Business Ideas
Akash Prakash / New Delhi January 22, 2010, 0:03 IST
These independent projects are likely to end the monopoly of PowerGrid.
Jammu and Kashmir (J&K) Bank has posted over 19 per cent rise in net profit at Rs 139.99 crore for the third quarter of 2009-10 on the back of high non-interest income. The bank had registered a net profit of Rs 120.67 crore in the same quarter last year, a J&K Bank spokesman said today. Operating profit increased by 31 per cent during the same period.
Public sector lender Bank of Maharashtra reported a 7 per cent drop in net profit to Rs 112 crore for the quarter ended December 2009 against Rs 120.6 crore in the year-ago quarter. Net interest income, or the difference between interest earned and interest paid, grew 5 per cent to Rs 361 crore from Rs 343 crore in the December 2008 quarter.
Anil Ambani Group company Reliance Communications today said its consolidated net profit declined by 19.34 per cent to Rs 1,164.82 crore for the third quarter of 2009-10.
Ajit Ranade / January 26, 2010, 0:35 IST
There is money to be made. But remember the basics
The market crashed in the last two sessions with the Nifty bouncing from 4,955 level to close at 5,036 points for a week-on-week loss of 4.12 per cent. The Sensex was down 3.96 per cent, closing at 16,859 points. The Defty closed 4.93 per cent down as the rupee slid. Declines far outnumbered advances and volumes increased as prices fell. The broadbased BSE 500 dropped 4.3 per cent while the Midcap index dropped 5.4 per cent and the Junior was down 3.8 per cent. Domestic institutional investors were net buyers but FIIs sold heavily.
Sobha Developers, the Bangalore-based publicly held real estate developer, is positioning itself on the springboard as it envisages launching projects worth Rs 2,800 crore over the next 12-18 months covering 8 million square feet. This statement is perhaps is one of the most encouraging one to come from one of the established developers as the real estate market is looking to come out of the woods of global recession.
As with all the bad news from Iraq and Af-Pak, sooner or later the bad news on the climate acquires a stultifying sameness. Only when a surge is in sight — troop surge, storm surge — does one’s news radar jolt awake momentarily. The cause of this deadened state is not an unassimilable surfeit of information, rather, it is a shortage of the right sort of information. Despite the barrage of news and opinion, we don’t know enough to figure out what the right questions are. Without that foundation, our knowledge rests on a bog, into which it is liable to settle with a gentle burp or two of greenhouse gas (or, hot air).
Sobha Developers, the Bangalore-based realty player, is set to raise another Rs 250 crore by selling a little over 100 acres of its land in Pune. The company has been making headway to settle a part of its Rs 1,900 crore debt by selling part of its 3,000-acre land bank spread across the country. Sobha recently raised close to Rs 530 crore through the Qualified Institutional Placement (QIP) route. With a debt of Rs 1,900 crore, the company was leveraged 1.6 times and it is understood that a part of the proceeds from QIP is being used to settle a part of that.
Bank of America Corp, UBS AG, JPMorgan Chase & Co and other banks were sued by a California public utility over claims they rigged sales of municipal derivatives and shared illegal profits through kickbacks.
Swiss banks may have turned over client details to the US, but they have said India is not welcome there on a name-fishing expedition.
Business Standard / New Delhi January 15, 2010, 0:55 IST
Oil prices rose above $80 a barrel today in Asia as crude investors eyed a surge in global stock markets.
The government today said India is willing to take on more responsibilities than other SAARC members for the economic development of the region but said "bright" prospects of co-operation have been hurt by cross-border terrorism.
Russia, India and China, a grouping known by the acronym RIC, today agreed to cooperate in the fight against terrorism emanating from Pakistan and Afghanistan.
India and the US have agreed to strengthen bilateral economic co-operation through new initiatives like setting up a Framework for Cooperation on Trade and Investment and launching a Financial and Economic Partnership.
PricewaterhouseCoopers’ (PwC’s) head of tax practice Dinesh Kanbar, and close to a dozen other senior tax executives, are leaving the firm to join rival KPMG.
IT solutions provider Oracle Financial Services Software today reported a 13.68 per cent decline in consolidated net profit at Rs 227 crore for the quarter ended December 31, 2009.
Sales of commercial vehicles (CVs), which were on a decline for over a year, are showing signs of a recovery. Two out of the three CV makers reported an increase in sales last month.
The governments of Maharashtra, Gujarat and Andhra Pradesh have started talks with the Anil Dhirubhai Ambani Group (ADAG) for a possible relocation of the 8,000-Mw Dadri gas-based power plant from Uttar Pradesh.
