Management
National Aluminium Company (Nalco) aims to scale up its annual business turnover from Rs 6000 crore at present to Rs 10,000 crore in the next five years despite the prevailing recession in the global economy.
In a few weeks, Knopf will publish The Original of Laura: Fragments. The “fragments” is key. The design chosen for the final, unpublished manuscript that the late Vladimir Nabokov wanted destroyed is appropriate to the way he wrote it. The book includes reproductions of the 138 index cards on which the author, suffering from his last illness, wrote the unfinished version of the book he hoped would stand comparison with Lolita and Pale Fire.
If the early signs are right, then Network 18’s letting go of 200 people may just be an aberration. Across the Rs 80,000 crore Indian media and entertainment industry, hiring is picking up.
Nilanjana S Roy / New Delhi September 29, 2009, 0:13 IST
Private equity (PE) investments in south India dropped 64 per cent between April and September 2009 to $626 million from $1,752 million during the same period last year. The number of deals too dropped 48 per cent, according to Venture Intelligence, a research service focused on PE and M&A
The rupee today declined by 10 paise to 45.91 against the US dollar in early trade in line with other weakening Asian currencies.
Affordable housing segment will play a key role in driving growth for India"s real estate sector in 2010 on the back of pick up in demand, a top industry body has said.
Wiser from last year’s free-fall, realty firms discovered a new mantra in ‘affordable housing’ and found help from banks which offered low interest home loans to build their businesses in 2009.
A government that limits its role to regulation would be a great enabler for agricultural growth.
Domestic passenger car sales have recorded 33.88 per cent increase at 1,32,615 units in October from 99,052 units in the same month last year.
Focusing on the education sector, the Uttarakhand government has announced setting up of a National Institute of Technology (NIT) in Pauri district at a cost of Rs 400-Rs 500 crore.
In a major setback to India"s oil diplomacy, the ONGC-Hinduja Group alliance has lost the rights to develop Iran"s South Azadegan oilfield to CNPC of China.
China"s planned small-company stock exchange received 108 applications for initial public offerings on its first day of accepting proposals as its launch nears, a state news agency today said.
State-run National Hydro-electric Power Corporation (NHPC) Limited, the largest hydel power company of the country, is betting big on Arunachal Pradesh which is estimated to have hydro-power potential of more than 50,000 megawatt(Mw).
The Sensex has extended gains and touched a high of 17,554 - up 90 points. The Nifty is up 30 points at 5,231.
- FIIs infuse Rs 24,800 cr in Dec quarter - FIIs net buy Rs 516cr, DIIs net sell Rs 472cr - FIIs net sellers Rs 278cr in F&O on Wednesday - FIIs net buyers Rs 695cr in F&O on Tuesday - FIIs net sellers Rs 900cr in F&O on Thursday - Positive returns on the cards, but no sharp surge
The stock surged further to a high of Rs 1,373 - up 7% from the day"s low. It finally ended up 3% at Rs 1,350. Around 41,101 shares were traded on the BSE today.
MRF finally settled with 16.5% increase at Rs 4,454. The counter witnessed trades of 61,745 shares, as against its two-week average traded quantity of 9,607, which is a massive increase of 521,38.
Realty firm Omaxe today said it will develop four new housing projects at an investment of Rs 1,500 crore over the next three years and is mulling increasing prices of existing projects within three months.
Singapore sovereign wealth fund GIC today signalled it would shift its focus to Asia after its portfolio shed more than 20 per cent following heavy losses on Western investments.
With stock market sentiments bullish and investors back from their holidays, Qualified Institutional Placement (QIP) is also back in vogue. India Inc plans to raise more than Rs 10,000 crore through QIP in the next few months.
Healthcare chain Apollo Hospitals today said it has opened a multi-specialty care centre, Apollo Bramwell Hospital, in Mauritius.
Continuing with its low interest rate regime to boost the nation"s recession-hit economy, the Bank of England today left the key interest rates unchanged at 0.5 per cent.
