Public Company
A K Bhattacharya / New Delhi December 22, 2009, 0:02 IST
In the midst of current chill in Indo-Pak relations, a SAARC Home Ministers" conference is scheduled next month in Islamabad to which P Chidambaram plans to go subject to Foreign Office"s approval.
Jyoti Basu remained as popular in death, as he was when alive. The Marxist leader"s far-reaching appeal ensured that the country"s political establishment, irrespective of party affiliations, paid their last respects to the CPI(M) patriarch on Tuesdsay, save Trinamool Congress chief Mamata Banerjee.
Bangladesh Prime Minister Sheikh Hasina today left for Kolkata along with several Cabinet ministers to attend the funeral of Marxist patriarch Jyoti Basu.
Till last fortnight, that was the universal reaction to this business group that is trying to stitch up what could be this year’s most ambitious business deal involving telecom companies in India, now that the Bharti-MTN deal has collapsed. Over the last fortnight, however, the broadly-built Farid Arifuddin who heads the 10-year old group, has made up for lost time. He’s met Sunil Mittal to see if he could get him to drown his MTN woes by buying into the $6.9 billion Zain Telecom (it has 41 million customers, operates in 24 countries across west Asia and Africa and has a market cap of $19.5 billion). While Mittal says he’s not interested in courting anyone on the rebound, Arifuddin has met Communications Minister A Raja and also various officials in BSNL and MTNL to work on alternate investors for his special purpose vehicle (SPV) which will pick up a 46 per cent stake in Zain.
A consortium comprising BSNL and MTNL looks to acquire 50 per cent stake.
Aditi Phadnis / New Delhi November 14, 2009, 0:26 IST
The Congress’ ‘outside supporter,’ Samajwadi Party (SP), joined the Left protest against the disinvestment policy of the UPA government in the Lok Sabha. The Congress-led UPA also showed aggression. Finance Minister Pranab Mukherjee told CPI(M) leader Basudeb Acharya, “Thank god we didn’t follow your policies. Otherwise, we would have occupied your position instead of leading the country today.” The Congress secured a record 206 seats in the 15th Lok Sabha while the CPI(M) recorded its lowest ever tally of just 16 seats.
Danish wind player plans to invest Rs 1,750 crore for the project.
Asian stocks fell, sending the MSCI Asia Pacific Index to an eight-week low, on speculation a US economic recovery will be delayed and as Japan’s Prime Minister called national elections.
Most Asian stocks fell, sending the MSCI Asia Pacific Index to its longest losing streak since December 2007, as a stronger yen threatened the value of Japanese exports and Australian unemployment rose.
The Insurance sector is expected to witness a compounded growth rate of 10 per cent in 5-6 years, IRDA Chairman J Hari Narayan said today.
Indian Space Research Organisation (ISRO) would launch Oceansat-2 satellite, which would help identify potential fishing zones and in coastal zone studies, on September 23 in a mission that would have European flavour.
Dow Building Solutions, a foaming and insulation technology division of US-based Dow Chemical International, the world’s second largest chemical manufacturer, is contemplating investing $20 million (approximately Rs 98 crore) for setting up a manufacturing plant in India. “Potential for extruded polystyrene (insulation material) in India is very high.
A major partner in the Indian Railways’ Rs 60,000 crore dedicated freight corridor project, Japan said it would like the project implemented at the earliest. Japanese Prime Minister Yukio Hatoyama said the building of exclusive rail lines for freight carriers along with dedicated industrial corridor should take shape fast.
Overseas borrowing by India Inc declined by around 9 per cent in November to $2.35 billion compared to the previous month.
The Reserve Bank of India (RBI) today tightened the guidelines for external commercial borrowings (ECBs) by withdrawing relaxations provided to companies to raise money from overseas debt markets, a move that will contain surge of capital flows.
Two human rights activists have been arrested here by the West Bengal Crime Investigation Department for their alleged links with Maoists and PCPA top brass in Lalgarh. Gana Pratirodh Committee secretary Raja Sarkhel and state secretary of the same human rights organisation Prasun Chatterjee were picked up from their residence in Jadavpur in the southern part of the city last night.
Despite the heaviest flood in river Krishna in more than 100 years -- with 10 lakh cusecs gushing in at a menacing pace -- people in many villages are still reluctant to move to safer places.
With an aim provide innovative products, services and solutions to the rural poor, Villgro, a social enterprise incubator is set to launch "Wantrapreneur 09" Business Plan Competition, which challenges entrepreneurs to come out with innovative technology, solutions (products / services) with direct application at the rural level.