Swimming in the Yangtze is not easy, or so web-giant Google is discovering. Bitten by the censorship shark, Google is threatening to withdraw from China over orchestrated cyber-attacks targeting e-mail accounts of human rights activists and dissidents, users of google.cn and systematic hacking of valuable corporate secrets of major financial, defence and technology companies based in the United States from its computer systems. Google discussed and aligned with the US government before making this dramatic announcement. The US government has made a formal protest to Beijing.
Yahoo! Inc, owner of the No 2 search engine in the US, was targeted by a Chinese attack similar to the one that affected Google Inc, according to a person familiar with the matter.
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.
Business Standard / New Delhi January 22, 2010, 0:58 IST
Read no history — nothing but biography, for that is life without theory
Hinduja Group Company Ashok Leyland would open three more outlets in Punjab including, one in Chandigarh in the current fiscal to expand its network.
Engineering services provider Defiance Tech, part of the multi-billion dollar Hinduja Group, today announced expanding its services to the areas of manufacturing and enterprise solutions, eyeing the markets of India, US, Europe and Middle-East nations.
Gems and jewellery exporters are pinning hopes on the recovery in the western markets ahead of Christmas, after witnessing a sharp decline in their shipments for the last eleven months in a row.
Seema Sindhu / December 7, 2009, 0:37 IST
Yash Raj Films (YRF) has formally announced its entry into the television space, by joining hands with Sony Entertainment Television (SET), a leading Hindi genereal entertainment channel. As part of the deal, YRF will produce exclusive fiction and non-fiction content for SET.
Former Prime Minister and BJP patriarch Atal Bihari Vajpayee turned 86 today with several leaders, including Prime Minister Manmohan Singh, turning up at his residence here to greet him.
The B K Chaturvedi committee set up to recommend ways to implement road projects faster and more efficiently, has recommended that the National Highways Authority of India (NHAI) be given sovereign guarantees on the loans it raises from the market.
Faced with a major downslide in business traffic, airlines are now adopting innovative schemes to attract high-end and corporate travellers to fill in the seats on the front rows.
The country"s second-largest car maker Hyundai Motor India (HMIL) today reported a 28.46 per cent growth in its total sales in November at 55,265 units, its highest ever since starting operations in India 12 years ago.
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.
Mercedes-Benz India today sounded bullish about the growth of the heavy duty truck segment in India and said it plans to sell 240 units of the product this year.
Mercedes-Benz India Limited, a leading player in the luxury car market in the country is aiming at a sales volume of 100 units across all its models in the eastern region in 2009 out of which 20-25 units are expected to be sold in Orissa.
Kishore Singh / New Delhi November 10, 2009, 0:00 IST
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.
Car maker Skoda Auto India today reported a 183 per cent jump in its total sales at 1,425 units during November this year as against 504 units in the same month last year.
The Andhra Pradesh government has decided to invite fresh global bids for the Rs 12,200 crore Hyderabad Metro Rail Project that was taken away from Maytas Infra after funding related problems.
The Centre today sought to downplay the growing momentum for carving out of small states in some regions after the decision on Telangana and said cooperation of (undivided) states and political parties is needed in addressing such demands.
Coming out in support of creation of a separate state of Telangana, top Maoist leader Kisenji today accused the Centre of "depriving" people of the region of their legitimate rights by "backtracking" from its move to bifurcate Andhra Pradesh.
When in Rome, do as the Romans do... goes the phrase, which is partially what consumer goods companies are adhering to. They are hiring local talent to target rural sales.
In a bid to augment growth, the Rs 2,830-crore Dabur India has identified the foods segment in addition to skincare as areas it wishes to focus on in the coming quarters. Dabur India’s Vice-Chairman Amit Burman says these categories are critical for the company.
South Korean steel giant Posco has finally got the clearance from the Environment Ministry for acquiring forest land for its proposed Rs 54,000-crore steel project in Orissa, which has been already delayed more than a year.
A probe panel looking into the crane mishap at Delhi Metro site during debris clearance today held the contractor Gammon India responsible for the "unusual" incident which it said was due to "mismanagement and lack of professionalism".
Raghavendra Kamath / Mumbai September 04, 2009, 1:38 IST
An acute labour shortage is hurting coffee production in Karnataka, which accounts for around 70 per cent of the country’s coffee output.
