Small Business
Income Tax authorities are carrying out search operations at various establishments of the shipbuilding and repairing firm, ABG Shipyard, for alleged tax evasion, an Income Tax Department source has said.
With the increase in offer price the size of the proposal now stands at Rs 438.3 crore
Foreign institutional investors (FIIs) were net sellers of Rs 459.18 crore (provisional) today, according to data released by BSE.
Bharati Shipyard and ABG Shipyard have got the market regulator’s nod for their open offer bids to buy additional stake in Great Offshore.
Ship building firm ABG Shipyard is getting ready to counter the offer price of rival Bharati Shipyard to acquire offshore drilling company Great Offshore.
Bharati Shipyard today said it has hiked the open offer price to acquire stake in offshore service provider Great Offshore to Rs 560 per share.
Aluminum consumption in Asia may continue to grow next year as stimulus measures in China, the world’s biggest metals consumer, and rest of the region lift demand for the metal, an executive at Novelis Korea said.
Freebies are no longer catching the fancy of prospective home buyers; instead they are seeking cash discount, as the real estate market shows signs of revival.
New technology allows access to webpages without internet.
In a new disclosure, the Federal Bureau of Investigation has said that the famous Somnath temple in Gujarat, Bollywood stars and Shiv Sena leaders in Mumbai were also the targets of Lashkar-e-Taiba, which was planning to carry out strikes with the help of two Chicago-based residents of Pakistani origin.
Kerala-based private sector lender Federal Bank is likely to approve the merger of the state-based Catholic Syrian Bank (CSB) within the next three months as it has already completed the due diligence.
The six largest lenders to the debt-ridden Dubai World have started discussions with the government-owned conglomerate prior to the firm"s creditors" meeting scheduled for December 21, says a media report.
Creditors of Dubai World are likely to reject a standstill agreement proposed by the company, a move which might lead to further "wrangling", media report says.
A top official of the Dubai administration today said the six months is not enough to restructure the debts of the troubled Dubai World and has asserted that the government-owned conglomerate has enough assets to meet its obligations.
The market capitalisation of 48 PSUs have spurted by a whopping Rs 1.89 lakh crore in the past five trading sessions, with these state-run companies suddenly turning investors" darling.
Madhukar Sabnavis / New Delhi November 06, 2009, 0:40 IST
Tata group company, Indian Hotels Company, today posted a 76.56 per cent decline in profit after tax (PAT) at Rs 11.87 crore for the quarter ended September 30, 2009 on account of slowdown in travel trade.
Aurobindo Pharma, Hyderabad-based manufacturer of generic and active pharmaceutical ingredients reported a net profit of Rs 103.2 crore for the quarter ended September 30, 2009, as against a net loss of Rs 38.4 crore during the corresponding period last year. Revenues were up 24.42 per cent to Rs 882.64 crore as compared with Rs 709.4 crore last year.
The day’s market proceedings were marked by choppiness and volatility, in the absence of any distinct cues from either the US or Asian markets.
The global petrochemical industry’s centre of gravity is shifting to the feedstock-rich West Asia as dozens of new projects are coming up in the region while production falters elsewhere. According to Chemical Week, co-organiser of the Fourth Annual GPCA Forum, 19 million metric tonne ethylene, the key building block for petrochemicals, is scheduled to be added annually to the Gulf region capacity over the next five years, nearly doubling the current capacity and providing extensive raw materials for downstream industries.
The strengthening of the National Highways Authority of India (NHAI) by creating its own cadre has been delayed further, as its board has rejected a proposal to absorb 50 per cent of the existing staff into its own cadre. The authority currently has only around 10 per cent of the present staff as permanent employees and the rest are on deputation.
To make finance readily available for road projects, the government is mulling to vest the ownership of roads with highways regulator National Highways Authority of India (NHAI), which can lease them out to private developers so that they can raise loan against such property.
IRB Infrastructure Developers today said it has emerged as the lowest bidder for a Rs 800-crore road project of the National Highway Authority of India (NHAI).
The Indian bourses continue to trade flat. The Sensex is now at 17,600, down 15 points.
