Public Relations
The boundary between a television set and a computer is blurring. Consider Zenith Computer-promoted Vu Technologies’ offering, the Intelligent TV, which is a television-cum-PC with a Microsoft Windows operating system (OS).
Move comes within months of acquiring Wockhardt hospitals.
Foreign entities seeking investment clearance in India may now be asked to furnish details including their shareholding structure, address of the parent and source of funds, in view of recent taxation issues.
Over the next month, Prime Minister Manmohan Singh is expected to review the performance of his ministerial colleagues in their first six months in office. This review exercise could be a precursor to a Cabinet reshuffle, the first since the United Progressive Alliance (UPA) government entered its second term in office.
Deepak Lal / New Delhi January 30, 2010, 0:24 IST
Jharkhand Mukti Morcha (JMM) supremo Shibu Soren is set to become the chief minister of Jharkhand with the support of the Bhartiya Janta Party(BJP) and the All Jharkhand Students Union (AJSU).
Global information and media house Nielsen today said it has appointed Shubhranshu Das as the Regional Head for its Global Financial Services Practice group in South Asia.
With the political crisis over the Centre’s announcement of creating a separate Telangana state casting its effect on the state capital, two business process outsourcing (BPO) companies have moved their employees to nearby hotels, even as other information technology (IT) companies have beefed security.
Air India CMD Arvind Jadhav is likely to hold a meeting on Friday with the committees reviewing the Productivity-Linked Incentives (PLI) of employees to chalk out a road map on the issue.
State-run gas utility GAIL India has bought an LNG cargo for $6.65 per mmBtu, about $2 million more than the rate at which Petronet LNG imported a shipload just two days later.
The state government intends to develop 12 airstrips in order to enable them to handle small aircraft suitable for air charter services for tourism purposes.
The premium brand banks on them to boost market share. Till a few months back, Hindustan Unilever was banking on renowned Indian hair stylists to co-create Sunsilk, its premium shampoo brand. The fast-moving consumer goods major has now set its sights higher and has just requisitioned the services of seven global hair experts to give consumers salon-quality products.
Pureit and Acquasure are fighting hard for leadership in the entry-level market.
ds for the development of four regional airports in Andhra Pradesh under public private partnership would be called for the second time. A proposal to this effect was approved by the state Cabinet here on Tuesday.
The Sensex opened at 17,719 and soon touched a high of 17,790 - the highest level in the last 22 months. Weakness in the IT shares however pulled the index into the negative terrain to touch a low of 17,636, down 153 points from the day"s high. The BSE benchmark index kept on swinging zones for the rest of the trading session and finally ended flat at 17,701, up 15 points. The NSE Nifty is at 5,282, up four points.
Flughafen Zurich AG, operator of Zurich airport in Switzerland, which has a 17 per cent stake in Bangalore International Airport Ltd (BIAL), will reduce this to five per cent, to fund its further growth in India. The divestment process is expected to take four months.
Bangalore International Airport Limited (BIAL) has extended its end-to-end managed services contract with Nortel for three years. Nortel will manage BIAL’s entire IT infrastructure, which includes data and wireless network systems and will oversee network security. This network will be managed remotely through Nortel’s Network Operations Center (NOC) in India, which will continue to ensure the high level of reliability and dependability the airport requires.
German engineering conglomerate Siemens today said its net loss was at euro 1.06 billion (about $1.5 billion) in the fourth quarter of this year.
Corporate awards normally go to the sultans of success and the purveyors of good news. The cautious CEO who worries about bad times and steers his ship away from choppy waters is rarely rewarded. So, it is not surprising that the same high-profile jury of a media group that rejected the name of former RBI governor YV Reddy for an award two years ago, on the grounds that he was an excessively cautious and conservative governor, has now chosen him for this year’s award for saving the Indian banking sector from the ravages of the global financial crisis.
Signals to look for before deciding when to enter, lie low or get out of stock markets.
Gold’s best year in three decades has yet to match the returns of an interest-bearing checking account for anyone who bought the most malleable of metals coveted for at least 5,000 years during the last peak in January, 1980.
Media and entertainment firm UTV Software Communications today said it will raise $150 million (nearly Rs 750 crore) through various channels to meet its growth plans and retire debt.