The government today announced approving eight projects, envisaging an expenditure of Rs 10,883.89 crore, in the highways sector.
Pre-selection likely to save 18 months.
As implications of Home Minister P Chidambaram’s announcement that India’s internal security would be overhauled, beginning with the creation of a new National Counter Terrorism Centre (NCTC) sank in, the intelligence community was divided on how effective the overhaul — and NCTC itself — would be.
The Steel Ministry is planning to set up a special arm under Steel Authority of India (SAIL) to spearhead overseas acquisitions, particularly in the mining sector.
Allcargo Global Logistics today said it will raise Rs 100.97 crore by issuing debentures to Black Entities (Investors) on preferential basis.
GMR Infrastructure, the Bangalore-based infrastructure major, today announced sub-division of all its equity shares of Rs 2 each into 2 equity shares of Re 1 each per share. A decision to this effect was taken at the board meeting held here today. The stock split is, however, subject to the approval of members of the company at the forthcoming annual general meeting.
Road Transport and Highways Minister Kamal Nath said here that India had increased its per-day construction of roads to 9 km and the target of developing 20 km daily would be accomplished by April.“We have reached 9 km per day of road construction and will hit our target of 20 km a day by April,” Nath, who was here to hold talks with the Malaysian government to invite them to enter the highway construction sector in India, said.Thirty-five Malaysian companies are already involved with various infrastructure projects in India.To construct 20 km of raods a day or 7,000 km a year, there had to be 20,000 km of work in progress, he said.
Aditi Phadnis / New Delhi December 25, 2009, 0:03 IST
Jharkhand Governor K Sankaranarayanan today asked JMM chief Shibu Soren to produce a list of MLAs supporting him as BJP gave enough indications of backing his claim to form a government.
GHCL promoter Sanjay Dalmia appears to be in control of the country’s largest soda ash maker, and is believed to have increased his shareholding significantly above the 18.5 per cent he held till recently when a battle for control of the company raged.
The two-month-long arguments in the legal dispute on gas supply between RIL and RNRL ended today, with the central government’s counsel firing salvoes at both the warring Ambani brothers for apportioning shares in public property.
Congress-JVM(P) combine today won 10 assembly seats and was leading in 20 in Jharkhand while BJP- JD(U) alliance got 7 and was ahead in 17 as the state headed for a fractured verdict with JMM saying it would support any combine that makes its leader Shibu Soren the chief minister.
Senior Congress leader Pranab Mukherjee today steered clear of questions with which party the Congress would align to form the next government in Jharkhand which is heading towards a hung Assembly.
Nitin Gadkari today became president of the main opposition Bharatiya Janata Party (BJP), replacing Rajnath Singh. He is the first Maharashtrian to reach the party’s top post.
The Bombay Stock Exchange (BSE), the National Stock Exchange (NSE), the Forex, Money, Oils and Oilseeds, Grains, Cotton and Solvent markets will remain closed today for "Christmas".
Shiv Sena supremo Bal Thackeray is back, in an implicit admission that he erred in his political judgement. A few years ago, Thackeray had annointed his son Uddhav as the party’s executive president bypassing his cousin Raj, who went on to form the Maharashtra Navnirman Sena (MNS). Incidentally, the MNS spoiled the prospects of the Shiv Sena in the recent Maharashtra Assembly elections.
Finding the economy and markets back on the recovery path, more than 60 companies are looking to raise an estimated Rs 50,000 crore through sale of shares and awaiting the regulatory nod for the same.
ICICI Securities, Citigroup and Morgan Stanley along with 14 other merchant bankers have submitted bids to manage the estimated Rs 14,000-crore disinvestment of the state-run iron ore producer NMDC.
Six out of the top 10 companies added over Rs 24,000 crore to their market capitalisation last week with telecom giant Bharti Airtel alone contributing one-third of the gain.
Only 7.15 per cent polling was recorded till 9 am in the fourth phase of assembly elections in the naxal-affected 14 constituencies of Jharkhand, according to Election Commission sources here.
Around 35 per cent voting was recorded till 1300 hrs today in the first phase of elections to 26 Assembly seats in Jharkhand.
