International Business
Large and small Indian drug manufacturers are flocking the offices of various state governments to secure manufacturing licences to supply cheap versions of Tamiflu (oseltamivir), the drug to treat the fast spreading swine flu, anticipating huge demand for the drug in the coming weeks.
BJP = 10, Congress = 10, JD(S) = 5 in Council.
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.
India"s handicraft exports increased by a whopping 177 per cent in September, raising hopes of a turnaround in the country"s overseas trade that has been battling global recession for the last 11 months.
Indian handicraft exporters are gearing up to explore new markets in South Africa and Latin American countries as demand from major importers like the US and the European Union (EU) continue to suffer from the global economic downturn.
FMCG major Dabur has alleged that US-based firm Aveda, which manufactures and sells Ayurvedic cosmetic products, is infringing on the trademark of its skincare range.
Sanjay Dalmia-owned Gujarat Heavy Chemicals (GHCL), a major producer of soda ash, has postponed its board meeting scheduled for today.
Says HC allocation order wrong, for govt is custodian of all gas in India
Minority shareholder of Golden Tobacco Pramod Jain today made an open offer for acquiring another 25 per cent stake in the Sanjay Dalmia-promoted company, a move that could possibly open a clash between them over management control.
In his first interaction with his Chinese counterpart Yang Jiechi, External Affairs Minister S M Krishna today reviewed the bilateral relations and expressed India"s desire to broaden the multi-faceted partnership. Krishna and Yang met on the sidelines of the ASEAN Foreign Minister"s Summit in this resort island to review the bilateral ties.
Concerned over reports of some Indian students in Australia retaliating in the wake of spate of attacks on them, Government today asked them to exercise restraint.
The ratio of volatile capital flows, consisting of cumulative portfolio investments and short-term debt, to India’s foreign exchange reserve moved up to 51.1 per cent at March 2009-end from 45.4 per cent a year ago.
The gem and jewellery industry has sought enhanced dollar liquidity, lower lending rates, a 2-year tax holiday and turnover tax and import duty reductions as part of budgetary relief, a top industry official said.
India"s natural rubber exports slumped to just 94 tonnes in May compared with 3,159 tonnes in the same month last year, as domestic prices far exceeded global rates, according to state-run Rubber Board.
Zhao Hang, who helped devise China’s auto-stimulus package, is facing demand from car buyers battling an unexpected consequence — two-month waiting lists.
Petronet LNG, the nation"s largest liquefied natural gas importer, today signed an agreement to import 1.5 million tons of LNG Australia.
The Asia-Pacific region will account for more than one-third of the global airline losses this year, which is likely to touch a whopping $9 billion, due to recession impacting industry"s bottom line.
Section 80-IB (9) of the Income Tax Act, 1961 (‘Act’) provides for a tax holiday to an undertaking engaged in commercial production of mineral oil or refining of mineral oil. Tax holiday is available for a period of 7 consecutive tax years, starting from the year in which the undertaking begins commercial production or refining of mineral oil.
Apparel chain Koutons Retail India today said its net profit rose by 18.63 per cent to Rs 15.79 crore in the third quarter ended December 31, 2009 over the same period last fiscal.
General Electric (GE), which is in contention as the engine supplier for the medium multi-role combat aircraft (MMRCA) contract of the IAF with three of its engines, is keen on sourcing components from Indian industry.
Despite the surge in automobile sales in recent months and new vehicle development programmes of car makers, auto component makers are wary of committing further investments in building new capacities. They have adopted a wait-and-watch attitude to see if the demand sustains. “Component makers are investing with caution and moving in a phased manner. They are not adding capacity in big strides, like a few years ago, but only incrementally,” said Ashok Taneja, president, Shriram Pistons.
Bank of America (BofA) has proposed to repay part of the US government bailout money, while the US is pressing the bank to pay at least $500 million to defer a tentative agreement that would have the government share its losses on certain assets, says a media report.
Asking the US corporate sector to build a lasting partnership with India in high technology including the defence sector, new Indian envoy Meera Shankar has said that New Delhi is looking at optimising its ability to procure the best equipment from anywhere in the world.
