Management
The changes to industry dynamics and competitive landscapes resulting from the global recession will likely after the profiles of key industry sectors to the benefit of Asian companies by 2012 and there would be more cross-border mergers and acquisitions over the next few years, says Fitch Ratings.
Business Standard / New Delhi December 15, 2009, 0:24 IST
The launch of Nine Lives, William Dalrymple’s search for the sacred in modern India, was the kind of spectacle that gladdens even a publisher’s withered heart. The Char Bagh in Delhi was packed, and between Baul singers and a dancing Dalrymple (he joined in when the theyyam dancers took stage), we were much entertained.
The United States has won a case against China at the World Trade Organisation (WTO) which has ruled that it is illegally restricting imports of movies, music and books into the country.
Higher MAT, depreciation also take their toll, says company
After having launched a new IT policy this month offering incentives to attract investments in the sector, the Punjab government will now review the proposed 18 IT SEZ projects and IT parks in a meeting tomorrow to decide on "serious" IT players.
The rupee today declined by 10 paise to 45.91 against the US dollar in early trade in line with other weakening Asian currencies.
India has said it does not visualise any conflict with China on border issues and that the two countries have agreed to resolve their differences through dialogue.
While the economic environment is seen improving which augurs well for L&T and BHEL, valuations aren’t cheap.
Engineering company Larsen & Toubro (L&T) today reported a profit after tax (PAT) of Rs 580.40 crore for the second quarter ended September, whereas the same was at Rs 460.26 crore during the corresponding period a year earlier.
- FIIs infuse Rs 24,800 cr in Dec quarter - FIIs net buy Rs 516cr, DIIs net sell Rs 472cr - FIIs net sellers Rs 278cr in F&O on Wednesday - FIIs net buyers Rs 695cr in F&O on Tuesday - FIIs net sellers Rs 900cr in F&O on Thursday - Positive returns on the cards, but no sharp surge
MRF finally settled with 16.5% increase at Rs 4,454. The counter witnessed trades of 61,745 shares, as against its two-week average traded quantity of 9,607, which is a massive increase of 521,38.
Anticipating an investment of Rs 3,240 crore in dairy and live stock sectors in Kerala in the next three years, an experts" committee has recommended the government to set up a live stock development finance corporation to ensure better credit flow in this high potential area.
Sliding down the popularity chart, the approval rating of US President Barack Obama has dropped down to a new low of 52 per cent, the Gallup Poll said in its latest national opinion poll.
The government should cover the entire chain of manufacturing medical textile for exports under tax benefits for promoting a promising area of growth in the global market, industry body FICCI said.
President Barack Obama called small businesses the “engine” of the US economy and said too many are still struggling to get the credit they need to operate.
ISRO initially planned to have Russian lander, rover for project.
Lauding India"s commitment towards reducing its per capita carbon emission, UN Secretary-General Ban Ki-moon today said he was "optimistic" about achieving a deal on climate change at the Copenhagen summit in December.
Two persons died of swine flu today taking the total deaths to four in Andhra Pradesh.
The company faced solvency margin issues recently.
One more person died of swine flu here, taking the death toll in the viral infection in the city to 34, health officials said today.
The government today fixed the issue price of the initial public offer (IPO) of state-run explorer Oil India at Rs 1,050 per share, raising a cumulative Rs 4,982 crore.
Sanjaya Baru / New Delhi December 28, 2009, 0:52 IST
The Anil Ambani group today asked the Oil Ministry to follow a uniform policy and become party to power PSU NTPC"s case against Mukesh Ambani-led RIL to save power consumers from paying additional Rs 30,000 crore for the benefit of "private monopoly" gas producer.
Under criticism for its role in validating Mukesh Ambani-led RIL"s $8.83 billion gas field costs, Mustang Engineering of the US today said it did an "independent" evaluation and had never approached the firm for any commercial deals.
The Supreme Court today dismissed a special leave petition (SLP) filed by multinational drug major Hoffman-La Roche challenging a Delhi High court order of April that allowed domestic drug major Cipla to sell a generic version of lung cancer drug Tarceva (erlotinib) in India.
The government today revised its petition on the Ambani gas dispute before the Supreme Court, restricting its prayer to that part of the private agreement that pertains to gas.
Swiss drug maker Novartis AG has hiked its stake to 76.42 per cent in its Indian subsidiary Novartis India pursuant to the completion of open offer.