As the Congress endorsed him for another term as Maharashtra Chief Minister, Ashok Chavan said, he did not expect any problem in the government formation exercise, which would begin after ally NCP elected the leader of its legislature party.
Chennai-based healthcare major Apollo Hospitals Group has opened Apollo Bramwell in Mauritius with an investment of $70 million (around Rs 350 crore).
IBM today announced new and extended collaborations with six engineering and technology colleges across Maharashtra to provide a platform for development of software skills among students.
UN chief Ban Ki-moon has pressed world leaders to publicly commit here next week to reaching a global climate change deal in Copenhagen in December.
Ahead of the climate summit next week, a senior Indian officials has met UN Secretary- General Ban Ki-moon to discuss the country"s stand on climate change.
One more person died of swine flu here, taking the death toll in the viral infection in the city to 34, health officials said today.
Sanjaya Baru / New Delhi December 28, 2009, 0:52 IST
State-run Canara Bank today reported a 50 per cent jump in net profit to Rs 1,052.58 crore for the third quarter ended December 31, 2009.
The Supreme Court has admonished drug major Ranbaxy Laboratories Ltd for not raising on the relevant occasion the issue of refunding Rs 1 crore penalty the government had imposed on it for allegedly overcharging drug prices.
Reliance Industries Ltd (RIL) has bagged rights to retail CNG to automobiles and pipe gas to households in two cities of Andhra Pradesh and one in Madhya Pradesh.
The Supreme Court is likely to defer the gas dispute between Mukesh Ambani group firm RIL and Anil Ambani group company RNRL to September four, as the Chief Justice may lead a Constitutional Bench the same day.
Union law minister M Veerappa Moily today said a road map for judicial reforms would be ready by September 30.
Telecom regulator Trai today said it could not give its fresh views on the crucial issue of capping of licences by September 5 as licensing policy needed a closer look for the growth of the industry.
The government today revised its petition on the Ambani gas dispute before the Supreme Court, restricting its prayer to that part of the private agreement that pertains to gas.
Analysts feel even this may not induce many shareholders to sell.
Maharashtra allows eight private hospitals to treat patients.
Altogether 73 swine flu cases, the highest for a day so far, were reported today in the city, which has so far seen five H1N1 deaths.
Private hospitals in Mumbai today agreed to set up isolation wards for treatment of swine-flu affected as government said patients can get admitted to such hospitals once officials found the facilities satisfactory.
Pharma firm Zenotech has approached the Company Law Board (CLB) seeking removal of two of its board members, appointed by Ranbaxy, alleging "operational mismanagement".
Piramal Life Sciences has commenced phase I trial of a new experimental drug molecule P2202 for diabetes metabolic syndrome in Canada. P2202 is the second compound from Eli Lilly and is part of the collaborative agreement between two companies and is being developed for diabetes metabolic syndrome.
Dr Reddy"s Laboratories (DRL), the second largest drug maker in the country, would invest about Rs 750 crore ($ 150 million) in setting up two special economic zones (SEZs)- one in Visakhapatnam and another in Hyderabad.
Just over a week after the Madras High Court granted the Chennai-based two-wheeler company TVS Motor the permission to use twin-spark plugs in its motorcycles, Bajaj Auto has decided to move the Supreme Court against the ruling.
The Supreme Court today refused to stay the Karnataka High Court’s judgement quashing a state government order making Kannada the compulsory medium of instruction in all schools of the state from class I to IV.
Aabhas Sharma / New Delhi July 25, 2009, 0:40 IST
Private airline Jet Airways today posted a profit of Rs 105.80 crore for the third quarter ending December 31, 2009, the company said in statement here.
The Supreme Court today allowed TVS Motor Co to manufacture ‘Flame’, the 125 cc bike which was caught in a patent row with Bajaj Auto Ltd. But the finished two-wheelers would not leave the company’s warehouse. Both parties were also restrained from using the order for any purpose, including publicity.
