Small Business
Bharati Shipyard today said it has hiked the open offer price to acquire stake in offshore service provider Great Offshore to Rs 560 per share.
Foreign institutional investors (FIIs) were net sellers of Rs 459.18 crore (provisional) today, according to data released by BSE.
The extra freedom given to the 26 public sector banks from this year to choose their statutory auditors has auditing companies — both those chosen and those left out — restive.
The Reserve Bank of India (RBI) today extended the transition period given to the banks to treat the advances to equity-oriented mutual funds as capital markets exposure by six more months.
India"s foreign exchange reserves fell by $1.032 billion for the week ended November 20 to $285.344 billion.
Indiabulls-MMTC promoted International Multi-Commodities Exchange is looking for another investor after the markets regulator FMC rejected the United Stock Exchange of India"s (USE"s) 10 per cent stake buy in the bourse, sources said.
As part of a restructuring plan, the Chennai-based Pyramid Saimira group, which produces films, has decided to dilute 40 per cent stake in all its eight subsidiary companies. It hopes to raise up to Rs 300 crore by doing so.
India"s foreign exchange reserves rose by $684 million for the week ended October 23 to $285.520 billion from $284.836 billion in the previous week.
Ministry moves to cut subjectivity in decision making, delegates more powers to Registrar of Companies.
Infosys Technologies has finalised the new heads for its business process outsourcing (BPO) subsidiary, Infosys BPO, and the knowledge process outsourcing (KPO) practice.
Business Standard / New Delhi December 14, 2009, 0:14 IST
Lawyers defending seven suspects, including LeT operations commander Zakiur Rehman Lakhvi, in Mumbai attacks today filed an application in an anti-terror court in Pakistan seeking their acquittal on the ground that there is no probability of their being convicted.
Pakistan-born Canadian Tahawwur Rana, accused of plotting terror attacks in India and Denmark, was today denied bail by a US court, which said if released he may flee the country to avoid a possible 30-year jail term.
Cabinet Secretary K M Chandrasekhar today did some plain-speaking, asking administrative ministries to allow Central Public Sector Enterprises (CPSEs) to function independently.
Indians pink-slipped in the Gulf region following the Dubai debt crisis may look for some breather on their return to India with the Centre deciding to soon announce a special fund to rehabilitate overseas returnees who has lost jobs due to economic downturn.
The World Bank chief meets top policy makers.
Issuances of short-term money market instruments fell today because mutual funds — the major investors for such papers —were not keen on investing due to low rates, dealers said.
Online platforms for mutual funds (MFs) could soon become a reality. With the Securities and Exchange Board of India (Sebi) nudging the exchanges – the Bombay Stock Exchange and the National Stock Exchange – to launch such platforms, investors could soon find that buying or selling of mutual funds could be much easier.
The stock finally settled at Rs 44, up 10% from the previous close. The counter witnessed huge trades of 1.4 million shares as compared to the two-week daily average traded volumes of 66,261 shares on the BSE.
Reaping benefits from its recent collaborative research programmes, Ahmedabad-based pharmaceutical company Cadila Healthcare, the parent company of Zydus Cadila group, reported an increase in its net profit by 39 per cent to Rs 131.92 crore for the quarter ended September 30, 2009 from Rs 94.88 crore for the corresponding period last year.
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.
Wockhardt has closed at Rs 181, higher by Rs 6 or 3.5%, on the BSE.
One third of the world"s child brides live in India, accounting for a large number of unregistered births, according to a UNICEF report.
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.
The Sensex today opened at 17,702 mirroring subdued global cues and slipped into the negative terrain within few minutes of trading. Selling in IT and auto shares dragged the markets further into red. The index touched a low of 17,566, down 177 points from the day"s high. The Sensex languished in the red for the rest of the trading session and finally ended at 17,616, down 85 points. The NSE Nifty ended at 5,263, down 19 points.
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.
Novartis has ended the day at Rs 572, stronger by Rs 14 or 2.6%, on the BSE.
Health and skin care products maker Johnson & Johnson today announced the launch of its global beauty care brand "Neutrogena" in the domestic market with an aim to be one of the top five companies in India.
Yuvraj bats for Ranbaxy’s healthcare brand
Global pharma major Merck & Co has entered into a $130 million partnership with London-based Wellcome Trust to set up a not-for-profit research company in India. Merck operates in India as MSD Pharmaceuticals Pvt Ltd.
