International Business
The Shiv Sena has raked up the Belgaum card to trump the proponents of a separate Vidarbha state out of Maharashtra. The saffron party, which is yet to recover from its successive defeats in the Lok Sabha and state Assembly elections, has already reiterated that it will launch an agitation for an undivided Maharashtra. At the same time, the party dared the Congress-led governments at the Centre and the state to take concrete measures for the inclusion of Belgaum (currently in Karnataka) in Maharashtra. The demand is currently pending in the Supreme Court.
India, the biggest vegetable oils buyer after China, may import record volumes for a second year after a drought in almost half the country damaged oilseed crops, a processors’ group said.
Bourse says it can trade in tandem with Nymex.
The Indian Commodity Exchange (ICEX), promoted by public sector MMTC Ltd and Indiabulls Financial Services, has got recognition from the commodity market regulator, the Forward Markets Commission (FMC). FMC Chairman B C Khatua confirmed this.
With the global economy gradually bouncing back, the IT job market is also picking up and around 2-2.5-lakh jobs in the sector are likely to be up for grabs, a top Infosys official said today.
The Hyderabad police has registered cheating and criminal breach of trust cases against the promoters of Maytas Properties, an unlisted company owned by the family of Satyam Computer Services Ltd founder B Ramalinga Raju, who is in jail after confessing to manipulating Satyam’s accounts.
Technology may just get you love, or so it seems according to a new report from internet security firm Symantec which reveals that more than a third of adults have used the web to flirt. The 45 million active internet users in India have been steadily using the web to socialise with people.
The ratio of volatile capital flows, consisting of cumulative portfolio investments and short-term debt, to India’s foreign exchange reserve moved up to 51.1 per cent at March 2009-end from 45.4 per cent a year ago.
Yemen has sought an increase in Indian investments in the areas of trade, especially in industrial, fishery, tourist sectors.
Among those who were willing to buy gold at current prices, the preference for purchasing jewellery was higher as compared to any other form of gold, a survey by brokerage firm India Infoline Ltd (IIFL) said.
Natarajan Chandrasekaran (called Chandra by colleagues and friends) will take charge as the managing director and chief executive officer (MD & CEO) of India’s largest information technology services provider, Tata Consultancy Services (TCS), from S Ramadorai tomorrow. He’s the third in the line of TCS’ CEOs, after F C Kohli and Ramadorai.
India"s second largest lender, ICICI Bank, has seen growth returning in its home and auto loans portfolios in the second quarter on the back of improving sentiments in the credit market, its chief said.
Industrialist Rahul Bajaj today said the government should adopt a carrot and stick policy to bring back Indian money stashed in Swiss banks and suggested that identities of account holders should be protected.
Unmindful of international pressure, a defiant North Korea today conducted a second "successful" and "more powerful" nuclear test, a move that could invite fresh sanctions and punitive action against it.
With convenience and interactivity as its plus points, Web TV has emerged in a big way in India
India today sought speedy negotiations of reprocessing arrangements, as well as liberalisation of the export licensing procedures, to move forward the Indo-US civilian nuclear deal.
While L&T’s December quarter results and cut in its 2009-10 guidance are disappointing, most analysts believe it to be a blip.
Asking the US corporate sector to build a lasting partnership with India in high technology including the defence sector, new Indian envoy Meera Shankar has said that New Delhi is looking at optimising its ability to procure the best equipment from anywhere in the world.
A K Bhattacharya / New Delhi May 20, 2009, 0:11 IST
Amid reports of over half a dozen leaders in the race for the post of Maharashtra Chief Minister, Union Minister Vilasrao Deshmukh today met Congress president Sonia Gandhi, but maintained he not was in contention for the top job.
By securing 13 seats in its maiden outing in the Assembly polls, Maharashtra Navnirman Sena (MNS) has dealt a blow to Opposition Shiv Sena-BJP alliance, making victory easier for the ruling Congress-NCP combine.
Results come as a shock for BJP-led coalitions.
Telecom Minister A Raja today said any deviation by lower-rung officers from the government’s policy decision on spectrum allocation would be dealt with.