Terming the death of a swine-flu infected girl in Pune as "unfortunate", Maharashtra Chief Minister Ashok Chavan has said negligence on part of the private hospital which treated the 14-year-old was to blame for it.
For the first time in 13 months, the country’s oil import bill registered a positive growth rate of 7.3 per cent, though the overall import continued to fall at $22.88 billion (Rs 1,06,640 crore) in November compared to $23.48 billion (Rs 1,09,440 crore) in the same month last year.
The Centre may be making all out efforts to roll out the Goods and Services Tax (GST) from April 1, 2010 but the Orissa government wants the proposed tax to be introduced in 2011.
The date for rolling out the Goods and Services Tax (GST) could be announced on January 8, Asim Dasgupta, chairman of the empowered committee of state finance ministers, said today.
The government might miss the April 1 deadline for rolling out the much-anticipated goods and services tax (GST), Finance Minister Pranab Mukherjee indicated today.
Asian stocks fell for the first time in three days as Japan Airlines Corp and Asiana Airlines Inc plunged on debt concerns and as lower oil and gold prices dragged down commodity producers.
Marxist patriarch Jyoti Basu, who is battling for his life, today had Prime Minister Manmohan Singh visiting him and offering help in bringing experts from other parts of the country for his treatment.
New government policy on biofuels may consider financial incentives.
Bilcare ended at Rs 512, lower by Rs 2 or 0.3%, on the BSE.
As many as nine transactions, including Pfizer"s takeover of Wyeth Corp and Merck & Co"s buying of Schering-Plough Corp, are under investigation by the US regulator Securities and Exchange Commission (SEC) for possible insider-trading violations, says a media report.
World"s largest steel maker ArcelorMittal believes that India is not equipped to handle big-ticket investments, although the country needs over half a trillion dollars to shore up its infrastructure.
IT infrastructure provider Birla Shloka Edutech today said it has fixed the price band of it follow-on-public offer between Rs 45 and Rs 50.
The Sensex has ended at 17,589, down 111 points and the Nifty has closed at 5,257, down 24 points.
Pharma major Wockhardt today said it has received tentative approval from the US drug regulator to market "Memantine HCl" tablets, used for the treatment of Alzheimer"s disease and dementia.
Pharma major Glenmark Pharmaceuticals is planning to repay its debt of around Rs 300 crore by end of this fiscal, a top company official said.
State-run gas utility GAIL India Ltd today declared a 20 per cent (Rs 2 per share) interim dividend for the current fiscal.
I A Modi-controlled Cadila Pharmaceuticals is planning to rope in US-based biotechnology firm Novavax to produce swine flu (H1N1) vaccine.
The central government’s decision to continue controlling supply of the swine flu drug, oseltamivir, will help the drug innovator, Swiss multinational Hoffmann-La Roche, and its Indian licencee, Hetero Drugs, maintain their effective monopoly in the country, even as the drug lacks patent protection in India, fear domestic industry circles.
In the first case of suspected swine flu, a labourer who had gone to work in Pune was today found suffering from symptoms of the disease in Bihar"s Muzaffarpur district.
Marxist patriarch Jyoti Basu, who is battling for his life, today had Prime Minister Manmohan Singh visiting him and offering help in bringing experts from other parts of the country for his treatment.
- BofA likely to pay bonuses close to 2007 level - Future Group pulls the plug on "Bijli Ghar" - PowerMin wants gas at $2.34 for NTPC - Another RIL cash raising on anvil - RIL to drill six new wells in KG-D6 block this year - Reliance Industries: Filling its coffers
Hiring activity is finally picking up steam among Indian companies. The job index, Naukri JobSpeak, increased by 4.1 per cent in September, compared with August. In terms of the three-month moving average, the index inched up from 715 in August to 719 in September this year, making it one of the best months since April-May when the job index was as low as 664.
Alstom Projects India has bagged a contract worth Rs 373 crores for the supply of boiler components to Bharat Heavy Electricals Ltd (BHEL).