The Audit Committee and Board of Directors of pharmaceutical and biotechnology major, Wockhardt Limited, today appointed BDO Haribhakti as Statutory Auditors of the company from the financial year commencing from January 1, 2009.
In a bid to prevent surrogate advertising of alcohol and tobacco products on television, government has tabled a paper in Parliament to implement various provisions to this effect.
Disappointment at the outcome of a United Nations-sponsored climate change conference in Copenhagen is "justified," US President Barack Obama said in a US television interview.
US and emerging economies including India struck a face-saving deal to tackle global warming, but the pact ran into rough weather with several developing countries opposing it, saying it was legally non- binding and set no target for curbing carbon emissions.
Regulator charges the firm with allotting employee quota shares to others.
Never let it be said that the Justice Department can’t move quickly when it gets a hot tip about an alleged crime at a Wall Street bank. It does help, though, if the party doing the complaining is the bank itself, and not merely an aggrieved customer.
Suzlon Energy bagged a repeat order from Gujarat Alkalies & Chemicals (GACL) to set up, operate and maintain a 21 megawatt (Mw) wind energy project in Maliya Miyana in the Rajkot district, Gujarat. The project will comprise of 14 units of Suzlon"s S82-1.5 Mw wind turbines.
The Nifty formed another Doji pattern today after moving in a narrow band of 50 points, indicating indecisiveness among participants ahead of Christmas holidays in US and European markets. The index closed below its crucial trendline support level of 5,050, while maintaining its 50-day daily moving average (DMA) support at 5,000.
In the same way that you should get massages and take naps or meditate, you should, everyone should, make a point to eat out by yourself from time to time,” wrote Amanda Hesser in her wonderful Cooking for Mr Latte. “You should be kind enough to yourself to lavish your appetite with good food without the interruptions of company.”
Hitting hard at global warming sceptics, powerful US lawmakers have accused them of "engaging in a policy of distraction" by promoting hacked e-mails, which claimed that scientists had exaggerated the crisis and asserted that the world is getting hotter faster.
A crucial UN climate summit opened here today amid calls for "early action" to combat the threat and with the hope that emission reductions promised by key countries had put the world closer to a global warming control pact.
Home minister says the January 5 meeting of political parties is to devise a roadmap on resolving the statehood issue.
After initial hesitation, Oman Oil Company is now keen on increasing its stake in Bharat Petroleum Corp Ltd"s Bina refinery project to 26 per cent and is ready to pay $250 million for the same.
State-run Bharat Petroleum Corporation today reported a 62-fold growth in net profit at Rs 3,628.02 crore for the fourth quarter ended March 31, 2009.
India’s coffee exports have declined 14.28 per cent to 2.28 million bags in the first 10 months of the 2008-09 coffee year till July, even as the global shipments rose marginally in the same period, the International Coffee Organisation (ICO) said.
The construction work for the 220 KV line from Paradeep Grid sub-station of the Orissa Power Transmission Corporation Limited (OPTCL) to the proposed petroleum refinery premises of the Indian Oil Corporation Ltd. (IOCL) is yet to start.
Vemagiri Power Generation Limited (VPGL), a subsidiary of Bangalore-based GMR Energy Limited, is planning to put up an additional capacity of 750 Mw in Vemagiri, adjacent to its existing natural gas-fired combined cycle power plant of 388.5 Mw.
The Centre today warned the Vedanta group that it can be prosecuted if it resorts to “illegal mining” of bauxite at Niyamgiri in Orissa since it has been given only in-principle approval. “They have got environmental approval in-principle. They have not got full forest clearance. If mining is taking place in Niyamgiri, then it is illegal,” Environment and Forests Minister Jairam Ramesh said in the Rajya Sabha.Replying to a debate on the working of his ministry, he said the ‘in principle’ nod given to the group would not mean sanction for the mining operations.
Bajaj Auto recorded a near three-fold increase in net profit at Rs 475 crore in the quarter ended December 31, 2009, beating market estimates. India’s second-largest motorcycle maker saw high demand for its vehicles, essentially driven by the high-margin, but low-capacity bikes introduced recently.
