International Business
Situation in Telangana region in Andhra Pradesh continued to be tense today with a series of agitations, despite the relaxation in the 48-hour bandh call by TRS and other parties in view of Christmas.
It is a city where a few of the country’s most strategic roads like National Highways 3, 6 and 211 crisscross each other. And for their political inroads, all election candidates in Dhule are chanting two “I”s — irrigation and industry.
Pharmaceutical company Strides Arcolab has launched an anti-swine flu drug.
The Board of Control for Cricket in India (BCCI) has extended Sahara"s contract for another six months as the Indian team’s sponsor for the same price the company had paid earlier. Sahara had paid around Rs 1.9 crore per test match and one-day international (ODI), while it will pay Rs 1.5 crore for T20 matches.
The Delhi Government today allowed retail sale of Tamiflu, the only drug to treat swine flu, from authorised chemist outlets in the capital.
With prices of essential commodities going through the roof, public distribution shops (PDS) in Kerala are back in action.
Expansion in manufacturing, services sectors contributed to growth
The Punjab State Electricity Board (PSEB) has set up an ambitious target to reduce the T&D (transmission & distribution) losses to 17 per cent by 2011-12.
Cash management solutions provider Fundtech India Ltd is entering the European banking sector with its product Global CashPlus. The Pune-based company has already signed deals with 12 Asian banks and a European bank for its product and plans to have 18 to 20 international banks under its belt by March 2010.
The IT industry is exiting its worst year ever as global IT spending is all set to decline 5.2 per cent, according to Gartner, Inc, an information technology research and advisory company. However, the IT industry will return to growth in 2010 with IT spending forecast to total $3.3 trillion, a 3.3 per cent increase from 2009.
Technology may just get you love, or so it seems according to a new report from internet security firm Symantec which reveals that more than a third of adults have used the web to flirt. The 45 million active internet users in India have been steadily using the web to socialise with people.
Hyderabad-based Maytas Infra today said that the Ministry of Corporate Affairs has asked state-run Power Grid Corporation of India (PGCIL) to allow the infrastructure firm continue work on two projects it had bagged earlier and also release the required funds.
The World Health Organisation(WHO) will conduct a survey in various relief camps in Sri Lanka"s North to check the health conditions of displaced Tamils, even as it described reports of the number of deaths due to diarrhea as "exaggerated".
The Kashmir issue did not came up for discussion between UN chief Ban Ki-moon and Pakistani Prime Minister Yousuf Raza Gilani when the two leaders met on the sidelines of the NAM Summit in Egypt.
The International Monetary Fund (IMF) has raised its growth forecast for the Japanese economy to 1.7 per cent for 2010, but has warned of an "uncertain" economic outlook.
India"s handicrafts exports contracted 26 per cent in May at $125 million compared to that in the same month last fiscal, but exporters expressed hope that the worst is probably over.
Zhao Hang, who helped devise China’s auto-stimulus package, is facing demand from car buyers battling an unexpected consequence — two-month waiting lists.
Among those who were willing to buy gold at current prices, the preference for purchasing jewellery was higher as compared to any other form of gold, a survey by brokerage firm India Infoline Ltd (IIFL) said.
Country"s largest lender State Bank of India will double the number of branches for retail sales of gold coins to 1,100 in the current fiscal to reach out to all important centres of the country.
The Centre is preparing a development plan for harnessing renewable energy in Ladakh keeping in mind the expected load and hydro power potential of the region.
Mining giant Grupo Mexico today said it regained control over bankrupt copper miner Asarco after winning a year-long legal battle with Vedanta group firm Sterlite Industries for acquiring the ailing company.
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.
The Indian economy is expected to bottom out towards end of the calender year, led by recovery in private investments and exports, a report has said.
Vedanta Resources Chairman Anil Agarwal today said the company would bid for Ultra Mega Power Projects (UMPPs) and coal blocks as and when the government puts these on auction and added it has plans of Rs 70,000 crore till 2011-12.
With convenience and interactivity as its plus points, Web TV has emerged in a big way in India
Results come as a shock for BJP-led coalitions.
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The Indian rupee appreciated by 28 paise to 46.46 a dollar in early trade today as the US currency weakened against other Asian currencies.
