Small Business
The German luxury car maker BMW will put 8,800 workers on shorter working hours in January as it anticipates a slump in the sales of some models, a spokesman said today.
The ongoing agitation for a separate Telangana and a unified Andhra has impacted the Rs 12,132 crore Hyderabad Metro Rail project with the government further extending the request for qualification (RFQ) date till January 16.
India’s identity as a ‘Mercedes country’ will be under threat this year, as arch rival Bayerische Motoren Werke (better known as BMW) is on course to dethrone the Stuttgart-headquartered luxury car maker from the top slot for the first time ever in India.
India"s foreign exchange reserves fell by $1.032 billion for the week ended November 20 to $285.344 billion.
Markets: Everyone knows money is not a panacea. Cash cannot cure broken hearts, and all that. But the news from Dubai and the foreign exchange markets shows that ample supplies of money can’t even solve all financial problems.
Dealers bank on small NBFCs as big players opt out.
The country"s consumer food services business is expected to be one of the fastest growing industries, thanks to the changing demographic profile, rising income levels and increasing urbanisation.
In spite of foreign tourist inflow adversely hit in aftermath of 26/11 terror attack and economic slowdown, the foreign exchange earning from the sector has witnessed a three per cent increase this year, Union Minister of State for Tourism Sultan Ahmed has said.
As many as five Indian companies, including ICICI Bank and Infosys Technologies, rank among the top 12 companies in the Asia Pacific region for being instrumental in building leadership capability within their organisation.
In the wake of the indefinite strike of the jute industry beginning December 14 this year, the Indian Jute Mills Association (IJMA) has drawn the attention of the West Bengal government to a number of long-standing issues.
Indian stocks rose, led by steel and car makers, after the government said sales of the alloy to auto manufacturers rose in the first seven months of the financial year.
Fiat India Automobile Ltd (FIAL) is developing a new compact car for the domestic market, which will be unveiled in 2012. The car, being developed for the Indian market in Fiat’s facilities in Turin, Italy, will incorporate inputs from Tata Motors. FIAL is a 50:50 joint venture between Fiat Group of Italy and Tata Motors.
Aurobindo Pharma, Hyderabad-based manufacturer of generic and active pharmaceutical ingredients reported a net profit of Rs 103.2 crore for the quarter ended September 30, 2009, as against a net loss of Rs 38.4 crore during the corresponding period last year. Revenues were up 24.42 per cent to Rs 882.64 crore as compared with Rs 709.4 crore last year.
As part of its institutional strengthening exercise, National Highways Authority of India (NHAI) is, for the first time, empanelling safety experts. The authority is also planning to form a safety cell and issue safety guidelines.
IRB Infrastructure Developers today said it has emerged as the lowest bidder for a Rs 800-crore road project of the National Highway Authority of India (NHAI).
The stock slipped further into the red to touch a low of Rs 131, down 8% from the days high. It rebounded to end with a gain of 3.5% at Rs 136. The counter clocked relatively hefty trade volume of 1.18 million shares, as compared to its two-week daily traded average of 820,391 shares.
Mixologist Max Warner makes us cocktails with Chivas Regal
Terming the death of a swine-flu infected girl in Pune as "unfortunate", Maharashtra Chief Minister Ashok Chavan has said negligence on part of the private hospital which treated the 14-year-old was to blame for it.
Surjit S Bhalla / New Delhi December 08, 2009, 0:36 IST
The government might miss the April 1 deadline for rolling out the much-anticipated goods and services tax (GST), Finance Minister Pranab Mukherjee indicated today.
Asian stocks rose, pushing the MSCI Asia Pacific Index to its biggest gain in almost three weeks, as the weaker yen boosted the earnings outlook for Japanese makers of electronics and cars and as Hong Kong-listed banks advanced.
With a year of downturn behind us, all major economic think tanks and forecasters who earlier expected the growth rate to dive below 6 per cent, are hopeful of above 6 per cent growth in 2009-10 (it was 6.7 per cent last year) and a growth of around 7 per cent in 2010-11. Such a rate of growth would be one of the highest in the world.
Pharma major Wockhardt today said it has received tentative approval from the US drug regulator to market "Memantine HCl" tablets, used for the treatment of Alzheimer"s disease and dementia.
India’s biggest drug maker, Ranbaxy Laboratories, has posted a net profit of Rs 116.6 crore for its third quarter ended September, against a net loss of Rs 394.5 crore in the same period last year, which had been largely attributed to mark-to-market exchange losses.