PROFILE
The land acquisition process for the Rs 54,000-crore Posco steel project in Orissa is expected to make some headway soon with the state government showing resolve to expedite the process.
Praja Rajyam Party (PRP) President K Chiranjeevi has appealed to his party MLAs to withdraw their resignations after 11 of his 18 party legislators quit their assembly membership in protest against the Centre"s decision to carve out a separate Telangana state.
Uncertainty looms large over the Rs 5,000-crore 1050 Mw thermal power project of KVK Nilachal Power (P) Ltd at Kandarei in Cuttack district with the Orissa High Court staying the construction work of the project.
The difficulty in land acquisition is going to seriously affect the industrial sentiment in Orissa. Though the government boasts of attracting investments worth over Rs 6 lakh crore, many projects including those proposed by Posco, Arcelor-Mittal, Tata Steel are hanging in balance due to stiff resistance by the locals.
IT giant Wipro today settled the land issue with the West Bengal government for its second unit near Kolkata and would buy 50 acre at Rs 75 crore.
Swine flu today claimed five more lives, four of them in worst-hit Pune alone, taking the countrywide toll to 17, even as authorities in Mumbai shut down schools and colleges for a week and cinema halls for three days to check the spread of the virus.
Personal computer (PC) sales in the country recorded a 7 per cent negative growth for the first time due to the economic slowdown during the last fiscal 2008-09.
Says industry can’t keep growing at expense of farms, poor.
The Foreign Investment Promotion Board (FIPB) has rejected a proposal from German firm EADS Deutschland GmbH and Larsen & Toubro (L&T) for setting up a joint venture company for manufacturing, distribution and marketing of products pertaining to electronic warfare, military avionics, radars and defence-related mobile systems. This was done after taking up the matter in six of its previous meetings
Ahead of the Copenhagen summit on climate change, India today discussed with France and the UK ways to ensure the success of the event as Prime Minister Manmohan Singh met French President Nicolas Sarkozy and British Premier Gordon Brown here.
BPO firm Genpact today signed a Memorandum of Understanding with the Royal Government of Bhutan, to train local talent and help in the development and growth of the IT-ITeS industry in the Himalayan Kingdom.
India"s space agency has in its pipeline eight foreign satellites for launch and is scouting to acquire such spacecraft from abroad to expand capacity in the field of communication transponder back home.
In a move to promote transparency and improve corporate governance standards, the capital market regulator, the Securities and Exchange Board of India (Sebi), has proposed the formation an audit committee to oversee its financial reporting process and disclosure of financial information.
Bhuvan, an indigenously developed satellite mapping tool similar to Google Earth, should be widely accessed by different organisations and agencies for their programmes, Science and Technology Minister Prithviraj Chavan said today.
After the challenging mission to moon, ISRO today said it has begun preparations for sending a spacecraft to Mars within the next six years.
Marxist patriarch Jyoti Basu was today admitted to the intensive care unit of a hospital here with slight pneumonia infection and doctors attending on him said his condition was stable.
In view of banks classifying even short-term loans to housing finance companies (HFCs) as priority sector lending, the Reserve bank of India (RBI) has moved to end this practice.
Two stores to open in Chennai, hiring begins.
The designer Nano will hit the streets soon. The world’s cheapest car has generated interest of designers like Dilip Chhabria and former Maruti Suzuki India chief Jagdish Khattar, both of whom are working on a re-designed avatar of the car.
The attention that we give to food during days of fasting never ceases to amaze me.
Make-up artist Vidya Tikari fancies exotic seafood in the kitchen.
Customers of Hill County, a Rs 1,100-crore residential project of Maytas Properties, are set to present their case at the Pravasi Bharatiya Divas (PBD) on January 7 for its speedy completion. Maytas Properties, an unlisted company, is owned by the family of Satyam Computer Services’ founder B Ramalinga Raju.
It"ll be a year tomorrow since B Ramalinga Raju"s explosive admission about an accounting fraud at Satyam, but the iconic IT firm that he founded has managed to move on and out of the shadows of the country"s biggest corporate scam.