The district administration of Jagatsinghpur has advised the Essar Steel Orissa Limited to provide a uniform rate for land acquisition for its proposed steel project at Paradip.
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.
India"s quest to buy 126 medium multi-role combat aircraft (MMRCA) will shift gear when the flight trials of the six global contenders will begin in Bangalore next week with US major Boeing"s warplane F/A-18 being the first contender.
Praja Rajyam Party (PRP) President K Chiranjeevi has appealed to his party MLAs to withdraw their resignations after 11 of his 18 party legislators quit their assembly membership in protest against the Centre"s decision to carve out a separate Telangana state.
India imported 20 per cent more pulses during the April-October period this year at 1.59 million tonnes to bridge the demand-supply gap in the domestic market that has led to a sharp rise in prices.
GMR Kamalanga Energy owned by GMR Energy of GMR Group, an infrastructure developer has achieved financial closure for its 1,050 Mw thermal power project being set up at Kamalanga Village, Dhenkanal District in Orissa.
Uncertainty looms large over the Rs 5,000-crore 1050 Mw thermal power project of KVK Nilachal Power (P) Ltd at Kandarei in Cuttack district with the Orissa High Court staying the construction work of the project.
Pyramid Saimira, an entertainment company based here, has sent a legal notice to Tamil film star Kamal Haasan for allegedly taking fees for, but not completing, the film Marmayogi. The company also said it has filed a recovery suit at the High Court.
After yesterday"s massive 520 points rally, the Sensex today opened on a flat note. It slipped into the negative zone for a while and touched a low of 14,078.
Kolkata-based Shree Cement today announced its foray into commercial power business and will invest Rs 1,200 crore in the next two years to set up a 300 Mega watt thermal power plant in Rajasthan.
ISRO earned over Rs 100 crore in the last three years by launching satellites of other countries, Minister of State in PMO Prithviraj Chavan told the Lok Sabha today.
In addition to the slowdown which is taking its toll on the economy, the IT industry faces multiple challenges, including a decline in sourcing spends, price reductions, competition from other countries and protectionism.
BPO firm Genpact today signed a Memorandum of Understanding with the Royal Government of Bhutan, to train local talent and help in the development and growth of the IT-ITeS industry in the Himalayan Kingdom.
India’s first science satellite Astrosat is all set to be launched next year, former chairman of Indian Space Research Organisation (Isro) Madhavan Nair said today.
The Haryana Renewable Energy Development Agency (Hareda) has decided to set up three solar power projects of 225 Kw capacity in Gurgaon district under a scheme launched to motivate commercial/industrial establishments to use solar energy, which is environment-friendly.
Two-wheeler maker Bajaj Auto today said it is eyeing 1 million sales a year from the Pulsar brand in the next fiscal with the launch of the Pulsar 135 LS.
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.
Infrastructure major Unity Infraprojects today said its joint venture with Axelia Utility Management Pvt Ltd has bagged two orders totalling Rs 620.76 crore.
Indian Institute of Management-Calcutta (IIM-C) grads seem to be back in demand as the slot zero--or the most coveted slot offered to recruiters for summer placement--has seen a significant increase in the number of companies coming to the institute over last year.
The government today lauded Reliance Industries (RIL) chief Mukesh Ambani"s decision to take a pay cut and said that the industrialist has shown a "remarkable sensibility" towards the prevailing scenario with this voluntary step.
Reliance Industries (RIL) Chairman Mukesh Ambani has decided to take a big pay cut. His pay for 2008-09 has come down by 66 per cent, or nearly two-thirds, to Rs 15 crore from Rs 44 crore in the previous year.
After easing for three weeks in a row, food inflation inched up to 17.40 per cent for the week ended January 16, a development that may prompt the Reserve Bank to hike key policy rates to tame the rising prices.
State-run Bharat Heavy Electrical (BHEL) today said it has set up a new transformer manufacturing facility at Bhopal in Madhya Pradesh.
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Bimal Jalan / New Delhi July 26, 2009, 0:03 IST
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.
In a major diplomatic embarrassment to India, the maverick Libyan leader Muammar Gaddafi has supported the idea of an "independent state" for Kashmir and said that it should be a "Baathist state" between India and Pakistan.
