Business Ideas
National Thermal Power Corporation (NTPC) today reported a growth of 5 per cent in net profit at Rs 2,364.9 crore for the third quarter ended December 31, 2009, over the same period last year.
Bidya S Sahay, who is currently serving as director at Institute of Management Technology (IMT) Ghaziabad, has been appointed as the new director of Gurgaon based Management Development Institute (MDI). Sahay will take over from the C V Baxi, Acting Director, MDI Gurgaon on April 1, 2009.
The markets continued to display range-bound movement for yet another week. The Sensex touched a high of 17,777, but steadily moved lower to 17,276. The index finally closed the week with a nominal gain of 14 points at 17,554.
RBI says food supply constraints to taper off only over time.
Forty years ago, man landed on the Moon. Also in 1969, the Vietnam war ground on, high hippydom ruled Western youth culture, feminism was in its so-called second wave, and the collectivist kibbutz movement in Israel was at the peak of its post-war efficacy. In 1969, Ursula Le Guin was just gaining renown as a writer. In that year she turned 40, and published her best-known science fiction novel. In 2009 the author turned 80 and her book, still in print and now a classic, turned 40.
A sell-off in global stocks and disappointing earnings numbers from a few big corporates pulled down the key indices during four out of five trading sessions in the week. The BSE Sensex fell below the 17,000 mark and ended the week down 695 points or 4 per cent to 16,860.
The first report on impact of climate change, to be out by November 2010, will be on agriculture, the government today informed the Rajya Sabha.
Is the Doha Development Round (DDR) dead, as the anti-globalisation activists claim? Not yet, said trade ministers of the 153 member-countries of the Word Trade Organisation at the seventh Ministerial Conference at Geneva last week. They ended the Conference with a general agreement to recommence the stalled negotiations of the DDR and take it to conclusion by the end of next year. Even such broad agreement was in sharp contrast to the acrimony and bitterness that characterised the earlier failed trade talks at Cancun and Hong Kong.
If he had kept his mouth shut and his head low, Bradley Birkenfeld would be a free man today. He didn’t, so now the former UBS AG banker wears an electronic bracelet on his ankle and, beginning January, will spend three years and four months in a federal penitentiary.
The race to succeed Kenneth Lewis as the Bank of America Corp chief executive has narrowed to two internal candidates, though the board is still looking for a new face for the nation"s largest bank by assets, says a media report.
The takeout financing scheme of the India Infrastructure Finance Co (IIFCL) has raised eyebrows. The Planning Commission has expressed concerns about the proposed scheme where the state-owned lending institution will take over some infrastructure loans of banks on its books.
Business Standard / New Delhi January 15, 2010, 0:55 IST
Business Standard / New Delhi January 14, 2010, 0:49 IST
India and the US have signed an MoU on counter-terrorism and five other agreements as they agreed to chart their ties as "one of the defining relations" in the 21st century in which New Delhi will have a leadership role in the region and the world.
In a war of words, the Planning Commission today advised "sensible" use of funds by the Road Transport and Highways Ministry, a day after Minister Kamal Nath rebuffed the panel.
The country emerges as a bigger player on the global scene
PricewaterhouseCoopers (PwC) has suggested strengthening of connectivity framework in North-East to provide an impetus for economic development of the region. In its survey report, PwC has suggested that North-East empowers people through inclusive governance. Grassroots plans that are prepared and implemented at the grassroots levels and are consolidated at the district level, could help in the provision of public services according to the needs of people.
The Rs 1-lakh wonder Nano will soon enter the elite league thanks to auto design firm DC, which today said it will unveil redesigned version of the world"s cheapest car within the next two months with premium price tag of Rs 1 crore.
The Supreme Court today did not pass any order on a petition filed by the Anil Dhirubhai Ambani Group (ADAG) challenging the Allahabad High Court verdict quashing Uttar Pradesh Government"s notification to acquire land for the company’s 8,000 MW Dadri power project.
VE Commercial Vehicles (VECV), a subsidiary company of Delhi-based Eicher Motors (EML) has signed a non-binding memorandum of understanding (MoU) with the Vinn Group of Sweden to explore business opportunities in the field of engineering design services.
Amidst demand for massive hikes in Plan allocations in the next Budget, Finance Minister Pranab Mukherjee and Planning Commission Deputy Chairman Montek Singh Ahluwalia will meet here tomorrow to take a final call on the issue, according to Finance Ministry sources.
The state government has invited large and mini cement players in Gujarat for obtaining new mining lease of limestone blocks.
