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.
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.
Centum Learning, the education and training arm of Bharti group, is expanding its footprint in India by setting up skill development centres and mini-campuses for offering professional degrees to students. The company will cater to the entire spectrum of students from - low end to high end.
With prices of essential commodities going through the roof, public distribution shops (PDS) in Kerala are back in action.
While the growth visibility is reasonably good, the offer leaves no meaningful gains for investors in the near-term.
Significant new capacities in the coming months could depress cement prices leading to a drop in profitability
Expansion in manufacturing, services sectors contributed to growth
Indian Commodity Exchange (ICEX) is likely to get the Forward Markets Commission’s nod to offer concessional transaction charges for its 100-odd members in the first 3-6 months, according to BC Khatua, chairman, FMC.
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.
The Indian Commodity Exchange (ICEX), promoted by public sector MMTC Ltd and Indiabulls Financial Services, has got recognition from the commodity market regulator, the Forward Markets Commission (FMC). FMC Chairman B C Khatua confirmed this.
The lamps you light on Diwali or the "rakhi" you tie on your brother"s wrist may not have been made by domestic craftsmen. Chances are you may be tying your brother a China-made rakhi and lighting Chinese lamps.
India should not lift ban on the export of non-basmati rice, especially in view of the proposed Food Security Act, as demand under the public distribution system is set to rise, according to the Centre for Environment and Food Security (CEFC).
Indian spices to pep up the hot curries are a sure winner here with Malaysia emerging as the second largest importer, after the United States, with its imports worth $79 millions last year.
The intermediate trend is weak despite the net gains last week
After two weeks of tough negotiations, the five permanent members of the Security Council have agreed on a draft resolution to impose tough new sanctions against North Korea for its second nuclear test, diplomats said.
Zhao Hang, who helped devise China’s auto-stimulus package, is facing demand from car buyers battling an unexpected consequence — two-month waiting lists.
With the global venture capital industry showing signs of recovery, investment levels into India are expected to increase the most compared to others in the Asia-Pacific region over next three years, says a survey by Deloitte.
Company says it does not believe in reducing investments during the downturn.
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.
Indian stocks trading on American bourses lost $3.85 billion (around Rs 18,000 crore) from their total market valuation last week, with HDFC Bank and Sterlite Industries leading the pack.
Swiss banking major UBS is looking to raise 3.8 billion Swiss francs (about $3.5 billion) through issue of fresh shares and has warned of second quarter losses.
At the Bank of America Corp office in Washington, employees are fielding as many as 10 calls a day from Capitol Hill, up from about two a year ago.
India today sought speedy negotiations of reprocessing arrangements, as well as liberalisation of the export licensing procedures, to move forward the Indo-US civilian nuclear deal.
India’s new airports use an international architectural language, but a local twist might have been interesting, suggests Anand Sankar
Bloomberg / October 27, 2009, 0:05 IST
I want to invest in equity mutual funds. Should I take the systematic investment plan (SIP) route or the lumpsum route? Which strategy works better?
Telecom Minister A Raja today said any deviation by lower-rung officers from the government’s policy decision on spectrum allocation would be dealt with.
NRI steel tycoon Lakshmi Mittal has donated 15 million pounds towards creation of a landmark art installation in East End in honour of the 2012 Olympics.
The Indian rupee rose marginally by 2 paise per US dollar at 46.48 in opening trade today, on hopes of higher capital inflows from foreign funds as the domestic stock market may open higher tracking the firm trend in the Asian markets.
Extending losses for the second day the Indian rupee today depreciated by another 15 paise to 46.63 against the US currency in early trade largely on the back of dollar"s gains versus major currencies and Asian units.
Russia, the country"s longtime and largest defence partner, appears to be miffed over India working towards sewing up a defence pact with Ukraine.
Tightening her grip over the succession squabble in Andhra Pradesh after the sudden death of chief minister Y S Rajasekhara Reddy, Congress President Sonia Gandhi has summoned K V P Ramachandra Rao, the late chief minister’s biggest acolyte, for a meeting on Tuesday at her residence in the national capital.