The data gathered by Chandrayaan-I mission provides vast scope for research on the moon, a top ISRO scientist said today.
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.
The Supreme Court today directed the Election Commission to allot a common symbol of "Railway engine" to Raj Thackeray-led Maharashtra Navnirman Sena (MNS) for contesting the coming assembly elections in Maharashtra.
To draw international attention on tiger conservation and protection, India will launch the Year of the Tiger on February 14, 2010 next year from Jim Corbett National Park, Environment Minister Jairam Ramesh announced.
India has said that developed countries should "not expect miracles" at the key Copenhagen climate summit in December and the goals sought for emission controls should be more "realistic".
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.
Announcing its policy to enter into a dialogue with Myanmar"s military junta, the Obama Administration today said it would actively consult and seek the help of countries like India and China as part of its new Burma policy.
Apollo Munich Health Insurance Company, the joint venture between Apollo Hospitals Group and Munich Health of Germany, has come out with a new mass media campaign.
India"s exports fell 6.6 per cent in October extending the decline for the 13th month in a row, but the downward trend has slowed down amid some revival in demand in overseas markets.
State government has said it will not allow Dow Chemicals, the company which has acquired Union Carbide, allegedly responsible for world’s worst ever chemical disaster in Bhopal, to clean up the toxic waste present in the closed unit of Union Carbide. It has also said that it will open the premises permanently for public from January.
India and the European Union (EU) have agreed to sign a free trade agreement (FTA) by 2010, though it appears to be a far cry as they still have differences over the inclusion of social issues like labour laws, human rights and environment.
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Government today renamed its flagship rural job guarantee programme - National Rural Employment Guarantee Act (NREGA) - after Mahatma Gandhi.
Prime Minister Manmohan Singh today said India was fully committed to further promoting relations with China in an "all-round manner".
The government-run Bharat Petroleum Corporation (BPCL) today reported a fall of 52.6 per cent in net profit at Rs 379.09 crore for the third quarter of 2009-10.
Ranibai Rajaram Chhabria, mother of the late Manohar Rajaram Chhabria, has challenged the merger of Shaw Wallace with Vijay Mallya-promoted United Spirits, saying she was entitled to a fifth of her deceased son"s estate.
National Security Guard (NSG) commandos deployed at their new hubs in four cities and currently housed in temporary locations will have permanent structures at their earmarked lands by next year.
In a fallout of the Ruchika molestation case, all complaints received at police stations are to be treated as FIRs, while a move is afoot for automatic revoking of police and gallantry medals awarded to convicted officers.
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.
State-owned infrastructure finance company India Infrastructure Finance Company (IIFCL) today said it is planning to raise up to Rs 5,000 crore to fund various projects.
The government has set up a standing committee on infrastructure finance, which will be headed by Finance Secretary Ashok Chawla, according to a government official. The committee will comprise 11 members, including Planning Commission secretary, RBI deputy governor, Irda chairman, and IIFCL chairman.
The National Highways Authority of India (NHAI), having failed to meet the deadline for awarding 126 projects during the current financial year, has brought down the number of projects to be awarded in the next financial year to 92.
Anguished over delays in procurement and supply of military equipment, Defence Minister A K Antony today urged foreign vendors, including those from Russia and Israel, to stick to deadlines.
Aiming to provide weather forecasts and details on climate change through oceanography studies, the Indian Space Research Organisation (Isro) today successfully launched its Oceansat-2 satellite into orbit from its spaceport here.
A few students in Hyderabad could not reach the test centres in time to appear for the Common Admission Test (CAT) today, the penultimate day of the computer-based test, due to the bandh call given by the Telangana Rashtra Samithi, a political outfit fighting for a separate statehood for Telanagana.
After establishing itself as a major player in the international business process outsourcing (BPO) market, India is now set to shift focus on the domestic market, which is projected to grow at over 30 per cent annually.
In yet another attack on an Indian in Australia, a 29-year-old man was set on fire by a group of four assailants here, drawing strong condemnation from a student body which called such assaults unacceptable and asked authorities not to “dodge” the issue.
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.
Manit Rastogi, managing director, Morphogenesis wants nullahs in Delhi to become scenic walkways.