Pipe manufacturer Jindal Saw today reported a 46.36 per cent growth in net profit at Rs 146.48 crore for the third quarter ended September 2009. The firm had a net profit of Rs 100.08 crore in the September quarter of FY"09, Jindal Saw said in a filing to the Bombay Stock Exchange.
Pharma company Merck KGaA today said it has acquired Bangalore based Genei (India) Private by its wholly-owned Indian subsidiary, Merck Specialities.
The state health and family welfare department is looking to forge partnerships with the healthcare institutions in the private sector.
Drug Firm Cipla today said it will raise Rs 676 crore through the issue of equity shares on institutional placement basis.
Nektar Therapeutics today said it has entered into a licensing agreement with multinational drug firm Astrazenca for developing two drugs for the treatment of constipation and pain, which could fetch it up to $375 million.
Zandu Pharmaceutical today said it has received shareholders" approval for its merger with Emami and Emami Infrastructure.
The recent resolution regarding bauxite mining in Gujarat, passed by the state"s Industries and Mining Department on November 19, has put two major alumina refinery projects worth about Rs 4400 crore, on a fast track.
IT giant Wipro Limited, as part of its energy efficiency initiatives, is planning to reduce the carbon footprints from the present 3.96 tonne per employee to 2.5 tonne in the next five to seven years, said Laxman K Badiga, chief information officer of the company.
- BofA likely to pay bonuses close to 2007 level - Future Group pulls the plug on "Bijli Ghar" - PowerMin wants gas at $2.34 for NTPC - Another RIL cash raising on anvil - RIL to drill six new wells in KG-D6 block this year - Reliance Industries: Filling its coffers
M J Antony / New Delhi June 3, 2009, 0:51 IST
The government counsel are understood to have advised the Centre to explore out-of-court settlement in the Ambani brothers" gas dispute as it cannot afford to contradict its position in another matter involving power PSU NTPC.
The Gujarat government has banned Jaswant Singh’s book. But it is one of the items being smuggled into the state from Rajasthan, along with liquor. Two days ago, there were a few hundred copies of the book in various bookshops across Udaipur. Two days later, there were none. Reason? Smugglers bought these for circulation in Gujarat.
Criticising the ban imposed on his book by Gujarat government, expelled BJP leader Jaswant Singh today said it amounted to "banning thinking" and likened the step to the one taken against noted author Salman Rushdie for his controversial work "Satanic Verses".
Gujarat Chief Minister Narendra Modi today held an all-party meeting to discuss an action plan for tackling deadly swine flu, which has already claimed two lives in the state.
Delhi Metro Rail Corporation (DMRC) is expecting its revenues from traffic operations to increase by 25 per cent this financial year due to the increase in average daily ridership after the inauguration of various new routes, including the Yamuna Bank-Noida Sector 32 stretch which will be commissioned tomorrow.
Larsen & Toubro, country’s largest engineering company, along with its Malaysian partner SapuraCrest Petroleum has bagged orders worth $500 million to undertake installation of platforms and pipelines in offshore. The joint venture partners have invested $175 million to acquire a vessel to execute the orders.
Software major Microsoft Corporation has held talks with News Corp for a possible deal which would involve paying the Rupert Murdoch-led firm for removing its news content from the website of Internet search giant Google, says a media report.
Sees first sales decline in seven years at 6%, cuts year’s revenue forecast growth to 10%
Andhra Pradesh government today said it had no objection to Congress MP L Rajagopal, who escaped from the Government Hospital here, being admitted to the Nizam"s Institute of Medical Sciences (NIMS) in Hyderabad as desired by him.
Despite the economic slowdown, India’s Fast Moving Consumer Goods (FMCG) sector has grown consistently during the past three to four years, reaching a size of $25 billion (Rs 120,000 crore) at retail sales in 2008. The industry is poised to grow 10-12 per cent yearly for the next 10 years to reach $43 billion (Rs 206,000 crore) by 2013 and $74 billion (Rs 355,000 crore) by 2018.
Rehabilitation and Peripheral Development Advisory Committee (RPDAC) for the Posco steel project in Orissa will meet next month to finalise the rehabilitation and resettlement (R&R) package for the project affected persons.
Construction work on the power plant of Monnet Ispat and Energy Limited has come to a grinding halt since July 18 due to the stir of the locals who demanded compensation for land and a proper rehabilitation package.
Protracted problems in land acquisition, availability of raw-material, supply of power and water are among others causing inordinate delay in implementation of various projects in the state.