Essar oil gave up some of its gains and finally settled at Rs 140, up around 2% from the previous close. The counter witnessed heavy trades of 658,518 million shares as compared to 248,533 million shares.
A decade earlier, when the Indian auto market was stagnant and there were not many new models to talk about, there were years when even Maruti Udyog, the market-leader, gave the Delhi Auto Expo a miss. Few manufacturers can afford to do so today.
When director Roland Emerich was looking for a image that would sum up the apocalyptic tone of his blockbuster 2012, he could only conjure up one picture, the Himalayas being flooded.
Software major Microsoft Corporation has held talks with News Corp for a possible deal which would involve paying the Rupert Murdoch-led firm for removing its news content from the website of Internet search giant Google, says a media report.
During the last few weeks of the year, accounts departments of companies start asking employees to give documents to back up their section 80C declaration made at the beginning of the financial year.
Andhra Pradesh government today said it had no objection to Congress MP L Rajagopal, who escaped from the Government Hospital here, being admitted to the Nizam"s Institute of Medical Sciences (NIMS) in Hyderabad as desired by him.
FMCG companies may re-engineer the packaging of coconut hair oil by increasing the grammage to escape the purview of the Central Board of Excise & Customs" decision to impose eight per cent excise on product packs under 200 ml.
India’s agriculture growth could be down by 5 per cent due to deficient monsoon, a top corporate leader said today.
The Orissa government is yet to form the Rehabilitation and Periphery Development Advisory Committees (RPDAC) for 13 large projects in the state.
Uncertainty looms large over the holding of the meeting of the Rehabilitation and Peripheral Development Advisory Committee (RPDAC) for the Posco’s mega steel project in Orissa as the government is likely to miss the November time line for this meeting.
While many politicians lobby to get a Rajya Sabha berth, former Lok Sabha Speaker Somnath Chatterjee has politely turned down a proposal from the government to become a nominated member of the Upper House. According to top sources in the government, Prime Minister Manmohan Singh was keen to bring Chatterjee — who played a crucial role during the government’s tension with the Left parties over the Indo-US nuclear deal and defied his party’s diktat to resign from the Speaker’s chair — in the Rajya Sabha. But Chatterjee told Congress managers that after having been Speaker, he did not see merit in occupying the back benches of the Rajya Sabha.
Britain and France today joined India in making it clear that there should be no "double standards" in the fight against terrorism, a view that can be seen in the context of Pakistan.
According to him, GSS dominates the domestic market with over 70 per cent share and has a footprint in 40 countries including the US and the European countries.
Bangalore-based public sector lender, Vijaya Bank has informed the Bombay Stock Exchange (BSE) that its authorised capital has been increased from Rs 1,500 crore to Rs 3,000 crore. The bank has a network of 1,132 branches in the country.
Private sector lender ICICI Bank today reported a 26.36 per cent drop in consolidated net profit at Rs 1,148.66 crore for the third quarter (Q3) ended December 31, 2009.
Bangalore-based ASM Technologies, dealing in enterprise applications and enterprise product development for manufacturing, retail, oil and gas verticals, has reported a consolidated net profit of Rs 94 lakh for quarter-ended December 31, 2009, up 23.43 per cent compared to the previous quarter of the current fiscal.
Powergrid Corporation of India Ltd (PGCIL), India’s largest power transmission utility, is set to float its overseas subsidiary by early next year. The move is aimed at opportunities outside the country.
The Sensex has recovered partially and is now at 17,167, down 20 points.
As the government mulls hiving off Oil and Natural Gas Corp’s (ONGC’s) Assam oilfields, state-owned Oil India Ltd (OIL) has said it is willing to take over the assets and can run the fields more efficiently than the current owner.
Eight out of the 10-most valued firms saw their market capitalisation (m-cap) tumble by as much as Rs 85,000 crore till date in 2010, as the stock markets witnessed a down-slide.
As government mulls hiving off Oil and Natural Gas Corporation"s (ONGC) Assam oilfields, state-owned Oil India has said it is willing to take over the assets and can run the fields more efficiently than that the current owner.
