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Indian fast moving consumer goods (FMCG) players are once again on the prowl to acquire companies, as the economy picks up.
Pvt player to launch credit cards, education, personal loans in 3 yrs.
Finance Minister Pranab Mukherjee today said the government has not yet taken a decision on consolidation of public sector banks (PSBs).
Public sector Bank of Baroda (BoB) today said its consolidated net profit jumped 54 per cent to Rs 2,384.08 crore in the financial year ended March 31.
The country"s third-largest public sector lender Bank of Baroda (BoB) today said it is open to overseas acquisition if a good opportunity comes across.
To add punch to IAF’s fleet of Sukhoi, Mig-29, Mirage-2000, Tejas.
The Telecom Regulatory Authority of India (Trai) today said it is looking at the possibility of revisiting the telecom tariff issues which are currently determined by market forces.
Telugu Desam Party (TDP) and Praja Rajyam Party are in a fix over their stand on Telangana and the leaderships have dropped enough hints about a "re-think" in the wake of mounting pressure from within the ranks for a unified Andhra Pradesh.
Arvind Singhal / New Delhi December 17, 2009, 0:02 IST
Norwest Venture Partners (NVP), today said that it has invested over Rs 120-crore into Shriram City Union Finance Limited through a secondary-market block purchase of shares in the company.
HRD Minister Kapil Sibal today said the ministry has sought a detailed report into the server crash during the online Common Admission Test (CAT) examination.
A sharp drop in the prices of inputs like pulp, coal and chemicals from their last year’s peak will help domestic paper companies like Bilt, JK Paper and West Coast Paper earn better margins this year.
Cash-strapped airlines have been pounded on another front suffering a loss of at least Rs 7 crore this year on account of bird hits.
Bhupesh Bhandari / New Delhi December 08, 2009, 0:32 IST
Jindal Power Ltd, a part of Jindal Steel and Power Ltd (JSPL), today said it plans to raise Rs 7,200 crore from its initial public offer (IPO).
The Pension Fund Regulatory Development Authority (PFRDA) is taking ing various measures to increase the number of subscribers under its New Pension Scheme (NPS). It is in discussions with the General Insurance Council, various industry bodies and companies to offer the plan to their employees. Under the recent deal between the Indian Banks’ Association (IBA) and the pension regulator, all new recruits of banks will join the defined contribution system from April 1, 2010. Already 20 nationalised and 12 private sector banks have joined the new system.
The car finance market is hotting up with ICICI Bank and Axis Bank slashing interest on new car loans.
US car maker General Motors today said it will display six production and concept vehicles during the Auto Expo here next month, besides putting on display its soon-to-be-launched mini car "Beat".
While there are visible signs of a recovery in the real estate market, price hikes by developers and any increase in interest rates could halt this momentum.
Auto component maker Bharat Forge today reported 96.38 per cent decline in its net profit at Rs 96 lakh for the quarter ended June 30, 2009, over the same period last year.
The government is changing some of the regulations in the road infrastructure sector to make it more attractive for investors, Minister for Road Transport and Highways Kamal Nath said today.
Diversified auto component maker RICO Auto is looking to achieve Rs 1,000 crore turnover this fiscal on the back of investment in new models and sales growth in both domestic and overseas market.
Bharat Forge declined 2.5% to Rs 227. The stock touched a low of Rs 219 during the day. The counter clocked a volume of 349,244 shares as against its two-week average traded quantity of 762,305 shares.
The country"s largest sugar manufacturing firm, Bajaj Hindusthan, today said its shareholders will meet on December 16 to consider and approve raising of Rs 2,000 crore from domestic and international markets.
Ajay Modi / New Delhi September 17, 2009, 0:39 IST
Education and placement company EdServ Softsystems today said it plans to raise $25 million through Global Depository Receipts or Foreign Currency Convertible Bonds to fund its expansion in the school and online tuition services markets.
Fashion and lifestyle brand retailer DLF Brands will launch the DKNY brand in the Indian market this month.