The government is beginning a review of the administered interest rate structure for small savings schemes and plans to set up a committee headed by a former Reserve Bank of India (RBI) governor to suggest a roadmap for possible decontrol.
The government needs to provide an augmented fiscal deficit data in the budget to reflect the burden of off-budget items, including oil and fertiliser bonds on the exchequer, suggested a RBI Committee.
Rakesh Mohan, who was appointed Deputy Governor of the Reserve Bank of India in September 2002, moved to North Block two years later as secretary, department of economic affairs, during P Chidambaram’s tenure as Finance Minister, only to return to RBI after eight months. Mohan, who is taking retirement from the central bank seven months before his tenure is due to end, will take up a professorial appointment at Stanford University from June 15. In this interview, he spoke on a range of issues about the challenges he faced during his stint at the central bank and the journey from handling the real economy sectors to monetary economics. Edited excerpts:
The country’s largest lender, State Bank of India (SBI), has chalked out strategies to grow aggressively in overseas markets, especially Singapore, in this fiscal, a top SBI official said. This would help the Indian banking behemoth to move a step closer to consolidate its position in the global financial services industry.
Deficient rains in the agrarian interiors and lack of finance availability from lending institutions, despite a mammoth relief package announced by the Centre last year, is slated to hit tractor sales, the industry says.
Launch one-year management courses to escape AICTE norms
Dissatisfied with the way NREGA is being implemented, the Centre has directed the states to ensure that the rural job guarantee scheme is run properly and transparently.
Realty firm Parsvnath Developers today said it has received approval from the Haryana government for a township project in the state, in which the company would invest about Rs 380 crore.
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Faces tough competition due to the presence of players such as Blackstone.
Business Standard / New Delhi September 11, 2009, 0:53 IST
Japan Airlines Corp (JAL), restructuring under state supervision, is likely to tap financial institutions for around 170 billion yen in additional loans while considering cutting more than 1,000 jobs through an early retirement program after October, sources said.
Investment proposals of more than Rs 73,000 crore in steel, aluminium and power sectors are awaiting approval of the chief minister Naveen Patnaik.
The World Bank assisted Targeted Rural Initiative for Poverty Termination and Infrastructure (TRIPTI) project being implemented by the state Panchayatiraj department is yet to make headway.
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.
After voting with sworn political enemy Bharatiya Janata Party (BJP) against its one-time ally — the United Progressive Alliance (UPA) — last year, the Left is again considering floor co-ordination with the BJP in Parliament.
Shahana Joshi / New Delhi November 11, 2009, 0:34 IST
The Rashtriya Swayamsevak Sangh (RSS) today obtained a commitment from the Bharatiya Janata Party’s (BJP’s) warring leaders that they would stop their infighting even as moves were initiated for a major overhaul of the party’s top brass, which will see the exit of Rajnath Singh as party president in the next three months and likely stepping down of L K Advani as leader of the Opposition in the Lok Sabha.
In an attempt to support exporters hit by the ongoing global economic crisis, the commerce ministry has proposed to its finance counterpart to exempt income tax for a period of three years for certain labour-intensive sectors like handicrafts, leather and textiles.
There is a growing market fear that the fiscal deficit in 2008-09 may be as high as 6-6.5 per cent but the Budget to be unveiled in early July may surprise with a figure of around 5.5 per cent, HDFC Bank has said.
Gail India
Obliging Manipur government"s request, the Centre has appointed the state-owned National Hydro-electric Power Corporation (NHPC) as the implementing agency for the 1500 MW multi-purpose Tipaimukh hydro-electric project in Manipur, official sources said here today.
The government is assessing the needs of major export-oriented sectors hit by the economic slowdown to provide support for their fast recovery, Director General of Foreign Trade R S Gujral said today.
The Sensex opened at 16,339 and then slipped to a low of 16,182 on weak global cues. The index is now at 16,233, down 129 points and the NSE Nifty is at 54,847, down 35 points.
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).
Dalal Street is likely to remain volatile this week as negative global cues would act as a drag on the trading sentiment of investors, analysts say.
The strong 700-member Bombay Stock Exchange (BSE) brokers forum yet again expressed its reservation against the extension of trade timing by both the BSE and the National Stock Exchange (NSE) from January 4. Last week, both the bourses had to postpone their decision to open markets by 9 am after a sharp outcry against the decision from market participants.
