Business Opportunities
The dollar is rallying in tandem with stocks and commodities for the first time since before Lehman Brothers Holdings Inc’s bankruptcy last year sparked the financial crisis, signaling the worst may be over for the greenback.
Asian stocks rose for a second day as higher oil and metal prices boosted commodity producers and Shimamura Co’s profit buoyed the outlook for Japan’s retailers.
Advent International, the global private equity firm, today announced that P Jayendra Nayak has joined Advent’s Operating Partner Programme to advise on Indian investment opportunities, especially those in the financial services sector, and the development of Advent’s business in India.
Factory productions expanded at a greater pace for the second month in a row growing by 6.8 per cent in July against 6.4 per cent a year ago, signalling an industrial recovery.
As the Copenhagen Summit on Climate Change begins today, the Plan panel has said that it"s time discoms sourced a part of their needs from green energy producers, besides favouring energy efficiency norms for all household appliances.
FMCG major Dabur India Ltd is treading the rural path for growth in the hair oil segment.
Raghavendra Kamath / Kolkata November 27, 2009, 1:30 IST
Three years before Kishore Biyani set up his first Pantaloon store on Kolkata’s high-street, Gariahat, in 1997, Ram Chandra Agarwal had set up a large garment store, Vishal Garments, at Kolkata’s Tiger Cinema, which was converted into a sprawling store.
Logistics and transport major VRL Logistics Ltd (VRL) is looking at exiting its 42.5 Mw wind power venture at Mundargi in Gadag district of Karnataka, because of delayed receivables from the sale of power as well as its high operational costs. The Hubli-based company had forayed into the wind energy business in 2007 by setting up the venture for Rs 250 crore.
Twenty years ago, at sixth place in the batting order, the 16-year-old Sachin Ramesh Tendulkar walked across the National Stadium in Karachi and straight into every Indian’s heart and history.
Saab’s future will be decided at December 1 GM board meeting.
With global aviation bodies like International Air Transport Association pressing for reduction of carbon emissions in the sector, some major airlines have carried out test flights using biofuel and alternative fuel, which are cleaner.
One of the shareholders of Bank of America (BofA) has opposed the firm"s idea to zero in on an insider to replace its outgoing CEO Kenneth D Lewis and has described the current management team as "tainted and not credible".
Yahoo! said it will close its GeoCities service that provides people a free online locale for home pages.
To cash in on the demand surge in domestic markets as the threat from cheaper imports weakens.
ING Vysya Bank Ltd has raised Rs 230 crore by issuing 9.27 million equity shares of Rs 10 each at a price of Rs 248.10 per equity share including a premium of Rs 238.10 per equity share to qualified institutional buyers (QIBs). The issue was closed on September 8, 2009.
The cost at which home loan major HDFC is borrowing Rs 4,000 crore — 7.15 per cent for two years and 7.85 per cent for three years — is very reasonable. The money will come in handy for the company to subscribe to warrants of HDFC Bank for an estimated amount of Rs 3,600 crore. The qualified institutional buyers (QIBs) who have bought the non-convertible debentures (NCDs) are also entitled to warrants, which can be converted into shares within three years at Rs 3,265 per share.
The ITC Green Center that Hillary Clinton visited last month is an early adopter of sustainable construction.
The stock extended gains and touched a high of Rs 795, up 9% from its low. It finally settled at Rs 786 - up 5%. It is now only 5% lower from its 52-week high of Rs 829 which it had touched yesterday.
Aurobindo Pharma, a manufacturer of generic pharmaceuticals and active pharmaceutical ingredients, has received final approval for Fosinopril Sodium and Hydrocholorothizide Tablets USP 10/12.5 mg and 20/12.5 mg from the US Food and Drug Administration (USFDA).
Secretary of State Hillary Clinton will embark on a seven-nation African Safari next week as part of Obama Administration"s commitment to make Africa a priority in the US foreign policy.
Pressed by Japan to sign the Comprehensive Test Ban Treaty (CTBT), India today clearly put the onus on the US and China for taking a lead in this direction by ratifying it.
The Sensex has slipped once again into the red and is now down 70 points at 16,780. The Nifty is down 33 points at 4,971.