Bears were caught on the wrong foot, as the suspected downmove reversed sharply on positive economic developments. Last week, I had mentioned the downmove looked suspect because of the low volumes. The upmove has been quite sharp and the indices managed to record new 15-month highs on Thursday, the last trading day for the week. Next week is also a curtailed one with just three trading days, as the exchanges have declared holidays on Monday and Friday.
On the back of robust economic growth at about 8 per cent in the second quarter of the fiscal, the Prime Minister"s economic panel today said the economy is likely to grow by 7 per cent in the current fiscal.
Dilip Kumar Jha / December 06, 2009, 0:36 IST
The bourse to start with seven contracts.
The Insurance Regulatory and Development Authority (IRDA) has made it mandatory for insurance companies to disclose the remuneration of independent directors as part of its steps towards improving corporate governance.
The Sensex has soared to a high of 17,513 and is now at 17,501, up 157 points. The NSE Nifty is at 5,214, up 44 points
ArcelorMittal is the only other bidder for the state-run company.
When stock markets go up sharply, risk-averse investors start feeling the jitters. There is always an apprehension that a correction is just round the corner. For investors who get ulcers with every sharp rise and fall, balanced funds are a good option.
The political crisis in Andhra Pradesh, triggered by the Telangana issue, showed no signs of easing on Sunday. It was not clear from the ministers, who had yesterday decided to quit opposing the formation of Telangana, if they would press for acceptance of their resignations or withdraw them. The ministers, all hailing from the coastal Andhra and Rayalaseema regions, are likely to spell out their stand soon.
With more competition lined up, comexes are focusing on delivery-based contracts.
The stock touched a low of Rs 274 - down over 13% and finally ended at Rs 276 - down 12.5%. Over 5.59 million shares were traded on the BSE today.
The shortage of information and communications technology (ICT) skills in developed countries could become a serious issue once the worldwide economic crisis starts easing. This will be exacerbated by the falling number of masters and PhD holders in science and engineering, restrictions on cross-border movement of IT professionals and the US H-1B visa programme. However, this vicious circle could be mitigated by the Indian service firms increasingly recruiting internationally, according to a new OECD report on employment trends in the ICT sector.
Private sector Dhanalakshmi Bank has kickstarted a Mini Dairy Funding project in the backward Idukki district of Kerala and has plans to start a similar project in Tamil Nadu in two weeks time.
Recommending higher allocation for animal husbandry, dairy and fisheries, a House panel has wondered as to why the sector got only 7.7 per cent of the allocated funds of the Agriculture Ministry last fiscal, even though it accounted for 31 per cent of the total farm output.
The fiscal deficit rose by 73 per cent to Rs 3.06 lakh crore in the first eight months of the fiscal against Rs 1.77 lakh crore a year ago, as the government cut taxes and stepped up expenditure to stimulate the economy hit by the global financial crisis.
India"s largest lender State Bank of India (SBI) plans to introduce 7,000 voice-enabled ATMs across the country for visually challenged customers beginning next month, a senior SBI official said here.
Direct tax collections in the first eight months of the current financial year increased 3.7 per cent to Rs 1,83,822 crore, against Rs 1,77,251 crore in the April-November period of 2008-09.
State-owned, IDBI Bank has entered into a pact with Maurti Suzuki to provide auto finance to the latter"s customers.
More than 500 farmers of villages in Sanand block took out a rally in protest against the land acquisition by Gujarat Industrial Development Corporation (GIDC) for setting up a huge industrial zone in the area.
CIT Group, one of the largest small-business lenders in the United States, has filed for bankruptcy, with its board approving a "prepackaged" restructuring plan to shed $10 billion in debt.
The Department of Telecom (DoT) is considering the Defence Ministry"s demand for an exclusive band of spectrum that will not be put to civilian use like mobile telephony and broadcasting.
The much-awaited auction of spectrum for third generation (3G) mobile services would be delayed by over a month and is likely to start by the end of February.
Kraft Foods Inc, the world’s second-largest food maker, may increase its 9.8 billion-pound ($16 billion) bid for confectioner Cadbury Plc by Monday’s deadline to keep its takeover attempt alive.