The Supreme Court (SC) last week asked the Haryana Financial Corporation to refund the amount received from a buyer of a defaulting unit as it had not disclosed certain vital facts to the buyer. The corporation had forfeited the amount when the buyer withdrew from the contract of sale. The SC stated in the case, Haryana Financial Corporation vs Rajesh Gupta, that a “mere perusal of the provisions of the Transfer of Property Act will show that it was incumbent upon the corporation to disclose to the buyer about the non-existence of an independent passage to the unit. It was also the duty of the corporation to inform the buyer that the passage mentioned in the revenue record was not fit for movement of vehicles. The corporation also failed to show the buyer the entire documentation as required by law.”
In a key fallout of the global economic crisis, which gathered steam with the collapse of the Lehman Brothers exactly a year ago, countries will now be more cautious amid the ballooning government debt across economies.
Indian conglomerate Bhoruka Group will invest AUD 63 million ($54 million) in an edible oils and biodiesel facility in Australia.
As India issued a travel advisory for Australia following unbated assaults and killing of its citizens, Deputy Prime Minister Julia Gillard insisted that her country is safe for all international students and said "acts of violence" occur in big cities around the world.
Days after a 21-year-old Indian was stabbed to death here, the Australian police today said that a partially-charred body of another youth from the country was found in New South Wales, even as Canberra asked New Delhi not to whip up “hysteria” over such incidents.
Australia today said it will cooperate with the family of Nitin Garg, the Indian youth killed here, and expedite the process of returning his body back home, terming the delay in the process as "unfortunate".
Complying with the recent changes in the overall charges of unit-linked insurance plans Aviva Life Insurance today launched nine new unit-linked plans. The new range of products includes child, pension and savings products with14 new fund options covering savings, retirement, protection and investment needs of all customers.
In yet another attack on Indian students here, a 22-year-old youth was punched on his face by a group of Australians, who also told the victim that "in this place there is no home for you".
External Affairs Minister S M Krishna today ticked off his junior minister Shashi Tharoor for publicly questioning new visa guidelines, saying if he had any "perceptions", those should be discussed within the "four walls" of the government.
India today said it is not in a position to resume the composite dialogue with Pakistan till "vigorous prosecution" is mounted against the accused in the 26/11 case and the infrastructure of terror across the border, responsible for the numerous attacks, is dismantled.
A late charge by bulls helped key indices surpass crucial resistance levels. However, select momentum indicators are currently in a sell mode even while the trend is up. It seems that markets will remain directionless until a clear breakout in either direction appears.
The People’s Republic of China marked its 60th birthday with a show of manpower. It was as spectacular and heartless as the opening ceremony of the last Olympics. These extravaganzas may be doing the nation a disservice abroad, by reinforcing stereotypes of the Chinese as obedient, mass-produced, and invisible as individuals; collectively, able to achieve feats of engineering and display; separately, merely well trained. What an appalling public relations burden to carry! At least India and Indians are defined in the foreign imagination by chaos, layers and infinite variety, which seems somehow more human and forgivable.
Oil rose further in Asian trade today, underpinned by a better-than-expected expansion in the US manufacturing sector, analysts said.
Alfa Laval India, the Indian arm of Swedish Alfa Laval Group, has secured a Rs 70-crore project from Vietnam-based PetroVietnam Group for supplying equipment and engineering solutions for the latter"s ethanol process plant.
The toll in the fire at Indian Oil Corp"s (IOC) fuel depot outside the Pink City may rise to nine as six missing employees are now feared dead, even as fire fighters and the Army worked to contain the blaze that has burnt about Rs 150 crore worth of auto fuel.
The power ministry has asked the petroleum ministry to place a proposal before the empowered group of ministers (EGoM) to allot 12 million standard cubic meters per day (mscmd) of gas from the KG-D6 block to state-run NTPC at $2.34 (about Rs 107) per million British thermal unit (mBtu).
Emerging-market telecoms: Emerging-market telecoms are in hot demand – so much so that the valuation attributed to Kuwait-based operator Zain Telecom by a consortium of Asian investors seems, well, zany.
Next month, India’s homegrown Arjun tank will take on the new Russian T-90 in a long-awaited comparative trial.
The unemployment rate in the UK shot up to a 13-year high of 7.8 per cent for April-June 2009, as companies continued to slash jobs to bring down cost.
The number of jobs lost in the US came down sharply by 247,000 as the unemployment rate declined to 9.4 per cent in July, one of the strongest indications yet that recession in the world"s largest economy is easing.
Cost pressures due to rising input prices may hit profitability.