Raj Oil Mills finally settled at Rs 118 on the BSE today. The debutant touched an intra-day high of Rs 133, up 6.5% from its opening. The counter clocked a volume of over 17.3 million shares on the first day.
With a modest rise in net interest income (NII) and decline in treasury income, Bank of Borada (BoB) has posted a net profit growth of 17.5 per cent to Rs 832.49 crore for the quarter ended December compared to Rs 708.37 crore recorded in the same period of the previous year.
The Sensex finally ended (provisional) at 15,043 - down just 31 points.
Bajaj Auto today said it expects an increase in the company"s sales volume on account of better demand during the festive season.
The global financial crisis that spilled over into its second year choked flow of foreign direct investments into India in 2009, forcing the government to loosen rules for investments but it kept multi-brand retail off-limits to foreigners.
The US Supreme Court has refused to stay the much-touted Chrysler-Fiat deal, paving the way for the bankrupt American auto maker to steer itself out of bankruptcy soon.
The country’s largest special economic zone (SEZ), promoted jointly by Reliance Industries Chairman Mukesh Ambani and his confidant Anand Jain, is in danger of being scrapped. The zone was being set up by a company called Mumbai SEZ Ltd in the Raigad district of Maharashtra.
The Audit Committee and Board of Directors of pharmaceutical and biotechnology major, Wockhardt Limited, today appointed BDO Haribhakti as Statutory Auditors of the company from the financial year commencing from January 1, 2009.
ITC’s investment arm Russell Credit has raised its stake in Hotel Leelaventure to 7.37 per cent —an increase of 2.26 percentage points.
Business Standard / New Delhi December 21, 2009, 0:38 IST
After months of tough negotiations, Senate Democrats have come together to back a sweeping health care legislation, providing a powerful boost for President Barack Obama"s top domestic policy goal that promises to extend medical coverage to 31 million Americans.
Chennai-based entertainment company Pyramid Saimira Theatre Limited (PSTL) has moved the Securities Appellate Tribunal (SAT) against market regulator Securities and Exchange Board of India (Sebi)’s order, which had banned the company in November 2009 from trading in the Indian securities market for seven years following irregularities in its initial pubic offering (IPO).
Chennai-based entertainment company Pyramid Saimira Theatre Limited (PSTL) has moved the Securities Appellate Tribunal (SAT) against market regulator Securities and Exchange Board of India (Sebi)’s order, which had banned the company in November 2009 from trading in the Indian securities market for seven years following irregularities in its initial pubic offering (IPO).
India"s concerns on non-binding emission cuts have been met at the Copenhagen summit though the climate deal does open a window for a new legal treaty that may kill Kyoto Protocol based on principle of equity, a top government climate expert said today.
US and emerging economies including India struck a face-saving deal to tackle global warming, but the pact ran into rough weather with several developing countries opposing it, saying it was legally non- binding and set no target for curbing carbon emissions.
OPEC oil producers gathered in poverty-stricken Angola today said they would hold output firm amid comfortably high prices at their first ever meeting hosted by Africa"s new crude-pumping giant.
Andhra Pradesh chief minister K Rosaiah said a meeting of the state Legislative Assembly and Council would specifically be convened to condole the death of former chief minister, Y S Rajasekhara Reddy.
The Prime Minister’s economic panel today said the government and the RBI will have to slowly withdraw the stimulus packages given during the slowdown once the economy begins to show surer signs of recovery.
Novartis India surged over 4% to Rs 447. The scrip touched a high of Rs 450 and a low of Rs 434 during the day. The counter witnessed a volume 13,914 shares, which is more than two-fold increase in its two-week average traded quantity of 5,919 shares.
Jonathan Weil / June 14, 2009, 0:13 IST
Compensation to squatters would push up land acquisition cost.
China today condemned a US decision to slap tariffs on steel pipes from the Asian giant, saying it "strongly opposed" the move.
The Orissa government today pulled up ArcelorMittal, for "not making any investment" so far in its proposed 12mtpa greenfield steel plant at Keonjhar, questioned its "actual intentions".
India-origin billionaire Lakshmi Mittal-led ArcelorMittal today made an offer to buy an additional 29.4 per cent stake in domestic steel firm Uttam Galva Steel at Rs 120 a share.
The stock ended at its 10% upper circuit of Rs 125. The counter clocked volumes of 1.26 million shares as compared to the two-week daily average traded volumes of 913,935 shares on the BSE. The scrip surged 111% in a month.
Says the co-promoter deal will give it technology access, assured raw material supplies.