Rahul Bajaj, Chairman, Bajaj Auto, says there are only demand-side problems for corporate India. The only supply-side problem is power. Excerpts:
Will supply LNG, sell stake in Wheatstone project to Jap utility.
Due to an increase of over Rs 100 per quintal in the economic cost of foodgrains.
G Madhavan Nair, Chairman of the Indian Space Research Organisation, has been appointed President of the International Academy of Astronautics (IAA).
The Union government is planning to set model markets in every state across the country to preserve perishable commodities, said K V Thomas, minister of state for agriculture.
Given that the proposed date of implementation of the Goods and Services Tax (GST) is April 1, 2010; a declaration regarding the design and architecture of GST is perhaps one of the most eagerly awaited announcements expected from the Finance Minister in the forthcoming Budget.
Britain and France today joined India in making it clear that there should be no "double standards" in the fight against terrorism, a view that can be seen in the context of Pakistan.
Even healthy growth in vibrant markets like India and China could not help global personal computer manufacturer Dell’s net profit from slipping 54 per cent to $337 million, from $727 million in the same quarter last year. Revenue also declined by 15 per cent to $12.9 billion, compared with $15.2 billion in the same period last year, it added.
Exporters of engineering goods, which contribute over 40 per cent to the country’s total exports, have urged the central government that incremental exports be exempt from tax for three years, with the base year being 2008-09.
Planning Commission Deputy Chairman Montek Singh Ahluwalia said Rajya Sabha member Krishnaswamy Kasturirangan will be appointed as a member of the commission.
The US has allowed the Indian Space Research Organisation (Isro) to launch Algerian satellites having American components using an Indian launch vehicle, following a Technical Safeguards Agreement (TSA) between the two countries.
Oil and Natural Gas Corporation (ONGC), India"s largest oil and gas producer, will see crude output fall short by 1 million tonnes of the targeted 25.76 million tonnes this fiscal.
Oil & Natural Gas Corporation (ONGC) posted an increase of 23.38 per cent in net profit at Rs 3,053.58 crore for the quarter ended December 31, 2009, as compared to Rs 2,474.81 crore in the corresponding quarter last year. The state-owned company reported the highest net profit growth in the last six quarters.
The process of granting the coveted Maharatna status that will give greater autonomy to blue-chip PSUs will be completed in the next six months, Heavy Industries and Enterprises Minister Vilasrao Deshmukh said here today.
Business Standard / January 22, 2010, 0:34 IST
Private sector, ICICI Bank, today said its Board of Directors has appointed Homi R Khusrokhan and V Sridar as the non-executive directors.
Parle"s looking to bite into Britannia"s Bourbon biscuit market.
Chandrayaan-II moon mission, which will help in analysis of mineral composition and undertake terrain mapping of the moon, will be completed by 2012-13, Project Director of Chandrayaan Dr M Annadurai said today.
Avionics expert K Radhakrishnan today took over as the Chairman of the Indian Space Research Organisation (Isro) from G Madhavan Nair here.
Bharat Heavy Electricals Ltd (BHEL), the country’s largest power equipment manufacturer, has posted a 36 per cent jump in net profit for the quarter ended December 2009 on the back of lower raw material costs.
Bangalore-based private sector lender ING Vysya Bank on Thursday reported a 16 per cent rise in net profit to Rs 60.6 crore for the third quarter ended December 2009 compared with the year-ago period. Its operating profit was up 37 per cent to Rs 145.8 crore.
Professional forecasters have added to Reserve Bank of India (RBI) Governor Duvvurri Subbarao’s dilemma on timing the exit from an accommodative monetary policy stance.
Agriculture Minister Sharad Pawar today said monetary measures are not required to contain food inflation, amid speculations that the Reserve Bank of India (RBI) may squeeze money supply to rein in surging food prices.
The government is setting up a high-level Task Force to address the problems of Micro, Small and Medium Enterprises (MSMEs) which have been demanding adequate financing and other incentives to tide over the economic slowdown.
The shareholding pattern of all credit rating agencies should be made public so that their relationship, if any, with rated companies, could be known, a body constituted by market regulator Sebi has recommended.
With five more entities folding up, the total number of American bank failures has touched nine in 2010.
Tagging India as a country of "endless unrealised potential", a US-based strategic think-tank today said that the south Asian country"s growth would be "unpredictable and uneven" in the decade starting 2010.