Though CM has shown confidence, Bihar is still not getting private sector investment.
Power transmission and distribution company Areva T&D India today said its shareholders have approved sale, lease or transfer of its undertakings.
Gail India
S Kalyana Ramanathan / New Delhi January 29, 2010, 0:51 IST
The power situation is expected to see a dramatic change once the Kudagi thermal power plant goes operational. The foundation stone for the thermal plant near Basavana Bagewadi in Bijapur district will be laid in January next. The National Thermal Power Corporation has approved the proposal for setting up the coal-based 4,000 Mw plant at its meeting held in New Delhi on November 27.
The Sensex has ended (provisional) at 16,912- up 74 points.
The markets opened on a flat note amid mixed global cues. However, bears were soon seen active following yesterday"s weakness. The Sensex drifted to a low of 16,778, down 109 points from the day"s high.
Japanese auto maker Nissan Motor Company, which plans to launch a compact car in India after six months, today showcased a sedan. The car is to be built on the same platform as the compact car, but will not serve the low-cost concept.
The leading Kerala-based private sector lender Federal Bank today said its net profit declined by 45.92 per cent to Rs 110.25 crore for the third quarter ended December, over the corresponding quarter last fiscal.
Foreign institutional investors (FIIs) were net sellers of Rs 2,813.06 crore (provisional) today, according to data released by BSE.
Business Standard / January 26, 2010, 0:11 IST
Ford has spent considerable time and energy (and scarce cash) to develop the Figo. Can it fend off competition?
State-owned IDBI Bank is believed to have zeroed in on Kerala-based private sector lender Federal Bank for acquisition.
State-owned IDBI Bank is believed to have zeroed in on Kerala-based private sector lender Federal Bank for acquisition.
The CBI will probe the fresh FIRs registered by the Haryana police against former DGP S P S Rathore and others in the Ruchika Girhotra molestation case, according to a Central Government notification issued today.
Public sector banks have almost given up on meeting the 20 per cent credit growth target they had set at the start of the current financial year. And, unlike the past, they are now acknowledging about missing the target.
Unhappy over the Reserve bank of India"s (RBI) more-than-expected 75-basis point hike in cash reserve ratio (CRR) to squeeze money supply, India Inc today cautioned that economic growth will be hit if accommodative monetary stance is reversed hastily.
Reserve Bank of India (RBI) Governor D Subbarao said the hike in the cash reserve ratio (CRR) announced today, would not affect credit availability to the private sector and harden interest rates immediately.
The trade ministers of th key WTO members, including India, Brazil and EU, will meet chief of the multilateral body Pascal Lamy on the sidelines of the ongoing World Economic Forum meeting here tomorrow to discuss the progress of the Doha Round.
The government today allowed prospective 3G bidders to raise funds from domestic markets, which could later be refinanced through debts raised abroad, giving a major boost for 3G spectrum auction.
After a brief lull, mobile operators have begun clashing over the fee paid for spectrum (air-waves), with Vodafone claiming Tata Teleservices and RCom were underpaying the government — a charge denied by the two companies.
Finally starting the process to auction 3G spectrum to potential telecom operators, the government is likely to issue guidelines giving details about the number of blocks to be sold and other related information.
Telecom giant Bharti Airtel has managed to declare a profit but its results show a real problem in even the top line. This underscores the need for these market leaders to find other ways to monetise customers. The plain vanilla voice market is no longer profitable, but these companies haven’t done much by way of value added services apart from the caller tunes, which is now an old story.
Public sector lender Bank of Maharashtra reported a 7 per cent drop in net profit to Rs 112 crore for the quarter ended December 2009 against Rs 120.6 crore in the year-ago quarter. Net interest income, or the difference between interest earned and interest paid, grew 5 per cent to Rs 361 crore from Rs 343 crore in the December 2008 quarter.
India’s largest private sector lender ICICI Bank on Sunday ruled out overseas acquisitions, but said it is open to buying local banks to increase presence and business within the country. “We are not looking at global mergers or takeover or anything.