The Sensex after opening flat has now soared to a high of 16,885 on the back of buying in IT and metal stocks.
The stock slipped to a low of Rs 2,509 and finally settled at Rs 2,526, down 1.5% from its previous close. The counter clcoked volumes of 182,219 shares on the BSE as compared to the two-week daily average traded volumes of 164,010 shares on the BSE. ___________________________________________
Sunil Jain / New Delhi October 26, 2009, 0:22 IST
Foreign institutional investors (FIIs) were net sellers of Rs 478.80 crore (provisional) today, according to data released by BSE.
Private equity: The private equity industry was challenged in 2009. Deal flow remained slow, portfolio companies struggled and investors in buyout funds scrambled to meet their cash commitments. Rebounding bond and equity markets helped some firms in the second half. But the rally was too late for others. As the industry enters a new decade, expect the divide between the sheep and goats of the buyout world to widen.
The Union budget for 2010-11 is likely to be presented on February 26, two days ahead of the conventional date.
Ahmedabad-based Intas Pharmaceuticals Ltd (Intas) has entered into a strategic partnership with US biotechnology company Amarillo Biosciences, Inc (ABI), whereby Intas will sponsor clinical trials of ABI’s orally administered interferon-alpha lozenges for influenza, which could also be used in combating the H1N1 virus.
While closing his arguments before the Supreme Court Bench in the Reliance Industries versus Reliance Natural Resources (RIL-RNRL) case, RNRL lawyer Ram Jethmalani said, “I won’t trouble you (the Bench) tomorrow…I could have said a lot. But I am tired myself”.
Law Minister Veerapa Moily today said there was no differences among ministers on the issue of protecting state-run NTPC"s interest in the gas dispute between the Ambani brothers.
A Delhi Court has refused to order defreezing of a UK bank account of a consultancy firm accused of receiving $20.07 million in kickbacks from a Russian company for securing a Rs 2,066-crore contract from NTPC, saying it cannot be done without the approval of India and Britain.
The government today said India is more prepared to deal with a Satyam-like fraud that hit the corporate world with the disclosure of about Rs 10,000 crore fudging of accounts by the founder of the IT firm B Ramalinga Raju a year ago.
The central government has declared in Parliament several times that it did not fix the price of gas and that private operating companies have the freedom to do so, Anil Ambani-owed RNRL told a bench headed by Chief Justice K G Balakrishnan today.
The markets have held on to their gains in the past one hour. The Sensex is quoting at 17,239, up 108 points, and the Nifty is at 5,122, up 32 points.
Nandan M Nilekani, who was appointed as head of Unique Identification Authority of India(UIAI), today said the government would take steps to end ID card duplication leading to fraud and create a network of verification and authentication.
K Santhanam & Ashok Parthasarathi / New Delhi December 11, 2009, 0:13 IST
Centre today said work on the Loharinag Pala, Pala Maneri and Bhaironghati hydel power projects in Uttarakhand has been suspended due to agitation by some environmental groups.
Finance Minister Pranab Mukherjee"s ambition to collect Rs 30,000 crore from the auction of third generation (3G) telecom licences this year is in jeopardy, with the department of telecommunications (DoT) saying it is being forced to curtail its auction plans from four slots to three.
Issues ranging from the CBI probe to 3G auction may figure in a series of meetings Telecom Minister A Raja will hold with the chief executives of companies begining tomorrow.
Ahead of its upcoming annual general meeting on December 31, 2009, Israeli drug company Taro Pharmaceutical has asked its shareholders to reject a takeover bid by Sun Pharmaceuticals.
Denmark-based Novo Nordisk, a world leader in diabetes care, is bullish on setting up robust clinical research functions and also leveraging the India opportunity in related fields such as data management and studying the patent situation of the medicines under development as well as shared services. The global major that is looking at India as a hub for manufacturing insulin for the entire sub-continent, recently inaugurated a dedicated facility with a capacity of 26 million vials per annum in partnership with Torrent Pharmaceuticals Ltd at Kadi near Ahmedabad. Melvin Oscar D"Souza, managing director, Novo Nordisk India Private Ltd, tells Sohini Das about the company"s plans to introduce new products for the India market. Excerpts:
Over this last decade, the Ministry of Defence (MoD) has “blacklisted” so many foreign arms corporations that the military’s modernisation plan has virtually stalled. The MoD “blacklist” is not a formal document; an arms vendor is mostly embargoed unofficially, when senior bureaucrats agree that it is playing dirty.