Investigators probing the radiation contamination of a drinking water cooler unit in Kaiga atomic plant in Karnataka have zeroed in on five employees from whose department the heavy water could have been smuggled out.
To concentrate on domestic business, keen to partner BSNL.
The market watchdog Sebi today said intermediaries who undertake investor education programmes must make the pitfalls of investment clear.
About 1000 Substantial Affected Persons (SAP) in the mining and refinery complex of National Alumina Company Limited (Nalco) at Damanjodi in Koraput district have demanded rehabilitation benefits at par with the SAPs of the company in its Angul smelter and power complex.
The transport drivers’ strike in the Talcher coalfield under the Mahanadi Coalfield Ltd (MCL) has severely hit dispatch of coal to power plants of NTPC and National Aluminium Company (Nalco) in the area among others.
Setting the agenda for the new UPA government, the Planning Commission has zeroed in on four business models to promote higher education through Public- Private Partnership (PPP) mode.
The auction of 3G spectrum is on track and the empowered group of ministers (EGoM) will take a decision on the number of slots to be sold, Telecom Minister A Raja said today.
Mercedes-Benz is planning to launch over-dimensional-cargo (ODC) vehicles and long-haulage trucks that can carry up to 240 tonnes in India soon.
Tata group-owned Jaguar Land Rover (JLR) has secured a 170 million pound (about $284 million) loan from GE Capital in a move to strengthen its financial position, media report says.
US conglomerate General Electric (GE) today announced it would sell its security unit to United Technologies Corp for $1.82 billion.
Private lender Yes Bank today said it will raise about Rs 1,500 crore during this fiscal to fund its growth strategy.
The country"s largest two-wheeler maker Hero Honda today said it will upgrade all its existing models to meet Bharat Stage-III emission compliant norms by the end of this financial year.
The government today approved the policy for Headend-in-the-Sky (HITS) operators, a technology that will provide digitised cable content to viewers across the country. The guidelines are not binding on the cable operators or the subscribers and they can continue with the existing analogue system.
Kirtika Suneja / New Delhi November 13, 2009, 0:57 IST
To shore up its capital adequacy and also to fuel its growth, private sector Yes Bank plans to raise $150-200 million before the end of the current fiscal, a senior official said today.
Gammon Infrastructure Projects may raise Rs 500 crore through the qualified institutional placement (QIP) route, a top company official said.
India Inc"s fund raising spree have dried up in the first six months of this year with just Rs 10,000 crore mopped up, down 73 per cent over the year-ago period.
After months of hampered operations, there is now an official assurance that the floundering Haldia Dock Complex (HDC), West Bengal"s only facility capable of handing large vessels, will have a new navigational channel by the first half of next year.
Sonata Information Technology (Sonata), a 100 per cent subsidiary of Sonata Software, has been awarded a project by public sector firm Dredging Corporation of India (DCI) to provide enterprise solution implementation services for its corporate office in Visakhapatnam and dredging project sites, according ot a company release on Monday.
Vanita Kohli-Khandekar / New Delhi October 27, 2009, 0:52 IST
Global steel giant ArcelorMittal"s open offer for a 29.4 per cent stake in domestic company Uttam Galva will begin on December 19, according to a Bombay Stock Exchange (BSE) filing by the secondary steel maker.
India"s exports fell by 28 per cent in July, for the tenth month in a row, due to the ongoing global downturn, Commerce Secretary Rahul Khullar said today.
The stock soared to a high of Rs 738 and finally ended at Rs 733, up 3% from its previous close. The counter clocked volumes of 1.17 million shares as compared to the two-week daily average traded volumes of 686,880 shares on the BSE.
World Bank Group member International Finance Corporation (IFC) today said it will give $50 million loan to healthcare major Apollo Hospitals for providing high quality services to smaller cities across the country.
The mystery surrounding Black Rose, the Mongolian ship which sank near Paradip port a couple of months back, appear to be unfolding gradually with the officials of the Criminal Investigation Department (CID) unearthing some vital facts in their probe.
A V Rajwade / New Delhi November 2, 2009, 0:32 IST
Bolstering the world economic recovery and crafting a deal to fight climate change will be top of the agenda for G20 finance ministers meeting tomorrow in Scotland.