Andhra Pradesh chief minister K Roasiah said the central and state governments had a task to strike a balance between growth and inflation. The three fiscal stimulus packages announced by the central government infused liquidity for maintaining economic growth.
The government is mulling over setting up diamond bourses to make the country a global trading hub.
Commercial vechicle manufacturer Ashok Leyland (AL) expects its overall sales to drop by 3-5 per cent in the second half of the year, in case the poor monsoons this year hits the economy hard. The company, at the same time, is bullish on its bus segment on the back of the impetus provided by the Jawaharlal Nehru National Urban Renewal Mission(JNNURM) order book.
Business Standard / New Delhi September 22, 2009, 0:51 IST
Leading DTH players such as Dish TV and TataSky have urged the government to rationalise the multiple taxes on the industry, saying these are affecting the growth of the nascent sector.
The central pool of food grains is insufficient to provide for families above the poverty line (APL) who are covered by the Targetted Public Distribution System (TPDS), if they are to be all included in the proposed National Food Security Act, show data from the Planning Commission.
Aurobindo Pharma Limited announced that it received two approvals from Swissmedic, a Switzerland government agency for therapeutic products, for the licence of Amlodipine APL 5mg and 10 mg tablets and Melformin APL 500 mg, 850 mg and 1,000 mg tablets.
The US-software major Cognizant Technology Solutions today offered job offers for 700 students from Anna University. Last year the company offered 1,000 jobs and 500 a year before.
Hyderabad-based Aurobindo Pharma Limited received approval from Swissmedic, an agency of Switzerland government for therapeutic products, for the licence of Cefepime APL for injection 1g and 2g.
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?
Dell Services, the new entrant into the information technology (IT) services segment (after its acquiring Perot Systems), is gearing its focus on the growing small and medium enterprises (SMEs) market.
Low demand due to high prices will make a dent in India"s gold imports this month which will be down to 10-15 tonnes, experts have said.
India’s largest IT firm Tata Consultancy Services (TCS), is eyeing six-seven deals worth over $100 million in the Latin American region.
There will be promotions, but no increments this year
India’s largest IT firm Tata Consultancy Services (TCS), is eyeing six-seven deals worth over $100 million in the Latin American region.
Unlike many other B-school products, who start their own ventures, make it a success and then sell it off for a tidy profit, Vivek Pahwa, a graduate from Hyderabad’s Indian School of Business, harboured an entrepreneurial dream and lived it.
Mounting pressure on Pakistan, the US today joined India in underscoring the "absolute imperative" to bring to justice the perpetrators of Mumbai attacks and underlining the need for "resolute and credible steps" to eliminate "safe havens" in Pakistan and Afghanistan, which undermine the security and stability around the world.
"Slumdog Millionaire" the Mumbai based potboiler about a street urchin"s struggle to find true love has become UK"s most successful movie of 2009.
Helios Capital Management Pte, the hedge-fund manager once backed by Tudor Investment Corp, plans to start a “Slumdog Millionaire” fund that will buy underperforming shares of Indian companies.
Business Standard / New Delhi December 02, 2009, 0:52 IST
The government on Tuesday said it would not withdraw the fiscal stimulus, provided in the last one year to help the economy deal with the global slowdown, in the current financial year.
In view of a surprising economic growth for the second quarter, Nomura Financial Advisory & Securities (India) today revised the country"s FY10 GDP growth forecast at 7 per cent from 6 per cent earlier.
I am buying a German high-end car and have shortlisted the Mercedes-Benz C-Class 200 K, Audi A4 and the BMW 3 Series. I am interested in a petrol car as I believe they are more silent than diesels, also the engine is smoother. Further, the car will be driven about 600 km per month, add two trips a year to Mahabaleshwar and maybe a trip to Mumbai. I live in Pune and am 65. I am looking for comfortable ride quality and easy handling within the city. I have just read that Audi has introduced the A4 in 1.8 — and 2.0-litre petrol versions. Kindly advise me as to which car would be most suitable.
The country’s largest carmaker, Maruti Suzuki India (MSI), today said its exports are expected to achieve the 100,000 units mark in the current financial year (2009-10).
Maruti Suzuki India (MSIL) has been allotted 700 acres in IMT Rohtak for setting up a research and development (R&D) facility, test course and accommodation of ancillaries. The state government has already approved allotment of 700 acres; 600 acres for setting up R&D facility and test course and 100 acres for leasing out to MSIL ancillaries.
Infosys chief mentor, N R Narayana Murthy is likely to become the non-executive Chairman of the National Payment Corporation of India (NPCI) being set up to handle the retail payment operations of the Reserve Bank of India.