SRF Ltd has commissioned its project for manufacturing polyester industrial yarn at its Gummidipoondi plant in Tamil Nadu. The project has a capacity of 14,500 tonnes per annum and had been set up at a cost of around Rs 186 crore, it said in a filing to the Bombay Stock Exchange.
Europe’s largest car maker, Volkswagen AG, today started production of its small car Polo at its plant in Chakan near Pune.
The direct selling industry in India has pitched for direct selling laws in India on the lines of the legislation prevalent in countries like USA and UK for the benefit of the industry as well as the consumers.
Encouraged by a sudden spurt in demand from the steel and foundry sectors, pig iron producers have raised prices by six to eight per cent for its spot delivery. With this revision, pig iron for steel consumption was quoted at Rs 16,500-18,000 a tonne, while that for the foundry sector at Rs 18,500-20,000 a tonne — a rise of about Rs 1,200-1,500 a tonne.
Measures like de-hoarding and selective import of certain items could help tame the soaring food inflation, said Kaushik Basu, chief economic adviser in the finance ministry.
Haryana Chief Minister Bhupinder Singh Hooda has urged Nuclear Power Corporation of India (NPCIL) Chairman and Managing Director S K Jain for fast-tracking of pre-project activities and completing the 4x700 Mw Haryana Nuclear Power Project in a shorter time frame.
Mumbai-based Laxmi Diamonds retail brand Cygnus Fine Jewellery is planning to expand its business by setting up 40 standalone exclusive stores across the country and entering 50 lifestyle stores by the end of 2010.
The government is committed to financial sector innovations and reforms, a senior government official said.
The recession-hit British economy shrank less than expected at 0.7 per cent in the second quarter of this year, indicating that the worst of the financial turmoil could well be over for the country.
The Centre is likely to increase the debt relief package for coffee growers to Rs 802 crore, 58 per cent more than the recommendations of Coffee Board, Union minister of law and justice, M Veerappa Moily said.
Exporters today appealed to Prime Minister Manmohan Singh to suspend export of raw cotton saying rising prices of the commodity has become a double whammy for textiles industry, hit by the global demand slump.
India is unlikely to achieve the $200 billion export target this fiscal due to the continuing global financial crisis, the Rajya Sabha was informed today.
India"s exports were in line with the Foreign Trade Policy (FTP) 2004-09 targets but for the last fiscal when the country"s merchandise trade became a victim of demand recession in the US and Europe and ended flat.
Sanjay Jog / Mumbai December 13, 2009, 0:16 IST
The government today said edible oil output is likely to decline 7.4 per cent to 7.96 million tonnes in the 2009-10. Edible oil production, last year, stood at 8.6 million tonnes. Oil season runs from November to October.
Encouraged by the outcome of earlier initiatives, the Centre is preparing a roadmap to take the disinvestment process forward over the next two years.
Industry bodies were enthused by the more than anticipated GDP growth of 7.9 per cent in the second quarter (Q2) of the current financial year, 2009-10, along with the increase in consumption and investment. However, they are apprehensive about the sustainability of growth.
A spike in inflation numbers took its toll on stock indices as both Sensex and Nifty closed in the red. The Sensex fell 21 points to close at 17,097 and the Nifty was down by 11 points at 5,105. FMCG, banking and consumer durables sectors were among the weak links.
Punjab-based ABC Paper has put on hold its plan to set up a new agro-based facility with an investment of Rs 1,000 crore in view of sluggish demand and said it would rather stabilise existing operations.
With the small car segment driving growth, the country"s domestic passenger vehicle market is likely to grow at a compounded annual growth rate (CAGR) of 13.9 per cent over the next five-years, a survey said.
Construction major Gammon India has bagged a $ 22.5 million contract for a 220 KV transmission line turnkey project in Algeria. The contract was awarded to company"s wholly-owned subsidiary SAE Powerlines S.r.I, Italy.
Glass, Lewis & Co, LLC, an independent proxy advisory firm has recommended the shareholders of Taro Pharmaceutical Industries to vote against the proposals made by Taro’s board of directors in the upcoming annual general meeting of Taro’s shareholders scheduled for December 31.
Indian pharma industry found that it had no medicine to cure adversities that came its way in 2009 -- when it battled shipment seizures by EU authorities, tightened US regulations, Chinese drug piracy and currency fluctuations.
Want Gandhi to stop the process of transfer of stake, divestment.