Shedding earlier reservations over some aspects of the controversial new FDI guidelines, the Finance Ministry now says it does not have any objection to new rules that changed the criteria for calculation of foreign ownership in a company and its downstream investment.
The Royal Bank of Scotland (RBS), in which the UK government holds majority stake, has posted an operating loss of 1.53 billion pounds for the September quarter, as the battered entity continued to see higher impairment charges.
Commodity exchanges in the country closed the year 2009 with record turnover of Rs 70,90,442 crore, up by 40.85 per cent from Rs 50,33,872 crore in the previous year.
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.
At a time when Karnataka has been struggling to attract investments, Tamil Nadu has attracted investments worth Rs 15,000 crore during 2009, majority of which was driven by the automobile industry. According to government sources, since 2006 investments worth Rs 46,100 crore have come into Tamil Nadu.
Pharma firm Lupin today said it has acquired the worldwide rights for nasal spray AllerNaze from Collegium Pharmaceutical for an undisclosed amount.
Assurances from governments that stimulus packages around the world would continue and China"s strong industrial production numbers were welcomed by the markets. Indian government"s thrust on disinvestment also lifted market sentiments as proceeds may be used to reduce fiscal deficit that is expected at 6.8 per cent of GDP for this fiscal.
The stock finally ended with a gain of 3.5% at Rs 230 as against the day"s high of Rs 238. Around 487,310 shares changed hands at the counter on the BSE today.
Barring intra-day corrections, the market displayed a firm trend throughout the week. The Sensex rallied 4.27 per cent (691 points) to end at 16,849. IT, metals and select banking stocks were the major gainers during the week.
Pump manufacturer Kirloskar Brothers today said it has acquired controlling stakes in four companies.
Glenmark Generics today said it has received ANDA (abbreviated new drug application) approval from the United States Food and Drug Administration for Ciclopirox Olamine cream, used in the treatment of dermatological infections.
Industrialisation, technology, urban need make commercial water supply a growing opportunity.
India may be looking at Qatar for a ‘sweetheart’ gas deal, but Doha appears in no mood to sell liquefied natural gas (LNG) at anything less than $9-11 per mBtu — at more than double the domestic gas price.
The Sensex ended (provisional) at 17,533 - down seven points. The Nifty ended (provisional) up seven points at 5,252.
In a bid to salvage the ambitious ethanol-blended petrol programme, state-run oil firms have agreed to pay 25 per cent higher price at Rs 27 a litre for ethanol they will buy from sugar mills for doping petrol.
Cheaper mobile tariffs across the country has even attracted the Prime Minister’s Office (PMO) to explore the various plans offered by the service providers and to have the best option, specific to its requirement.
Anil Ambani-led Reliance Natural Resources (RNRL) today accused Reliance Industries (RIL) in the Supreme Court of unilaterally inserting provisions in the agreement for gas supply, saying it went against the family MoU of 2005 providing for fixed quantity of gas from the KG Basin for 17 years.
Autism awareness is growing, as the increasing number of cases shows
The Nifty recovered sharply from its support of 4,820 to close at 4,900 on short-covering and positive global cues. It, however, faced strong upside resistance at 4,930 on profit-booking in key index heavyweights.
Vandana / Mumbai January 2, 2010, 0:54 IST
The Sensex continues to display firm trend in the last one hour. The Index is now at 17,648, up 105 points. The NSE Nifty is at 5,274, up 30 points.
The management of Tata Group-owned Jaguar Land Rover has offered a one-time payment of £200 to those of its salaried employees who are willing to push their salary receiving date by 15 days, starting from August this year. This is part of the car maker’s plans to manage its cash flow problems, pending fresh flow of funds from banks to manage its operations more smoothly.
The Sensex started the day on a very strong note mirroring international cues and on expectation of a good earning season. The Sensex is now at 17,660, up 120 points. The NSE Nifty is 33 points higher at 5,278.