Slamming claims that it poses a threat to oil and gas sector regulator V K Sibal’s life, the Anil Dhirubhai Ambani group today said it would file criminal proceedings against the Director General of Hydrocarbons (DGH) for “defamation and character assassination”.
The government"s disinvestment programme made a muted re-start with the Cabinet Committee on Economic Affairs (CCEA) approving the part-sale of its stake in two power companies — NTPC and Satluj Jal Vidyut Nigam (SJVNL) — but postponing a decision on the overall disinvestment policy.
"Oomph" factor does make the likes of Katrina Kaif and Rakhi Sawant popular in online media, but they have been beaten by Congress leader Rahul Gandhi as the top newsmaker on the popular search engine.
To refine 9-15 million tonnes of crude oil every year, the state-run Hindustan Petroleum Corporation (HPCL) plans to set up a plant in the Konkan region. It is looking to invest over Rs 20,000 crore for a greenfield project in Raigad or Ratnagiri districts of Maharashtra.
Private sector fuel retailers Reliance Industries Ltd (RIL) and Essar Oil are varying prices of petrol and diesel from state to state to ensure that losses and profits are balanced. This even as they struggle to retain market share in the face of stiff competition from state oil companies, which can sell fuel at less than the cost as they are compensated for this by the government.
Kalpana Jain / New Delhi January 24, 2010, 0:44 IST
Read no history — nothing but biography, for that is life without theory
UN Intergovernmental Panel on Climate Change (IPCC) chief R K Pachauri today favoured a new legally binding treaty with essential features of equity enshrined in Kyoto Protocol, which are sacrosanct to India.
Gems and jewellery exporters are pinning hopes on the recovery in the western markets ahead of Christmas, after witnessing a sharp decline in their shipments for the last eleven months in a row.
In order to give a boost to its almost stagnant ratings, STAR Plus, the number two Hindi entertainment channel, is betting big on Bollywood films. Within past few weeks, STAR India has picked up exclusive satellite rights for blockbusters, including Paa, Wanted, De Dana Dan, Aladin and Drona for Rs 50 crore, the highest among the leading broadcasters this year for exclusive content.
The Indian cinema has witnessed some key changes over the decade. The surge of multiplexes and digital screens, changing methods of distribution & promotion of films and rising actor remuneration — all have redefined the business of Bollywood in India.
In a well-researched book, Shoma Munshi argues that the bahu-soaps, far from being regressive, had strong women protagonists.
Channel V has revamped its content with more reality shows. Can it regain its market position?
The small screen reality show, My Fan My Hero, starring Bollywood biggies has got sponsors vying for ad slots.
With the Dubai World crisis, Indian exporters have again started biting their nails, even as the government assured there would be no impact on the domestic economy.
Business Standard / New Delhi December 28, 2009, 0:48 IST
Economy is likely to grow by 7 per cent or a "little more" in the current fiscal returning to a fast expansion pace after a sluggish 2008 due to the global economic crisis, Prime Minister Manmohan Singh said today.
Former Prime Minister and BJP patriarch Atal Bihari Vajpayee turned 86 today with several leaders, including Prime Minister Manmohan Singh, turning up at his residence here to greet him.
The United Nations plans to reduce about 40 per cent of its staff in Pakistan by realigning their deployment due to growing security concerns in the wake of a wave of terrorist attacks across the country.
West Bengal Chief Minister Buddhadeb Bhattacharjee on Saturday discussed with Prime Minister Manmohan Singh the law and order including Naxalite violence in the state. Some of the developmental issues also came up for discussion during the 30 minutes meeting Bhattacharjee had with the Prime Minister.
With just two trading days in the current week and a decision likely on the government borrowing plan for the second half, the yield on government bonds are expected to remain range-bound.
Overseas borrowings by India Inc fell by nearly half to $1.08 billion in August against $2 billion during the previous month.
Kingfisher Airlines Vice-Chairman G R Gopinath, who has been steadily reducing his stake in Vijay Mallya-led Kingfisher Airlines has further sold shares worth Rs 6.31 crore of the private carrier.
Allaying apprehension about its disinvestment, aluminium giant National Aluminium Company (Nalco) is all set to invest over Rs 25,000 crore to launch new projects and undertake major expansion despite decline in profit due to global recession.
Mahindra & Mahindra (M&M), the country"s leading utility vehicles maker that recently forayed into the two-wheeler space, is now eying to source parts from China for cost advantage.