The chief minister Naveen Patnaik today launched HAM Radio Communication network in the state. This is expected to improve the preparedness to face the natural disasters. Speaking on the disaster mitigation day here, the chief minister said, the Orissa State Disaster Management Authority (OSDMA) in collaboration with the Indian Space Research Organisation (ISRO) and the National Remote Sensing Centre (NRSC) will set up 220 Automated Weather Stations (AWS) in different parts of the state.
Chennai-based Zylog Systems is planning to invest around Rs 400-500 crore to create infrastructures which would support its plan to bag government projects. The company is also in the final stage of acquiring a company in Singapore, which offers solutions for various e-governance and public utility services. Besides the company is also starting a pilot to give internet through towers.
With the Versa laid to rest, Maruti Suzuki is ready with another van option called the Eeco that can seat five to seven people. Set to be unveiled at the Auto Expo in New Delhi, it is likely to be priced below Rs 400,000, and will come with air-conditioning and the option to choose from six colours.
Global Outlook, a white label hosted Microsoft Exchange and collaboration services provider with its data centres in Hyderabad and Dallas in the US, is targeting to achieve Rs 25 crore revenues from the Indian market by the end of this calendar year, according to its executive chairman Dayakar Puskoor.
The stock pared its gains and slipped to a low of Rs 425. The scrip finally settled at Rs 431, down 2%. Around 6,522 shares have been traded on the BSE today as compared to the two-week daily average traded volumes of 2,352 shares.
Despite adverse market conditions prevailing in the state, Jammu and Kashmir Bank has registered a business turnover of Rs 51,975.56 crore during the quarter ended June and operating profit of Rs.256 crore, recording a 41 per cent increase over the same period last year.
Bangalore-based public sector lender, Canara Bank, is aiming to double its home loan portfolio to around Rs 17,500 crore by December 2010. The bank’s home loan portfolio stands at Rs 8,464 crore, little over 5 per cent of the total advances, as of December 2009, the bank’s executive director K L Jagadish Pai said.
Hinduja Group firm Defiance Tech today signed a Memorandum of Understanding (MoU) with Dassault Systemes to market the Euronext-listed company"s solutions across Indian automotive, industrial and aerospace and defence sectors.
Bank reform: The overhaul of the global financial system has entered a new, more complicated phase. For two years, a fragile multilateralism has prevailed as the world’s largest economies agreed that changes should be designed and adopted on a global basis. The task of redesigning financial regulation was largely delegated to central bankers, regulators and other technocrats.
After successive debacles in the Lok Sabha and state assembly elections in Maharashtra, the beleagured Shiv Sena on Saturday received a much-needed boost when it won the politically-sensitive Bhiwandi seat, defeating the Samajwadi Party and Congress candiates.
In the wake of attacks on Indians in Australia, Shiv Sena chief Bal Thackeray today said his party would not allow the Down Under team to play cricket in Maharashtra.
The demand for a separate Vidarbha state out of Maharashtra is gaining momentum, as the supporters of the region have called a Vidarbha bandh on January 20.
Indian Premier League (IPL) Chairman Lalit Modi today brushed aside concerns that the Twenty20 League"s franchise team owners are miffed at not being compensated for extra expenditure incurred during the 2009 event held in South Africa.
Bikram Dasgupta, chairman and CEO, Globsyn Technologies, traces his love for gadgets back to 1995, when he bought a Nokia 1011, loaded with games and polyphonic ringtones. Little did Dasgupta know that within 14 years, his so-called premium model phone would pale against his Mercedes E Class and custom-fitted laptops.
Handset giant Nokia today said it will cut around 330 jobs in Finland and Denmark, as part of streamlining research and development operations.
Big bull Rakesh Jhunjhunwala today said the current bull run might “go bust” in the next one or two months. “If you see the formation of the indices, all stocks are going up, all indices are going up. There are minor corrections at every point. You cannot have this kind of rise — a peak without a burst. I think the burst will come within one or two months,” said Jhunjhunwala, partner, Rare Enterprises.
In my mind
State Bank of India (SBI) Chairman O P Bhatt today said that excess liquidity available with the bank would be a matter of concern for the next two quarters.
The Asian markets are trading weak.
The Sensex dropped to a low of 16,537. The index has recovered now and is down 179 poinst at 16,537.
Markets have dropped again. The Sensex is now down 213 points at 16,567. The Nifty is down 75 points at 4,933.
Air passengers denied entry in Indonesia found no respite from the Delhi Consumer Commission, which exonerated Malaysian Airlines of any deficiency in service, citing absence of any reason for disallowing their entry by the immigration authorities of that country.