Supporters of Y S Jaganmohan Reddy today sought to step up the campaign for making him the Chief Minister of Andhra Pradesh even as the interim incumbent K Rosaiah ruled out the possibility of any division in the party.
The Clinton Tapes is a mesmerising account of a complex and fascinating man whose presidency was a rollercoaster of high-minded ideals and sordid scandal.
Former US President Bill Clinton would be leading a trade delegation to Haiti in October, in his capacity as the UN Special Envoy for Haiti.
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.
The two major ports in Chennai and Tuticorin are planning to set up wind mills to cater their power requirements. The two ports are planning to invest around Rs 82 crore.
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.
The stock slipped from the day"s high and finally ended up 6.5% at Rs 550. The counter witnessed heavy trade volumes of 2.67 million shares.
The stock finally ended at Rs 141, down 2.5%. Over 1.18 shares were traded on the BSE today.
California-based BPO and KPO service company, which has operations in Ahmedabad, India and Manila, Philippines, is mulling expansion of its Indian operations in Gujarat by setting up a new service centre. However, the company is considering options among some of the upcoming special economic zones (SEZ) in the state.
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.
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.
The slowdown-hit business process outsourcing industry is likely to face better times in the medium-to-long term and the downturn gives opportunities for Indian firms to acquire businesses abroad, industry officials said today.
Swaraj Baggonkar / Mumbai January 5, 2010, 0:31 IST
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.
Sensex flat; Metal, IT stocks gain
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.
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.
Construction company Unity Infraprojects today said it has received a contract worth Rs 54.56 crore from Amanora Park Town for construction related works.
Oil and Natural Gas Corp (ONGC) has bid for Venezuela"s Carabobo oil auction along with Spain"s Repsol YPF SA and Petroliam Nasional Bhd of Malaysia.
The market is in a short-term downtrend and should find support between 5,000 and 5,050.
Anand Sharma, Union minister for commerce and industry, must have got used to people addressing him in various ways. But Minister of State for Railways E Ahmed stunned him last week when he was about to enter Parliament. Ahmed was talking to someone outside gate number 4 when Sharma stepped out of the car. “Hello commerce, hello commerce,” Ahmed called Sharma. Sharma acknowledged the joke and responded with a warm smile.
I am 34 and employed in an IT company in Gurgaon. I began investing in June 2007, with a sum of Rs 2,500 a month. Gradually, I increased the SIP amount to Rs 16,500 a month. Can you help me with my financial plan? I have provided all the details below.
Volatility in investments concern for RBI.
Maytas Properties, which is trying to raise finances for completing its Hill County project, is asking its customers to find investors for the project.
Chief minister B S Yeddyurappa has said that H D Deve Gowda has no locus standi to criticise the Bangalore-Mysore Infrastructure Corridor (BMIC) project as it was he as chief minister who had cleared allotment of land at a lower price and had even signed an agreement accepting the clause that courts in London would have jurisdiction on dispute redressal.
FMCG major Hindustan Unilever (HUL) has put up a total of seven residential properties for sale in Mumbai and Gurgaon, which could fetch around Rs 35 crore.
Murli Deora / August 9, 2009, 0:21 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.
BIG TV, the DTH service of Reliance ADA Group, is expanding its channel bouquet with the addition of 10 new channels from June 1, including Korea"s KBS (international offering) and WB the latest, English entertainment channel from the broadcasting major Turner International India Pvt Ltd in association with their sister company Warner Bros, the company said in a statement.
The proposed helipad atop ‘Seawind’, Mukesh Ambani’s residence in south Mumbai, has got clearance from the Maharashtra Coastal Zone Management Authority (MCZMA), a senior official said today.
Business Standard / New Delhi July 29, 2009, 0:38 IST
Saubhadro Chatterji / New Delhi September 22, 2009, 0:55 IST
With Volvo, Daimler and Scania gaining a foothold in the over-40-tonne heavy commercial vehicle category, it was time for Indian players to get their act together. “Indian manufacturers were not strong in heavy commercial vehicles because there was not much demand for them. But with exports and infrastructure stirring up, these have received a shot in the arm over the last four to five years,” says PricewaterhouseCoopers Leader (automotive practice) Abdul Majeed.