Professional forecasters have added to Reserve Bank of India (RBI) Governor Duvvurri Subbarao’s dilemma on timing the exit from an accommodative monetary policy stance.
Ahead of the Reserve Bank of India"s (RBI) credit policy review later this week, economists today said the central bank may suck out excess liquidity from the system by asking banks to keep more cash with it to tame the surging inflation.
The government is setting up a high-level Task Force to address the problems of Micro, Small and Medium Enterprises (MSMEs) which have been demanding adequate financing and other incentives to tide over the economic slowdown.
Kohlberg Kravis Roberts & Co (KKR), a global private equity fund, has announced that it has hiked its stake to 79 per cent in Aricent, a telecom software solutions firm in a deal valued at $225 million.
US space agency NASA has signed an agreement with ISRO to use data from Indian satellite Oceansat-2, for various American agencies for research activities, including weather forecasting.
The shuttle Atlantis has blasted off carrying vital supplies and spare parts for the International Space Station to push its life past the 2010 retirement of the aging shuttle fleet.
Buoyed by ramping up output from Barmer oilfield, Cairn India today reported a 23 per cent rise in net profit to Rs 291 crore in the third quarter.
Buoyed by ramping up output from Barmer oilfield, Cairn India today reported a 23 per cent rise in net profit to Rs 291 crore in the third quarter.
With Volvo, Daimler and Scania gaining a foothold in the over-40-tonne heavy commercial vehicle category, it was time for Indian players to get their act together. “Indian manufacturers were not strong in heavy commercial vehicles because there was not much demand for them. But with exports and infrastructure stirring up, these have received a shot in the arm over the last four to five years,” says PricewaterhouseCoopers Leader (automotive practice) Abdul Majeed.
Mobile telephony service provider Aircel is taking the philanthropic path. While most brands and advertisers offered discounts this festive season, Aircel came out with a 35-second corporate social responsibility TV campaign that urged youths to donate their unused mobile handsets to old people.
Public Sector lender Central Bank of India today said its net profit declined by 13.25 per cent to Rs 306.44 crore for the third quarter ended December 31, over the corresponding period last fiscal.
After Reid & Taylor, S Kumars Nationwide wants to try its luck in all segments.
Short-covering, expectation of rise in yield on advances behind spike.
The third edition of the Indian Premier League (IPL) will begin on March 12 in Hyderabad with the final to be held at D Y Patil Stadium in Navi Mumbai on April 25, the BCCI announced here today.
Putting an end to speculation, BCCI President Shashank Manohar today announced that Lalit Modi will remain the Chairman of the Indian Premier League (IPL) till 2012.
Internet search engine giant Google has unveiled its much-awaited phone, "Nexus One".
Bikram Dasgupta, chairman and CEO, Globsyn Technologies, traces his love for gadgets back to 1995, when he bought a Nokia 1011, loaded with games and polyphonic ringtones. Little did Dasgupta know that within 14 years, his so-called premium model phone would pale against his Mercedes E Class and custom-fitted laptops.
Mobile advertising: Every year for the last decade, media experts have predicted a boom in mobile advertising. But if recent acquisitions of mobile ad agencies by Google and Apple Inc are any indication of what’s to come, this year’s round of forecasts might prove more accurate.
2009’s movers and shakers share with us the gadgets that set their hearts racing.
Commercial vehicle manufacturer Ashok Leyland’s associate company, Ashley Alteams India Pvt Ltd (AAIPL) will commence manufacturing high pressure die castings. The production of the castings, which will primarily be for the telecommunications and automotive sector, will begin next month at the company’s new facility in Chennai.
A fire-breathing Merc takes on the Audi. Who wins?
I am a first time buyer of a four wheeler. I don’t change my vehicles often and plan on using my next acquisition for the next 12 to 15 years. I have shortlisted the Chevrolet Spark LT, Hyundai Santro Xing GLS, and Maruti Suzuki Zen Estilo LXI.
Asian markets: Asian stocks have had a rough week. Excluding Japan, markets have fallen by 7 per cent. The decline is both bad and good news for governments and central bankers.