The economic recovery in Asia is faster than the rest of the world and is projected to grow by 5.75 per cent during 2010, says the International Monetary Fund.
Food expert Anuradha Ravindranath dishes up innovative rice recipes.
Unlike in the past when economic growth did not translate into increased employment, the current investment boom is likely to have caused a spurt in jobs growth, argues Mahesh Vyas
G20 finance ministers meet here tomorrow to chart the next steps out of the global economic crisis, with calls to curb bankers" bonuses as part of beefed-up financial market rules topping the agenda.
The government employees in Maharashtra today called off their proposed strike which was sheduled to begin tomorrow, saying the state government has accepted "most of their demands" including payment of HRA as per Sixth Pay panel recommendations from this month.
Companies get ready to face higher input costs, interest rates, likely stimulus rollback.
Minister for women development and child welfare Konda Surekha submitted her resignation to Governor ND Tiwari on Thursday. The minister stated she had resigned as she was unable to continue in a cabinet without former chief minister YS Rajasekhara Reddy. Ever since the death of YSR, Surekha has been pitching for the chief ministership of YS Jaganmohan Reddy, the late chief minister"s son. She had even said earlier that she would resign if Jaganmohan Reddy was not made the chief minister.
The withdrawal of stimulus measures by central banks globally may send stocks tumbling next year, predict India’s money managers.
The Life Insurance Corporation of India (LIC) today launched it"s second micro insurance product - "Jeevan Mangal" aimed at lower income groups, as well as those living in remote rural areas.
The country"s largest public sector lender State Bank of India today launched a slew of measures for farm loan borrowers, including interest rate reductions on irrigation and crop loans, to support drought-hit farmers.
Consortium unable to strike anything despite much drilling.
Jharkhand has asked the Centre to rein in Public Sector Units (PSUs) from carrying out "reckless" mining activities causing environmental degradation in the state and demanded setting up of a team to monitor their functioning.
Public sector lenders, Bank of Baroda (BOB), Indian Overseas Bank (IOB) and Andhra Bank have signed a joint venture agreement for setting up India BIA Bank (Malaysia) Bhd, a banking subsidiary in Malaysia.
Public sector Bank of Baroda is eyeing a total turnover of Rs 4.25 lakh crore in the current fiscal, bank"s Chairman and Managing Director M D Mallya said here today.
Three overseas financial giants have evinced interests to pick up 26 per cent stake in UTI AMC, where four stakeholders, including LIC and SBI have 25 per cent stake each.
Rabo India Finance, a 100 per cent subsidiary of Rabobank International, will take a call on foraying into banking in India by the end of this calendar year.
Dewan Hosing Finance Limited (DHFL) reported 69.96 per cent increase in its net profit at Rs 37.51 crore for the quarter ended September 30, 2009 as compared Rs 22.7 crore in the corresponding quarter last year.
Down 387 points to 16,353 as banking stocks fall on hardening monetary policy.
BS Reporter / Mumbai October 27, 2009, 22:21 IST
The Supreme Court today issued notices to Reliance Gas Transportation and Infrastructure Ltd, and the Ministry of Petroleum and Natural Gas on the appeals moved by more than 50 land owners of Surat, alleging that the Mukesh Ambani-led company had not paid them adequate compensation for acquisition. Their land will be used for laying pipelines to transport gas from the Krishna-Godavari basin to Gujarat.
Foreign institutional investors (FIIs) were net sellers of Rs 723.66 crore (provisional) today, according to data released by BSE.
Retail and corporate loan rates may stay the same as bankers today ruled out any increase in lending rates in the next three to four months, thanks to the RBI keeping almost all key rates unchanged.
Business Standard / New Delhi January 08, 2010, 0:53 IST
Bangalore-based defence public sector, Bharat Electronics Limited (BEL), today reported a robust 91.8 per cent rise in net profit at Rs 237.3 crore for the second quarter ended September 30, 2009 compared to the corresponding quarter last fiscal. The operating profit for the quarter went up over two times to Rs 300.8 crore compared to the same period last year.