Add a little colour to your living spaces with fresh orchids ordered from around the world.
The government is examining the economic climate for divesting its stake in state-run Shipping Corporation of India (SCI).
The trick is in getting the management rather than the numbers right, believes K N Sivasubramanian
Franklin Templeton Investments (India), one of the largest fund houses* in the country has announced dividends in Templeton India Growth Fund (TIGF) and Templeton India Pension Plan (TIPP) as given below. All investors registered in the Dividend Plans of the respective funds as on December 16, 2009 will receive the dividend. In addition to the dividends, investment of up to Rs.1 Lakh TIPP during the current financial year (09-10) would also be eligible for tax benefits under Section 80 C of the Income Tax Act.
Says litigation against Sun is financed by Taro money.
Sun Pharmaceuticals Industries today said it will contest the lawsuit filed by Taro Pharmaceuticals in the US district court, terming the case as an attempt to divert resources by the Israeli drug firm.
The world"s largest car maker, Toyota, today unveiled concept small car -- Etios -- which has been specifically developed for the Indian market.
Sun Pharma"s US-based subsidiary Caraco Pharmaceuticals has agreed to undertake a series of measures as per requirements of the US health regulator Food and Drug Administration (FDA) to get a ban on its manufacturing units lifted.
GMR Hyderabad International Airport, a subsidiary of GMR Infrastructure, has signed an agreement with the world’s leading aircraft engine manufacturer, CFM International, to establish a new CFM56 maintenance training centre to support its customers in the South Asian region. CFM International is a 50:50 joint venture between Snecma (Safran Group) of France and General Electric Company (GE) of the United States.
Government’s security concerns about Chinese equipment makers not a deterrent.
Farm equipment and utility vehicle maker Mahindra & Mahindra (M&M) today said its joint venture with China"s Yueda Group will invest around $40 million (Rs 188 crore) in China to set up a new R&D centre, engine plant and in modernising its tractor unit at Yancheng.
Japanese drug major Daiichi Sankyo said today a US Court has ruled in its favour in a patent litigation related to the anti-hypertensive drug, Benicar, against Mylan Inc and its Indian subsidiary, Matrix Laboratories.
The US Food and Drug Administration says a vaccine from GlaxoSmithKline successfully blocks the virus that causes most cases of cervical cancer.
Unregistered sources of consignment raise quality questions.
That the market for jobs has improved is fairly well known by now. What is perhaps not so well known is that the improvement has been good enough for headhunters (they like to call themselves executive search firms) to get back in business. Some of them say business has rebounded to the pre-crash levels of 2008. Most of them are hiring at senior levels — people who can get business. Korn/Ferry has restored salary cuts for all partners. EMA Partners is in the process of opening an office in Hong Kong.
Business Standard / New Delhi December 02, 2009, 0:55 IST
Private sector Karnataka Bank said its net profit declined by 77.78 per cent to Rs 16.35 crore for the quarter ended September 30, 2009, over the same period last year.
Infosys BPO, the business process outsourcing subsidiary of Infosys Technologies, has forged an alliance with MortgageFlex Systems to provide offerings to the mortgage industry in the US .
Infosys BPO Ltd, the business process outsourcing (BPO) operation of Infosys Technologies, is looking at raising its headcount in the Americas through inorganic growth. The company is understood to be scouting for a strategic acquisition in the $40-60 million range either in Canada or the US, according to industry sources.
The board of directors of Andhra Pradesh Industrial Infrastructure Corporation (APIIC) on Tuesday approved the proposal to create a joint venture company with APGenco. APIIC would have a majority 51 per cent equity share and APGenco the remaining 49 per cent.
Nagarjuna Agrichem Limited (NACL) is setting up a greenfield manufacturing facility with an outlay of about Rs 150 crore in the special economic zone at Achutapuram, about 40 km from Visakhapatnam, within the Petroleum, Chemicals and Petrochemical Investment Region.