In a major boost to India"s Sun Pharma, which is locked in a takeover battle with Taro, shareholders of the Israeli drug firm today rejected a proposal to re-elect directors.
India witnessed only one air accident -- the helicopter crash that claimed the lives of Andhra Pradesh Chief Minister Y S Rajasekhar Reddy and four others -- this year, a period that saw airlines improve their safety record, says IATA.
Education and placement company Edserv Softsystems today said it has bagged an order worth Rs 100 crore from the government for providing training to unemployed and under-employed youth across India.
Reflecting the robust growth witnessed by the Indian economy, major cement manufacturers, including Ambuja Cements, Jaiprakash Associates and Shree Cement, today reported increase in their sales in November.
The markets have been virtually unchanged in the past one hour. The Sensex is down 21 points at 17,619 and the Nifty is lower by five points at 5269.
Oil eased in Asian trade today as traders continued to evaluate the pace of recovery in the US economy, the world"s biggest energy user, analysts said.
Jaiprakash Power Ventures today said it has appointed Sunil Kumar Sharma as Vice-Chairman and Chief Executive Officer of the company.
The Mukesh Ambani Group firm Reliance Industrial Infrastructure (RIIL) today said its net profit rose by 3.52 per cent to Rs 5.87 crore for the third quarter ended December 31, over the same period previous financial year.
Sun Pharmaceutical Industries’ attempts to take over Israeli drug major Taro Pharmaceutical is gaining more support from independent advisory firms. RiskMetrics Group’s ISS Governance Services (RMG), an independent proxy advisory firm, has recommended that shareholders of Taro Pharmaceutical Industries vote against all the proposals made by Taro’s board of directors, including all of its nominees for election and re-election as directors in the upcoming Annual General Meeting (AGM) scheduled for December 31, Sun Pharma said in a press release.
The Copenhagen accord on climate change was a partial success for India but it has certain "inbuilt hazards" of which the developing countries have to be wary, Environment Minister Jairam Ramesh said here.
A study conducted by the Indian Institute of Management, Ahmedabad (IIM-A) has said that it is time for the premier B-school to study from the Indian diamond industry, lessons "of its rise, recession and recovery".
Sanofi Pasteur, the vaccine division of Sanofi-Aventis Group on Monday said it has received order from the US Department of Health and Human Services (HHS) to supply antigen for 27.3 million doses of Influenza A (H1N1) 2009 monovalent vaccine for swine flu.
Assam, which produces three types of indigenous wild silks – Muga, Pat and Eri, today got a composite silk unit at Chaygaon Industrial Growth Centre, near Guwahati. The composite unit, or Eri Spun Silk Mill, came up with an investment of Rs. 5.5 crore, which includes infrastructure for spun silk mill, machineries, looms etc. The unit is expected to go a long way in adding value to the silk industry of Assam. The unit was inaugurated by union minister of textiles, Dayanidhi Maran. For the establishment of the unit, along with additional facilities like weaving processing and dyeing etc., the Central Silk Board (CSB), under the ministry of textiles, and the state government of Assam had provided a subsidy of Rs. 155.30 lakh and Rs. 48.10 lakh respectively to the promoter of the unit, Fabric Plus Pvt. Ltd., for installation of machineries, equipments etc. The promoter also contributed an amount of Rs. 22.60 lakh.
Telecom major, Bharti Airtel, has announced that it has agreed to acquire 70% stake in Bangladesh-based, Warid Telecom. Bharti plans to make $300 million fresh investment in the company, thus taking the overall investment to $1 billion. The new funding will be for capacity expansion, coverage and innovative products.
Three variants to have introductory price of Rs 2.58-2.89 lakh.
South Korean car manufacturer Hyundai Motor today said the development cost for its proposed small car for the Indian market was around Rs 800 crore.
Honda Motorcycle and Scooter India (HMSI), a wholly-owned subsidiary of Japan-based Honda Motor Co, today said it targets sales of 15 lakh units in the next fiscal, a growth rate of 20 per cent over 2009-10.
The board of UK’s leading confectioner Cadbury Plc today accepted the final takeover offer of US-based Kraft Foods Inc at £11.9 billion ($19.7 billion), ending a six-month resistance and putting on course the creation of the world’s largest confectioner. According to the final offer, Cadbury shareholders will get 840 pence a share, including 500 pence in cash and rest in stock.
Former Bank of England policy maker Willem Buiter said Greece might be the first major country in the European Union (EU) to default on its debts since the aftermath of the World War II.