A K Bhattacharya / New Delhi May 20, 2009, 0:11 IST
As the Congress held its fort in the key industrial states of Haryana and Maharashtra and strategically important Arunachal Pradesh, the three incumbent chief Ministers — Bhupinder Singh Hooda, Ashok Chavan and Dorjee Khandu — are likely to retain their place in the new governments.
The government of India directly owns 85.82 per cent of the country’s largest steel producer, SAIL, which has caused a surprise of the pleasant kind by emerging as the most profitable in its genre of the world industry. The ownership of the government would be even more if the holdings of financial institutions and banks are considered. We are not taking stock of that now.
Orissa government today said it would seek people’s support for the implementation of mega projects, including Rs 51,000 crore proposed steel plant to be set up by South Korean firm Posco.
FMCG to aerospace products-maker, Godrej Group, has tied-up with Big Synergy and STAR television network to produce and air a reality show from mid-June, which seeks a wider audience from India’s growing middle-class for its lifestyle products.
Russia, the country"s longtime and largest defence partner, appears to be miffed over India working towards sewing up a defence pact with Ukraine.
All the ministers of the erstwhile Cabinet of late chief minister YS Rajasekhara Reddy were sworn in on Sunday once again as required under the Constitution. They were administered the oath of office and secrecy by Governor ND Tiwari at a brief ceremony at Raj Bhavan here.
I had invested in Magnum Tax Gain and Fidelity Tax Advantage via Systematic Investment Plans (SIPs). Despite the recent regulation by Sebi abolishing the entry loads, my investments in August were made subject to an entry load. Is the new regulation not applicable for existing investors as well?
The Bill would cost more than $1 trillion over 10 years
A Serious Fraud Investigation Office (SFIO) team will visit Hyderabad soon to enquire into the siphoning of funds by promoters of the IT company Satyam.
General Electric Co (GE) is seeking to sell its security unit, which builds surveillance cameras and alarms, and may fetch about $2 billion, people aware of the details said.
Diversified conglomerate General Electric (GE) will pay a penalty of $50 million to the US market regulator Securities and Exchange Commission (SEC) as part of a settlement related to alleged accounting irregularities.
GVK Power and Infrastructure acquired 12 per cent of Bangalore International Airport for Rs 484.59 crore.
The fissures in the Congress over the Telangana issue today came to the fore in the Lok Sabha with Y S Jaganmohan Reddy along with some other party members joining a TDP protest against the decision to carve out a separate state from Andhra Pradesh.
Chennai-based Pyramid Saimira Theatre Ltd (PSTL) said the company suffered a business loss of over Rs 100 crore last year which resulted in an erosion of working capital. Meanwhile, N Narayanan, one of the promoters of the company, took over as the new chairman from P S Saminathan, who will continue to remain managing director.
Premji Invest, the $1 billion private equity fund floated by Wipro’s billionaire chairman Azim Premji, is understood to be close to investing around Rs 150 crore in Bangalore-based Manipal Group’s education arm through a structured deal.
Pending revision of guidelines for setting up special economic zones, the government will continue to approve proposals for new SEZs which would be developed in an environmentally sustainable way.
Land disputes and displacement issues in Gujarat have been far less ‘bloody’ compared to states like Orissa and West Bengal. The credit for this, to an extent, goes to the long tradition of giving land at only market prices to industrial houses, with a similar compensation to land-losers, besides lesser interferences of the government in such matters.
Ahead of the Copenhagen summit on climate change, India today discussed with France and the UK ways to ensure the success of the event as Prime Minister Manmohan Singh met French President Nicolas Sarkozy and British Premier Gordon Brown here.
Domestic passenger car sales jumped 36.7 per cent to 1,13,687 units in November, the Society of Indian Automobile Manufacturers (SIAM) said today.
Shanghai Automotive Industry Corporation Group (SAIC) and General Motors, US, today announced the formation of a 50:50 joint venture exclusively to cater to the Indian market and to South East Asian countries. The new company will be called General Motors SAIC Investment Ltd (GMSIL) and will be based in Hong Kong.