Steps down on health grounds, according to a press communique.
Confusion seems to shroud the groundnut industry as production estimates by two of the leading associations in Gujarat show a huge difference of about four lakh tonnes for 2009-10.
It may be India’s most popular beverage, but not everyone can make a good cup of tea. Or pick the finest leaves, for that matter. The Indian luxury market is flooded with a wide variety of specialty teas — and we pick a few of the best, ready to brew, from some of India’s finest tea makers.
State-run Oil and Natural Gas Corp (ONGC) has hired an ultra deep-sea drill rig from Reliance Industries for four years at close to Rs 3,915 crore.
Reliance Industries (RIL) has threatened to stop oil and gas exploration if it is not granted the promised drilling moratorium to cover for the acute shortage of rigs.
Drawing a poor response, India"s largest oil and gas licensing round saw a total of 76 bids being received for 36 out of 70 blocks on offer.
Anil Ambani group company RNRL has now alleged that upstream oil and gas regulator V K Sibal is acting at the behest of Reliance Industries Ltd (RIL) in exchange for undue favours and sought intervention of the Supreme Court in a petition filed today.
The government has not let Reliance Industries off the hook for signing a private MoU with a firm run by the Anil Ambani Group to divide entire gas volumes from KG basin fields, thus holding industrial development to ransom, the petroleum ministry said today.
Oil & Natural Gas Corporation (ONGc), the country"s largest public sector undertaking, has posted a decline of 26.95 per cent in its net profit for the quarter ended 30 June, 2009 at Rs 4,847.92 crore as compared to Rs 6,636.33 crore in the corresponding quarter last year. The company"s net sales from operations during the quarter, too, dipped to Rs 14,879.27 crore from Rs 20,052 crore, down 25.8 per cent.
State-run GAIL India will buy gas from Oil and Natural Gas Corp"s (ONGC) new field to come on production in Mumbai offshore from next month at $5.5 per million British thermal unit (mmBtu).
India"s leading private carrier Jet Airways today entered into a code-sharing pact with Malaysian Airlines (MAS) enabling passengers to book tickets on each others flights between here and different destinations in India from next month.
The centre today faced a tough time in the Supreme Court, which questioned the Telecommunication Ministry"s decision for advancing the cut-off date for allocation of 2G spectrum to new telecom operators.
The UK police are extremely courteous even if they don"t solve crimes.
Indian Railways could soon have its own dedicated television channel, broadcasting passenger related information and highlighting various other facets of the PSU behemoth, if the suggestion of a railway committee is accepted.
Textile manufacturer Mafatlal Industries today said Bombay High Court has dismissed a writ petition filed by an non-government organisation (NGO) against the de-reservation of its mill land by the government.
The Central Administrative Tribunal (CAT) has held that government can frame guidelines for departmental promotion committees (DPCs) and judiciary will not question its validity so long as it provides level playing field for all candidates.
Googlephone: The Googlephone is coming. Google is escalating its effort to upend the mobile market by introducing a phone it has designed and which is currently being tested on its pointy-headed employees. The search giant"s interest in selling it without operator subsidies means the device probably won"t be a huge hit. But the handset is an important showpiece for the company"s mobile operating system.
Bengaluru International Airport said passenger traffic would top 9.3 million in the calendar year 2009 with cargo handled during the 12 months estimated at 161,896 tonnes.
The Indian Army is planning to acquire 300 light tanks for deployment in the mountainous regions of the border with China and Pakistan, a move seen as part of efforts to beef up capabilities on the frontiers.
Armed forces today intensified search and rescue operations using 13 helicopters and over 100 boats in flood-hit states of Karnataka and Andhra Pradesh, reeling under one of the heaviest floods in the last century.
State-owned Andhra Bank has enough capital and there was no need for government funds or follow-on public offer to meet its 20-25 per cent growth target for 2009-10 (April-March), Chairman and Managing Director RS Reddy said today.
Enquiry into the helicopter crash in which Andhra Pradesh Chief Minister Y S Rajashekhara Reddy was killed will be completed by this month end, Civil Aviation Minister Praful Patel informed the Lok Sabha today.