Orchid Chemicals gained nearly 4% at Rs 105, after touching a high of Rs 106 during the day. Around 862,500 shares were traded at the counter against its two-week average of one million shares.
Japanese auto giant Suzuki today announced an investment of up to Rs 1,500 crore in the next 6-7 years for setting up a research and development (R&D) centre in India, which will be the company"s global small car R&D hub.
The country"s largest car manufacturer, Maruti Suzuki India, is expecting a double digit growth over the next few months.
The country"s largest car maker Maruti Suzuki India (MSI) has firmed up plans to roll out its small car Zen Estilo on August 25 which is equipped with the latest KB-series engines.
Maruti Suzuki will expand its passenger vehicle production capacity at Manesar by around 2 lakh units over the next 2 years.
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.
Car maker Fiat India is targeting sales of 50,000 units in the next financial year apart from planning a few variants of both its model — Grande Punto and Linea within the next two years.
Samsung India Electronics is planning to invest $20 million (around Rs 100 crore) in 2009 to support its turnover target of $2 billion (around Rs 10,000 crore) for the current calendar year. The company also said it would double its export in 2009 to Rs 1,200 crore.
Consumers in India appear to be shifting their focus from camcorders to digital still cameras. Camcorder sales remained flat in 2008, recording single-digit growth rates, according to industry estimates.
The consumer electronics market is strongly driven by technology. Companies vie with each other to introduce new technologies in the market. Thus, Samsung has opened a new category of flat-panel televisions that use LED (light emitting diode) technology. These televisions use LEDs as the primary light source rather than the traditional cold cathode fluorescent lamps, which allow higher contrast ratios and slim depths for better design.
IN MY MIND
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.
Brushing aside government’s stand that Formula One is not a sport, F1 supremo Bernie Ecclestone on Wednesday said the foundation stone of the race track in India would be laid in October for the showpiece event next year. Ecclestone said it’s been long time that they have signed the contract with the promoters in India and there was no question of the event being shelved despite the Indian government’s refusal to give concessions.
Brushing aside government"s stand that Formula One is not a sport, F1 supremo Bernie Ecclestone today said the foundation stone of the race track in India would be laid in October for the showpiece event next year.
Force India will give Karun Chandhok an opportunity to prove his F1 mettle but team owner Vijay Mallya is bemused by the romanticism that the Chennai driver deserves a seat in the outfit just because he is an Indian.
Vinayak Chatterjee / New Delhi January 18, 2010, 0:53 IST
After raising the hopes of both subscribers as well as telecom companies, the government is understood to be in no special hurry for auctioning spectrum for 3G mobile services this calendar year.
The state-owned telecom service provider Bharat Sanchar Nigam Ltd (BSNL) is planning to seek exemption from paying licence fees, stating a clause under the National Telecom Policy of 1999 (NTP ‘99). At present, the company pays around Rs 3,000 crore per annum as licence fee to the exchequer.
Novartis has ended the day at Rs 572, stronger by Rs 14 or 2.6%, on the BSE.
The global economic slowdown forced corporate India to look largely within the country for merger and acquisitions in 2009, accounting for about 60 per cent of the $10-billion worth of deals.
The metal may see a correction soon on persistent selling by institutional investors.
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.
Jewellery makers and gold retailers are pulling out all the stops to bring back customers. The sharp rise in gold prices has meant dwindling sales and so discount offers have gone through the roof.
The Great Indian Gold Rush, a month-long event organised by the World Gold Council (WGC), has received an overwhelming response despite the sky-high prices of the precious metal.
Gold prices today hit an all-time high of Rs 16,980 per 10 gram in the bullion market here in tandem with the global market, where the metal crossed the crucial $1,115 an ounce level.
Russian IT security software firm Kaspersky is eyeing a revenue of $12-16 million over the next two years from its Indian operations, with the launch of new products and upgrades for its existing product-line.
State-owned oil companies will pay Rs 27 a litre, or 25 per cent higher from existing level, for buying ethanol from sugar mills for doping petrol.
Indian submarine cable companies, including Tata Communications and Reliance Communications, re-routed at least 300-400 Gigabytes of internet traffic over both own and consortium cable networks between the Chinese mainland, Asia and Europe following the recent Taiwanese earthquake that disrupted communications across Asia and the Chinese mainland.
The Prime Minister"s Economic Advisory Council Chairman C Rangarajan today suggested that the Reserve Bank of India (RBI) could reduce money supply and raise interest rates to tame the rising prices of food articles.