Micro-blogging site Twitter is close to securing $100 million funding from about seven investors, a move which will make it a billion-dollar entity, says a media report.
The Karnataka government today sought the guidance of the Comptroller and Auditor General (CAG) for auditing accounts of local bodies in the state.
Amul is overhauling its branding and distribution strategy to keep pace with the changing times.
Business Standard / New Delhi August 12, 2009, 0:52 IST
Business Standard / New Delhi July 29, 2009, 0:36 IST
The Centre has asked Uttar Pradesh to respond to a report on large-scale felling of trees without forest ministry"s clearance in Noida and Lucknow and some other places, the Lok Sabha was informed today.
Germany-headquartered BrainLAB group, a privately held manufacturer of software-driven medical technology, is planning to form an Indian subsidiary next year to localise its growing Indian operations.
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.
Drug maker Zydus Cadila today said it has received approval from the Drug Controller General of India (DCGI) to conduct clinical trials for the swine flu (H1N1) vaccine.
Punjab government has approved 336 mega projects with the private investment of Rs 97.163 crore which would provide employment to more than 12 lakh persons. Disclosing this here today Manoranjan Kalia, Industry, Commerce and Local Government Minister Punjab said that four Textile Parks, Foundry and Machine tools cluster at Batala had been approved by Government of India. He said that 20 clusters for micro, small and medium enterprises were proposed to be set up in the state.
Anil Ambani group today questioned Mukesh Ambani-led RIL"s explanation on over three-fold jump in costs to $8.83 billion for developing gas fields, and asked the government to expedite the CAG audit and appoint an international expert to revalidate the expenses.
E-commerce players fear 30% drop in business
PepsiCo wants to replicate Kurkure’s success with Aliva
Driven by robust growth in its India business, beverages major PepsiCo today reported a 9 per cent jump in net income to $1.71 billion in the third quarter ended on September 5, 2009.
Concerned over the impact of deficient rainfall on agricultural productivity, the government today said it would stop all exports of non-basmati rice and wheat. This was announced by Union Agriculture Minister Sharad Pawar in the Rajya Sabha.
The BPO industry in India has undoubtedly been a very popular field of employment in recent years but one of the biggest challenges it is facing is a phenomenal rise in attrition rate, says a new book.
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.
Business Standard / New Delhi July 16, 2009, 0:41 IST
Impact of stimulus, says commerce minister
Jaimini Bhagwati / August 21, 2009, 0:43 IST
Irda also takes mortality, morbidity charges out of overall 3% cap
The government today said it will soon introduce a Bill to enact a Food Security law that will provide 25 kg of rice and/or wheat at Rs 3 to each family below the poverty line - a key poll promise of the Congress that heads the ruling coalition.
The Indian economy will recover in the next financial year even as concerns over poor monsoon, drought and fall in exports loom large, a survey says.
Former BCCI president Raj Singh Dungarpur died in Mumbai following protracted illness. Affectionately called as ‘Rajbhai’ in the cricket fraternity, the 73-year-old Dungarpur, who was president of the Cricket Board for three years in the late 1990s, was suffering from Alzheimer’s disease.
Former BCCI President Raj Singh Dungarpur passes away.
The high level of pre-paid churn in an increasingly competitive market is worrying.
Stock markets pared early gains today and ended in the red owing to subdued Asian cues.
The government today invited applications for the post of Chairman of the country"s largest steel maker Steel Authority of India (SAIL) as the incumbent Sushil Kumar Roongta is due to retire from office in May next year.
Tata Motors has threatened to scrap its plan to launch Vista electric cars in the UK if it does not receive a £10 million loan from the British government soon, The Observer reported today.
Jaypee Group firm Jaiprakash (JP) Associates today said it will invest Rs 4,500 crore to take its cement manufacturing capacity from 20 million tonnes per annum (mtpa) to 33 mtpa by 2012.
The stock was locked ta the same upper circuit with buy orders of 22,895 shares pending. Around 4,319 shares were traded on the BSE today.
Simplex Infrastructures profit during the second quarter fell marginally to Rs 27.92 crore from Rs 28.07 crore during the same quarter last year.