Trent is trying hard to make up for lost time. Consider this: In the last 10 years, the retail arm of the Tata Group set up only 68 stores with around one million sq ft of space.
Tatas is planning to introduce its small car Nano in Latin America in partnership with Italian auto maker Fiat.
The Department of Telecom (DoT) is understood to have decided to slap a total penalty of Rs 132 crore on some major telecom operators for not rolling out services on time after the award of licence and spectrum. The penalty, which will be in the form of liquidated damages (LDs), are for delays since 2005, for which show-cause notices had been issued earlier.
Expressing concern over series of arrests of US nationals as terror suspects, Secretary of State Hillary Clinton has said much of the training and direction for terrorists comes from Pakistan and the border area with Afghanistan.
Tata Docomo, the GSM mobile service of Tata Teleservices, has extended its per-second billing plan to roaming services. Its subscribers would be charged one paisa per second for outgoing and incoming calls while roaming, effective tomorrow.
Why would the government want to rush through a badly drafted law, full of ambiguities? This is the question worrying R. Sreedhar, director of the Academy of Mountain Environics, a well-known trust promoting sustainable development solutions, about the National Green Tribunal Bill, 2009.
As part of its expansion plan, IDBI Fortis Life Insurance Company Ltd, the joint venture between the IDBI Bank, Federal Bank and Fortis Insurance International, intends to increase the number of its agency branches in the country to 100 by March 2010.
The Cabinet is expected to clear tomorrow the proposal to grant the coveted "Maharatna status" to public sector blue-chips like ONGC, SAIL, BSNL, NTPC and CIL giving them increased autonomy.
Novartis finally ended with a Rs 21 or 3.6% gain at Rs 590. Around 30,063 shares changed hands at the counter today.
It is not just landlines, BSNL is losing mobile subscribers too, according to a Parliamentary panel which has pulled up the PSU for not taking effective steps to check its falling market share.
There is little doubt that public private partnerships have contributed to infrastructure-building, but if the lay public perceives them as one-sided, most politicians will be reluctant to promote them.
According to him, GSS dominates the domestic market with over 70 per cent share and has a footprint in 40 countries including the US and the European countries.
Telecom giant Bharti Airtel is set to buy the majority stake in Bangladesh"s fourth-largest mobile phone operator Warid from its Abu Dhabi-based owners.
Daiichi Sankyo, which has a majority stake in Ranbaxy Laboratories, today said it is going to launch some of Ranbaxy"s generic medicine in the Japanese market soon.
The upswing in Baltic Dry Index numbers recently to a 14 month high closing at 4661 on 19 November 09, raised hopes that a revival for the shipping sector is afoot sending shipping stocks zooming. Freight and tanker rates dropped sharply in July - September 09 quarter, but gained strength in October 09 which has sustained through November 09 as well. They hit 10 year lows in the December 08.
In yet another setback to the beleaguered Posco steel project in Orissa, the members of the United Action Committee (UAC), a purportedly pro-Posco outfit in the project site area, has decided not to apply to the district administration in Jagatsinghpur for compensation against loss of betel vines.
The Department of Telecommunications (DoT) is hopeful that the defence ministry would release more spectrum for the 3G auction scheduled for next month.
The Union government and the government of Andhra Pradesh signed a memorandum of agreement (MoA) on Thursday for the establishment of Petroleum, Chemicals & Petrochemical Investment Region (PCPIR) in the state between Visakhapatnam and Kakinada.
Ch Prashanth Reddy / September 27, 2009, 0:07 IST
A peep into a new book about underrated Maharashtrian cuisine.
Newbie restauranteur Rajyasree Sen of Brown Sahib gives the humble mishti doi a new twist.
The year 2009 saw insurance firms waiting for easing of foreign direct investment (FDI) norms, just as they have done every year for the last five years, but there is promise of the law being amended to this effect next year.
Union minister of state for Railways K H Muniyappa has asked the state to submit a list of its demands for development of railway network in the state to the Centre before January 15, 2010.