Satyam Computer today said it has allotted 75,090 equity shares to its employees, under its stock options plans.
ArcelorMittal: ArcelorMittal is firmly out of crisis mode. The world’s largest steelmaker, led by billionaire industrialist Lakshmi Mittal, delivered an unexpected return to profitability in the third quarter – after nine months of consecutive losses. Arcelor is nevertheless right to be rein in shareholders’ expectations.
The Orissa government today said it would assess the local situation in the trouble-hit site for Posco"s proposed Rs 50,000-crore steel plant before allowing South Korean President Lee Myung-bak to visit the place in January.
The government today said economic growth rate could decline to 6 to 6.5 per cent in the third quarter (October-December 2009) on account of the impact of drought and floods on agriculture production.
The Chennai-based Murugappa grorup, which crossed Rs 15,500 crore in turnover, is planning to invest Rs Rs 586 crore in 2009-10 through its group companies.
Two-wheeler maker Ultra Motor Company today launched two new electric scooters priced between Rs 28,300 and Rs 31,900 (ex-showroom, Delhi).
Struggling to bolster its claims of leadership in the fight against climate change, the European Union has announced a commitment of ¤2.4 billion (Rs 13,760 crore) annually between 2010 and 2012 to help developing countries adapt to the effects of global warming.
Yes Bank plans to raise $150-200 million through private placement of shares this fiscal, a senior bank official said.
Card-check law sought by labour leaders would make union organising easier.
P B Jayakumar / Mumbai September 25, 2009, 0:10 IST
Biocon was scouting for more strategic alliances and exploring opportunities for outlicensing its biotech drugs under development, as it pitches for a slot among the top three bio-pharmaceutical players across the globe, said Kiran Mazumdar-Shaw, chairman and managing director.
In a move to expand the reach of market for exchange traded products, the Securities and Exchange Board of India (Sebi) today came up with guidelines for market access through authorised persons.
With the government yet to decide on whether prices of petrol and diesel will be freed, oil marketing companies run the risk of losing money on retail sales.
India"s exports of agricultural products is likely to cross Rs 1,00,000-crore mark in the next five years and account for five per cent of the world"s agri exports, Agricultural and Processed Food Products Export Development Authority (APEDA) today said.
Areva T&D India, an arm of French firm Areva, today said it has bagged a Rs 150-crore order from central transmission utility PowerGrid for executing a 765 KV substation.
The Areva T&D stock has given up about 21 per cent since the start of July. The very average results for the June 2009 quarter have left the Street disappointed. The fact that the global transmission and distribution (T&D) business has been put on the block hasn’t helped.
French power equipment maker Areva is all set to dispose of its transmission and distribution business, including its Indian arm Areva T&D.
French power equipment maker Areva"s Indian arm, Areva T&D, today said it has bagged an order from aluminium major Hindalco for erecting 440 kilo volt (Kv) substations at its plants in Singrauli (Madhya Pradesh) and Sambalpur (Orissa).
Firm had failed to complete closure within 12 months of project allotment. Has been given grace of 3 months
Kailash Nautiyal / January 2, 2010, 0:45 IST
Gail India
IN MY MIND
Tata Motors has started distribution of its Prima range of World Trucks, unveiled in May. The first product, the Prima 4028 S, is a 40-tonne 266-PS (Cummins ISBE engine) tractor with a 9-speed ZF transmission, a matching trailer with new generation brakes, ABS and specialised axles for heavy-duty and high-speed application. The tractor’s air-conditioned cabin includes reclining seats, adjustable steering wheels and arm rests for driver comfort. It has got sleepers to facilitate long-distance travel.
Tata Motors Ltd will build as many as 25,000 Jaguar XJ luxury cars annually, starting next quarter, in a bid to take customers from Bayerische Motoren Werke AG’s 7 Series and Daimler AG’s Mercedes S Class.
Land Rover, which was taken over by India’s largest auto maker Tata Motors last year, today launched sport utility vehicle ‘Range Rover Model Year 2010’ in India at a starting price of Rs 98.5 lakh (ex-showroom, Mumbai).
Reliance Communications today said it has bagged contracts to develop telecom infrastructure in Kerala, Mumbai and Maharashtra circles.
Ford Motor has said it will invest $400 million (around Rs 1,850 crore) in its manufacturing facilities here to produce next version of Explorer SUV by 2010-end and the move will create 1,200 jobs.