Chief minister B S Yeddyurappa has said that H D Deve Gowda has no locus standi to criticise the Bangalore-Mysore Infrastructure Corridor (BMIC) project as it was he as chief minister who had cleared allotment of land at a lower price and had even signed an agreement accepting the clause that courts in London would have jurisdiction on dispute redressal.
State-run Bharat Heavy Electrical (BHEL) today said it has set up a new transformer manufacturing facility at Bhopal in Madhya Pradesh.
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Bimal Jalan / New Delhi July 26, 2009, 0:03 IST
After a brief lull in attacks on Indians in Australia, three members of the community were "brutally bashed" by a group of around 70 youths, including women, who were attending a birthday party in a bar here after making racist remarks against the trio.
Playing down the latest Chinese incursions in Leh region of Jammu and Kashmir, External Affairs Minister S M Krishna today said these incidents were not a “cause of concern” and these will be “taken care of”.
External Affairs Minister S M Krishna met his Sri Lankan counterpart Rohitha Bogollagama here and discussed the issue of resettlement of over 280,000 internally displaced persons in the island nation.
Reliance BIG TV, the DTH service of Reliance ADA Group, is expanding its channel bouquet with the addition of ten new channels.
The Companies Act does not empower the government to advise India Inc to provide jobs to minorities, but the corporates should take the initiative on their own, Corporate Affairs Minister Salman Khurshid informed Lok Sabha today.
The government has moved an application in the Company Law Board (CLB) to recall its nominated directors from the board of Mahindra Satyam, Corporate Affairs Minister Salman Khurshid said on Saturday.
Corporate affairs minister also rules out private sector job quota.
Beijing has threatened to ban import of seafood and other food products from India if New Delhi continues to restrict import of milk products from China, the government informed the Lok Sabha today.
Prime Minister Manmohan Singh and leaders of emerging countries like Brazil, China and South Africa are expected to make a big push for more space and a stronger voice in global financial institutions at the G-20 Summit starting in Pittsburgh this Thursday.
India has said that developed countries should "not expect miracles" at the key Copenhagen climate summit in December and the goals sought for emission controls should be more "realistic".
Kiri Dyes and Chemicals today said it will raise up to Rs 150 crore through issue of securities in the domestic and international markets for expanding its business operations.
Ranibai Rajaram Chhabria, mother of the late Manohar Rajaram Chhabria, has challenged the merger of Shaw Wallace with Vijay Mallya-promoted United Spirits, saying she was entitled to a fifth of her deceased son"s estate.
The government has set up a standing committee on infrastructure finance, which will be headed by Finance Secretary Ashok Chawla, according to a government official. The committee will comprise 11 members, including Planning Commission secretary, RBI deputy governor, Irda chairman, and IIFCL chairman.
Carrier’s move comes after pullouts by some bigger brands in past few years.
BCCI almost doubles base price; stiffer cut-off for bidders.
The markets have recovered partially. The Sensex is now down 147 points at 16,160, and the Nifty has shed 46 points at 4,822.
UN Secretary-General Ban Ki-moon has lashed out at Georgia"s claim that he was coerced by Russia into amending his recent report on the Caucasus nation.
Social networking site Facebook has received a $200 million investment from Digital Sky Technologies, an internet investment group, in exchange for a 1.96 per cent stake in the company.
US soft drink giant PepsiCo said today it would boost investment in Russia by $1 billion, topping the list of US trade deals expected during President Barack Obama"s visit to Moscow this week.
The third edition of the Indian Premier League, scheduled to begin in March, is under controversy after the Shiv Sena has opposed the participation of Australian cricketers in the domestic Twenty20 event, in the wake of ongoing attacks on Indian nationals Down Under.
It’s been a fortnight since Windows 7 was officially launched worldwide. It now makes up more than 3.6 per cent of all PCs tracked by research firm Net Applications.
Microsoft today launched its new operating system (OS), ‘Windows 7’, with a host of tools for multimedia applications for business and retail customers. The much-awaited Windows 7 promises significant improvement in productivity levels, enhanced security, reduced risk and manageability costs.
They said the day a black man became president of the United States, pigs would fly. Well, lo and behold, Obama was sworn in and one hundred days later... swine flu!”