Asian markets ended mostly in green. The Nikkei added 74 points to 10,982. The Hang Seng, however, slipped 63 points to 21,654.
The retail sector in Kolkata has adopted a wait and watch situation with retailers still wary of what lies ahead. What started as a big set-back for the retail industry in end-2008 with several malls and retailers shutting shop, the year 2009 was particularly bad for the industry with several cancellations of booked spaces and deferment of sanctioned projects.
Tiger Woods says he"s taking an indefinite leave from golf to work on saving his marriage, using the word "infidelity" for the first time in a statement posted on his website.
The markets have opened in the positive, mirroring the gains in the US and firmness across Aia. The Sensex is quoting at 17589, higher by 103 points and the Nifty is at 5254, up 29 points.
Minister of State for Environment and Forests Jairam Ramesh said India will forward its domestic goals on climate change as its action plan under the Copenhagen Accord to the Conference of Parties (COP) of the UN Framework Convention on Climate Change (UNFCCC). Under the Accord, nations have to submit their action plans by January 31.
The US markets ended in the green. The Dow added 115 points to 10,725 and the Nasdaq gained 32 points at 2,320. The S&P 500 was up 14 points at 1,150.
The markets have extended losses after European exchanges opened weak.
The Sensex and Nifty closed near their trendline support of 17,400/5,220 on the back of weakness in world stocks and lack of buying interest in the futures and options (F&O) segment in the last couple days.
The indications of economic recovery notwithstanding, the revival in the job market still have a long way to go, as a latest study says that it may take more than seven years for the US to wipe off the job deficit.
Global rating agency Fitch today downgraded long-term rating of Ansal Properties and Infrastructure (API) due to restructuring of company"s debt.
The markets have slipped back into the negative terrian. The Sensex is now down 20 points at 17,466, and the Nifty is down 14 points at 5,211.
Admitting that there were communication gaps in the recently concluded climate talks in Copenhagen, Environment and Forests Minister Jairam Ramesh today said that the Danish Presidency could have handled the larger consultation process in a better way.
Undeterred by the real estate crisis after Dubai World’s request to creditors for a standstill on repayment of its $60 billion debt until May, the Confederation of Real Estate Developers’ Associations of India (Credai) has stuck to its original plan to hold its national convention during January 23-25 in Dubai.
The Ruias’ Essar Group is to acquire a 51 per cent stake in the telecom operations of the Dhabi Group, an investment company led by Abu Dhabi’s royal family, in Uganda and Congo for around $150 million (Rs 692 crore).
Differences over number of private players to be allowed to offer 3G mobile services continue within the government as an empowered ministers" panel today failed to reach at any consensus.
Candidate may not need two-year residual service.
Bharti Airtel is likely to sign an agreement with Bangadeshi firm Warid Telecom for acquiring 70 per cent stake during Prime Minister Sheikh Hasina"s visit to India next week.
The country"s largest car maker, Maruti Suzuki, today launched a multi-purpose vehicle, Eeco, at an introductory price between Rs 2.59 lakh and Rs 2.89 lakh.
India"s largest manufacturer of passenger cars, Maruti Suzuki launched Eeco, a multipurpose vehicle here.
Italian car maker Fiat is going to hike the prices of the Linea sedan and Grande Punto hatchback by Rs 15,000-25,000 from January on the back of rising input costs, according to a statement released today.
The Indian Auto Gas company, engaged in distributing LPG for automobiles, plans to set up 1,000 gas filling stations across the country over a three-year period at a cost of Rs 700 crore, a top company official said.
I am a first time buyer of a four wheeler. I don’t change my vehicles often and plan on using my next acquisition for the next 12 to 15 years. I have shortlisted the Chevrolet Spark LT, Hyundai Santro Xing GLS, and Maruti Suzuki Zen Estilo LXI.
Hamara Bajaj may have walked into the sunset, but the sun is shining bright for other scooter manufacturers in the country.
Volkswagen’s decision to buy a stake in Suzuki Motor Company of Japan is proof of just how far Maruti Suzuki India Limited has come in Suzuki’s global activities. Under the agreement, apart from the larger capacity diesel engines that Suzuki will now be able to source from the German auto-maker, it will supply small cars that Volkswagen will sell under its brand name in Europe.