We are always better analysts with a 20/20 hindsight. Indeed, an ex post reading about events leading up to a crisis appears logical, and often leaves one with the question about why the evolution of the crisis could not be seen and corrected in time. Still, policy-makers know that such a review and understanding are important to learning from mistakes. Restoring Financial Stability (Wiley) acts as a catalyst to that understanding by offering a comprehensive sequencing of the causes and progression of the build-up of the financial strains that, following the Lehman bust in September 2008, evolved into a full-blown global financial crisis. It is a collection of thematic essays by the faculty of the Stern School of Business at New York University.
Blaming a rush of investor-buyers for pushing gold price to over Rs 17,000 level, market experts see the yellow metal getting cheaper by about Rs 500 per 10 gram by next week on profit-booking.
Making it clear that it does not want to play the regulator by intervening in executive remuneration, the government today said the board is the appropriate body for it, but opined it needs to be ensured that such decisions are taken democratically.
With the industry gradually emerging from recession, business hotels are hoping to ring in the good times with more travellers demanding "smart hotels" with prompt service and good communication systems sans the luxury frills.
Godrej No.1 has risen to the third spot with minimal advertising support
FMCG player Godrej Consumer Products today said it is ready to acquire some of its joint venture partner Sara Lee"s international businesses if the US-based company decides to sell its global assets.
Fast moving consumer goods (FMCG) companies are likely to register a modest growth for the July-September 2009 quarter on the back of rising consumer demand which is expected to considerably reduce the impact of a disappointing monsoon on sales. Traditionally, summer and winter months make up 30-40 per cent of any FMCG company’s overall sales.
Sunil Jain / New Delhi November 16, 2009, 0:07 IST
Homegrown FMCG major Dabur India is keen on penetrating deeper into the hinterland of Uttar Pradesh to market its products.
The government today said it plans allocate Rs 3 lakh crore for the education sector under the 11th Plan, which would be a four-fold increase from the previous Five-Year Plan.
Power firm NTPC today said it is developing coal mines allotted to it for captive use and added that it takes 6-7 years to harness a mine even by international standards.
The improved market environment, initiatives to sustain growth in the long run and the proposal to extend trading hours are positives for broking companies
To invest Rs 1,750 cr in 3 years.
Twenty-five years after it brought Maggi instant noodles to India, Nestle has extended the brand to ready-to-eat pasta. It has come out with Maggi Nutri-licious (nutritious and delicious) Pazzta. There are two flavours: Masala Penne and Cheese Macaroni. The first has been priced at Rs 12 and the other at Rs 15.
Rajesh Bhayani / Mumbai December 24, 2009, 0:12 IST
IT and business process outsourcing firm Cognizant today reported 21 per cent jump in its third quarter net income at $136.57 million boosted by strong growth across industry sectors.
The markets began on a weak note with the BSE Sensex closing at its six-week low on Monday. Later, robust advance tax numbers triggered a rebound in the broader indices. Corporate advance tax payments for the quarter were up 44 per cent to Rs 48,300 crore against a decline in June quarter and a 15 per cent increase in September quarter. The market gained in three out of the four trading sessions in the week. While volumes were low ahead of an extended weekend on account of Christmas. FIIs bought stocks worth Rs 1,360 crore. The Sensex rose 640 points or 3.8 per cent to 17,361, while Nifty gained 190 points or 3.9 per cent to 5,178. However, mid caps and small caps underperformed.
Institute of Chartered Accountants of India (ICAI) has sought broad-ranging information about the association of its member institutions with foreign auditing firms.
Shivani Shinde / Mumbai October 16, 2009, 0:39 IST
Global majors like Microsoft, Yahoo! and Google may have decided to trim their workforce worldwide, but these entities do have openings in India.
India has sent a proposal to the World Bank seeking a loan up to one billion dollar to fund its urban development projects here, Lok Sabha was informed today.
Steady economic growth for the last 18 years has, expectedly, led to an unprecedented interest in the Indian consumption opportunity. This interest is global, and almost every significant international company has given India and the Indian market a look in recent times. While India has a long way to go on various per-capita indicators, it has done rather well in hogging the limelight when it comes to the very rich and the ultra-rich.