State"s first medical device manufacturing cluster having a common research and development (R&D) facility in products and human resource development, will come up next to Tata Motors Nano"s plant in Sanand, official said.
Infosys BPO, the business process outsourcing subsidiary of Infosys Technologies, today announced that it has secured a five-year contract with T-Mobile UK.
With the global economy gradually bouncing back, the IT job market is also picking up and around 2-2.5-lakh jobs in the sector are likely to be up for grabs, a top Infosys official said today.
The Rural Development Department of Andhra Pradesh government and Infosys BPO Limited today signed a Memorandum Of Understanding(MoU) for setting up rural BPO centres in 22 districts across the state.
The Nifty futures moved in a narrow band and closed higher at 5,239 on poor volumes in both cash and derivates segments. The trading volume in Nifty January futures declined to 11.86 million shares from around 42 million shares on the first day of the December series. It is difficult to predict the market movement in the near future due to extremely poor volumes. However, the intra-day trading pattern in Nifty futures and options suggested that traders booked profits while bears built short positions at higher levels.
Showing the rift in two-wheeler giant Bajaj Auto, Chairman Rahul Bajaj today differed with his son and Managing Director Rajiv Bajaj’s decision to exit production of scooters saying he was not only “not convinced” but also “hurt” by it.
Advance tax payments by several automobile, power, cement and banking majors in the third quarter have been stronger compared to the year-ago pay-outs.
Over 30 people died in Uttar Pradesh (UP) due to a cold wave, as foggy conditions prevailed for the second day today in many parts of the northern region, with some states also experiencing light showers.
After the challenging mission to moon, ISRO today said it has begun preparations for sending a spacecraft to Mars within the next six years.
The condition of 95-year-old Marxist leader Jyoti Basu, hospitalised with pneumonia, turned "very critical" today and he was put on a ventilator after developing acute breathing problems.
Nonagenarian Marxist patriarch Jyoti Basu was admitted to a hospital today after he fell unconsious following acute breathing trouble.
Vandana / Mumbai December 2, 2009, 1:24 IST
Artist Anita Chauhan cooks as well as she paints.
Some US lawmakers and think tanks believe that Africa can be a much cheaper alternative to call centers in India.
IN MY MIND
Satyam Computer Services founder B Ramalinga Raju had made trips to the Indian School of Business (ISB) in Hyderabad, to Visakhapatnam and even the US, to convince the independent directors on the his board for acquisition of Maytas Infra and Maytas Properties, the two companies promoted by his family members.
Call it the Bollywood effect. At his press conference in Mumbai during the election campaign, Corporate Affairs Minister Salman Khurshid repeatedly gave film references. When someone alleged the Congress party had given very few seats to Muslim candidates and could be accused of neglecting the community, Khurshid recited lines from the famous Anand Bakshi song from the movie Amar Prem, “Kuchh to log kahenge, logon ka kaam hai kehna” (people will say something, that’s their job). After a few minutes, a chit was passed on to him saying that Minister of State in the Prime Minister’s Office Prithviraj Chavan had arrived for the next press conference. Khurshid wrapped up his press meet while saying, “This was just the matinee show. Now the evening show will start.”
The stock surged to high of Rs 285 - up 7%. It finally ended with a gain of 5.5% at Rs 282. Around 1.05 million shares were traded on the BSE today.
The Sensex is now quoting at 16,758, down by 116 points and the Nifty is placed at 4,961, lower by 41 points. The Sensex had touched a low of 16,622 and the Nifty had hit 4,921 during the course of the day.
Noting that the global order has changed dramatically since the establishment of the United Nations some 65 years ago, External Affairs Minister S M Krishna has asserted that the world body should also change and reflect the contemporary reality.
After a brief lull in attacks on Indians in Australia, three members of the community were "brutally bashed" by a group of around 70 youths, including women, who were attending a birthday party in a bar here after making racist remarks against the trio.
The Reliance ADA Group, owned by Anil Ambani, has become India’s third largest business house with market capitalisation of $35.3 billion. The recent stock market surge has enabled this group with six listed companies ranging from power to telecom to movies to add as much as $10.5 billion, a surge of 43 per cent in week during May 15-22, 2009.