The Supreme Court today asked the Madras High Court to first hear on Thursday the amalgamation plea of cash-strapped retail chain Subhiksha Trading Services with its subsidiary Blue Green Construction and Investments (BGCIL).
Fierce protests from the Trinamool force Sonia Gandhi to ask her managers not to proceed with the land Bill.
India"s share in the global Foreign Direct Investment has almost doubled to 2.45 per cent in 2008 compared to last year, Commerce and Industry Minister Anand Sharma informed the Lok Sabha today.
With fissures widening between the warring factions in the BJP in Karnataka the party’s top leadership summoned them to New Delhi after rebels remained firm on their demand for change in the leadership of chief minister B S Yeddyurappa.
Second-largest shareholder Templeton seeks management change, to vote against directors.
Israeli drug firm Taro Pharmaceuticals has filed a law suit in a US district court against Mumbai-based Sun Pharmaceutical Industries alleging violation of non-disclosure agreement and misleading shareholders.
Saudi Arabia’s Haj and Umrah industry may suffer a loss of more than 3 billion Saudi riyals ($799 million) this year, the biggest in the last 50 years, owing to swine flu.
The swine flu death toll touched 108 today with two more persons succumbing to the disease.
Swine flu deaths continued unabated with a 44-year-old woman and a 28-year-old man succumbing to the virus in Delhi and Bangalore, pushing the pandemic toll to 76 as 137 more contracted the infection across the country.
Glaxo SmithKline Pharmaceutical today said it is looking at launching its patented medicine promecta, used in treatment of depleted platelet count, in India by this year-end or early next year.
British retail major Marks & Spencer is looking at scaling up its India operations and plans to open at least 50 more outlets in the country over the next few years.
Indian companies to feel added pressure.
What happens when the apex patents organisation brings an economist, sorry, a chief economist, on board? You get a report that links the impact of the economic crisis to patent filings and seeks to explain a complex pattern through a fixed prism. You also get a report with a snappier title even if its conclusions are not entirely convincing.
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.
Thanks to the Congress party blinking in the face of K Chandrasekhar Rao’s fast and declaring that it would support the creation of a Telangana state, an unprecedented crisis has been created. As many as 130 MLAs in the state assembly have already resigned, and it is possible there will be a similar move among the MPs. Thanks to the Telangana move, there are already protests from Rayalseema supporters.
A day after announcing decision to form separate Telangana state, Government today told Parliament that TRS chief K Chandrasekhar Rao has been invited here for talks to discuss the next step in the process.
Pharma major Wockhardt today said it has completed the sell-off process of its animal health division to France-based Vetoquinol SA.
Chennai-based Pharma major Orchid Chemicals & Pharmaceuticals today said that it has settled patent litigation with Schering-Plough Corp SGP.N, a US-based drug maker. The issue was related to generic versions of its allergy medication, Clarinex.
The Sensex finally ended (provisional) at 15,540, up 520 points.
Bharati Shipyard is mulling a Rs 200-crore capital expenditure over the next two years, a top company official said.
Shareholders’ meeting on October 20.
Pharma major Ranbaxy Laboratories today said its US-based subsidiary, Ranbaxy Laboratories Inc Priceton NJ, is recalling capsules used in the treatment of acne (a type of skin disease) from the US market.
Glenmark Generics Ltd, a subsidiary of Glenmark Pharmaceuticals Ltd, has confirmed that Smithkline Beecham Corporation (d/b/a) Glaxosmithkline (GSK) filed a patent infringement lawsuit on their US subsidiary, Glenmark Generics Inc, USA (Glenmark) in the US District Court for the District of Delaware in connection with the Abbreviated New Drug Application (ANDA) filing for Atovaquone and Proguanil hydrochloride 250mg/ 100mg tablets.
Realty player Ackruti City has raised over Rs 302 crore through the issue of over 60 lakh equity shares by way of institutional placement basis.
Textile company S Kumars Nationwide today said its shareholders have approved the raising of additional funds through private placement of shares to institutional investors.
MLAs of Punjab’s ruling Akali Dal and Opposition Congress on Tuesday entered into a scuffle in the Assembly over the recent violence in Ludhiana. The scuffle started when Congress legislators moved towards deputy chief minister and home minister Sukhbir Singh Badal when he was replying to a call-attention motion on the state’s law and order situation.
Reliance Industries" (RIL) MA oilfield in the predominantly gas-rich KG-D6 block will hit peak output by this year-end, even as plans are underway to put nine more gas discoveries in the area into production, its Chairman Mukesh Ambani said today.