Automaker Tata Motors today reported 77.30 per cent jump in its total sales during January at 65,478 units.
Foreign institutional investors (FIIs) were net sellers of Rs 2,813.06 crore (provisional) today, according to data released by BSE.
After being in trouble for more than a year and losing Rs 10,000 crore, the Indian aviation industry is looking up.
The stock settled 10% higher at Rs 59 and witnessed trades of 240 lakh shares on the BSE.
The country"s largest lender, State Bank of India (SBI), reported a 8.40 per cent decline in its consolidated net profit at Rs 3,304.59 crore for the third quarter ended December 31, 2009.
After successfully conquering Europe with its hatchback A-Star, the country"s largest car maker Maruti Suzuki India (MSI), is turning its eyes to the South East Asian market with its latest compact car Ritz.
Low interest rates helped banks report healthy growth in the third quarter of the current financial year.
Approaches government for fresh funds, conversion of bonds into equity.
IT firm Zylog Systems today said it is eying acquisition in Canada and its board has given approval to go-ahead with the bidding process.
Actor-turned-politician Chiranjeevi, whose party Praja Rajyam is opposed to bifurcation of Andhra Pradesh, today met Home Minister P Chidambaram and apprised him of the "deteriorating" law and order situation in the state.
India has emerged as the second most targeted nation among the BRIC region, after China, for merger and acquisitions activities clocking deals worth $2.8 billion so far this year.
All the 13 Congress ministers from Telangana region in Andhra Pradesh today decided to withdraw their resignation after the Centre"s announcement on holding discussions with political parties the state.
The Reserve Bank of India, in its Monetary Policy review today has hiked the Cash Reserve Ratio (CRR) by 75 basis points (bps) to 5.75 per cent, while holding the repo and reverse repo rates steady in line with market expectations.
After a brief lull, mobile operators have begun clashing over the fee paid for spectrum (air-waves), with Vodafone claiming Tata Teleservices and RCom were underpaying the government — a charge denied by the two companies.
The total investment from these projects will be Rs 1,38,300 crore.
Some big boys disappoint, but India Inc’s Oct-Dec show has been impressive.
India today said it is disappointed with the outcome of the recent WTO ministerial in Geneva as "nothing" substantive was done to resolve the differences to free global commerce.
Most of the business leaders surveyed across the world sounded optimistic about growth prospects and are planning to raise headcounts this year, indicating that fears of world financial meltdown have receded, said a survey.
The farmers of Dadri in Ghaziabad district, where Anil Ambani-controlled Anil Dhirubhai Ambani Group (ADAG) has proposed a gas-based power plant, today urged the Uttar Pradesh government to grant more time for returning the land acquisition compensation paid by the company.
K Santhanam, a retired DRDO scientist, today accused former AEC chief Anil Kakodkar of "ignoring facts" about the yield of the nuclear tests done at Pokhran in May 1998, calling him "a liar" motivated by institutional loyalties.
The iconic US cult bike maker Harley Davidson is set to enter Indian markets tomorrow, two years after it was first granted permission to start operations in the country.
Grasim Industries, part of the Aditya Birla Group, has posted an increase of 56 per cent in its consolidated net profit for the quarter ended December, at Rs 715 crore compared with Rs 460 crore in the corresponding previous quarter. The company"s consolidated net revenue grew to Rs 4,844 crore, up 5 per cent during the period from Rs 4,610 crore last year.
The Intergovernmental Panel on Climate Change (IPCC) has admitted that a claim made in the 2007 report headed by R K Pachauri — that Himalayan glaciers could melt away by 2035 — was unfounded and unsubstantiated.
The Hinduja group would achieve financial closure for the 1,040 Mw power project being set up at Visakhapatnam by October 2009.
In order to give a boost to its almost stagnant ratings, STAR Plus, the number two Hindi entertainment channel, is betting big on Bollywood films. Within past few weeks, STAR India has picked up exclusive satellite rights for blockbusters, including Paa, Wanted, De Dana Dan, Aladin and Drona for Rs 50 crore, the highest among the leading broadcasters this year for exclusive content.
India needs to scale up its spending on Science and Technology from the current level of expenditure in this field which stands a one per cent of the GDP, said Prime Minister Manmohan Singh.
The government today said it does not intend to increase borrowing target for the current fiscal 2009-10, which has been pegged at Rs 4.51 lakh crore.
Led by market leader Hero Honda, two-wheeler manufacturers posted an impressive growth in sales during the month of November on the back of favourable bank lending rates and a good response to new launches. Heavy promotional campaigns and sales offers by most companies also aided demand.