Anil Ambani group firm Reliance Money has exited financial services firm Wall Street Finance through sale of its entire 36.8 per cent stake in the company.
The Companies Act does not empower the government to advise India Inc to provide jobs to minorities, but the corporates should take the initiative on their own, Corporate Affairs Minister Salman Khurshid informed Lok Sabha today.
The Centre is examining merging the various food schemes implemented by different ministries as part of an exercise to enact a Food Security Act.
The recent accident at the Delhi Metro site in South Delhi that claimed six lives was caused by "serious deficiency" in design and inadequate concrete strength, Lok Sabha was informed today.
Beijing has threatened to ban import of seafood and other food products from India if New Delhi continues to restrict import of milk products from China, the government informed the Lok Sabha today.
Those who seized the opportunity and made a difference.
Nokia, the dominant force in the handset industry, has spent the major part of 2009 guarding its turf against resurgent rivals like Samsung, LG, Sony Ericsson and Motorola, and also tech powerhouses like Research in Motion (RIM), Apple and HTC. Additionally, Nokia has also been deflecting blows at the operating system level, most notably from Google’s Android and Microsoft’s Windows Mobile.
US President Barack Obama"s top aide on climate has said there is virtually no chance the Congress will pass an energy legislation for him to sign before Copenhagen summit in December.
Environment Minister Jairam Ramesh commended the commitments made by Chinese President Hu Jinato during the high-level Climate Change Summit here and said India can learn lessons from China to help save the planet.
Seeking a fair and equitable agreement at the key climate talks at Copenhagen, India has insisted that it would be a deal-maker and "not a deal-breaker" at the December meet aimed at tackling the pressing issue of global warming.
The Vedanta Aluminium Ltd (VAL), part of Vedanta Resources, has not violated any forest and environment norms at its alumina refinery and bauxite mining site in Kalahandi district of Orissa, according to a report of the state government.
National Trust’s insurance scheme and a legal guardian programme gives hope to millions for parents who worry about the future of their mentally-disabled children.
Shilpy Sinha / New Delhi September 22, 2009, 0:17 IST
M J Antony / New Delhi November 25, 2009, 0:06 IST
The Finance Ministry today said the financial crisis in Dubai, triggered by a slump in real estate, may not impact remittances sent by Indian expatriates in the Gulf.
Management fees to equity fund managers and investment advisors rose 42 per cent, or Rs 224 crore, in the first half of financial year 2009-10.
Indian Oil Corporation Ltd (IOCL), which is setting up a 15 million tonne per annum refinery at Paradeep, has so far invested Rs 2,200 crore in the project. While the cost of the refinery excluding the petro-chemical complex is estimated at Rs 29,777 crore, IOCL has already committed Rs 4,680 crore, said state industry minister Raghunath Mohanty.
Four other banks ready to tap the market.
ICICI Bank today said it has raised $750-million (around Rs 3,465 crore) by issuing five-year bonds at its Bahrain branch.
India and the United Arab Emirates (UAE) need to ensure protection of Indian working-class people in the Gulf country who face problems when their visas are not renewed, a top Central Government Minister said.
The board of India Infrastructure Finance Company Ltd (IIFCL) is meeting tomorrow to look at ways to create demand for the Rs 10,000 crore that it had raised earlier this year to refinance highways and port projects. The New Delhi-based financial institution has not received a single proposal for the fund.
Banking major Standard Chartered today reported a 10 per cent rise in profit before tax to $2.83 billion for the first six months of 2009.
Walt Disney Company India Private Limited would design its Disney Channel (DC) and Hungama Channel programmes in regional languages, Vijay Subramaniam, strategic sales and market development director, Walt Disney Television International (India).
The markets have recovered partially. The Sensex is now down 147 points at 16,160, and the Nifty has shed 46 points at 4,822.
India and Russia have finalised a new price for the aircraft carrier "Admiral Gorshkov" after months of protracted negotiations and the refitted warship would be delivered to the Indian Navy by 2012, top Russian officials said today.