McDowell Holdings Limited, an investment company which has investment in UB group companies, today reported a net loss of Rs 63.8 lakh for the first quarter ended June 30, 2009 compared to a net loss of Rs15.96 lakh, an increase of close to four times in the corresponding quarter last year. Its income from operations were flat at Rs 24.07 lakh for the period.
Having learnt its lessons from the land acquisition experiences in Nandigram and Singur, the West Bengal government today urged the industry to make land losers stakeholders in the development process.
Over-exposure to mid-caps and small-caps, feel analysts.
Wind power major Suzlon Energy today said financial services major Indiabulls Financial Services has reduced stake in the company to 0.6 per cent, by way of releasing pledged shares.
Set to turn the company around this year.
Wind Turbine maker Suzlon Energy repaid $780 million (around Rs 3,700 crore) acquisition loan. This has also made the company achieve a net reduction in overall debt by $350 million (around Rs 1,700 crore).
Oil regulator PNGRB has asked the Reserve Bank of India (RBI) to include networks built for sale of CNG to automobiles and piped gas to households in the definition of infrastructure so they can get project financing.
The Ministry of New and Renewable Energy (MNRE) has announced an incentive of 50 paise per unit of wind power fed by independent power producers into the grid.
The central government, which has stepped up efforts for the blending of ethanol in a 5 per cent proportion with petrol, has threatened to blacklist ethanol manufacturers if they fail to supply the commodity to oil marketing companies (OMCs).
The Nifty traded in the positive territory for most part of the day. The index made an intra-day high of 5,167 but closed at 5,103, indicating caution at higher levels. This means the 5,182 level has acted as a strong resistance for the last four days with crucial support remaining at 5,080. It is difficult to predict when the market will move out of the current trading band as indecisiveness has now spread to stocks futures — most traded Nifty components, such as Tata Steel, Reliance Industries, Unitech, DLF, Tata Motors and Suzlon Energy, closed in a Doji pattern today.
Noting that G-20 is the premier forum for international economic co-operation, US Treasury Secretary Timothy Geithner has told lawmakers that the Obama Administration is placing the forum at the centre of its global economic cooperative effort.
A V Rajwade / New Delhi November 09, 2009, 0:05 IST
BofA: Bank of America chief executive Ken Lewis may have fouled things up by poorly executing on a series of takeovers during the financial crisis. But with BofA"s imminent payback of $45 billion of U.S. government assistance, unveiled Wednesday evening, his successor will be able to focus on reawakening the dormant banking monster — and can even get paid for the job.
Vikram Pandit, the India-born chief executive of Citigroup, will continue to take the salary of $1 a year, although the financial services firm has raised base salaries for two of its senior officials.
Here’s one thing that leaders of the Group of 20 (G-20) nations don’t need to work on at their Pittsburgh meeting—accounting rules. There is no surer way to give investors short shrift, or lay the groundwork for future financial crises, than to politicise accounting. Nor do investors need bank regulators sticking their noses into this area. If regulators want to ensure that banks are better able to withstand losses, they have the power to do so on their own.
Jonathan Weil / September 18, 2009, 0:00 IST
While many of his fans, particularly in the US, appear disappointed, I, for one, believe that Mr Obama has had an extraordinarily successful first year as president.
Jamal Mecklai / New Delhi October 16, 2009, 0:14 IST
The rupee depreciated by 7 paise against the dollar on the first day of New Year today due to firm demand for the US currency which rose to three-month high against other major currencies.
Swiss banking major Credit Suisse today reported 29.75 per cent growth in net income at 1.57 billion Swiss francs for the second quarter backed by strong results from its investment banking segment.
The Nifty closed marginally above the support level of 4,940 on short-covering at lower levels. The trading pattern in the Nifty futures and options suggests the index may fall below the 4,900 mark soon. The 5,000 call option added 2.24 million shares in open interest (OI), mostly through change of hands and sell-side trades, indicating strong resistance above the 5,000 level.
As investors get ready for Christmas celebrations, domestic bourses will not have much to cheer about and is likely to see subdued trading this week, feel analysts.
The markets have extended their early morning gains on the back of strength in energy, power and IT stocks. The Sensex is quoting at 16,958, up 266 points, and the Nifty has regained the 5k mark at 5067, up 81 points.