The ambitious East–West Metro corridor project of Kolkata— which includes the country’s first underwater rail link—is set to be constructed jointly by the urban development ministry and the West Bengal government. After becoming railway minister, Mamata Banerjee has been keen that her ministry take over the project. After a Cabinet meeting, Banerjee confronted Urban Development Minister Jaipal Reddy and said, “Jaipalji, why don’t you give that project to my ministry?” Reddy smiled but didn’t say anything and that made Banerjee jittery: “Please don’t smile. I am serious. Give it to me,” Banerjee repeated. Reddy finally broke his silence and said, “OK. When you become the chief minister of West Bengal, I’ll hand over the project to you.”
The telecom major is leveraging the annual half-marathon to strengthen brand salience in its largest market
Shahana Joshi / New Delhi November 11, 2009, 0:34 IST
Devika Banerji / New Delhi November 11, 2009, 0:33 IST
In a week marked by high volatility, markets corrected sharply only to bounce back with greater strength. Last week, it was mentioned that the markets might stage a July-like recovery amid high volatility. Although, markets have bounced back sharply, chances of a full recovery look remote currently. Going forward, one needs to watch the 15,530-15,640 zone for the Sensex as crucial for the current upmove to remain intact. As and when it comes below this level, the index is likely to test its long-term support of 14,800.
Insurgency seems to have affected efforts for tiger conservation in the country as wildlife protection activities for the striped cats have become difficult in the Naxal-hit areas.
The stock slipped to a low of Rs 429 and finally ended down 1.5% at Rs 434. The counter witnessed trades of 272,562 shares on the BSE today.
Public sector banks do far better than private ones.
The decline is Rs 21,186 crore from the fortnight ended July 3
Public sector lender Bank of India (BoI) today said it has raised Rs 500 crore through the issue of bonds in the market.
Terror threat, swine flu scare and hike in air fares hit the tourism sector hard in 2009 with number of foreigners visiting the country dropping by over six per cent but the Tourism Ministry is now looking up to the Commonwealth Games (CWG) to reverse the trend.
IDBI Bank, which has been mandated to raise Rs 13,000 crore syndicated loan for Reliance Power"s Krishnapatanam Ultra Mega Power Project (UMPP) has put the process on hold.
Dewan Housing remains top contender; govt wants merger.
A proposal from the Dainik Bhaskar media group to allow more foreign equity in it and another one from Travel Channel International, UK, for setting up an Indian subsidiary, have been approved by the Foreign Investment Promotion Board (FIPB).
About 50 employees are being interrogated.
Amid high security, polling began this morning to elect the 288-member Maharashtra Legislative Assembly.
Polling to elect new assemblies in Maharashtra, Haryana and Arunachal Pradesh began early this morning, in the first crucial test of popularity for major political parties after the Lok Sabha polls six months ago.
The inflow of foreign direct investment (FDI) in the Indian telecom sector has shot up to Rs 9,815 crore in the first half of the current financial year, the Lok Sabha was informed today.
The Department of Telecommunications (DoT) wants operators to make their network accessible to Lawful Interception and Monitoring (LIM) for the security agencies after they switch to mobile number portability (MNP) mechanism next month-end. DoT is likely to issue directives soon to all the telecom licencees on putting the subscribers under the LIM even before MNP is activated in the system.
Bank employees owing allegiance to four Left-leaning unions today went on a strike protesting the proposed merger of the State Bank of Indore with parent SBI, disrupting normal banking operations in the country, a top union official said.
Business Standard / New Delhi December 17, 2009, 0:58 IST
Some of the biggest buyers of gold may be sending the strongest signal to sell it, if past performance is indicative of future results.
Parliament today passed a bill that introduces new sugarcane price regime, after government allayed concerns of Opposition that the states will not be required to pay the difference between the Central and the State Advised Price to farmers.
The stock finally ended at Rs 135 after touching a high of Rs 136. The counter clocked volumes of 1.10 million shares on the BSE as compared to the the two-week daily average traded volumes of 1.17 million shares on the BSE.