Air Deccan as an airline may have flown into sunset with Kingfisher buying it out two years ago, but the brand continues to fly the Indian skies as about 10 jets of the erstwhile carrier are yet to be repainted by the new owner.
The global merger and acquisition (M&A) activity in the property sector so far this year amounted to $151.8 billion (around Rs 7 lakh crore), the lowest level in the last six years amid the economic downturn.
Atul Chaturvedi has taken over as the Secretary in the Ministry of Steel.
The Centre is toying with the idea of allotting land lying idle with various non-functional state-run fertiliser and cement firms to companies like ArcelorMittal and Posco, which are facing problems in acquiring land for their proposed plants.
Indian entrepreneurs may get a shot in the arm with the Union government’s Department of Science and Technology (DST) trying to join hands with private venture capitalists (VCs).
After a year long slump due to global meltdown, first year students of elite B-schools are back in the radar of companies in finance and banking sectors which are now hiring them for summer internship programmes.
The state-run power major NTPC today said it will invest about Rs 3,000 crore in solar energy to add over 300 Mw of generation capacity by March 2014.
The BJP has often rubbished its critics who said reciting Vande Mataram was a non-secular act. Ironical then, that at a recent function organised by the BJP, the emcee was the only one who got the stanzas mixed up. All chartered accountants at the function on the direct taxes code organised by the BJP managed to sing the song in the correct order. After the first stanza, however, the emcee jumped to the last stanza while the audience continued to sing it in the correct order.
IT firm Mahindra Satyam (formerly Satyam Computer) today appointed Deloitte as auditors, within days of CBI charging Price Waterhouse of complicity in the Rs 14,000-crore accounting scam.
Resisting Japan"s push for signing Comprehensive Test Ban Treaty (CTBT), India today made it clear that the onus of taking the lead in this regard lies with the US and China which are yet to ratify the pact.
Finance Minister Pranab Mukherjee is leaving for Saudi Arabia today to attend a meeting of the joint commission formed by the two countries to promote bilateral ties.
Six global vendors have been shortlisted.
The new year has brought good news for almost all car manufacturers, with market leader Maruti Suzuki, Hyundai Motors, Tata Motors, Mahindra & Mahindra, General Motors and even Fiat, posting their highest monthly sales since their inception.
The Indian private industries who are keen to participate in the large growth of civil nuclear power programme in the country should immediately concentrate on the manufacturing of equipments to become a major N-supply chain provider and later even exporters, Chairman, Atomic Energy Commission, Dr Anil Kakodkar said.
India"s atomic energy chief Dr Anil Kakodkar has ruled out Foreign Direct Investment (FDI) in the nuclear power plants but said there are no restrictions for the private sector to carry out manufacturing of nuke equipment and construction.
A serological survey on swine flu antibodies is currently underway to determine the prospects of Pune developing "herd immunity" to the dreaded virus.
A sneeze raises eyebrows and coughing makes people nervous in the city, which has emerged as the epicentre of swine flu with 100 casualties.
Swine flu scare seems to have kept away many foreigners from visiting India, as there is a downward trend in tourist arrivals.
Power engineering solutions provider Bilpower Ltd today said its subsidiary Tarapur Transformers is planning to enter capital market with a public offer and would file draft papers with Sebi by next week.
The Delhi High Court today issued notice to veteran politician and former Andhra Pradesh Governor N D Tiwari on a paternity suit filed by a youth claiming to be his biological son.
To double annual production capacity at Manesar plant
The Planning Commission today said it will start interacting with Union ministries over the next two to three weeks over their demands for gross budgetary support for the next fiscal, amid reports that ministries have asked for a steep hike in resources in the Plan outlay.
The German luxury carmarker today said it will invest $50 million (about Rs 230 crore) to set up a financial services subsidiary to better serve its customers besides industry as a whole.
No one can repair the BJP, former party ideologue K N Govindacharya tells Sreelatha Menon
Ending an almost two-year-long dispute over partnership with the Vijay-Mallya owned United Breweries Ltd (UBL), Heineken NV, the world"s third-largest brewery firm, today agreed to permit UBL to brew and market the Heineken brand in India.
The country largest liquor manufacturer, United Spirits Limited (USL) today said it will raise $300 million through various channels to repay part of its debt.