Most of the business leaders surveyed across the world sounded optimistic about growth prospects and are planning to raise headcounts this year, indicating that fears of world financial meltdown have receded, said a survey.
VE Commercial Vehicles today reported an over three-fold increase in sales of Eicher trucks in December last year at 2,665 units as against 748 units in the same month previous year.
Controversy-ridden UN climate panel has said it is reassessing another of its claim for linking global warming to an increase in the number and severity of natural disasters, bringing fresh embarrassment to it.
India"s eight ambitious missions to address climate change may get funds in the Union Budget that will be presented in Parliament next month.
Amid controversy surrounding the Intergovernmental Panel on Climate Change (IPCC) report on melting glaciers, Xie Zhenhua, Vice-Chairman of China’s National Development and Reform Commission, today urged the UN panel to make the fifth assessment report comprehensive by also citing contrarian views.
Shilpy Sinha / Mumbai January 8, 2010, 0:47 IST
The Hinduja group would achieve financial closure for the 1,040 Mw power project being set up at Visakhapatnam by October 2009.
The ongoing attacks on Indian students studying in Australia have received a strong reaction from the Indian film fraternity.
Faced with a major downslide in business traffic, airlines are now adopting innovative schemes to attract high-end and corporate travellers to fill in the seats on the front rows.
Hungry for growth, companies such as Godrej Appliances and LG Electronics are set to debut in the sub-Rs-7,000 refrigerator range.
Led by market leader Hero Honda, two-wheeler manufacturers posted an impressive growth in sales during the month of November on the back of favourable bank lending rates and a good response to new launches. Heavy promotional campaigns and sales offers by most companies also aided demand.
Hit by poor availability of scrap, expensive raw gold imports.
Gold imports witnessed nearly a three-fold jump during August at 21.8 tonnes as compared to the previous month on rising investment demand with the onset of festival and marriage season.
Challenges posed by climate change hit centrestage in 2009 which saw the government doing a flip-flop ahead of the crucial Copenhagen summit even as the Opposition and experts alleged that India succumbed to pressure from rich nations on emission cuts.
Japanese auto giant Suzuki today announced an investment of up to Rs 1,500 crore in the next 6-7 years for setting up a research and development (R&D) centre in India, which will be the company"s global small car R&D hub.
Maruti Suzuki will expand its passenger vehicle production capacity at Manesar by around 2 lakh units over the next 2 years.
Celebrity restaurateur Bill Marchetti is settling down after a wildly experimental life, discovers Kishore Singh
With Formula One Supremo Bernie Ecclestone giving a categorical assurance that the Indian Grand Prix is very much on, Force India Chairman Vijay Mallya today said the 2011 race would be a huge boost both for motorsports and the outfit he owns.
State-run Bharat Sanchar Nigam (BSNL) today said it is in talks with new telecom operators, including Unitech, for sharing its infrastructure with them and a separate division will be created within the firm to oversee its infrastructure sharing business.
The Bombay Stock Exchange (BSE) today said short selling in four scrips, including Corporation Bank and IndusInd Bank will not be available on the bourse with effect from July 31.
Aptech has so far trained five million students globally and has over 1,000 centres in 35 countries. In his first interview to the media after taking over as CEO and managing director, Ninad Karpe tells Shivani Shinde how he plans to take the company into the next phase of growth. Edited excerpts:
Nancy Birdsall & Arvind Subramanian / November 21, 2009, 0:40 IST
With states speeding up distribution reforms in the power sector, the requirement for Central funds has gone up by over a half in the next financial year.
The recent top-level changes at PricewaterhouseCoopers (PwC) have not gone down well with some local partners, who see it as an attempt by PwC Global to take control of the Indian operations. PwC officials say such fears are highly misplaced.
Global quick service restaurant chain Domino"s Pizza is planning to hire up to 1,800 new employees during this fiscal to service its expanding chain.