With the friendly policy initiatives and the funding mechanism, the Gujarat government may be moving in the right direction to promote entrepreneurship. However, India remains a tough place to be an entrepreneur, according to a report by KPMG India and The Indus Entrepreneurs (TiE).
DB Corp ended a Rs 265, stronger by about 25% to its issue price of Rs 212.
Media house DB Corp, which publishes Hindi daily Dainik Bhaskar, will list its equity shares on the bourses on January 6.
Vanita Kohli-Khandekar / Mumbai December 18, 2009, 2:33 IST
For just about Rs 120 a month, you can now access the online version of Microsoft’s Office ’07. Thanks to ‘cloud computing’ company Nivio, it is now possible to rent MS Office for a fraction of its shelf cost and use it at the click of an icon without having the memory-guzzling software residing in your computer. And, it’s completely legal.
British banking major Standard Chartered today said its proposed local listing would enhance its commitment to Indian market.
Hyatt Hotels today said it will partner with Indian real estate developer DB Hospitality to operate five new hotel properties in India as the global hospitality company seeks to expand its footprint in the "world"s most vibrant emerging market".
The Nifty has pulled back from a low of 4,942 to above 5,100 with support from positive global cues and short-covering. The index today closed at 5,144. Technically, the V-shaped pullback should have halted at around 5,090, but excessive short-covering saw the index close at the 5,144 level. However, the December futures changed hands at the 5,096 level, indicating there were few takers at higher levels.
Advance tax collection shored up in the second quarter of the financial year indicating expectations of profit for the September quarter.
Many smart buyers wait for the year-end to buy a car. Auto makers and dealers come up with the best discounts in the month of December to clear stocks. But if you are planning to buy a car any time soon, the current festive season could be an equally attractive opportunity, thanks to the availability of cheaper finance.
National carrier Air India today received the National Energy Conservation Award 2009 for its efforts in saving fuel and reducing carbon emission.
Superstar Aamir Khan is all set to team up with Oscar-winning actress Kate Winslet in an international film based on Saadat Hasan Manto"s famous partition story "Toba Tek Singh", Femalefirst reported.
Godrej Properties today fixed the issue price for its initial public offer at Rs 490 a share at the lower-end of the price band, to garner over Rs 460 crore.
Godrej Properties Ltd"s public offer, through which the realty developer expects to raise up to Rs 500 crore, got over-subscribed 1.13 times on the first day of issue today.
Wadhwa Committee wants recovery of Rs 95 crore from those behind the fraud.
The Ministry of Corporate Affairs (MCA) has asked the Securities and Exchange Board of India (Sebi) for details of its investigation pertaining to Reliance Industries Ltd (RIL). The market regulator had acted on a complaint that RIL had allegedly routed funds to dummy companies to buy its own shares nine years ago.
Cairn India, part of the UK-based Cairn Energy, said it would merge the oil and gas businesses of four of its subsidiaries with itself, a move that would improve administrative efficiencies.
The government today said no headway has been made regarding the disinvestment of state-run power equipment maker Bharat Heavy Electricals Ltd (BHEL).
Fifty years ago, opponents used to complain that the young Mikhail Tal’s “hypnotic” gaze added to the psychological pressure caused by his dynamite sacrifices. Hungarian-US GM Pal Benko took to wearing wraparounds when playing Tal. Tal was amused but the shades prompted complaints from others, who were distracted.
Godrej Properties’ growth strategy, past performance and brand equity augur well and will help deliver healthy returns in the long run.
Deal goes ‘much further’ than the 123 agreement between India and US.
Seeking to take forward the strategic partnership to new heights, Prime Minister Manmohan Singh today made it clear that India"s relations with third countries will never be at the cost of "time-tested ties" with Russia.
As he prepared to meet President Dmitry Medvedev for the annual summit-level talks, Prime Minister Manmohan Singh has said defence cooperation has been a "very important aspect" in Indo-Russian ties.
Business Standard / New Delhi November 11, 2009, 0:19 IST
Overseas funds bought a net Rs 994 crore ($213 million) of Indian equities yesterday, taking their investments in stocks this year to Rs 77,410 crore, the nation’s market regulator said today.