The state of Haryana, that claims to be numero uno on various economic parameters like per capita income, per capita investment and export of basmati rice among other things, is conspicuously lagging in expanding banking facilities in some pockets.
IPO guidelines next month; derivatives products on cards.
State-run aluminium major National Aluminiun Company (Nalco) today posted a decline of 29.29 per cent in its net profit at Rs 155.18 crore for the third quarter ended December 31, 2009, over the same period a year ago.
‘The country loses crops worth Rs 1,40,000 crore annually to pests & diseases’
Home appliance maker Whirlpool today reported over two-fold increase in its profit after tax (PAT) at Rs 16.16 crore for the quarter ended on December.
Public sector lender Union Bank of India (UBI) today said its net profit declined by 20.48 per cent to Rs 534.13 crore for the third quarter ended December over the same period in the previous fiscal.
A 20-member delegation from Karnataka today met Union mome minister P Chidambaram and demanded special incentives for its five districts.
The mutual fund (MF) industry is highly exposed to the banking sector, according to the Securities and Exchange Board of India (Sebi) data.
Zydus Wellness has posted a rise of 105 per cent in its net profit for the quarter ended December at Rs 14.3 crore compared with Rs 7 crore in the corresponding quarter previous year. Its net sales during the period grew to Rs 75.1 crore from Rs 53 crore, up 42 per cent.
GMR Hyderabad International Airport Limited (GHIAL) has signed an agreement with aircraft engine manufacturer, CFM International (CFM), to establish a new CFM56 maintenance training centre to support its customers in the South Asian region.
Land in Navi Mumbai to be used for building Bollywood theme park.
The stock extended gains to touch a high of Rs 55 - up 10% from the day"s low of Rs 50. It finally ended up 3.2% at Rs 52.
Eminent economist Jagdish Bhagwati today said India had made a mistake in aligning with China at the recent climate conference in Copenhagen. Instead, the country should have taken a leadership role in climate talks by coming forth with fresh ideas.
Market regulator the Securities and Exchange Board of India (Sebi) today confirmed its earlier order barring proprietors and directors of 75 companies from trading in stock markets for allegedly helping Pyramid Saimira Theatre Promoter Nirmal Kotecha carry out suspicious banking transactions.
Advance tax payments by several automobile, power, cement and banking majors in the third quarter have been stronger compared to the year-ago pay-outs.
The Delhi High Court today dismissed an application by ITC Ltd for grant of an injunction against the use of a device mark by Philip Morris in relation to its Marlboro brand of cigarettes in India.
With the impact of global slowdown still persisting across countries, there may be a dip in remittances inflow into the country in 2009, according to Rajesh Mehta, director marketing – South and South East Asia, Western Union Services India.
A timely corporate initiative has mumbaiites lining up for lessons in western music.
There was at least one whole century when Western art was collected in India. But do you know how much it’s worth?.
The foreign institutional investors (FIIs) were net sellers of Rs 272.90 crore in futures and options segments on Wednesday.
The Vedanta group firm Hindustan Zinc today posted a three-fold jump in its Q3 profit to Rs 1,148.65 crore as against Rs 369 crore in the corresponding period a year ago, driven by improved output, sales and prices realisation.
Pharmaceutical patents are just over a fourth of all patents granted in the country, but domestic drug makers account for almost all post-grant patent opposition filed, official data reveals.
The Mahindra & Mahindra group today said it would enter the motorcycle segment this year with the launch of an in-house developed bike.
Bajaj Auto sold 220,429 two-wheelers in December 2009, registering 85 per cent growth in sales over the same month last year, when it sold 119,215 units, a company release said here today.
Tata Motor’s future profitability hinges on its ability to scale up JLR volumes and execute a slew of cost-reduction measures.
US car manufacturer General Motors today hoped to get 20 per cent revenue from overseas markets by 2011 once it starts exporting to these countries, a top company official said.
India’s third biggest passenger vehicle maker, Tata Motors, today launched the Manza sedan, priced at Rs 4.8 lakh (ex-showroom, Delhi). The bookings commence tomorrow. This will replace the Indigo as the company’s new entry-level sedan.
Venezuelan President Hugo Chavez ordered an investigation of Toyota Motor Corp, saying the world’s largest carmaker “can leave” should it fail to meet production quotas and technology-transfer laws.
Five companies including Hero Honda have evinced interest in investing in Karnataka. In the run up to the forthcoming lobal investors’ meet in June this year, the state industries department has been inviting companies from industry segments to the state.