Domino’s Pizza is now delivering pasta. Here’s why
Companies knocking on government doors for bailout funds may have been the norm in the West, but India Inc begged to differ from this rule by raising over Rs 1,50,000 crore of capital for expansion from investors across the world in 2009.
Funds will have to launch products tailor-made for semi-urban, rural markets.
Amid rising food inflation, the Reserve Bank of India (RBI) today said it will take "prompt action" if it felt the price rise is due to demand factors.
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.
In a bid to give a big push for the development of coal- and gas-based power projects in the country, the expert appraisal committee (EAC) under the Ministry of Environment and Forests (MoEF) will take up proposals for terms of reference and environment clearances for 31 projects with a total generation capacity of 35,700 Mw.
Promoters aim to hike stake; Dalmia’s stake over 25%
The Shipping Minister said today that the ministry is taking all possible measures to encourage private sector investment in the shipping sector as major ports alone require over Rs 36,000 crore private investment by March 2012.
Rise in portfolio value triggers higher dividends.
Citibank today launched CitiHome One, a first-of-its-kind universal mortgage product, that would enable customers to get a home-loan as a combination of a conventional term-loan and credit line.
With inflation on the rise and projected to rise further, the real return on your fixed deposits could soon turn negative.
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).
Religare Finvest (RFL), the non-banking finance arm of Religare Enterprises, could infuse an additional equity of Rs 650 crore in order to meet a lending target of around Rs 5,000 crore by March 2011 under its consumer business segment.
The country"s bourses will join their global counterparts tomorrow to welcome the new year with a holiday.
As expected, the S&P CNX Nifty closed at 5,201 levels on long rollovers in index futures and key stocks futures. The index is expected to consolidate above 5,200 in the new series before moving above the short-term target of 5,350. The rollovers in the Nifty January futures, at 22 million, were at a five-month low, which indicates that bears are waiting in the wings. At similar point in July 2009, the Nifty had gained over 500 points in a couple months to move above 5,000 in September 2009. A similar trend may see the Nifty moving above 5,500 in the near future.
The Coal India Limited"s (CIL"s) move of 11 per cent hike in the price of coal is likely to impose a heavy financial burden on some of the coal-based thermal power stations in the state, Gujarat State Electricity Company (GSECL), sources said.
As part of efforts to combat climate change, Prime Minister Manmohan Singh today advocated creation of Solar Valleys on the lines of Silicon Valleys and asked industrial houses to view the Solar Mission as a huge business opportunity.
2009 saw a high-voltage legal battle between the Ambani brothers over the gas dispute reaching the Supreme Court with a judge withdrawing from the bench.
Bank of America Corp, the largest US lender, raised $19.3 billion selling securities at $15 apiece in the biggest sale of stock or preferred shares by a US public company since at least 2000.
TCG group-promoted TCG Life Sciences, a contract research firm in the area of drug discovery, has signed an agreement with pharma giant Pfizer.
Stock markets were propelled by robust industrial growth data, the government’s reform initiatives and strong global markets. The Sensex ended the week higher by 690.55 points, or 4.27 per cent, at 16,848.83, while the Nifty closed at 4,998.95, up 202.80 points, or 4.23 per cent.
The markets have been virtually unchange din the past one hour. The Sensex is at 16,858, down 35 points, and the Nifty is placed at 5028, down 12 points.
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.
Government today filed its affidavit in the Supreme Court on the ongoing gas row between the Ambani brothers saying that the arrangement for public sector NTPC cannot be equated with any agreement between RIL and RNRL.
The industrial consumers numbering 19,417 owed Rs 220.15 crore as outstanding electricity bill to the power distribution companies in the state.
Deepak Fertilisers & Petrochemicals Corporation today said it has raised Rs 100 crore by issuance of debentures.
With its own public sector undertakings (PSUs) expressing inability to meet the deadline to implement the mobile number portability, the government has called a meeting of the stakeholders on Thursday to review their readiness for Mobile Number Portability (MNP) implementation.