To add 8,000 professionals in Q3.
The Sensex is now at 14,948, down 463 points. The NSE Nifty is now at 4,446, down 133 points.
Garments maker Provogue India today said it will buy back shares worth Rs 50 crore from its shareholders through open market route.
Summer placements at the Indian Institute of Management-Ahmedabad (IIM-A) started on a good note today, with consulting firms and investment banks continuing to rule the roost on Day Zero — the opening day.
Tighter norms, better economy reduce credit card non-performing assets.
Luxury hotel chain operator Orient Express, in which Indian conglomerate Tata Group holds a significant stake, has reported a net loss of $24.3 million for the second quarter ended June 30, 2009.
Mahanadi Coalfields Limited (MCL) organized an awareness camp at its headquarters at Burla near Sambalpur in association with the Young Men Christians" Association (YMCA) on the occasion of the World AIDS Day. Free comdoms and pamphlets on HIV/AIDS were distributed to the truck drivers on the occasion.
Banks’ association says the process needs a huge effort.
Cost pressures due to rising input prices may hit profitability.
Come 2010 and the small-car market is likely to witness intense competition with at least four new players set to launch their products in the market.
The Nordic region (Norway, Denmark, Iceland, Finland and Sweden), which is now opening up to offshoring as a viable option to sustain its long-established competitiveness, offers an untapped $10 billion outsourced services opportunity for Indian IT companies, said a Nasscom-PricewaterhouseCoopers report.
Rise of Congress, further decline of BJP and the relegation of the Left and some regional parties to the margins marked the highs and lows of politics in 2009 as price spiral poses an intense challenge to the government in the new year along with Naxal and cross-border terror.
India ranks 49 among 133 countries in 2009-10 in the global competitiveness index (GCI) prepared by the World Economic Forum (WEF), an improvement of one position from last year. India’s position is a result of mixed performance across 12 categories covered by the GCI.
Global commodities experienced a steep fall today, as investors and hedge funds across regions unwound their long positions after the news of Dubai’s debt crisis. Most commodities were down today between three and five per cent as the dollar strengthened. In late afternoon trade, however, prices recovered.
Normal life was paralysed across the Kashmir Valley today due to a strike called by a local outfit to protest the CBI report in the Shopian case even as authorities placed top Hurriyat leaders under house arrest as a precautionary measure.
A Union finance ministry notification has extended the basic customs duty concession applicable on equipment for entirely new (‘greenfield’) power projects to expansion (‘brownfield’) of existing units, too.
Realising that their two-way trade did not match the potential, India and Japan today decided to give push the negotiations on the proposed Comprehensive Economic Partnership Agreement, with an aim to conclude it by next year.
The white paper (official position statement) on organisational, operational and financial performance of the railways, presented in Parliament today, busted former railway minister Lalu Prasad’s claims of raking in record profits during his 2004-09 stint.
When reporters asked former Railway Minister Lalu Prasad for a reaction on why his successor Mamata Banerjee was trying to mock his work by bringing out her White Paper, he asked, “Do you know any tantric? I need to consult one.” As the reporters wondered why the RJD chief needed a tantric, Prasad added, “I think there is something wrong with the time of my birth. Earlier, I faced this fodder scam and now people are after me for unnecessary reasons.
The year 2009 ended on a high note, with benchmark (BSE & NSE) indices registering best yearly gains in the last two decades and touching fresh 19-month peaks. The year, however, will be most remembered for the Sensex and the Nifty hitting the upper circuit for the first time.
Realty giant DLF has reported a 78.76 per cent plunge in its consolidated net profit to Rs 396 crore for the quarter ended June 30 due to sharp decline in demand for its housing and commercial properties.
Swiss pharma major Novartis today said it will buy a 52 per cent stake in eye care firm Alcon for an estimated $28.1 billion.
Business Standard / New Delhi August 26, 2009, 0:43 IST
The Department of Telecommunications (DoT) has asked NM Rothschild (India), the e-auctioneer appointed by DoT to conduct 3G and WiMAX auctions, to furnish details about its relationship with Rothschild (Malaysia), including whether both have a common holding company/parent.
Commercial vehicle maker Ashok Leyland today reported a jump of 31.77 per cent in its net profit for the quarter ended September 30, 2009 at Rs 88.61 crore on account of internal efficiencies and low input costs.
Low economic activity and unwillingness by insurers to underwrite loss-making portfolios led to a fall in business for segments such as marine cargo and health.