Mercedes-Benz India, which launched its special edition C-Class in Ahmedabad through Benchmark Motors, expects the model to form 60 per cent of its total sales in Gujarat. Currently, the car maker sells around 12-14 cars in the state per month.
The country"s second largest carmaker, Hyundai Motor India, today reported 11.03 per cent growth in sales in October compared to the same period a year earlier, at 51,736 units.
Two-wheeler manufacturer TVS Motor Company today reported 12 per cent increase in its vehicle sales during October.
US car maker Ford today launched a special edition of its mid-sized sedan Fiesta in the country, priced at Rs 6.44 lakh (ex-showroom, New Delhi).
Global rating agency Moody"s today said large stimulus package provided by the government to perk up the economy and the consequent recovery has set the stage for it to roll back the measures.
Subir Roy / New Delhi November 27, 2009, 0:31 IST
These last few days Mudar and I have been on a treasure hunt. We have been up at the crack of dawn to get a free run of the roads and driving round hunting for garbage dumps. Yes, that’s right, the filthier and bigger the better.
Fears of an imminent price rise, production spillovers owing to spare parts shortages plus a low base effect saw sales of the country"s major car makers grow a record 63 per cent in November.
A panel probing the July 12 accident at a Delhi Metro construction site that left six persons dead has submitted its report to DMRC chief E Sreedharan.
In the long run,” John Maynard Keynes had famously said, “we are all dead.” Keynes may not have been quite dead, but he had lived a ghostly half-life in the corridors of central banks and within the academia for decades. Now with the failures of unbridled capitalism on a global scale, he is back in fashion, along with Marx. John Cassidy, the finance correspondent for the New Yorker has come with How Markets Fail: The Logic of Economic Calamities (Allen Lane/Penguin £25), which draws heavily on Keynes to recount the story of America’s housing boom and the failures of regulators and self-deception of bankers that led to the present financial crisis. The book is a sequel to Cassidy’s earlier book DotCon that dealt with the stupidities of the stock market bubble in the late 1990s, but both deal with one central idea: the belief that society is best served when individuals are left free to pursue their self-interest was “Utopian economics” and led to disaster because of “the crooked timber of humanity”, and the uncertainty that is inherent in any human enterprise.
The Nifty on Friday closed above the resistance level of 5,060 to keep the current bull run moving. The index, however, is expected to face resistance above the 5,100 level next week. The SGX Nifty futures was down by over 50 points over the official close of 5,077 in the over-the-counter (OTC) session on Friday. The US and European markets closed more or less in a Doji pattern, indicating indecisiveness among participants. If this weakness continues, then we may see a gap-down opening on Monday.
Andhra Pradesh chief minister K Roasiah said the central and state governments had a task to strike a balance between growth and inflation. The three fiscal stimulus packages announced by the central government infused liquidity for maintaining economic growth.
The government is mulling over setting up diamond bourses to make the country a global trading hub.
In order to give a boost to exporters, reeling under the impact of the global financial meltdown, the government today said that various schemes like DEPB that provide incentives to exporters would continue.
Drug maker Glenmark Pharmaceuticals today reported 31 per cent drop in its consolidated net profit at Rs 80.88 crore for the second quarter ended September 2009.
Within 10 days of launch of SUV Fortuner, Toyota Kirloskar Motor Pvt Ltd received 5000 bookings for its SUV from across India. The company which is present in India through a joint venture with the Kirloskar Group, expects to sell over 2500 units by December 2009.
Having secured the much-needed funds for Jaguar Land Rover (JLR) without the UK government help, its Indian parent, Tatas, are now tightening their management control on the car maker, but are unhappy over the way their request for help was handled by the UK authorities, a report said today.
Ohio Governor Ted Strickland is quick to admit that he doesn’t “particularly enjoy heights”. So why would he climb into a cherry picker to be lifted 40 feet in the air?
Amid rice prices going up, the government today said it has no plans to abolish customs duty on rice import for now as there is sufficient stocks of the foodgrain.
Coal India, the country"s largest coal producer, is set to commission 19 washeries over the next five years with an investment of Rs 3,000 crore.
Cash is the preferred mode of payment for over 95 per cent of retail transactions in the domestic bullion market, a market survey said.
An investor with a wide exposure to small caps can beat the Nifty.
Tata Consultancy Services, a leading IT services, business solutions and outsourcing firm, announced the opening of a new Global Delivery Centre in Buenos Aires, Argentina - the first company to officially inaugurate its facilities in the new Technology District of the city of Buenos Aires.