What does a Taylor guitar worth $3,500 have in common with a pornographic comic-strip Indian bhabhi? The curves, sure, but they both also have songs protesting their mistreatment. In the process, they’ve got the Net buzzing.
Poor Farrah Fawcett. At the peak of her stardom in the late 1970s as the most conventionally sexy of the Charlie’s Angels, her pin-ups helped a generation of young boys discover hormones they had never imagined existed. But in death, she found herself relegated to the sidelines by (as one Netizen impertinently put it) “a freakishly disfigured, putty-nosed paedophile”.
Hopes to capture 7-10% share of the multimedia segment.
At least the Shiney Ahuja rape case has taken some pressure off Mahendra Singh Dhoni’s shoulders, a friend says on Twitter, and he’s right: it takes something very special for the captain of a World Cup-losing cricket team to be only the second most vilified public figure in the country.
Reserve Bank Deputy Governor K C Chakrabarty today allayed fears of excess liquidity in the banking system saying it was just "adequate".
In yet another attack on an Indian in Australia, a 29-year-old man was set on fire by a group of four assailants here, drawing strong condemnation from a student body which called such assaults unacceptable and asked authorities not to “dodge” the issue.
Long before the Commonwealth Games officials came to town to inspect the work being done, there was considerable disquiet in the Prime Minister’s Office over the lack of progress in the preparations. To help MS Gill, he was even given an assistant, Jarnail Singh, a former joint secretary in the PMO and a former chief secretary in Manipur. Instead of reducing the disquiet, the move has increased it. Singh is a gentleman but that’s probably the last thing you need right now. What makes things worse is that the other name doing the rounds at that time was that of V K Duggal. A go-getter, Duggal is a UT cadre officer and has served in Delhi long enough to know enough people to get work done — and being the home secretary till a few years ago also helps.
Anil Ambani group firm Reliance Capital today said it plans to enter investment banking space by the end of the current fiscal.
Barclays Capital, the investment banking division of Barclays Bank PLC, has appointed Matthew Ginsburg as Managing Director and Head of Investment Banking, Asia-Pacific.
Mobile advertising: Every year for the last decade, media experts have predicted a boom in mobile advertising. But if recent acquisitions of mobile ad agencies by Google and Apple Inc are any indication of what’s to come, this year’s round of forecasts might prove more accurate.
Punjab National Bank CMD K C Chakrabarty has quit his post after his appointment as RBI Deputy Governor.
Most know private sector firms are a lot more efficient than public sector ones, but a little bit of perspective is required here. According to data from the latest budget documents, public sector firms, on average, pay around a fifth more effective tax rates in comparison to their private sector counterparts. So, while public sector companies paid an effective tax rate of 25.69 per cent in 2007-08, the figure was a lower 21.28 per cent for private sector firms. The average of 22.24 per cent for all firms, of course, was much lower than the statutory 33.99 per cent. The reason for this is the tax benefits claimed, obviously more by the private sector, particularly for export profits under the Software Technology Parks of India (STPI) scheme (Rs 11,734 crore) and accelerated depreciation (Rs 14,344 crore of taxes were foregone on this account).
The budget is big on rural India and allocations for the Bharat Nirman project, for instance, have been hiked 45 per cent over those allocated in Budget 2008-09 — within this, allocations for projects like the Pradhan Mantri Gram Sadak Yojana have been hiked 59 per cent. While that’s all very well, it would be a good idea to see what’s happening on the government’s plans for connecting rural India, not by roads but by telephones. As compared to urban areas where around 90 per cent of people have phones, tele-density is just around 15 per cent for rural India.
After being subscribed by more than 23 times, the state-run National Hydroelectric Power Corporation’s (NHPC) initial public offer (IPO) has been hit by uncertainty in the stock market.
Reliance Industries (RIL) has cautioned that NTPC should not make comments on matters sub-judice lest they are construed as attempt to influence the outcome of its court case seeking natural gas at price committed in 2004.
Indian made foreign liquor (IMFL) company Radico Khaitan, registered a consolidated net profit increase of 55.6 per cent for the quarter-ending June 30, to Rs 10.7 crore as compared with Rs 6.88 crore in the corresponding quarter a year earlier.