Mahindra First Choice, an arm of Mahindra and Mahindra Group (M&M) which sells second hand car, today said it would set up sales and service outlets in rural areas across the country to sell one lakh vehicles by 2015.
Barter and exchange services provider BBX India is awaiting Reserve Bank of India"s (RBI) approval to start international trading in the country, a top company official said.
The Nifty tested the 4,900 levels as indicated in our F&O outlook on Tuesday and closed below support level on profit booking in interest rate sensitive sectors like auto, banking and realty.
Aggressive selling in rate sensitive stocks, couple of days ahead of the RBI policy review, saw the markets tank heavily. The RBI is scheduled to review its monetary policy on January 29. Markets fear hike of Cash Reserve Ratio (CRR), which in turn could affect these sectors.
High-profile Samajwadi Party spokesperson Amar Singh today resigned as its General Secretary and other posts following deepening differences with party chief Mulayam Singh Yadav, saying his priority now was his health, wife and children.
The markets have recovered from the low and touched a high of 16,495 - up 178 points from the day"s low of 16,317. The Sensex is now up 190 points (1.16%) at 16,479.
Samajwadi Party General Secretary Amar Singh spent the New Year in Dubai. Singh, who is reinventing himself, writes in his blog: “Off (sic) late, my level of sensibility and sense of political responsibility have taken a back seat. I have learnt to take personal criticism in my stride and for the first time in my political career I am giving more preference to my family. I have chosen to ignore the council elections in Uttar Pradesh. No one is indispensable. I am desperate to create my political dispensability to avoid unnecessary tension and a lot of hard work which is detrimental to my present health and against my doctor’s advice. I am an eternal optimist ... I want to reinvent myself as family oriented person…”
The finance ministry is keen on selling stakes in Oil and Natural Gas Corporation and Indian Oil Corporation but follow-on public offers in the two bluechip PSUs are unlikely as unresolved issues are affecting their valuations.
The Board of Directors of Jet Airways has given its in-principle approval to acquire 26 per cent stake in MAS GMR Aerospace Engineering Company for an unspecified amount.
The government today said that it would act as a patriarch and bless public sector bank mergers that are based on synergy.
Professor Amartya Sen tells us that his high school teacher’s advice, on whether he could get away with saying that Lord Krishna’s argument in the Gita was incomplete and unconvincing, was that “Maybe you could say that, but you must say it with adequate respect”. Following this advice, I write the review with the deepest respect for Professor Sen.
Lower raw material costs helped Maruti post better-than-expected margins, which analysts believe is unlikely to be sustained.
LIC Housing Finance (LICHF) reported a 14 per cent rise in net profit to Rs 153.58 crore for the quarter ended December 2009 compared with Rs 134.33 crore in the year-ago quarter.
But, will help Indian funds get more deals.
If you think your money in savings bank account will be automatically converted into fixed deposits (FDs), think again. It may just happen that while you are thinking the idle cash may earn 6-6.5 per cent a year, the prevailing fixed-deposit rate for one-year funds, it may actually continue to fetch only 3.5 per cent.
Jamal Mecklai / New Delhi January 22, 2010, 0:05 IST
HDFC Bank’s board today decided to give a three-year extension to Managing Director Aditya Puri. His term was to end in March. Puri has been with the bank since its inception. HDFC Bank said the appointment was subject to shareholder and regulatory approvals.
HDFC Bank, India"s second largest private sector bank today reported a surge of 32 per cent in net profit at Rs 818.50 crore during the third quarter ended December 31, 2009.
CMC, Finolex Industries and Jindal Saw will be annuncing their Q3 numbers today.
Tata Group firm Rallis India today reported a 55 per cent rise in net profit at Rs 24.06 crore for the quarter ended December 31.
Amid projection that inflation could touch the double-digit mark, the Prime Minister"s advisory panel today said it could fall to 7 per cent by fiscal-end.
Hero Honda today reported a 78.3 per cent jump in its third quarter net profit at Rs 535.7 crore on the back of quarterly sales volume of over a million units.
Tractor and utility vehicle (UV) manufacturer, Mahindra & Mahindra (M&M), today posted a net profit of Rs 413 crore for the quarter ended December 31, 2009. This was an increase of 849 per cent, aided by the low profit base of Rs 43 crore in the same quarter of the previous financial year.
Microfinance institutions (MFIs) in the country need Rs 2,500 crore equity to meet statutory requirements and expand footprint.
Aditi Phadnis / New Delhi December 27, 2009, 0:23 IST
Road Transport and Highways Minister Kamal Nath today pitched for infrastructure bonds in different currencies, specially suited to NRIs, for raising resources for building roads in India.