The global downturn has taken the wind out of the sails of India"s exports, which fell the most in 14 years in April, by 33.2 per cent, over the same month last year, while domestic slowdown led to imports dropping by 36.6 per cent in the same period.
Business Standard / New Delhi November 25, 2009, 0:52 IST
Reserve Bank of India Governor D Subbarao today said the central bank would revisit its growth projection for the current financial year ending March in its monetary policy review next month.
Higher consumption expenditure from the government in the form of pay arrears given to its employees contributed to a high GDP growth of 7.9 per cent in July-September, while gross capital formation slowed to a seven-year low of 1.6 per cent. Private sector consumption also showed a 5.6 per cent increase.
BSM Team / Mumbai July 18, 2009, 0:24 IST
Maruti Suzuki India (MSIL) has been allotted 700 acres in IMT Rohtak for setting up a research and development (R&D) facility, test course and accommodation of ancillaries. The state government has already approved allotment of 700 acres; 600 acres for setting up R&D facility and test course and 100 acres for leasing out to MSIL ancillaries.
The country’s largest carmaker, Maruti Suzuki India (MSI), today said its exports are expected to achieve the 100,000 units mark in the current financial year (2009-10).
The country’s largest car manufacturer, Maruti Suzuki India, expects double digit growth over the next few months.
Toyota Kirloskar Motor (TKM) is considering a price increase in Corolla Altis and Innova due to rising input costs and fluctuation in exchange rates, the company said in a statement today.
Glenmark Pharmaceuticals (Switzerland), a subsidiary of Glenmark Pharmaceuticals India (GPL) said that its molecule under development Oglemilast has failed to yield positive results in clinical trials for Chronic Obstructive Pulmonary Disease (COPD), an acute form of smoking induced lung disease.
Kingfisher Airlines chief Vijay Mallya has been elected President of the Aeronautical Society of India, replacing former Chairman of Hindustan Aeronautics Limited Ashoke Baweja.
In an apparent climbdown, India today agreed with Pakistan"s contention that terrorism should not be linked to the composite dialogue process as Prime Minister Manmohan Singh and his counterpart Yousuf Raza Gilani met here to chart the "way forward" in bilateral ties.
Bharat Sanchar Nigam Limited (BSNL) today launched its new service delivery platform "BSNL Live" - a web portal that would offer videos on demand and movie streaming for its 3G customers for the first time in the country.
State-run Bharat Sanchar Nigam (BSNL) failed to retire a government loan of Rs 7,500 crore despite having a cash-reserve of Rs 18,829 crore as on March 2005, leading to an excess expenditure of Rs 1,089 crore on interest payment during 2005-07.
Real estate firm Parsvnath Developers today reported a net profit of Rs 13.81 crore for the first quarter ended June 30, a 81 per cent decline over the corresponding period a year ago. The company had posted a net profit of Rs 73.96 crore in the same period last fiscal.
Gold prices today jumped by Rs 170 to close at all-time record of over Rs 18,000 per 10 gm in the bullion market here on strong marriage season demand, positive global cues and a weaker dollar.
An investor with a wide exposure to small caps can beat the Nifty.
The markets after a strong start to the week, danced to the "D"-word tune in the latter half of the week as derivatives unwinding coupled with the Dubai debt scare saw the index tumble sharply.
Notwithstanding the high voltage overseas road shows and Incredible India campaign, the decline in foreign tourist arrivals in the country continues.
With the economy regaining its momentum slowly, India will add up to 40 million sq ft of office space this year, which will be higher than many other advanced countries, but lesser than China.
Indian submarine cable companies, including Tata Communications and Reliance Communications, re-routed at least 300-400 Gigabytes of internet traffic over both own and consortium cable networks between the Chinese mainland, Asia and Europe following the recent Taiwanese earthquake that disrupted communications across Asia and the Chinese mainland.
India"s agriculture growth could be down by 5 per cent due to deficient monsoon, a top corporate leader said today.
Godrej Properties Ltd"s public offer, through which the realty developer expects to raise up to Rs 500 crore, got over-subscribed 1.13 times on the first day of issue today.
The Sensex has erased most of its losses and is now at 17,158, down 68 points. The index has recovered 113 points from the day"s low. The NSE Nifty is at 5,122, down 25 points.
Kolkata-based United Bank of India (UBI) has filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), for an initial public offering (IPO), with the issue size of Rs 50 crore.