GE Healthcare is bullish on the public sector in India and is aiming to rake in substantial earnings through the public-private partnership (PPP) route. The company has already worked on projects with the Gujarat and Maharashtra governments and is looking to partner with West Bengal, among others.
Having faced delays in land acquisition for several projects, Tata Steel would have to sharpen its skills in dealing with people issues, said Managing Director H M Nerurkar.
As part of its special audit on selected companies, the Department of Telecommunications (DoT) has told Bharti Airtel to provide all required information to the auditor by December 14.
World"s biggest banks will pay out more than $65 billion in salaries and bonuses over the next fortnight, with banking conglomerate JP Morgan Chase alone likely to shell out a record $29 billion, barely a year after the bailout of the banking system.
94% foreign investment in aerospace alone.
The Securities and Exchange Board of India (Sebi) is examining the possibility of allowing inclusion of currency and interest rate futures in portfolio management services (PMS).
Great Eastern Energy Corp today said it has completed laying a gas pipeline from Asansol to Durgapur in West Bengal.
Indian drug companies Wockhardt and Sun Pharmaceutical Industries have received final approval from the United States Food and Drug Administration (USFDA) to market generic versions of Nicardipine, the hypertension drug.
Sun Pharmaceutical Industries, India"s largest drug firm in terms of market capitalization, posted a 11.49 dip in net profit during the quarter ended September, compared to the same period last year, due to regulatory issues and the resultant loss of revenue for its US subsidiary Caraco Pharmaceuticals.
More law firms slap class action suits against Caraco.
Sun Pharmaceutical Industries’ US subsidiary Caraco Pharmaceutical is facing more trouble in the US. A law firm, Izard Nobel LLP, has initiated a lawsuit seeking class action status against the company in the United States District Court for the Eastern District of Michigan on behalf of its investors.
Seven out of the top 10 companies lost nearly Rs 46,000 crore from their market capitalisation past week, while companies including state-run MMTC, Infosys Technologies and Tata Consultancy Services (TCS) saw their valuation surge.
The Supreme Court last week set aside the judgement of the Rajasthan high court and restored the award of the arbitrator in the case, Indian Hume Pipe Co Ltd vs State of Rajasthan. The company was granted contract for laying pipeline in the Kota division. Following disputes between the company and the state government, the matter was referred to three arbitrators. They allowed the claim of the company along with interest from the pre-reference period, during the arbitration and ‘future interest’ from the date of the award till the date of payment. On appeal by the state government, the high court set aside the award of interest at the above three stages. The company appealed to the Supreme Court. It ruled that the arbitrator has the power to award interest at all the three stages.
Animation and gaming firm DQE India is planning to hit the capital market initial public offer to raise Rs 150 crore to part finance its expansion plans.
The Prime Minister’s Office (PMO) has asked for comments from the petroleum ministry on Anil Ambani’s letter, wherein he accused the ministry of siding with estranged brother Mukesh Ambani’s Reliance Industries Ltd (RIL) in an ongoing gas dispute.
Pinched by rising raw material prices, fast moving consumer goods (FMCG) companies, especially manufacturers of packaged foods and soaps, may raise prices or reduce grammage per pack over the next one or two quarters.
Sunanda K Datta-Ray / New Delhi December 05, 2009, 0:48 IST
This is the second volume of essays/columns by NK Singh, or NK as he is generally known. These essays span the period of summer 2007 to summer 2009. The first thing that strikes the reader about these columns is the extraordinary variety of topics, ranging from the management of global economic risks to issues of Parliamentary oversight to a blueprint for the revival of Nalanda University. To anyone who knows NK, such variety and range would come as no surprise. Indeed, I was mildly disappointed not to find an essay on the challenges of nurturing roses or one on the finer points of photography, both of which figure among NK’s manifold interests.
The tremors from the Dubai World crisis are unlikely to be felt by Indian information technology (IT) service providers, since they do not have a major exposure to the market in that region.
Indian Overseas Bank today reported 51 per cent decline in its net profit at Rs 176.04 crore for the second quarter ended September 30, 2009.