The Nifty futures moved in a narrow band and closed higher at 5,239 on poor volumes in both cash and derivates segments. The trading volume in Nifty January futures declined to 11.86 million shares from around 42 million shares on the first day of the December series. It is difficult to predict the market movement in the near future due to extremely poor volumes. However, the intra-day trading pattern in Nifty futures and options suggested that traders booked profits while bears built short positions at higher levels.
On account of exhausting mobile phone numbers starting with the digit 9, the Department of Telecommunications has allotted Reliance Communications a new series beginning with the digit 8(055) for its Maharashtra and Goa circle (M&G).
C K Birla group company Hindustan Motors(HM), the makers of the Ambassador car, is all set to launch a niche car in the premium segment.
Agricultural commodity prices have started falling in the past one week. The prices have come down by 5-15 per cent. How long these will fall is not known but traders and analysts say that more rise would not be sustainable.
The fall in steel prices in the wake of global economic meltdown has consigned many balance sheets of groups taking the metal in the red. The drop in demand in the final quarter of 2008 was so steep and steel product prices turned so uneconomic, particularly for high cost mills in western countries, that the industry in many regions was forced to switch off half the capacity.
Lalit Modi’s high-profile auction of international players for the domestic Indian Premier League Twenty20 tournament failed to attract the big bucks today. Eight teams ignored the star-studded Pakistan players. They were expected to be sold at fancy prices.
Kirtika Suneja / October 23, 2009, 1:09 IST
Global software major Microsoft will slash hundreds of jobs globally as part of its effort to realign business activities.
Mahindra Satyam announced today that it has joined the Symbian Foundation, which, together with its ecosystem, is creating an open and complete mobile software platform.
They said the day a black man became president of the United States, pigs would fly. Well, lo and behold, Obama was sworn in and one hundred days later... swine flu!”
Commercial vehicle manufacturer Ashok Leyland’s associate company, Ashley Alteams India Pvt Ltd (AAIPL) will commence manufacturing high pressure die castings. The production of the castings, which will primarily be for the telecommunications and automotive sector, will begin next month at the company’s new facility in Chennai.
Once again coming to the rescue of American corporate, billionaire investor Warren Buffett will be buying $300 million worth Harley-Davidson bonds, which will help the bike manufacturer improve its cash position.
Etihad Airways, the national airline of the United Arab Emirates, will start operation of its flights between Abu Dhabi and Hyderabad four times a week from November 2009. The service will become daily from the start of 2010. The addition of Hyderabad brings the number of Indian destinations served by Etihad to seven.
The government may in "weeks" decide on raising price of natural gas produced by state-owned ONGC and Oil India by 30 per cent, Petroleum Secretary S Sundareshan said today.
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Drug firm Glenmark Pharmaceuticals today said it has raised Rs 413.56 crore through the issue of over 1.87 crore shares to institutional buyers on private placement basis.
Reliance Industries (RIL) has cautioned that NTPC should not make comments on matters sub-judice lest they are construed as attempt to influence the outcome of its court case seeking natural gas at price committed in 2004.
Credit demand from consumers seemed to be back on track, especially in sectors such as auto and home loans though banks had cut down unsecured loan exposures, said KV Kamath, chairman of ICICI Bank.
Food Corporation of India (FCI) would procure 2.6 million tonnes of paddy from Punjab in the ensuing kharif season, as compared to 213,000 metric tonnes it procured during 2008-09.
Gold is likely to touch Rs 18,000 per 10 grams during the forthcoming festival season as the demand for the yellow metal peaks around Diwali time, according to a projection by industry body Assocham.
A year after the bankruptcy of Lehman Brothers Holdings Inc, credit-default swaps (CDS) have lost their stigma for disaster and are contributing to the growing confidence in the credit markets.
The ripple effects of the fall of Lehman Brothers in September last year is evident in the field of global mergers and acquisitions (M&A), which shrank by nearly 40 per cent in the 12-month period since then.
Encouraged by the improving business sentiment, India’s premier management schools are hopeful of a higher budget and sponsorship amount for their annual festivals which are held between October and March.