Mobile phones and the internet are seen as the new thrust areas by children’s entertainment companies
Business Standard / New Delhi December 31, 2009, 0:43 IST
Sreelatha Menon / New Delhi November 29, 2009, 0:22 IST
The win-win deal between United Breweries and Heineken opens up a window of growth opportunities for the duo.
Trades between FIIs generated a volume of Rs 100 crore on the BSE Wednesday-an increase of 51.54% from Rs 66 crore clocked on Tuesday. As many as 10 stocks witnessed trades of 22 lakh shares on Wednesday.
Normal life was disrupted in non-Telangana regions of Andhra Pradesh, as the bandh called by the All party Joint Action Committee (JAC) in support of United Andhra Pradesh began today.
FMCG player Colgate Palmolive today said production at its Aurangabad factory has been disrupted as workers have gone on strike since Saturday.
With the world"s largest economy climbing out of recession, US President Barack Obama has said there are clear signs that his government"s efforts to stimulate the economy were moving in the right direction, though there are challenges ahead.
The Steel Authority of India Limited (SAIL) plans to raise the steel consumption in Himachal Pradesh so that it reaches the national average, top SAIL officials said on Monday. “There is a lot of scope of raising steel consumption in Himachal infrastructure projects. The current consumption is 16 kg per head and we want to raise this to atleast the national average of 46 kg per head,” said Steel Secretary, Atul Chaturvedi.
Country’s biggest steel producer, Tata Steel, reported a consolidated quarterly net loss owing to lower demand and weak performance of its European unit Corus.
Despite bad monsoon affecting farm sector output.
The Prime Minister"s economic advisory panel today said inflation may cross the six per cent mark by the end of this fiscal and managing food prices will be the biggest challenge for policy makers in the short run.
The captive power plant of National Aluminium Company (Nalco) in Angul has started regulating power supply to the smelter, located next to it, owing to acute coal crisis.
In a major respite to its 94 lakh consumers in the state, Gujarat Urja Vikas Nigam Ltd (GUVNL) or the erstwhile Gujarat Electricity Board (GEB), is learnt to have kept its power tariff unchanged for the fiscal 2009-10. It may be mentioned here that private sector power distributor Torrent Power Ltd has already proposed 15 per cent hike in power tariff.
Lanco group, through its newly formed special purpose vehicle Lanco Solar is planning to invest close to Rs 4,000 crore for setting up solar projects in the state.
Digital imaging equipment maker Nikon plans to go "aggressive" with its marketing campaigns as it looks to take on rivals like Canon and Sony for brand visibility and gain better growth momentum in the country.
State-run steel producer Steel Authority of India (SAIL) and mining major NMDC will invest Rs 260 crore in developing the Arki limestone reserves in Himachal Pradesh.
Chhatisgarh Chief Minister Raman Singh today said Maoists are hindering acquisition of land for Tata Steel"s proposed five million tonne integrated greenfield steel plant in the state.
Spectrum crunch may force the government to allow only three private operators to offer 3G services in a circle and said that successful bidders will have to make 100 per cent payment by March 10.
French auto major Renault today said it was looking at launching zero emission electric vehicles (EVs) in India by the middle of this decade. The company, which today unveiled its city two-seater ‘Twizy’ in the country, also plans to produce up to 500,000 units of EVs globally by 2014.
Against the backdrop of India"s insistence that it would not accept any legally binding emission reductions, a top US Senator has said the Obama Administration needs to build a "flexible" climate partnership with New Delhi to address the issue of global warming.
British telecom major Vodafone today reported a 9 per cent rise in revenue at 10.74 billion pounds in the first quarter ended June 2009, primarily helped by good performance in some markets, including India.
Secretary of State Hillary Clinton has set the pace for the Indo-US relationship during her recent visit to India and both the countries have to work hard to deepen the cooperation and build on it, the State Department has said.
The wholesale price index (WPI) as a measure of inflation might cross the Reserve Bank of India’s (RBI’s) comfort zone by December, while the Index of Industrial Production (IIP) would be in double digits, India’s Chief Statistician Pronab Sen, who is also the secretary of the Ministry of Statistics and Programme Implementation, said today.
Finance Minister Pranab Mukherjee today announced the launch of the National Skill Development Corporation (NSDC) that aims at training about 500 million people by 2022 to meet the growing demand for skilled workforce in the country.
The Planning Commission today said the impact of the global meltdown will be felt also in the next fiscal and it would not be possible to achieve the average growth target of 9 per cent in the Eleventh Plan.
Fiat group company Magneti Marelli today said it aims to clock $100-million sales in the next three years India by increasing its customer base and services in the country.