LG Electronics Inc, South Korea"s second-largest electronics maker, said today it has stopped the production of personal computers and is fully outsourcing it to local and Taiwanese companies.
Indian economy may expand by 8.2 per cent next fiscal on robust domestic demand, especially from infrastructure sector, Goldman Sachs said in a report today.
The decision was reached after political consensus; sellers offered land-for-land deal
Ohio Governor Ted Strickland is quick to admit that he doesn’t “particularly enjoy heights”. So why would he climb into a cherry picker to be lifted 40 feet in the air?
Gold imports fell sharply in July to 7.8 tonnes from 24 tonnes in the same month last year as demand dropped amid rising prices.
Shivani Shinde / Mumbai September 24, 2009, 0:36 IST
The Andhra Pradesh government has awarded the State Wide Area Network (Swan) project to Tata Consultancy Services (TCS), the country"s largest information technology company, on a five-year build, own, operate and transfer (Boot) model.
Business Standard / New Delhi December 03, 2009, 1:32 IST
Maruti Suzuki India Limited, the passenger car leader in the domestic market has posted 48 per cent growth in its sales in Orissa during the April-August period of 2009-10 compared to the same period of the previous fiscal.
Karun Chandhok can kiss his Force India ambitions good-bye, at least for the time being, after chairman of the resurgent outfit Vijay Mallya said he doesn"t consider any Indian driver good denough for Formula One.
With Formula One Supremo Bernie Ecclestone giving a categorical assurance that the Indian Grand Prix is very much on, Force India Chairman Vijay Mallya today said the 2011 race would be a huge boost both for motorsports and the outfit he owns.
Dallas, Atlanta, Minneapolis and Tallahassee have been actively courting Indian tech outfits
State-run steel maker SAIL today said it may cut prices of some of its products in near future.
The Sensex has erased some of its gains and is now at 17,666, up 109 points. The NSE Nifty is at 5,267, up 34 points.
High prices along with floods and poor monsoon led to the fall
Over 175 exhibitors from India and abroad are expected to showcase their designs and products at the second edition of the Kerala Gem and Jewellery Show, which begins here from November 21.
Global cues put pressure but market breadth remains positive.
Kolkata-based United Bank of India (UBI) has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offer (IPO). The issue size will be Rs 50 crore. The bank had appointed SBI Capital Markets (lead merchant banker), Enam Securities and Edelweiss Capital as merchant bankers for the issue, T M Bhasin, executive director, UBI, said.
With states speeding up distribution reforms in the power sector, the requirement for Central funds has gone up by over a half in the next financial year.
Union ministries have together sought a whopping 82 per cent increase in gross budgetary support (GBS) for Plan outlay in fiscal 2010-11 over budget estimates for 2009-10.
Amid rising food inflation, the Reserve Bank of India (RBI) today said it will take "prompt action" if it felt the price rise is due to demand factors.
Mutual fund houses are aiming to raise money at a time when the existing equity funds are finding it tough to cope with low inflows and redemption pressure. Should you subscribe?
Income fund category continues to remain the top money gatherer.
I had invested in ELSS (equity linked savings scheme) funds one year before, but I have not claimed this investment while filing for return. Can I withdraw from the ELSS, though the three-year lock-in is not complete?
The new five-party coalition in Jharkhand which is all set to assume power tomorrow has 31 MLAs with criminal cases against them.
The union government may soon decide on keeping half of the electricity it is entitled to from public sector power generating units for sale to states.
Rise in portfolio value triggers higher dividends.
Balrampur Chini ended flat at Rs 133, Around 410,679 shares were traded as compared to the two-week daily average traded volumes of 1.04 million shares.
2009 was a bumper year for bullion investors as both gold and silver reached record highs in domestic and international markets.
The Coal India Limited"s (CIL"s) move of 11 per cent hike in the price of coal is likely to impose a heavy financial burden on some of the coal-based thermal power stations in the state, Gujarat State Electricity Company (GSECL), sources said.
The stock gained 10 per cent at Rs 233.05, has frozen the upper limit of circuit filter on reports that the government is considering divesting its stake in copper producer. The Government of India holds a sizable 99.59 per cent stake in the company.
The US auto maker General Motors has confirmed it will retain all four plants of its European subsidiary Opel in Germany but will cut 9,500 jobs in Europe as part of restructuring to make the company profitable again.