Luxury hotel chain operator Orient Express, in which Indian conglomerate Tata Group holds a significant stake, has reported a net loss of $24.3 million for the second quarter ended June 30, 2009.
The extra freedom given to the 26 public sector banks from this year to choose their statutory auditors has auditing companies — both those chosen and those left out — restive.
The company has an advance booking of over 170 cars
Cost pressures due to rising input prices may hit profitability.
Sun Mulitipurpose Cooperative limited (SMCL), a cooperative body consisting of the families of the land losers has welcomed the recent move of the Mahanadi Coalfields Limited (MCL) to allow the linked consumers to lift coal on the their own through hywas and tippers.
Haryana is scouting for alternative means of revenue generation to combat the tight fiscal health of the state. State Finance Minister Captain Ajay Singh Yadav told Business Standard that a meeting of resource mobilisation committee had been called under the chairmanship of Chief Minister Bhupinder Singh to discuss the new avenues for revenue generation.
Dubai World: Lenders to Dubai probably face writedowns. But the few available numbers suggest the losses won’t be huge.
Internet company AOL today said it is planning to reduce one-third of its workforce, as part of its cost cutting initiative.
Nasdaq-listed information technology firm Cognizant is set to acquire UBS India Service Centre (UBS ISC), a captive (offshoring centre) of the world’s leading financial firm, UBS, for $75 million (around Rs 350 crore).
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.
When reporters asked former Railway Minister Lalu Prasad for a reaction on why his successor Mamata Banerjee was trying to mock his work by bringing out her White Paper, he asked, “Do you know any tantric? I need to consult one.” As the reporters wondered why the RJD chief needed a tantric, Prasad added, “I think there is something wrong with the time of my birth. Earlier, I faced this fodder scam and now people are after me for unnecessary reasons.
Business Standard / New Delhi September 28, 2009, 0:36 IST
Prime Minister Manmohan Singh would kick-off his five-day visit to the United States with an address to the influential American business community, which had a key role in the passage of the historic Indo-US civilian nuclear deal. The American business community has termed the Prime Minister"s decision to start the trip by addressing the top leadership of the US business as a "momentous occasion".
Offers 2,000 acres in Pune’s Saswad taluk.
The controversy surrounding "3 Idiots" has taken a new turn with Chetan Bhagat, the author of the book from which the movie has been adapted, accusing the filmmakers and actor Aamir Khan of not giving him due credit.
Bilcare ended at Rs 512, lower by Rs 2 or 0.3%, on the BSE.
The bears seem to have the upperhand for the last hour or so. The Sensex is now down 100 points at 17,601. The Nifty is down 26 points at 5,255.
Wockhardt has closed at Rs 181, higher by Rs 6 or 3.5%, on the BSE.
The Department of Telecom (DoT) is considering the Defence Ministry"s demand for an exclusive band of spectrum that will not be put to civilian use like mobile telephony and broadcasting.
Insurance companies have asked the government to shift to the new tax regime under the Direct Tax Code only for those policies sold after the proposed Code came into effect from April 2011.
The most probable directional movement in the rest of the settlement appears to be sideways.
State-run telecom firm MTNL today reported a 77.5 per cent decline in its net profit at Rs 20.58 crore for the second quarter ended September 30, 2009.
US-based Yum Restaurants, which owns the franchise of KFC and Pizza Hut in India, has come under the Enforcement Directorate"s (ED) scrutiny for allegedly failing to bring in Rs 390 crore ($80 million) foreign investment in the country after getting the government approval.
Casual dining chain Pizza Hut today announced that it has roped in Bollywood star Lara Dutta to promote its newly-launched "Cheesy Bites" range.
Garment and apparel retail chain Shoppers Stop today said it has obtained shareholders approval to issue 40 lakh shares by way of qualified institutional placement to garner resources for its expansion plans.
India Inc sells a third of carbon credits to middlemen at low rates.
The country"s top mutual fund houses, including UTI Mutual Fund, are keen to join National Stock Exchange"s new mutual fund service system (MFSS), which will be launched tomorrow.
India today said it is disappointed with the outcome of the recent WTO ministerial in Geneva as "nothing" substantive was done to resolve the differences to free global commerce.
Is the Doha Development Round (DDR) dead, as the anti-globalisation activists claim? Not yet, said trade ministers of the 153 member-countries of the Word Trade Organisation at the seventh Ministerial Conference at Geneva last week. They ended the Conference with a general agreement to recommence the stalled negotiations of the DDR and take it to conclusion by the end of next year. Even such broad agreement was in sharp contrast to the acrimony and bitterness that characterised the earlier failed trade talks at Cancun and Hong Kong.