The next time you call up Finance Minister Pranab Mukherjee’s Delhi mobile, you could well get to hear “services to this number have been temporarily disconnected”. A few days ago, while Mukherjee was holding a meeting with his top bureaucrats, he got a call from a Vodafone customer service executive who said that since the bill, of a fairly large amount, had not been paid, the company would have no option but to disconnect the phone in another day or so.
Huawei, Samsung, Alcatel-Lucent, Hitachi may also bid.
Subir Roy / New Delhi December 9, 2009, 0:20 IST
Subir Roy / New Delhi October 14, 2009, 0:00 IST
India"s largest cement maker ACC today reported a marginal dip in sales in December at 1.88 million tonnes.
Builders feel move may hinder development.
Financial services provider Religare Enterprises today said it would raise Rs 1,850 crore through rights issue.
The country"s exports turned around in November 2009 after falling for 13 months in a row, posting a growth of 18.2 per cent to touch $13.19 billion.
It’s no-brainer that in a year like the present one, when the monsoon has played truant leaving the country rain deficient, fertiliser consumption will take a hit. The conventional wisdom is that the use of fertiliser is decided by simultaneous play of three factors – the weather, volume of land committed to farming and crop intensity of land.
The Bombay High Court has asked Delhi-based businessman Sanjay Dalmia to appear before the Economic Offences Wing (EOW) in connection with a cheating case.
Tata group-owned Jaguar Land Rover on Thursday said it is recalling 40 Land Rover vehicles from India to fix a technical fault as part of an ongoing global process that started in July. The company is globally recalling all the vehicles of two diesel models — Discovery 3 and Range Rover Sport TDV6 — which were manufactured between November 2005 and April 2007.
Business Standard / New Delhi October 07, 2009, 1:12 IST
The Indian Air Force (IAF) today said it had sought permission from the government to fire at Maoists if they attacked helicopters.
Bloomberg / October 27, 2009, 0:05 IST
Pantaloon Retail has returned to a double-digit growth rate in same-store sales (SSS) in the lifestyle segment. The country’s largest retailer, which saw either a decline or a single-digit growth rate at best in SSS since November 2008, posted an increase of 11 per cent for the December quarter, aided by higher consumer spending in the category.
The CBI today recorded the statement of Buta Singh, Chairman for the National Commission for Scheduled Castes (NCSC), in connection with a bribery case involving his son.
The Andhra Pradesh government has ordered a CBI inquiry into the chopper crash in which former chief minister Rajasekhara Reddy and four others died last week. Interim Chief Minister K Rosaiah requested Union Home Minister P Chidambaram for a CBI probe into the tragedy, a statement issued by the government said.
The Indian video games industry - minuscule compared to the evolved western markets - is poised to grow 49 per cent to touch $830 million by 2012, when the country"s overall animation market will scale $1 billion, says a report of software industry body Nasscom.
Industry says consultations not conducted.
Will spend $58 million to acquire McCamish Systems
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.
Hinduja group"s flagship company Ashok Leyland today unveiled the country"s first electric plug-in CNG hybrid bus, HYBUS, at the Auto Expo here.
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.
Business Standard / December 16, 2009, 0:44 IST
The Imperial, Delhi, tries its best to turn you into a master chef.
Chef Patrick Verre goes microbiotic in search of “food energy”.
Green chilli, fried and crumb-coated ice creams sting the tastebuds and emerge winners.
The Indian Embassy today said it did not facilitate the entry of a third gatecrasher to US President Barack Obama"s State Dinner for Prime Minister Manmohan Singh, after the Secret Service claimed that the individual sneaked in by boarding an Indian delegation bus.
Newbie restauranteur Rajyasree Sen of Brown Sahib gives the humble mishti doi a new twist.
India has said that there is now better understanding of its position on climate change in the US, which recognises that emission cuts is not the only way for countries to reflect their domestic obligations globally.