“Consumer wants can have bizarre, frivolous, or even immoral origins, and an admirable case can still be made for a society that seeks to satisfy them. But the case cannot stand if it is the process of satisfying wants that creates the wants.”
What a fantastic book this is! But you have to read it twice to know that. Repetitio est mater studiorum, after all, as Arthur Schopenhauer reminds us in an essay on reading, before going on to explain that “Any kind of important book should immediately be read twice, partly because one grasps the matter in its entirety the second time, and only really understands the beginning when the end is known; and partly because in reading it the second time one’s temper and mood are different, so that one gets another impression; it may be that one sees the matter in another light.” Everything he says here is valid for this book.
Realty firm Parsvnath Developers today said it has received approval from the Haryana government for a township project in the state, in which the company would invest about Rs 380 crore.
IT infrastructure services provider Allied Digital Services today said it is planning to raise $50 million (about Rs 244 crore) through issue of securities on a preferential basis.
Dollar weakness and higher inflation fears are pushing the yellow metal higher
The Orissa government has written a letter to the Union government requesting the latter not to accord national project status to the Polavaram dam project being implemented by the Andhra Pradesh government. The letter written by the state chief secretary to the Union water resources secretary pointed out that any move to accord national project status to the project will violate the Orissa High Court judgement, which allowed the Andhra Pradesh government to proceed with the construction of embankment of the project without any land acquisition and sub-mergence. It stated that a number of controversial issues need to be sorted out and many cases are pending before the courts. Similarly, certain objections have been raised about the clearance given by the Union ministry of environment and forest to the project as the public hearing was not completed.
With less than five months left for the proposed roll-out of the Goods and Services Tax (GST), the empowered group of state finance ministers today suggested a model of inter-state goods and services tax (IGST) for inter-state transactions. The Centre would levy GST which would comprise central and state GST, with appropriate provision for consignment or stock transfer of goods and services.
One of the key challenges in the implementation of a Goods and Services Tax (GST) is with regard to exemptions from the tax for specified goods and services. In the Indian context, given the plethora of exemptions that currently exist in regard to numerous goods and services, under the respective Central and state laws, the challenge is a larger one. The matter gets complicated if one were to consider that in addition to the exemptions, there exist exemptions from the tax, both Central and State, that are based on the geographic locations of the manufacturing units. These are commonly known as area based exemptions.
The long-awaited meeting of the Empowered Committee of State Finance Ministers (EC) was recently held in Delhi and, as was perhaps expected, the EC has come out with a recommendation on what can legitimately be called a “Dual Rated Dual GST System”. There were expectations in certain quarters that the dual GST would be a single rated one at the Federal and the State level for both goods and services. This has not been possible and the EC has now come out with a dual rate model for goods. There has been no mention of whether there will be a dual rate for services as well but the understanding and expectation is that services will be taxed at just the one rate, at the Federal and State levels respectively. This article discusses the dual rate dual GST model for goods in some detail.
Business Standard / New Delhi September 18, 2009, 0:34 IST
After voting with sworn political enemy Bharatiya Janata Party (BJP) against its one-time ally — the United Progressive Alliance (UPA) — last year, the Left is again considering floor co-ordination with the BJP in Parliament.
Before the introduction of the goods and services tax (GST), a crucial doubt of many states remains to be cleared: would they be compromising on their fiscal autonomy or the power to tinker with the tax rates when the new regime is rolled out?
Has capital requirement of Rs 50,000 cr over the next five years.
Allied Blenders and Distillers today said its heritage whisky brand, Officer"s Choice, has crossed the 10 million cases mark to become the fastest growing whisky brand in the country clocking a compounded annual growth rate (CAGR) of 31 per cent over the last three years.
The defeat of BJP today, especially in Maharashtra and Haryana where it had been part of coalition governments earlier, has come as a severe blow to the party that is already reeling under the Lok Sabha debacle and serious internal discord.
