speculation that foreign funds will trim their holdings of local assets, as interest rates are raised to contain inflation.
India has agreed to provide an additional 30 MW of electricity to Nepal, which is facing an acute power shortage.
State-run power major National Thermal Power Corporation (NTPC) today said its follow-on public offer (FPO), through which the government plans to divest 5 per cent stake, would open on February 3.
The country"s largest power producer National Thermal Power Corporation"s (NTPC)
A Norwegian-Indian telecom joint venture firm, Uninor, today said it has secured 1.2 million subscribers across eight telecom circles during the first month of its operation.
GTL Infrastructure, which today agreed to buy the tower business of Aircel, plans to have a footprint of 50,000 towers over the next three years, company"s Chairman Manoj Tirodkar said here today.
A rebounding stock market that gained two-thirds in the past year and an economy growing at 6 per cent have seen the combined net worth of India’s 100 richest people touch $276 billion, almost a quarter of the country’s GDP, business magazine Forbes said today in its annual rich list for the country.
The scrip erased all its gains and slipped into the negative to touch a low of Rs 356 and finally ended at Rs 362, down 2% from the previous close. The counter witnessed trades of 36,792 shares on the BSE as compared to the two-week daily average traded volumes of 4,417 shares on the BSE.
Tata Communications has signed an agreement with the Qatar-based Qtel for a new undersea cable network that will connect a number of regional operators in the Gulf region with the country.
Bharti Airtel is not looking at acquiring US telecom carrier Sprint, but would continue to focus on emerging markets where it sees huge potential for penetration, Group CEO Manoj Kohli said today.
Aptech Limited, a global retail & corporate training solutions major, has signed a Joint Venture contract with New Life Group Inc; a Filipino Company to expand its presence in the country.
FXLabs Studios, a city-based developer of game products for PCs and video game consoles, has received the 24 FPS animation award for the best game design by Maya Academy of Advanced Cinematics (MAAC) for its game based on Bollywood movie ‘Ghajini’. MAAC is the academic wing of US-based 3D animation and visual effects house Maya Entertainment, a press release said on Wednesday.
The state-run telco BSNL has informed the DoT that it may miss even the March 31 deadline for implementing the mobile number portability (MNP) regime if it does not get the security clearance for importing the needed equipment at the earliest.
The Supreme Court today asked the Telecom Regulatory Authority of India (Trai) to fix the tariffs for direct-to-home (DTH) services by June 30 and place the plan before it.
The Department of Industrial Policy and Promotion, the apex policy making body for foreign investment under the Ministry of Commerce and Industry, has recently revised the guidelines for calculating total foreign investment (direct and indirect) in Indian companies for uniformity in the methodology of calculation across different sectors.
The Reliance-Anil Dhirubhai Ambani (ADA) Group is all set to get into Hollywood’s big bucks league. DreamWorks Studios, a joint venture between Steven Spielberg and Stacey Snider, along with the ADA Group, will make ‘Martin Luther King, Jr’. The screenplay will be written by acclaimed screenwriter and Academy award winner, Ronald Harwood.
Hyderabad Metro Rail Limited (HMRL), the special purpose vehicle set up to implement the metro rail project in the city, had postponed the sale of Request for Qualification (RFQ) applications for global bids to July 24, according to municipal administration and urban development principal secretary and Hyderabad metro rail project chairman CVSK Sarma.
The market opened weak and sustained selling pressure saw the benchmark indices, the Nifty and Sensex, lose their crucial support levels of 5,150 and 17,300, respectively. The spot Nifty closed at 5,094 while January futures closed at almost 10 points discount on profit-taking and short build-up.
Vedanta Resource group firm Sesa Goa today said that it will spend about Rs 1,500 crore in its mining business during the next two years to reach the annual production capacity of about 50 million tonnes.
Hit by international student attack crisis, Australia has experienced a huge decline by 46 per cent of Indians applying for student visas in the country last year, country"s Immigration Department has said.