Extending its association with cricket, Emirates Airline, the official partner of International Cricket Council (ICC) and the title sponsor of Indian Premier League (IPL) team Kings XI Punjab, will now sponsor the Arabian Cricket Challenge, a Twenty20 format cricket tournament held in Dubai.
India signed the multi-million dollar deal of decommissioned Russian aircraft carrier Admiral Gorshkov merely on “visual examination in as-is condition” and Navy “thought” the ship could be repaired.
Country’s largest mobile operator Bharti Airtel today said it was disappointed by 3G spectrum auction being postponed until next financial year, but would participate when it takes place.
WORDS AT WORK
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.”
Religare Enterprise is expanding is investment banking division. The financial services company has started an investment banking division to tap opportunities in emerging markets. This new division will be part of Religare Capital Markets Limited (RCML).
It is towards Ireland that all eyes in Brussels, the headquarters of the European Union, are currently trained. On October 2 the Irish will hold a referendum for the second time to decide whether or not to approve the Lisbon Treaty. The island-nation will thus decide the fate of a much beleaguered set of proposed changes to the 27-member EU’s rule book that has its opponents frothing at the mouth even as its supporters tout its transformational potential.
The Indian School of Business (ISB) has launched ‘ISB Idiya’, an initiative to promote social ventures from working professionals. The competition is not open to students who are pursuing any full time programme. It would offer mentorship and entrepreneurial training to select candidates.
India hasn’t reached the stage where top professors acquire celebrity status, but it could be getting there. At an event organised by the All India Management Association, a student asked IIM Bangalore Director Pankaj Chandra for his autograph. Professor Chandra was a bit taken aback and suggested the student get autographs of important persons at the function — the student was adamant, so Chandra obliged.
The retail sector in Kolkata has adopted a wait and watch situation with retailers still wary of what lies ahead. What started as a big set-back for the retail industry in end-2008 with several malls and retailers shutting shop, the year 2009 was particularly bad for the industry with several cancellations of booked spaces and deferment of sanctioned projects.
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.
The oldest brand in the non-salt biscuits segment is fighting back to regain market share
NRI billionaire Anil Agarwal-led Vedanta Resources today said it will not offer more than the already announced $1.87 billion to buy bankrupt American miner Asarco but is confident that it can clinch the deal with the support of the US government and the trade unions.
Global outsourcing and innovation company Aricent plans to increase its global headcount by 10-15 per cent in the current fiscal. Of this, around 70-80 per cent will be in India.
Hero Honda has decided to expand its Haridwar manufacturing facility after resolving issues with the State Infrastructure and Industrial Development Corporation of Uttarakhand Ltd (Sidcul) to retain its hold over the 94 acres of vacant land.
The second largest DTH player is way behind the market leader in subscriptions. But it is pushing value-added services to maintain its leadership in average revenue per user
A call to Airtel IPTV’s helpline number turns out to be a weird experience
Nilanjana S Roy / New Delhi December 1, 2009, 0:39 IST
Kolhapur based Ghodawat Energy Private Ltd (GEPL), part of Ghodawat Industries, is planning to invest around Rs 1,300 crore to increase its wind turbine production and to set up wind farms. To support the investment the company is planning to go public and initiated talks with private equity for fund raising.
Kolkata Metro still in red, but DMRC is making operating profits
Business Standard / New Delhi November 10, 2009, 0:39 IST
Foreign institutional investors (FIIs) were net buyers of Rs 516.10 crore (provisional) today, according to data released by BSE.
Eicher Motors today said its net profit for the quarter ended March 31, 2009 stood at Rs 6.16 crore, while it had a net profit of Rs 19.46 crore in the corresponding period previous fiscal.
Commercial vehicle maker Eicher Motors reported 4.12 per cent fall in net profit to Rs 15.83 crore for the third quarter ended March 31, 2009, compared with Rs 16.51 crore in the year-ago period.
The Indian healthcare industry, growing at an exponential rate, now presents an attractive investment opportunity for private equity and venture capital firms, says private equity experts.