T N Ninan / New Delhi November 14, 2009, 1:01 IST
2009 saw a high-voltage legal battle between the Ambani brothers over the gas dispute reaching the Supreme Court with a judge withdrawing from the bench.
The Bangalore-based Opto Circuits India which manufactures and markets medical devices, is looking at a capex of around Rs 200 crore in the next one and half years for setting up manufacturing units in Vizag and Malaysia.
Hyderabad-based Dr Reddy’s Labs plans to launch new generic drugs in various therapeutic segments to push domestic operations and get back on the list of top 10 companies in the country. The company, ranked 13th with a 2.7 per cent share in the Rs 55,000-crore domestic pharma market, is working to increase domestic sales.
Index products like fixed-income, volatility and weather to broaden basket for hedging.
Healthcare major Zydus Cadila has bought the remaining 30 per cent stake in South Africa-based Simayla Pharmaceuticals for an undisclosed sum, making it a 100 per cent subsidiary of the group.
Reliance Industries" Executive Director and Crisil former Chairman, R Ravimohan passed away last night here due to cardiac arrest.
Stock markets were propelled by robust industrial growth data, the government’s reform initiatives and strong global markets. The Sensex ended the week higher by 690.55 points, or 4.27 per cent, at 16,848.83, while the Nifty closed at 4,998.95, up 202.80 points, or 4.23 per cent.
Asian markets ended flat at the end of a lacklustre day.
The share of SGX Nifty has risen from 2% in March to 5.9%.
Management consulting firm Boston Consultancy Group (BCG) will soon start consultations with National Bank for Agriculture and Rural Development (Nabard) to prepare a roadmap for its restructuring.
The Uttarakhand government has told a high-powered committee that four cumax of water flow would be sufficient to maintain perennial flow of the Bhagirathi in Uttarkhand where three key hydropower projects have been suspended on environmental and religious grounds.
Having faced delays in land acquisition for several projects, Tata Steel would have to sharpen its skills in dealing with people issues, said Managing Director H M Nerurkar.
The government today approved road projects worth Rs 6,152 crore in five states for upgrading nearly 562 km of four-lane highways into six lanes.
The Supreme Court today issued a notice to Glaxo Smithkline Consumer Healthcare in a case relating to the advertising war between two popular health drink brands Horlicks and Complan in India.
As many as eight out of the top 10 most valued companies added over Rs 23,000 crore to their market capitalisation in the last week.
Oil fell in Asian trade today on profit-taking after overnight gains driven by hopes for improved demand as the global economy recovers, analysts said.
The government is likely to raise the Gross Budgetary Support (GBS)-- the amount of assistance provided by the Centre for Plan schemes-- by 15 per cent to Rs 2.76 lakh crore during 2010-11.
Indian diplomacy is making its presence felt in Washington DC, thanks to the colourful Indian saree. India’s Foreign Secretary Nirupama Rao and Ambassador Meera Shankar have become eye-catchers in the corridors of the US State Department with their bright silk sarees. However, inside meeting rooms, they are raising eyebrows more than they are turning heads. As one beltway wag put it, it appears Ambassador Shankar is not shy of making it obvious that it is she, and not the foreign secretary, who knows Delhi’s real mind on issues. The point being made, it seems, is that while seniority has put Rao in her chair, proximity to Delhi’s power centre has got Shankar her job! Meow
The tariff war in the telecom industry is set to ring in good news on New Year’s Eve with companies such as Bharti Airtel and Reliance Communications (RCom) deciding against charging more for text messages on December 31.
Former deputy director general of Telecom department Runu Ghosh was today sentenced to three years rigourous imprisonment by a court here for amassing disproportionate assets to the tune of Rs 20.94 lakhs.
After getting the power to requisition any aircraft during emergencies, the NSG has got the approval of the Indian Air Force (IAF) to use its planes to transport commandos for anti-terror duties.
Taking its “In India, for India” initiative further, GE Healthcare today launched MACi, a low-cost portable ECG device.
MS/China derivatives: Morgan Stanley has solved a problem in China — but the outcome may spell gloom for rivals. The Wall Street bank has reached a settlement with a company to which it sold exchange-rate derivatives, receiving a fraction of what it claimed was owed. It would probably have struggled to squeeze out more. This reinforces the unhappy idea that foreign banks in such cases have the weaker hand.
Indian Overseas Bank today reported 51 per cent decline in its net profit at Rs 176.04 crore for the second quarter ended September 30, 2009.