ADAG will provide help in production and distribution in India.
Karnataka chief minister B S Yeddyurappa today announced Rs 100 crore towards carrying out relief and rescue operations in the rain battered regions of the state, taking the total availability of funds with the deputy commissioners of districts to Rs 300 crore.
Amid reports about Mumbai Police Crime Branch Chief Rakesh Maria"s offer to resign if Home Ministry does not clarify allegations levelled against him by Vinita Kamte, the slain IPS officer Ashok Kamte"s widow today said she stands by each and every word in the book written by her.
The Indian Institute of Management, Calcutta, (IIM-C), has successfully placed all its 32 students of the post-graduate programme for executives (visionary leadership in manufacturing, or PGPEX-VLM). The highest offer was Rs 18 lakh and the average stood at Rs 11.37 lakh.
ICICI Bank today said it has raised $750-million (around Rs 3,465 crore) by issuing five-year bonds at its Bahrain branch.
In the wake of the deadly fire that ravaged the Indian Oil Corporation’s (IOC’s) depot in Jaipur, the Madhya Pradesh governemnt has woken up to the realisation that the company’s Bhopal depot is a ‘nuisance’. The state government will soon serve a notice on the company under Section 133 of the CrPC (removal of nuisance).
Social networking site Facebook has received a $200 million investment from Digital Sky Technologies, an internet investment group, in exchange for a 1.96 per cent stake in the company.
US nuclear companies will start cooperating with India under the bilateral Indo-US atomic deal once the issues relating to liability insurance as raised by some American companies are sorted out by the two sides.
A week after Prime Minister Manmohan Singh was accorded a red carpet welcome in the US, the Obama administration has termed his visit as "historic" and said both the countries had some "specific accomplishments".
To avoid a repeat of the chaos seen this year in the first few days of the computer-based Common Admission Test (CAT), the Indian Institutes of Management (IIMs) are thinking of doubling the testing window period next year to make the process smoother.
Microsoft Windows 7, Adobe, Symantec software stuck at Customs over excise duty
Jai Arjun Singh / New Delhi October 10, 2009, 0:51 IST
What does a Taylor guitar worth $3,500 have in common with a pornographic comic-strip Indian bhabhi? The curves, sure, but they both also have songs protesting their mistreatment. In the process, they’ve got the Net buzzing.
Wireless telecom solutions company Clay Telecom today said it has begun offering international roaming service for Blackberry users.
The Indian Space Research Organistaion (Isro) is looking at 25 per cent growth in revenues this fiscal over Rs 1,000 crore attained last year, betting big on satellite launches and carrying space crafts of other countries.
Reserve Bank Deputy Governor K C Chakrabarty today allayed fears of excess liquidity in the banking system saying it was just "adequate".
Long before the Commonwealth Games officials came to town to inspect the work being done, there was considerable disquiet in the Prime Minister’s Office over the lack of progress in the preparations. To help MS Gill, he was even given an assistant, Jarnail Singh, a former joint secretary in the PMO and a former chief secretary in Manipur. Instead of reducing the disquiet, the move has increased it. Singh is a gentleman but that’s probably the last thing you need right now. What makes things worse is that the other name doing the rounds at that time was that of V K Duggal. A go-getter, Duggal is a UT cadre officer and has served in Delhi long enough to know enough people to get work done — and being the home secretary till a few years ago also helps.
Miffed by the Commonwealth Games Organising Committee removing him from the post of 2010 CWG Chief Executive, Mike Hooper has struck back by declaring that the preparedness of the mega-event was far from satisfactory.
Murdoch - pay content: Rupert Murdoch’s promise to end the great news free-for-all is bold but risky. The media mogul is vowing to do at News Corporation what most of his rivals dream of — charge for access to all online news content. The flagging industry has seen profits disappear with the rise of the internet, a trend accelerated by the recession, and needs a powerful player to move first. But even Murdoch will find this endeavour tricky.