A government agency official today confirmed India has raised the minimum export price (MEP) of onion by $50 a tonne for all destinations to discourage exports and curb price spiral in the commodity.
Tata Capital, the Tata Group’s non-banking finance arm, is looking to raise a fund that will invest in distressed companies and help them expand their equity base.
Tech Mahindra has raised Rs 550 crore from Tata Capital and IDFC to fund its takeover of scam-hit Satyam Computer.
The Supreme Court today dismissed a petition filed by an advocate challenging the refusal of Andhra Pradesh High Court to interfere with the order of the Company Law Board (CLB) facilitating takeover of the scam-tainted Satyam Computer Services and renaming it as Mahindra Satyam.
Kolkata came to standstill on the eve Durga Puja as major breakdown in CESC system caused massive power cut for several hours. A sudden breakdown of electricity supply to the city lasting for hours gave a creepy feeling to the people on the eve of Durga Puja. The breakdown in power supply affected Metro Rail, city"s major hospitals, the High Court, the state"s administrative headquarters and the commercial hubs. The CESC which is responsible for maintaining electric supply to the city, had a major breakdown in its system, causing a shortfall of 635 mw. According to CESC, one of its 132 KV substation line snapped in the morning causing the breakdown. As a result, two of its units in Budge Budge power station and one in Southern Generating Station went out of the system. To save other power stations from tripping, the CESC had to isolate other units from the grid.
The stock finally ended near the day"s low at Rs 66.40 - down 3.8%. Around 2.23 million shares changed hands at the counter today.
The Sensex has recovered partially from the day"s low of 16,210, and is now down 369 points at 16,485. The NSE Nifty is down 111 points at 4,894.
The Sensex is now quoting at 16,236, down 618 points and the Nifty is at 4,866, lower by 139 points.
Investing in this capital-intensive sector calls for a close look at existing power purchase agreements and fuel supplies
Ahead of its upcoming initial public offer to mop up about Rs 4,000 crore, realty firm Emaar MGF today said it would not be impacted by Dubai"s debt repayment crisis, which has led to a rating downgrade for its Middle-East promoter.
Bharti Airtel, the country"s number one mobile telephony service provider in terms of subscriber base, has said it welcomes the per-second billing plan mooted by the Telecom Regulatory Authority of India (Trai).
Public sector hydropower producer Satluj Jal Vidyut Nigam (SJVN) today said its proposed initial public offer is likely to come in the next fiscal and the company is in the process of appointing independent directors, a prerequisite for firms planning to hit the market.
Mysoreans will have the opportunity of witnessing for the first time thrilling aerobatic demonstrations by the Suryakiran team of the Indian Air Force (IAF) during this Dasara.
The stock soared to a high of Rs 1,347, and then settled with a gain of 3.8% at Rs 1,341. Around 812,000 shares changed hands at the counter on the BSE today.
Development Credit Bank (DCB) today said it raised Rs 81 crore by private placement of shares with qualified buyers. After the qualified institutional placement (QIP), the promoter group’s — Aga Khan Fund of Economic Development (AKFED) — holding in DCB came down to 23.11 per cent from 26.22 per cent earlier, Development Credit Bank said in a filing with the Bombay Stock Exchange.
Not since the dark decade of the 1990s, when the Indian Air Force crashed 177 aircraft — losing 54 young pilots and some Rs 1,000 crore worth of equipment — has the air force faced such a pilot training crisis. The long-delayed Hawk trainers, which began arriving in India in 2007, have improved advanced training for IAF flyers. But the crucial introduction to flying, conducted in antiquated HPT-32 Deepak and HJT-16 Kiran aircraft, is taking a growing toll on pilots’ lives.
Private port developer and operator Gujarat Pipavav Port Ltd (GPPL) plans to raise nearly Rs 500 crore through an initial public offer (IPO) and has filed draft papers with capital market regulator Securities and Exchange Board of India (Sebi).
Logistic solutions provider Aqua Logistics is aiming to raise up to Rs 150 crore through its proposed initial public offer and has already filed draft papers with the market regulator Securities and Exchange Board of India (Sebi) for this purpose.
On a takeover battle with ABG Shipyard for acquiring control of Great Offshore, Bharati Shipyard said that it was expecting the Sebi approval for the open offer soon.