Batting for the worried special economic zones (SEZs) developers who fear withdrawal of incentives in the new direct tax code, Commerce and Industry Minister Anand Sharma today said his ministry would ensure that the sops continue.
Demand removal of ambiguity in the formula before its implementation.
The Reserve Bank of India (RBI) has directed banks to keep a watch on transactions of customers with countries like Pakistan and Iran since concerns have been raised about rules there in combating terror funding.
Business Standard / New Delhi November 06, 2009, 0:36 IST
Cricket fans were not the only ones left disappointed by the cancellation of the India-Australia one-day international (ODI) match today that was to be played at the DY Patil Stadium in Navi Mumbai. Public sector insurer Oriental Insurance will have to pick up the tab for claims worth Rs 6.75 crore.
Kolkata-based Srei Infrastructure Finance Limited reported a 38 per cent fall in net profit to Rs 82.08 crore on a consolidated basis for the year ended March 31, 2009 compared to Rs 131.94 crore at the end of the previous year.
SBI unions walk out of pact saying interests not served
Amidst sugar prices touching Rs 44 a kg in the retail market, the government today said it is keeping a watch on the prices.
Shares of Satyam Computer (now Mahindra Satyam) today plunged over 13 per cent on the Bombay Stock Exchange after the CBI said that the loss suffered by investors in the Satyam scam may stretch to a staggering Rs 14,000 crore, nearly double of what it was estimated to be earlier.
Mahindra Satyam, the new brand identity of Satyam Computer Services, has embarked on international expansion and as part of this, is expanding its global solution centre (GSC) operations at its 15-acre campus in Cyberjaya, Malaysia.
Japanese auto giant Honda today said it is likely to start car assembly at its second manufacturing facility in India from 2012.
Magma Fincorp Limited, a leading asset finance company, has picked up seven per cent stake in Experian Credit Information Company of India Pvt Ltd, the Indian Credit Information Company (CIC) arm of the global information services company, Experian.
Golden Tobacco today said its board will meet on December 1 for considering a proposal from Pramod Jain to acquire another 25 per cent stake in the Sanjay Dalmia-promoted company.
Shibu Soren, heading a five-party coalition, was today sworn in as Jharkhand chief minister for the third time by Governor K Sankarnarayanan.
Bharatiya Janata Party (BJP) leader Rajiv Pratap Rudy had egg on his face today over his earlier statement that as the BJP did not get the mandate to rule in Jharkhand it should sit in the Opposition.
The government has turned down telecom PSU BSNL"s plea for a compensation of Rs 1,000 crore to implement the Mobile Number Portability regime that allows users to transfer their cell phone numbers from one operator to another.
Oil and Natural Gas Corporation has replaced Reliance Industries with Repsol YPF SA, Spain"s biggest oil company, and Malaysia"s Petronas to bid for Venezuelan oil blocks next month.
Essar Oil is on track to complete expansion of its facility at Vadinar refinery in Gujarat to 16 million tonnes by December 2010, brokerage firm IDFC-SSKI said in its report on the firm while putting a price target of Rs 194 on its stock.
To increase transparency, the Reserve Bank of India (RBI) today directed regional rural banks (RRBs) to disclose the commission they receive from mutual funds and insurers for referring their products to customers.
Tata Motors slipped to a low of Rs 701 and finally settled at Rs 705, down 3.5% from its previous close. The counter witnessed trades of 1.24 million shares as against the two-week daily average traded volumes of 939,906 shares on the BSE.
Invest moderately in equities, and be ready to average down if market falls.
Saraswat Co-operative Bank, the largest multi-state co-operative bank in the country, is likely to acquire financially-troubled Anyonya Co-op Bank (ACBL) soon.
The Telecom Regulatory Authority of India (Trai) is likely to propose the auction of second generation (2G) spectrum, delinking spectrum from unified access service licence (UASL).
State Bank of Mysore today announced that it plans to raise Rs 100 crore of Tier 1, or core capital, through Perpetual Debt Instruments.
The RBI clarification, issued on December 1, 2009, has allowed banks to include technical or prudential write-offs for calculating provision coverage for non-performing assets (NPAs) - mandated to be at a minimum of 70% by September 10. This has triggered a relief rally in bank stocks with reasonably higher NPAs or low provisioning which were underperforming the BSE Bankex (see Prodigal returns).