The budget is big on rural India and allocations for the Bharat Nirman project, for instance, have been hiked 45 per cent over those allocated in Budget 2008-09 — within this, allocations for projects like the Pradhan Mantri Gram Sadak Yojana have been hiked 59 per cent. While that’s all very well, it would be a good idea to see what’s happening on the government’s plans for connecting rural India, not by roads but by telephones. As compared to urban areas where around 90 per cent of people have phones, tele-density is just around 15 per cent for rural India.
During a recent visit to Taipei, an advertising professional, on seeing Times of India’s ‘A day in the life of India’ commercial, posed a curious question to me, “how can a commercial be borne out of such a serious issue that affects your society?” In response I explained how the parody on redtapism, far from trivialising the issue of corruption or brushing it under the carpet, resonated strongly with the voice of India. This voice accepted India with all its shortcomings and subsequently dealt with them in an open, transparent manner.
The National Textile Corporation (NTC) has begun talks with the National Buildings Construction Corporation (NBCC) and others for sale of its surplus land in four cities that is expected to fetch the state-owned firm Rs 5,000 crore.
Industrial conglomerate General Electric is considering the sale of its 51 per cent stake in NBC Universal to America"s leading cable operator Comcast, says a media report.
- Bank stocks surge on hope of better profits - SBI upbeat on foreign growth, to scale up Singapore ops - Scarce lending by banks hitting tractor sales, complains sector - Unitech Wireless raises Rs 5,000 cr for network roll out - Advance tax collections shore up in Q2 - SAIL"s Bhilai Steel Plant bank account attached
Corporate giant Reliance Industries (RIL) today said its auditors have pointed out a possible increase of Rs 263 crore in its current tax provisions for quarter ended June 2009 due to the budgetary proposals of the central government.
India’s foreign minister today advised its students to be “more discreet” in choosing educational institutes and courses of study in Australia, whose high commissioner admitted there was a drop in applications of Indian students following media coverage of attacks on them.
Essar Steel has approached the government to denotify a sector-specific Special Economic Zone developed by it in Hazira, Gujarat, as this would enable the company to sell the produce also locally.
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.
McKinsey, RBS postpone placements by three to six months
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 have shrunk nearly 40 per cent since then.
Four public sector giants — ONGC, Steel Authority of India Ltd (SAIL), Indian Oil Corp (IOC) and National Thermal Power Corp (NTPC) — were likely to get in next ten days the Maharatna status, which would empower these Public Sector Undertakings (PSUs) with greater autonomy, a top government official said today.
Business Standard / New Delhi September 16, 2009, 0:29 IST
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.
Kirtika Suneja / New Delhi November 11, 2009, 0:35 IST
GE Capital: GE Capital is taking on the doubters. General Electric’s finance arm on Tuesday addressed investors sceptical of its fit within the industrial conglomerate. Chief among the messages: the business is adequately funded; it has enough capital to handle potential loan losses; and it is basically above average in what it does relative to big US banks. But if that’s all true, why does GE Capital need the special treatment it is fighting for on Capitol Hill?
Finance Minister Pranab Mukherjee might have to fall back on disinvestment and other non-tax revenue sources while presenting the Budget for 2009-10 on July 6, economists believe.
Asian markets today ended with moderate losses.
A K Bhattacharya / New Delhi June 17, 2009, 0:28 IST
With the economy witnessing a slowdown, the Planning Commission has recommended to the Finance Ministry that states be given more freedom to borrow from the market, even if the fiscal deficit touches 4 per cent of state GDP.
The Asian markets had a weak closing, across the board.
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.
Minister of State for Commerce and Industry Jyotiraditya Scindia today said the Dubai crisis would not have any significant impact on India"s exports to the Middle East.
Steel producers facing pricing pressure are alleging that importers are circumventing import licensing requirements for hot-rolled (HR) products, which are included in the restricted list according to a Directorate General of Foreign Trade (DGFT) notification in November 2008.