With government’s flagship Sarva Siksha Abhiyan (SSA) scheme showing encouraging results in expansion of elementary education, the World Bank has come forward with an offer to provide additional funding of $ 500 million (Rs 2,325 cr approx) for the programme.
Yes Bank plans to raise $150-200 million through private placement of shares this fiscal, a senior bank official said.
Leading bankers do not foresee any rise in the interest rates at least for the next six months and want the Reserve Bank of India (RBI) to keep the monetary stance unchanged in its policy review due later in the month.
The state-owned copper miner Hindustan Copper will soon appoint merchant bankers to advise it on the proposed share sale aimed at part-financing its Rs 3,500-crore expansion plan.
Backed by a healthy growth in core fee-income, Bank of Baroda (BoB), overcame challenging market conditions to post a 17.5 per cent jump in net profit in the third quarter, overshadowing the muted earnings posted by many of its peers.
German auto components maker Bosch today said it has started manufacturing anti-lock braking system (ABS) and has tied up with carmaker Volkswagen to supply the component for its just launched "Polo".
Naveen Jindal-led Jindal Power today said it will invest Rs 65,000 crore in new power projects and part of the financing for these would be done through its up to Rs 10,000-crore Initial Public Offer.
Private airline Jet Airways today posted a profit of Rs 105.80 crore for the third quarter ending December 31, 2009, the company said in statement here.
Land in Navi Mumbai to be used for building Bollywood theme park.
Foreign institutional investor T Rowe Price today said it has completed the acquisition of 26 per cent stake in UTI Asset Management Company and UTI Trustee company for Rs 650 crore.
Surf"s up for Bombay Dyeing as its real estate projects and domestic textile demand take-off
Anil Ambani Group company Reliance Power (R-Power) today said it plans to become over 3,300-Mw company by the end of the Eleventh Five-year Plan (2007-2012).
The devolvement of rights issues of Tata Motors and Hindalco in 2008 seems to be a distant memory. A large number of promoters are now taking the cost-efficient rights issue route to shore up stakes in their companies and raise cash.
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.
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.
Money transfer firm Western Union Financial Services plans to tie up with e-governance service providers and microfinance institutions to expand its reach in India.
Companies knocking on government doors for bailout funds may have been the norm in the West, but India Inc begged to differ from this rule by raising over Rs 1,50,000 crore of capital for expansion from investors across the world in 2009.
Indian bourses opened in the red as weak global cues and earning worries weighed on sentiment. US stocks tumbled on Friday, their worst three-day slide in 10 months, pulling Asian stocks lower. Selling in information technology and auto stocks pulled the markets deeper into the red.
Diversified business conglomerate Godrej Industries today reported an eight-fold jump in its net profit at Rs 43.80 crore for the quarter ended December 31, 2009, over the year-ago period.
Private sector lender Yes Bank today said that its net profit rose by 19 per cent to Rs 125.9 crore during the quarter-ended December as against Rs 105.8 crore a year ago.
Trades between FIIs generated a volume of Rs 76 crore on the BSE Tuesday-an increase of 71.52% from Rs 45 crore clocked on Monday. As many as six stocks witnessed trades of 10 lakh shares on Tuesday.
Ford India will hike the prices of all its models across the board from January 1, 2010. The upward price revision is due to a steady rise in input costs and exchange rate fluctuations. Ford India is a wholly owned subsidiary of Ford Motor Company.
While the recovery in sales volume is positive for Tata Motors, the gains are priced in
India"s largest wind turbine manufacturer Suzlon Energy has said it completed the worldwide programme for strengthening and reinforcing a certain set of blades, which suffered cracks.
Japan"s top five auto makers have reported smaller year-on-year declines in their global production in August compared with July, showing signs of a bottoming out in auto production.
Tata Motors, the country"s leading automobile manufacturer, reported a net profit of Rs 400.14 crore for the third quarter ended December 31, 2009.