The Rashtriya Swayamsevak Sangh (RSS) today obtained a commitment from the Bharatiya Janata Party’s (BJP’s) warring leaders that they would stop their infighting even as moves were initiated for a major overhaul of the party’s top brass, which will see the exit of Rajnath Singh as party president in the next three months and likely stepping down of L K Advani as leader of the Opposition in the Lok Sabha.
Post the market rally, returns expectations will need to be tempered.
Rolls-Royce is looking to add a second engineering and design services firm in India to cater to its design requirements. Under the government’s $10-billion defence programme, Rolls-Royce has a commitment to offset 50 per cent of its research and development requirements to Indian design companies.
Visakhapatnam Port will soon invite fresh bids for construction of two berths under public-private partnership.
India’s two largest companies — state-run Oil and Natural Gas Corp (ONGC) and billionaire Mukesh Ambani-led Reliance Industries (RIL) — are being rumoured as the "mystery" bidders for UK-based Addax Petroleum, which could be sold for £5 billion (around $8.26 billion), a media report said here.
Dalal Street is likely to remain volatile this week as negative global cues would act as a drag on the trading sentiment of investors, analysts say.
State-owned Hydroelectric giant NHPC, a mini ratna unit, would add 4,622 Mw of hydel power by 2012, a top company official said today.
In a surprise move, ABG Shipyard today exited the race to acquire Great Offshore and sold its 8.2 per cent stake to three financial investors. The ABG moves comes after seven months of intense rivalry with Bharati Shipyard through a series of competitive counter-bids.
Social media sites have enjoyed a steep surge in popularity, but fail to attract advertisers at the same pace. Only 13 per cent of the total Internet ad spends have gone into social media initiatives for the year 2008-09, according to a recent study of the top 500 marketers in India (Digital Media Outlook 2009 report by Webchutney).
Software giant Microsoft"s representatives will soon meet Finance Ministry officials trying to persuade them to impose excise or countervailing duty instead of service tax on packaged software.
Mysore became the first city in the country to have a bus stand modernised under the Jawaharlal Nehru National Urban Reconstruction Mission (JNNURM) today.
BEML Limited, a Mini Ranta Category-I Public Sector under the Ministry of Defence and Steel Authority of India, a Navaratna Company under the Ministry of Steel have signed a Memorandum of Understanding for supply of stainless steel.
The government today said Indian Railways proposes to acquire 18,000 wagons in 2009-10,under rolling stock programme during the current fiscal against 11,000 in the previous financial year.
Germany-headquartered BrainLAB group, a privately held manufacturer of software-driven medical technology, is planning to form an Indian subsidiary next year to localise its growing Indian operations.
Fast moving consumer goods (FMCG) majors like Britannia, ITC and Parle Products are mulling price hikes and cost-cutting measures on the back of a weak monsoon season, coupled with soaring sugar prices.
Anil Ambani group today questioned Mukesh Ambani-led RIL"s explanation on over three-fold jump in costs to $8.83 billion for developing gas fields, and asked the government to expedite the CAG audit and appoint an international expert to revalidate the expenses.
As vast parts of the country reel from the effects of a drought, the second UPA government will unveil a mega expansion of its flagship National Rural Employment Guarantee Scheme (NREGS) on August 20, which coincides with late prime minister Rajiv Gandhi’s birth anniversary.
Contrary to my pessimistic mood at the year end, 2010 has been ushered in with good cheer by the announcement that all royalty payments-sectors, quantum, caps notwithstanding, will henceforth be covered by the automatic route, subject to the FEMA Current Account Transaction Rules, 2000.
State-run power utility NTPC has signed an agreement to buy gas from GAIL India for 10 years at a delivered price of close to $8 per million British thermal unit (mBtu).
Oil India, the second state-run firm to hit the market with an offering of equity shares this year, may price its IPO that opens on September 7 at Rs 1,000-1,100 a share.
Oil India, the nation’s second biggest state-run explorer, is planning to invest around Rs 2,335 crore during the fiscal. Of this, the company will invest around Rs 1,430 crore in exploration and production and Rs 495 crore towards revamping its ageing fields.
Driven by robust growth in its India business, beverages major PepsiCo today reported a 9 per cent jump in net income to $1.71 billion in the third quarter ended on September 5, 2009.