The Tamil Nadu government has sought an additional Rs 461 crore from the railway ministry for speedy completion of projects in the state.
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.
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.
In a surprise move, ABG Shipyard today exited the race to acquire Great Offshore and sold its 8.2 per cent stake to three financial investors. The ABG moves comes after seven months of intense rivalry with Bharati Shipyard through a series of competitive counter-bids.
BEML Limited, a Mini Ranta Category-I Public Sector under the Ministry of Defence and Steel Authority of India, a Navaratna Company under the Ministry of Steel have signed a Memorandum of Understanding for supply of stainless steel.
The government today said Indian Railways proposes to acquire 18,000 wagons in 2009-10,under rolling stock programme during the current fiscal against 11,000 in the previous financial year.
Indian Railways has posted double digit growth in revenue earnings in mid June, with total goods earning standing at over Rs 1,500 crore.
Despite the inherent attractiveness of the rural market for telecom operators various challenges still mar their entry.
The Supreme Court has restrained the Uttar Pradesh government and others from initiating recovery proceedings against Kotak Mahindra Bank in a matter related to trading of debts by banks.
After declaring 26 districts as natural calamity-hit following insufficient rains in the state, the Bihar government today said it would sought a Rs 10,500-crore Central package to meet the situation.
The government today imposed stock limit on bulk sugar consumers, allowing them to keep quantities sufficient for only 15 days of their consumption at any point of time. The stock limit would be in force for six months and would be applicable to consumers whose monthly sugar consumption is at least one tonne, the government said in a statement. The move will affect confectioneries, large biscuit and beverage producing units.
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.
With crude touching the year’s high above $74 a barrel on Friday, the government has no plans to increase fuel prices in the near future.
State-run power utility NTPC has signed an agreement to buy gas from GAIL India for 10 years at a delivered price of close to $8 per million British thermal unit (mBtu).
Oil India Ltd (OIL), the nation"s second-largest state-run explorer, will hit the market with an initial public offering (IPO) on September 7.The offer will be open from September 7 to 11, a source close to the development said.
Oil India, the nation’s second biggest state-run explorer, is planning to invest around Rs 2,335 crore during the fiscal. Of this, the company will invest around Rs 1,430 crore in exploration and production and Rs 495 crore towards revamping its ageing fields.
Thanks to a robust second quarter growth of the Chinese economy, the hopes of a global recovery led by Asia seems to be gaining momentum.
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.
The government today said it has stepped up its market borrowing to Rs 2.99 lakh crore for the first half of the current fiscal against Rs 2.41 lakh crore announced earlier.
Business Standard / New Delhi July 16, 2009, 0:41 IST
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.
UNAIDS has welcomed the effort of the Clinton Foundation in association with the major pharmaceutical companies – Pfizer and Matrix – to reduce the prices of antiretroviral drugs for people living with AIDS and tuberculosis.
The Canadian Chamber of Commerce has asked the Indian government to bring a new mining policy to attract foreign direct investment in the sector.
India and Canada are in the process of finalising a bilateral trade and investment related agreement that would further boost their growing trade ties.
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.
Dish TV has advanced nearly 2% to Rs 44. The stock has touched a high of Rs 45 and a low of Rs 43 during the day. The counter saw trades of 2.56 million shares as against its two-week average quantity of 3.8 million.
Stock markets pared early gains today and ended in the red owing to subdued Asian cues.
Until lions have their own historians, the history of the hunt will always glorify the hunter —African proverb
The park where I take my walk in Bangalore is not as immaculate as many in the city are. It makes do with a daily sweep of the walkways by a somewhat lackadaisical fellow who must be in the employ of the municipality. He has a family, I realised, when occasionally he would not turn up in the morning and instead the sweeping would be done by someone who seemed to be his wife. She, of course, would do a better job.
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.
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State-owned telecom operator Bharat Sanchar Nigam Ltd (BSNL) is looking at Africa in order to expand its global foot print. After African telecom major MTN enticed Indian telecom operators like Bharti Airtel and Reliance Communications, BSNL is also looking at the continent to acquire new licences and partners.