In a sprawling factory south of Shanghai, Li Shufu, the self-made Chinese billionaire who is poised to buy Volvo Car Corp from Ford Motor Co, is presiding over a new-model launch party. If he has any concerns that his Geely Automobile Holdings Ltd’s rising sales and surging stock price could falter, he’s not showing them on that summer day.
Domestic passenger car sales jumped 36.7 per cent to 1,13,687 units in November, the Society of Indian Automobile Manufacturers (SIAM) said today.
Auto makers Maruti Suzuki, Hyundai and Hero Honda today reported robust sales in November, lending optimism that the good economic showing in the second quarter would continue.
Jammu & Kashmir Bank today reported growth of 16 per cent in its net profit at Rs 139.99 crore for the quarter ended December 31, 2009, over the same period last year.
High-profile Samajwadi Party spokesperson Amar Singh today resigned as its General Secretary and other posts following deepening differences with party chief Mulayam Singh Yadav, saying his priority now was his health, wife and children.
The Foreign Institutional Investors (FIIs) were net sellers of Rs 1,625.66 crore in futures and options segments on Monday.
Jet Airways plans to complete its first tranche of fund raising of around $150-200 million over the next 3-4 weeks, a senior company official said.
Three members of Goa"s leading football club Churchill Brothers were today granted bail after they were arrested here for allegedly misbehaving with an airhostess and other cabin crew members on board a SpiceJet plane.
The government planned to introduce a single foreign direct investment (FDI) document by the end of the financial year to simplify the process, and was currently discussing the various modalities, Commerce and Industry minister Anand Sharma said today.
Professor Amartya Sen tells us that his high school teacher’s advice, on whether he could get away with saying that Lord Krishna’s argument in the Gita was incomplete and unconvincing, was that “Maybe you could say that, but you must say it with adequate respect”. Following this advice, I write the review with the deepest respect for Professor Sen.
India"s largest IT services provider, Tata Consultancy Services (TCS), beat the market expectations to post a 33.9 per cent jump in its net profit (consolidated Indian GAAP) at Rs 1,824 crore for the quarter ended December 31, 2009 as compared to the same period a year ago. Its revenue, too, jumped 5.1 per cent on strong volumes of 6.6 per cent to touch Rs 7,649 crore year-on-year (YoY).
Samajwadi Party General Secretary Amar Singh spent the New Year in Dubai. Singh, who is reinventing himself, writes in his blog: “Off (sic) late, my level of sensibility and sense of political responsibility have taken a back seat. I have learnt to take personal criticism in my stride and for the first time in my political career I am giving more preference to my family. I have chosen to ignore the council elections in Uttar Pradesh. No one is indispensable. I am desperate to create my political dispensability to avoid unnecessary tension and a lot of hard work which is detrimental to my present health and against my doctor’s advice. I am an eternal optimist ... I want to reinvent myself as family oriented person…”
The United States has said it has held several rounds of meetings with China on the allegations of search engine giant Google that Chinese authorities were indulging in email hacking and censorship, a top Obama Administration official said.
The Airports Authority of India (AAI) expects its annual earnings to grow by Rs 100 crore once it receives approval from the Ministry of Civil Aviation to charge user development fee (UDF) at nine airports. “We will annually earn around Rs 100 crore by charging UDF at eight of our airports. We have sent our request and will start charging as soon as we receive the approval,” said a senior AAI official who did not wish to be named.
The decade began with the government doing the right thing and auctioning mobile phone licences, but ended with the scandal over its decision to start playing favourites and handing over licences to a chosen few firms at a price that was Rs 50,000 crore less than the market one. The decade began with the government privatising the Delhi Vidyut Board (DVB) in the midst of a huge scandal, since it offered several thousand crore of concessions to two firms, and ended with another scandal over how the winning bidders for the Bangalore airport awarded the major part of the contracts to themselves — and passed on the increased costs to the flying public.
The government has rapped state-owned Bharat Sanchar Nigam Ltd (BSNL) for poor financial performance and made a case for disinvestment through an initial public offer (IPO).