Seventeen industrial proposals with a proposed investment of Rs 419 crore have been cleared by the Himachal Pradesh government. They also include a Rs 250-crore Nestle food processing unit.
US-based auto component maker Arvin Meritor today said it has opened its first technical centre in India and would be recruiting 100 engineers for the facility as part of its efforts to improve product development.
German auto major Volkswagen today said it will offer package options to customers of its soon-to-be launched small car Polo, which will include features like accessories, safety and sports, and entertainment systems.
Planning Commission Deputy Chairman Montek Singh Ahluwalia today expressed confidence that in the years to come India could emerge as the fastest growing economy in the world, beating China as the nation has yet to achieve its full growth potential.
A high-powered group of state finance ministers today indicated that the proposed Goods and Services Tax (GST), which will consolidate indirect taxes, may not be introduced as scheduled from April 1, 2010.
VA Tech Wabag Ltd to build the Rs 1,033-crore project
Eveready Industries India has recorded a profit after tax of Rs 16.05 crore for the quarter ended June 30, 2009, an increase of 415 per cent on the back of a four per cent gain in margins and excise duty benefit. Profit before tax increased 444 per cent to Rs 15.14 crore.Net sales increased six per cent to Rs 232.37 crore. Deepak Khaitan, executive vice chairman and managing director, Eveready said, the outlook for the next quarter was good. The company plans to reduce debt by Rs 50-60 crore this year through internal accruals and has also put up for sale its battery factory closed at Hyderabad.
The country’s second-largest public sector lender, Punjab National Bank (PNB), has bet big on rural customers in the Indo-Gangetic plains of Uttar Pradesh and Bihar. Keeping in sync with its target, the bank unveiled its plans to open 100,000 biometric Automated Teller Machines (ATMs) in rural areas by the year 2013 for providing easy access to the illiterate and semi-literate customers.
AV Rajwade / New Delhi December 28, 2009, 0:57 IST
Steel Minister Virbhadra Singh today said the proposals for diluting stake in two state-run companies SAIL and NMDC will soon be taken to the Cabinet for its approval.
The government today said credit growth from banks has slowed down to 9.8 per cent till November 6 in the current fiscal against 27.7 per cent in the corresponding period a year ago.
Byravee Iyer / Mumbai January 5, 2010, 0:31 IST
The Centre should immediately table a Bill in Parliament for creation of Gorkhaland as it has decided to carve out a separate Telangana, the Gorkha Janmukti Morcha, spearheading an agitation for a separate state in West Bengal, said today.
Andhra Pradesh Chief Minister K Rosaiah today said that there was no time-frame for moving a resolution in the State Assembly on the Telangana issue.
Cash iron ore prices may fall to about $70 a tonne in the “near term” as China, the world’s biggest buyer, cuts purchases, said Rana Som, chairman of NMDC, India’s top producer of the steel making material.
As political parties eagerly await for Lok Sabha election results, Congress leader Jyotiraditya Scindia today expressed confidence that the Left, Samajwadi Party and JD(S) would support a Congress-led government at the Centre.
US carmaker General Motors today launched its global mini car "Chevrolet Beat" in India priced between Rs 3.34 lakh and Rs 3.94 lakh (ex-showroom Delhi).
The most famous door in Udyog Bhawan has been taken off its hinges and is not to be seen any more. A glass door was installed by Jairam Ramesh during his stint as the junior commerce minister in the previous UPA regime. However, the new occupant of the room — Jyotiraditya Scindia — prefers a more private work place and a conventional door. The room is undergoing extensive renovation. For a few days, the glass door was lying in front of the room while everything inside was taken off (including the paint).
Steel manufacturer, Uttam Galva Steels today said it has appointed Swarna Prabha Sukumar as a Nominee Director in place of S R Krishnaswamy with effect from September 22.
Uttam Galva Steels, a manufacturer and exporter of value added steel product, has increased the prices of galvanised and cold rolled steel products by Rs 2,000 per tonne with effect from 15 August. The price hike is due to the mismatch in supply and demand of HR Coil in the domestic market as imports of HRC are restricted, the company said in a statement.
After increasing prices in November, cement manufacturers seem set to effect another round of hike soon in western and southern regions due to shortage of wagons, analysts said.
Environmental think tank Teri wants to commercialise its technologies. Here’s how.
Industrialisation, technology, urban need make commercial water supply a growing opportunity.