Amid fears that Goods and Services Tax (GST) implementation will miss the deadline, a leading consultancy firm PiceWaterHouseCoopers (PwC) has said the Centre and states are yet to reach an agreement on major issues relating to the new tax regime.
The long-awaited meeting of the Empowered Committee of State Finance Ministers (EC) was recently held in Delhi and, as was perhaps expected, the EC has come out with a recommendation on what can legitimately be called a “Dual Rated Dual GST System”. There were expectations in certain quarters that the dual GST would be a single rated one at the Federal and the State level for both goods and services. This has not been possible and the EC has now come out with a dual rate model for goods. There has been no mention of whether there will be a dual rate for services as well but the understanding and expectation is that services will be taxed at just the one rate, at the Federal and State levels respectively. This article discusses the dual rate dual GST model for goods in some detail.
Kirtika Suneja / New Delhi November 11, 2009, 0:35 IST
GE Capital Business Process Management Services has bagged "Asia"s Best Mature Captive Services Delivery" award for credit card operations.
UK services expanded the most in 1 1/2 years, manufacturing unexpectedly rose and home prices jumped as evidence mounts that the worst recession in a generation is easing.
Three years ago, Officer’s Choice was selling just five million cases a year and its market share was around 10 per cent in the regular whisky segment.
Asian markets ended weak. The Hang Seng closed down 234 points at 20,121 and the Nikkei dropped 216 points to 10,198.
Wind energy major, Suzlon group"s consolidated revenue expanded 91 per cent at Rs 26,082 crore in FY09 as against Rs 13,679 crore in FY08.
Subir Gokarn / New Delhi June 29, 2009, 0:57 IST
Emerging-market stock funds lost $1.87 billion in the week ended June 24, the first week of net outflows since early March, on concern that a rebound in exports will be delayed, EPFR Global said.
India may import rice if domestic supplies are inadequate to meet the government’s requirements for the so-called central pool, a minister said.
Prices of the sweetener may go up by 15-20 per cent.
Thai authorities are about to slap up to 32 per cent anti-dumping duty on the import of a vital steel product from India, even when the Indian government has remained indecisive on a similar curb against inflows from China, Ukraine, Egypt and other countries.
To facilitate flow of credit to various sectors of the state’s economy including the micro, small and medium enterprises (MSMEs), ancillary and downstream industries, the state owned Industrial Promotion and Investment Corporation of Orissa Ltd (Ipicol) today entered into a pact with the Central Bank of India (CBI).
The two main indices—the Nifty and the Sensex—staged strong intraday rebound on Friday in choppy trades and extended gains for the second straight day. The Nifty bounced back from an intraday low of 4,766 to close at 4,882 on short-covering in interest rate-sensitive sectors such as auto, banks and realty.
Energy major Reliance Industries today said that Production Sharing Contracts (PSCs) like the one it had signed for KG-D6 fields with the government should not be tampered with by anyone to maintain their credibility.
There is a lot of misinformation floating around when it comes to Worldwide Interoperability for Microwave Access (WiMAX) technology, opines Siavash M Alamouti, Intel Fellow and Chief Technology Officer of the Mobility Wireless Group, Intel Corporation. "Those who swear by competing technologies like 3G and LTE, say WiMAX (also known as a 4G technology) brings no value but this is not true. It"s a proven technology," he says.
Mysore became the first city in the country to have a bus stand modernised under the Jawaharlal Nehru National Urban Reconstruction Mission (JNNURM) today.
Amul is overhauling its branding and distribution strategy to keep pace with the changing times.
FMCG major Nestle today said its board of directors, in a meeting scheduled to be held on December 9, would consider the acquisition of nutrition business of Speciality Foods India.
The water drawal by the industries from the Hirakud reservoir is much below the approved level, according to the state minister for industry and steel and mines, Raghunath Mohanty.
Faced with a heavy tax burden, the small-scale wall clock makers of Morbi (Gujarat) are diversifying into ceramics, stationery items and retail. Besides, the industry is also losing ground to the metros and cities like Bangalore, where clock manufacturing has started picking up and taxation levels are lower, Morbi players claim.