Prison inmates at Sabarmati Central Jail in Ahmedabad are all set to receive medical treatment through satellite connectivity. Healthcare group Apollo Hospitals will launch its "telemedicine" facility at the jail, to provide telemedicine consultations to its inmates. The Indian Space Research Organisation (ISRO) will provide the technology for the treatment, an official from the hospital said.
The Sensex started the day on a very strong note mirroring international cues and on expectation of a good earning season. The Sensex is now at 17,660, up 120 points. The NSE Nifty is 33 points higher at 5,278.
Piramal Healthcare today said its shareholders have approved the appointment of Nandini Piramal, daughter of Chairman Ajay Piramal, as the Executive Director on the board of the pharma company.
Oscar-winner A R Rahman’s victorious run at awards ceremonies continues with the music maestro now fetching two nominations at the 2010 Grammy awards for his soundtracks from ‘Slumdog Millionaire’.
Men’s fashion will no longer be the neglected child of the Indian fashion world. While women’s fashion has almost two events every year, men’s fashion shows are showcased on the periphery. All this will soon change with the announcement of the Van Heusen Men’s Week by Fashion Design Council of India (FDCI) in September this year.
While H1N1 scare is keeping tourists away, the Rs 6 crore state-sponsored Dasara celebrations are taking off here today. Works are hurriedly being completed at several places to dress up the old royal city for the 10-day celebrations. Unprecedented number of programmes is chalked out and programme rehearsals and publicity campaign are in full swing.
Businessstandard / New Delhi December 27, 2009, 0:14 IST
The Centre has refused to extend the in-principle approvals to as many as 11 SEZ projects, including the Mukesh Ambani-promoted Reliance Haryana SEZ, Posco India and Indiabulls Infrastructure, stating that the rules do not allow giving them more time for implementation.
Mid-size steel maker Uttam Galva Steels said today it is not opposed to merger with the world’s largest steel producer ArcelorMittal and is open to all options aimed at taking the company to “new heights.”
Reactions to the caste question are fairly predictable in India. The average (upper caste) response is that the policy of reservations has gone on far too long and that discrimination is very much a thing of the past. As to why certain social groups remain extremely poor and backward despite the legal safeguards, the usual explanation is that Dalits are either not well educated or do not have the merit to make it to good jobs.
The government could be among the least active investors in the stock markets, but it appears to have come out the winner in terms of returns--its equity portfolio appreciated by about Rs 10 crore in every minute of trade in 2009 resulting in a total gain of Rs 6,50,000 crore.
Admitting that there were communication gaps in the recently concluded climate talks in Copenhagen, Environment and Forests Minister Jairam Ramesh today said that the Danish Presidency could have handled the larger consultation process in a better way.
Kerala Finance Minister T M Thomas Issac today said that the government has no plan to cut tax rates on petroleum products.
The Orissa Power Transmission Corporation Limited (OPTCL) will execute projects worth Rs 2,000 crore for improvement of the power infrastructure in the state on a priority basis.
GMR Energy, a subsidiary of the GMR group, has challenged in the Delhi High Court its disqualification from bidding for three power transmission projects worth Rs 6,800 crore and sought a stay on the tendering process.
Swaraj Baggonkar / Mumbai January 5, 2010, 0:31 IST
Industry lobbies have begun pre-budget consultations with the Union finance ministry for 2010-11. Representatives of the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (Ficci) met revenue secretary P V Bhide to discuss the coming budget.
The latest GST move is why the tax holiday notifications are being sought to be ended by March 2010.
In order to encourage intra-state power trading business, state power sector regulator Gujarat State Electricity Regulatory Commission (GERC) has proposed an intra-state electricity trading margin of not more than 4 paise per unit.
Toshiba Corp has said it has started test operating a pilot plant to develop a commercially viable technology to separate and capture carbon dioxide from flue gas generated in the process of thermal power generation.
HC quashes use of emergency power for land buys; ADAG firm says it’s a procedural issue.