Shree Cements has reported 35 per cent increase in net profit to Rs 167.4 crore in the third quarter ended December 31, 2009 as against Rs 124 crore in the same qaurter last year.
Maharashtra, Karnataka, Andhra Pradesh and Tamil Nadu in focus.
The BPO industry in India has undoubtedly been a very popular field of employment in recent years but one of the biggest challenges it is facing is a phenomenal rise in attrition rate, says a new book.
The BPO arm of Mahindra Satyam seems to be on a hiring spree with plans to recruit additional 300 persons by next month even as the parent is rationalising its headcount.
IT firm Tech Mahindra today said it has opened a new centre in Chandigarh with an initial capacity of 1,000 seats.
New telecom licensee Etisalat DB Telecom has awarded a $400-million (nearly Rs 2,000 crore) IT applications and infrastructure outsourcing contract to Tech Mahindra. The contract is spread over a 10-year period.
The government today ruled out any possibility of rolling back the incentives given to the export sector saying the country has yet to fully recover from the impact of the global financial meltdown.
The Sensex fell 0.88 per cent, or 155.02 points, at 17,486.06, as weak global markets encouraged investors to lock in profits in outsourcers such as Tata Consultancy Services and Infosys Technologies.
JSW Energy plans to hit the capital markets in the third week of October to raise around Rs 3,000 crore by diluting 10 per cent equity stake.
Some insurers may cut agent workforce due to new norms on unit-linked plans.
The government today said it will soon introduce a Bill to enact a Food Security law that will provide 25 kg of rice and/or wheat at Rs 3 to each family below the poverty line - a key poll promise of the Congress that heads the ruling coalition.
After reaching an agreement with Himachal Pradesh, the Uttarakhand government is now focusing on 600-Mw multi-purpose Kishau hydel project, which is likely to be given to Uttarakhand Jal Vidyut Nigam Ltd (UJVNL) for implementation despite intense lobbying by the Tehri Hydro Development Corporation Ltd (THDCL).
The country"s largest two-wheeler maker, Hero Honda Motors today reported a 35.88 per cent jump in its sales at 4,15,137 units in August compared to sales in the same month last year.
Markets extend losses in noon trades
With a piece of land at the Haridwar industrial plant of Hero Honda becoming a bone of contention with the State Infrastructure and Industrial Development Corporation of Uttarakhand Ltd (Sidcul), the company has begun talks with the state government over the issue.
India and Canada are in the process of finalising a bilateral trade and investment related agreement that would further boost their growing trade ties.
Despite the global economic slowdown, State Bank of India (Canada), a subsidiary of SBI, saw an overall business growth of 22 per cent in July 2008 to June 2009, although its profit slightly went down, a top bank official said here on Thursday.
Former BCCI president Raj Singh Dungarpur died in Mumbai following protracted illness. Affectionately called as ‘Rajbhai’ in the cricket fraternity, the 73-year-old Dungarpur, who was president of the Cricket Board for three years in the late 1990s, was suffering from Alzheimer’s disease.
The stock market staged a remarkable comeback, thanks mainly to the improvement in global markets coupled with better-than-expected Q1 numbers so far. So ferocious was the pullback that major indices, the Sensex and the Nifty, recovered nearly all its losses suffered during the Budget week.
Jaypee Group firm Jaiprakash Power Ventures today said it will raise Rs 1,500-2,000 crore through convertible bonds issued to foreign investors and institutional placement by next month to augment its generation capacity.
Finance ministers of the world’s 20 largest economies, including India, today agreed on the need to have an “institutional cap” on bonuses paid to bankers. At the conclusion of a day-long G-20 finance ministers’ meeting here today, the nations agreed on more disclosures and transparency in the level and structure of remuneration along with global standards on pay structure, including deferral, effective clawback, relationship between fixed and variable remuneration, and guaranteed bonuses.
Kanika Datta / New Delhi July 23, 2009, 0:13 IST
Tata Power and SN Power, Norway’s fast growing international renewable energy company, signed an exclusive partnership agreement to develop joint hydropower projects in India and Nepal.