Fast moving consumer goods (FMCG) majors like Britannia, ITC and Parle Products are mulling price hikes and cost-cutting measures on the back of a weak monsoon season, coupled with soaring sugar prices.
Early Saturday morning, as India woke up to celebrate its 63nd Independence Day, Bollywood superstar Shah Rukh Khan was detained at Newark Airport in the US and questioned for over two hours. Later, the Indian Mission intervened and secured the release of the 43-year-old actor.
After declaring a drought-like situation in Nagaland which affected cultivation of paddy and horticultural crops, Chief Minister Neiphiu Rio has sent a letter to the Prime Minister seeking the Centre"s assistance to mitigate the situation in the state.
As vast parts of the country reel from the effects of a drought, the second UPA government will unveil a mega expansion of its flagship National Rural Employment Guarantee Scheme (NREGS) on August 20, which coincides with late prime minister Rajiv Gandhi’s birth anniversary.
J K Lakshmi Cement today clocked a 38 per cent increase in sales at 5.06 lakh tonnes for the month of January, 2010.
A day after revised schedule for the borrowing for the first half of the current fiscal was announced, the government today said it would raise Rs 12,000 crore from sale of two government papers.
The huge government borrowing is likely to put pressure on interest rates in the remaining part of this fiscal, Member of Parliament and former Reserve Bank Governor C Rangarajan said today.
Maharashtra, Karnataka, Andhra Pradesh and Tamil Nadu in focus.
While HCL Tech’s recent performance beat estimates, a soft demand outlook and a spike in stock price means that the scrip is fairly valued
Reliance Cementation, an Anil Dhirubhai Ambani Group (ADAG) company, plans to set up a 5 million tonne integrated cement plant in Yavatmal district of Maharashtra.
The government is considering to divest stake in four PSUs -- NMDC, KIOCL, MOIL and RINL -- administered by the steel ministry, as part of a broader plan to mobilise resources to meet their funding needs.
In an effort to check forgeries and misuse of passports, the government is rolling out e-passports that will carry biometric information in a chip.
Mahindra Satyam today said it is seeking an end to the eight-year old ban imposed by the World Bank on Satyam Computer which has since then assumed its new identity -- Mahindra Satyam.
WTO chief has confirmed his participation.
ICICI Bank on Friday said it could make initial public offerings (IPO) in four subsidiaries or sell stake in its insurance ventures after the sectoral foreign direct investment (FDI) limit was raised.
The Insurance Regulatory and Development Authority (Irda) has asked insurance companies to be more cautious while concluding contracts with “high risk customers”, particularly the “proposals of Politically Exposed Persons (PEPs)”.
The Insurance Regulatory and Development Authority (Irda) has extended the deadline to September 1 for collecting the permanent account number (PAN) from people purchasing insurance policies in which annualised premiums exceed Rs 1 lakh.
Fearing opposition by employee unions, the government is considering listing telecom major BSNL on bourses by issuing nominal fresh shares and may shelve plans of directly divesting its equity for the time being.
Stock markets pared early gains today and ended in the red owing to subdued Asian cues.
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Telecommunications company Sprint Nextel Corp said it agreed to acquire Virgin Mobile USA Inc in a stock deal valued at $5.50 per share in a bid to expand its prepaid cell phone offerings.
The Opposition on Thursday lambasted the telecom ministry, alleging that the 2G spectrum allocation to mobile operators resulted in a loss Rs 60,000 crore to the exchequer, a charge rejected by the government. Leader of Opposition Arun Jaitley said in the Rajya Sabha that the difference in the valuation of spectrum awarded by the government in 2007 to private players and the value realised in transaction with foreign companies in each case had been minimum Rs 6,000-7,000 crore.
Bharat Sanchar Nigam Ltd - Tamil Nadu circle is planning to launch its wireless Internet service in the state by October or November.
Even as the government is gearing up to auction radio waves for the next generation mobile services, credit rating agency Fitch today said it is closely monitoring the impact of the cost for pan-India 3G licence on the revenues of Bharti Airtel.