The Bill & Melinda Gates Foundation, created by the billionaire founder of Microsoft Corp, sold almost all its pharmaceutical holdings, including Wyeth, Merck & Co and Eli Lilly & Co, and bought shares of energy companies.
The state health and family welfare department is looking to forge partnerships with the healthcare institutions in the private sector.
Drug firm Venus Remedies today said it has signed an out-licensing deal with a Korean firm for selling Sulbactomax drug, used in the treatment of pre or post-surgical infection and also for respiratory infections, in South Korea.
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.
The Indian pharmaceutical market will treble to $20 billion from $7.1 billion (2007 figure) by 2015, with a compounded annual growth rate (CAGR) of 12.3 per cent.
Cipla, the country’s second-largest drug company, will foray into the production of biotechnology medicines soon. The company is planning to set up a 50:50 joint venture partnership with a Chinese firm. The JV will be based in India and will manufacture and market bio-similar products (off patent biotechnology medicines) for domestic and overseas markets.
Software companies continued to constitute the fastest growing firms in the Deloitte Technology Fast 50 India 2009 programme. This year, the composition of software companies amounted to as much as 80 per cent.
The world"s largest software maker Microsoft, today launched the much-awaited "Windows 7" operating system (OS) with a host of tools for multimedia applications for business and retail customers.
Acer, the world"s third-largest PC vendor, today said it will launch nine models of handheld mobile devices in the country, making its foray into the increasingly competitive smartphone sector in India.
Indian bourses rose to one-month highs as Reliance Industries leaped on its mega merger plan. The Bombay Stock Exchange (BSE) Sensitive Index today opened at 17,067.14 tracking positive global vibes.
The Reserve Bank India today said it is examining the impact of the Dubai government"s decision to suspend debt payments by Dubai World, which led global stock markets to tumble amid fears of widespread default.
Liquefied natural gas importer Petronet LNG today said its net profit declined by 2.20 per cent at Rs 103.31 crore for the quarter ended June 30, 2009, over the same period last year.
On Thursday morning the first prototype twin-seater, trainer version of the Tejas Light Combat Aircraft (LCA) taxied out to the runway in Bangalore.
Glenmark Pharmaceuticals has entered into a strategic in-licensing agreement with Stratpharma AG, Switzerland to market and distribute the product Strataderm in India.
These days, you will see few fund houses promoting their monthly income plans (MIPs). With returns improving due to the stock market rally, MIPs have started looking more promising.
Chief minister K Rosaiah on Sunday directed civil supplies, vigilance and enforcement, and agriculture and marketing departments to step in immediately to keep the prices of essential commodities under control.
FMCG and healthcare company GlaxoSmithKline Consumer Healthcare (GSKCH) is planning to undertake a special campaign this summer to drive growth in the health food drinks category, consisting of the "Boost" and "Chocolate Horlicks" brands.
Chennai-based fast moving consumer goods firm Cavin Kare Private Limited has planned to double its exports this year by reaching out to new overseas markets like the US and Australia, a top company official said.
The Orissa government today approved proposals for setting up two medium scale steel plants, including one by Tata Sponge Iron Limited, official sources said.
The annual plan ceiling of the water resources department (WRD) for 2010-11 has been fixed at Rs 2222.64 crore. It is the highest among all the departments.
With valuations of companies becomign more realistic due to the slowdown, investors are delaying their exit. What used to be a three-to-five year period now is five to seven years. The longer duration is to compensate for the low returns due to the slowdown, according to Sateesh Andhra, venture partner of Draper Fisher Jurvetson and convenor of The Indus Entrepreneurs (TiE)-Indian School of Business (ISB) Connect.
India’s agriculture growth could be down by 5 per cent due to deficient monsoon, a top corporate leader said today.
The Orissa government is yet to form the Rehabilitation and Periphery Development Advisory Committees (RPDAC) for 13 large projects in the state.
India today termed the filing of chargesheet against David Headley as an important step in exposing the wider conspiracy behind Mumbai attacks and said the onus is on Pakistan to follow the leads and act with "unalloyed" determination against terrorism.
The Centre may be eager to introduce the proposed Goods and Service Tax (GST) from April 1, 2010, but the Orissa government has cast doubts on the timely launch of the new tax regime.