The creation of a single national media policy and a single-window clearance for companies involved in the media and entertainment sector will give required fillip to the domestic media industry, says India Inc.
The government today expressed confidence that exports, which have been falling for over a year now due to the global slowdown, would grow by 15 per cent next fiscal and the pace of decline has already been arrested.
Union Bank of India had restricted investments into mutual funds (MFs) but has not yet exited them, and was in favour of quantitative restrictions on investments by banks, said Executive Director S Raman today.
Will use funds to finance operations of group firms; to have a total war chest of Rs 10,500 crore.
Suzlon Energy unit REpower today said it has bagged an order to supply up to 954 MW wind turbines for five projects in Canada.
Chandan Kishore Kant & Sidhartha / Mumbai December 11, 2009, 0:47 IST
Move aimed at expediting projects undertaken in collaboration with foreign technology providers
Foreign telecom companies today stayed away from a meeting to discuss the blueprint for 3G (third generation) mobile spectrum auction, while domestic players were riddled with doubts regarding regulation and availability of airwaves.
Stock markets skidded today, commodity prices took a beating, Kerala panicked and even Bollywood worried as Dubai’s $60-billion debt woes sparked fears over corporate and bank exposure to the crisis. Indian companies and banks played down the impact, saying the exposure was not significant.
In a move to bring greater transparency and discipline among market participants, the Securities and Exchange Board of India (Sebi) on Thursday put out mandatory requirements related to dealings between investors and stock brokers (including trading members). The move gives brokers the right to take actions against clients. The deadline for implementing the norms is March 31, 2010.
Reliance Mutual Fund (RMF), part of Anil Dhirubhai Ambani Group, has said it will look at offering more plans and schemes on the recently launched MF trading platform of stock exchanges.
Authorities investigating a disproportionate assets case against former Jharkhand chief minister Madhu Koda will start questioning top officials of the Union Bank of India tomorrow regarding funds deposited in the bank’s Zaveri Bazaar branch here.
Mahindra Satyam, the new brand identity of Satyam Computer Services, has embarked on international expansion and as part of this, is expanding its global solution centre (GSC) operations at its 15-acre campus in Cyberjaya, Malaysia.
The new five-party coalition in Jharkhand which is all set to assume power tomorrow has 31 MLAs with criminal cases against them.
Shibu Soren, heading a five-party coalition, was today sworn in as Jharkhand chief minister for the third time by Governor K Sankarnarayanan.
Bharatiya Janata Party (BJP) leader Rajiv Pratap Rudy had egg on his face today over his earlier statement that as the BJP did not get the mandate to rule in Jharkhand it should sit in the Opposition.
A K Bhattacharya / New Delhi December 30, 2009, 0:02 IST
It will be the JMM chief’s third tenure as chief minister
The Nifty closed in a Doji pattern after a breakout above 5,182 on profit-booking above 5,200. The trading volumes on the futures and options (F&O) segment declined by over Rs 10,000 crore with the number of contracts in index futures lower by almost 12 per cent. This means the participants are wary of taking positions at the current level as only two trading days are left for the expiry of the current series.
The country"s second largest public sector lender, Punjab National Bank, today said it can raise up to Rs 7,000 crore from bonds to fund growth plans.
Essar Oil is on track to complete expansion of its facility at Vadinar refinery in Gujarat to 16 million tonnes by December 2010, brokerage firm IDFC-SSKI said in its report on the firm while putting a price target of Rs 194 on its stock.
Essar Oil’s recoverable coal-bed methane (CBM) reserve at Raniganj block in West Bangal has been pegged at 1 trillion cubic feet (tcf), 43 per cent higher than the earlier estimate of 700 billion cubic feet (bcf). The basin has 3.5 tcf reserves, a third of which are recoverable.
Profit-booking and payment on performance are some of the innovations by fund houses.
Tighter norms, better economy reduce credit card non-performing assets.
Sugar stocks have run up significantly triggered by higher sugar price outlook based on tighter supply side conditions. Earnings estimates for FY10 have been upgraded by about 75-200% depending upon the individual company’s profit-gearing to higher sugar prices, according to HSBC research.
Around Rs 11,088 crore are being circulated via chit fund schemes in the southern states of Tamil Nadu, Andhra Pradesh and Kerala. Around 58 million house holds have participated in chit fund schemes, according to a recent study released by Institute for Financial Management and Research (IFMR). The study was funded by Bill Gates foundation Bill and Melinda Gates Foundation.
Sunil Jain / New Delhi December 7, 2009, 0:29 IST