Business Standard / New Delhi January 20, 2010, 0:47 IST
Financial services firm India Infoline’s net profit doubled to Rs 59.50 crore for the third quarter ended December 31, 2009, compared to last year. Its income rose 39 per cent to Rs 319.48 crore during the same period.
The decade began with the government doing the right thing and auctioning mobile phone licences, but ended with the scandal over its decision to start playing favourites and handing over licences to a chosen few firms at a price that was Rs 50,000 crore less than the market one. The decade began with the government privatising the Delhi Vidyut Board (DVB) in the midst of a huge scandal, since it offered several thousand crore of concessions to two firms, and ended with another scandal over how the winning bidders for the Bangalore airport awarded the major part of the contracts to themselves — and passed on the increased costs to the flying public.
Hinduja Group global president G P Hinduja today saluted Prime Minister Manmohan Singh and his team for sailing India through the global economic crisis with ease.
Karnataka Chief Minister B S Yeddyurappa, who is facing fresh bout of dissidence from his party legislators demanding ouster of recently inducted minister M P Renukacharya, today held talks with a four-member dissident group to defuse the crisis.
The government will be working towards making the laws gender neutral in the next four years, Union Minister of Law and Justice M Veerappa Moily said today.
Kirtika Suneja / New Delhi January 26, 2010, 0:43 IST
The Centre will hold a meeting with Chief Ministers on January 27 on the issue of surging prices of essential commodities, which continued to be costly, despite the food inflation easing a bit.
Stung by the Centre’s indication to compensate half of what was promised as full compensation against phasing out of Central Sales Tax (CST), the Madhya Pradesh government may increase the upper slab of value added tax to 15 per cent from the existing 12.5 per cent before goods and service tax (GST) comes into effect.
Bangladesh Prime Minister Sheikh Hasina, Congress president Sonia Gandhi, Finance minister Pranab Mukherjee and BJP leader L K Advani will pay homage tomorrow to Jyoti Basu who would be given a state funeral.
Telecom service providers have added 44.21 million new subscribers in the quarter ended September 2009.
Kapoor new CEO, Kohli to head International Business Group
IndiaFirst Life Insurance has received regulatory approval to launch three products and expects to commence its operations by the month-end, a senior official said.
The scrip erased all its gains and slipped into the negative to touch a low of Rs 356 and finally ended at Rs 362, down 2% from the previous close. The counter witnessed trades of 36,792 shares on the BSE as compared to the two-week daily average traded volumes of 4,417 shares on the BSE.
Tata Communications has signed an agreement with the Qatar-based Qtel for a new undersea cable network that will connect a number of regional operators in the Gulf region with the country.
- GST rates within 15 days: Dasgupta - FMCG firms to be hit if hill state tax benefits withdrawn - GST to reduce tax burden on industrial sector - GST to subsume more taxes than envisaged, says Asim - "GST will be a major breakthrough in the history of tax reforms" - GST may provide for rate changes outside Budget
The auditor for Bharti Airtel has asked for more time from the department of telecommunications (DoT) to finalise the special report sought by the government on the company, as they have yet to fully get the needed information.
Aptech, a leader in learning solutions, today announced the global launch of an executive program in cloud computing.
The farmers of Dadri in Ghaziabad district, where Anil Ambani-controlled Anil Dhirubhai Ambani Group (ADAG) has proposed a gas- based power plant, today urged the Uttar Pradesh government to grant more time for returning the land acquisition compensation paid by the company.
Australia’s Deputy Prime Minister Julia Gillard has said the country is committed to the education revolution involving international students.
The market opened weak and sustained selling pressure saw the benchmark indices, the Nifty and Sensex, lose their crucial support levels of 5,150 and 17,300, respectively. The spot Nifty closed at 5,094 while January futures closed at almost 10 points discount on profit-taking and short build-up.
Australian police today stepped up efforts to nab the killer of a 21-year-old Indian and launched a "search and seize" operation to curb street crimes amid a spate of assaults on the community which has led to a whopping 46 per cent slump in student visa applicants from India.
RBI says food supply constraints to taper off only over time.
State-run Bharat Electronics (BEL) today said its net profit rose nearly two-fold to Rs 223.87 crore for the third quarter ended December 31, over the same period last fiscal.
Leading Internet firm Info Edge, which owns job portal naukri.Com, today reported third quarter profit after tax of Rs 15.64 crore, a nine per cent decline from the corresponding period previous fiscal.