Australian Prime Minister Kevin Rudd today warned that troubled global climate talks were at risk of "failure" and urged world leaders to adopt a more flexible approach.
Karnataka Chief Minister B S Yeddyurappa, who is facing fresh bout of dissidence from his party legislators demanding ouster of recently inducted minister M P Renukacharya, today held talks with a four-member dissident group to defuse the crisis.
Arvind Subramanian / January 27, 2010, 0:53 IST
Indian corporate houses have lined up investments worth $1 billion (around Rs 4,500 crore) in the Maldives, to fructify over the next two to three years. The houses include Tatas, Suzlon, GMR, Apollo Hospitals and Oberoi. “To attract more investment from India, the Maldivian government is planning to ease the procedures for India Inc and planning to offer various incentives,” said Ahmed Shaheed, the country’s foreign minister.
Life for Reserve Bank of India (RBI) governors can be tough. Being the government’s money manager is hectic enough, but what have added to their “permanent state of busy-ness” (as an RBI observer says) are quarterly statements, the latest of which will be announced tomorrow.
Life for Reserve Bank of India (RBI) governors can be tough. Being the government’s money manager is hectic enough, but what have added to their “permanent state of busy-ness” (as an RBI observer says) are quarterly statements, the latest of which will be announced tomorrow.
Gujarat Chief Minister Narendra Modi asked the chemical industry in the state to take up the challenge of manufacturing ink used for printing currency notes.
Jyoti Basu remained as popular in death, as he was when alive. The Marxist patriarch’s far-reaching appeal ensured that the country’s political establishment, irrespective of party affiliations, paid its last respects to him on Tuesday, save Trinamool Congress chief Mamata Banerjee.
Amid India"s concerns over use of Nepalese soil by ISI and other anti-India elements, Prime Minister Madhav Kumar Nepal has said such apprehensions are being taken seriously but made it clear that an extradition treaty would have to wait for political stability here.
Nepal today sought to address India"s concerns with regard to fake currency being smuggled from here, pledging that it will not allow its territory to be used against its neighbour as the two sides inked four pacts for cooperation in fields like infrastructure, power and science and technology.
Prime Minster"s IT adviser Sam Pitroda today said 3-G auction process would be completed this fiscal.
Aptech Limited, a global retail & corporate training solutions major, has signed a Joint Venture contract with New Life Group Inc; a Filipino Company to expand its presence in the country.
State owned Bharat Sanchar Nigam Limited (BSNL) has achieved a subscriber base of over 20 lakh for its mobile services in the Orissa circle.
The Telecom Regulatory Authority of India (Trai) today sought views from the industry on introduction of 11-digit mobile numbers in view of existing 10-digit numbers getting exhausted due to phenomenal growth in the sector.
Anil Ambani group firm Reliance Capital Asset Management today announced appointment of Ian Lancaster as the CEO of its Malaysian subsidiary, which has been set up to tap the fast-growing market for products complying with Islamic law.
Australia’s Deputy Prime Minister Julia Gillard has said the country is committed to the education revolution involving international students.
A cartoon in a Delhi newspaper, which allegedly depicted a Victoria policeman as a member of hate group Ku Klux Klan in the wake of attacks on Indians, has sparked an outrage in Australia with acting Prime Minister Julia Gillard condemning it as "deeply offensive".
While L&T’s December quarter results and cut in its 2009-10 guidance are disappointing, most analysts believe it to be a blip.
Integrated offshore oilfield services provider Great Offshore today reported a decline of 14% in net profit at Rs 49.54 crore for the quarter ended December 31, 2009, over the same period last year.
Private sector lender City Union Bank on Saturday said its net profit rose by 26.55 per cent to Rs 40.65 crore for the third quarter ended December 31, over the corresponding period last year.
An Indian youth was today stabbed in Australia, in the first case of casualty in a series of vicious attacks on the community members, prompting a strong reaction from India which said such incidents could have a "bearing" on bilateral ties.
Public sector lender Syndicate Bank today said its net profit declined by 42.27 per cent to Rs 205.72 crore for the third quarter ended December 31, 2009, over the same period last fiscal.