A government-appointed committee has suggested expanding the ambit of Clause 49 on listing of companies specified by market regulator SEBI to include cost audit report.
Finance Minister Pranab Mukherjee will meet leading industry chambers here on October 9 to discuss issues arising out of the proposed new direct tax regime.
In a bid to make India a business destination with the help of next year"s Commonwealth Games, the Federation of Indian Chambers of Commerce and Industry (Ficci) today joined hands with the Organising Committee of the multi-discipline event.
Mahindra and Mahindra (M&M) and global weapon system manufacturer BAE Systems have signed an agreement to create a joint venture defence company in India to focus on land-based systems.
Plans majority stake in JV; to offer NLD, ILD, ISP services.
Sharing India"s views, French President Nikolas Sarkozy today said the upcoming Copenhagen meet on climate change should not miss the opportunity to tackle the problem as it would be a "historic failure" and asserted that New Delhi will not be a deal-breaker.
For six years I had lived in Beijing, the constantly churning capital of a dynamic country on the ascent. But I was now to move again, this time to Brussels, the bureaucratic centre of old world Europe. There were many counts on which this was a change I wasn’t looking forward to. But the one positive I did anticipate was an escape from the paroxysm of construction that was emblematic of Beijing’s remorseless embrace of modernity.
Europe has emerged out of recession, with GDP in the 27-nation European Union expanding by 0.3 per cent in the third quarter.
India would, by the second-half of September, launch Oceansat-2 into the space, Indian Space Research Organisation (ISRO) Chairman G Madhavan Nair said.
India"s maiden moon probe Chandrayaan-I has developed a malfunction that puts some experiments in jeopardy and raises questions on completion of the mission that was intended to last two years.
Business Standard / New Delhi August 24, 2009, 0:08 IST
After the challenging mission to moon, Indian Space Research Organisation (Isro) said on Wednesday it has begun preparations for sending a spacecraft to Mars within the next six years.
Jitendra Gupta / Mumbai January 21, 2010, 0:27 IST
Bangalore-based ASM Technologies, dealing in enterprise applications and enterprise product development for manufacturing, retail, oil and gas verticals, has reported a consolidated net profit of Rs 94 lakh for quarter-ended December 31, 2009, up 23.43 per cent compared to the previous quarter of the current fiscal.
India"s Oil and Natural Gas Corp (ONGC) today signed an agreement to bid for oil acreage in Angola with the African nation"s state-owned Sonangol, while Indian Oil Corp (IOC) offered to build a multi-billion dollar refinery in that country.
Vandana / Mumbai January 27, 2010, 2:06 IST
Powergrid Corporation of India Ltd (PGCIL), India’s largest power transmission utility, is set to float its overseas subsidiary by early next year. The move is aimed at opportunities outside the country.
National Thermal Power Corporation (NTPC) today reported a growth of 5 per cent in net profit at Rs 2,364.9 crore for the third quarter ended December 31, 2009, over the same period last year.
DLF, the country’s largest real estate developer, posted a 30 per cent dip in its consolidated net profit for the quarter ended December 31, 2009, on account of losses arising from non-core businesses of the company as well as continuing stress in the business environment.
The consolidated net profit of fast moving consumer goods company Dabur India increased 27.04 per cent in the quarter ending December 31, 2009. It stood at Rs 137.77 crore in the third quarter against Rs 108.45 crore in the corresponding period a year ago. Net sales, on the other hand, saw a slower pace of growth, moving up 18.25 per cent only, to touch Rs 926.18 crore in the third quarter against Rs 778.65 crore in the corresponding period last year.
Ahead of the Reserve Bank of India"s (RBI) credit policy review later this week, economists today said the central bank may suck out excess liquidity from the system by asking banks to keep more cash with it to tame the surging inflation.
Kohlberg Kravis Roberts & Co (KKR), a global private equity fund, has announced that it has hiked its stake to 79 per cent in Aricent, a telecom software solutions firm in a deal valued at $225 million.
Business Standard / New Delhi December 31, 2009, 0:44 IST
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.
The shuttle Atlantis has blasted off carrying vital supplies and spare parts for the International Space Station to push its life past the 2010 retirement of the aging shuttle fleet.
Reebok has gotten bold. Last month, the company introduced its EasyTone footwear for women, which are meant to tone the leg and butt muscles. According to the company, its lab tests confirmed an increase in muscle activation due to the miniature balance balls underneath the shoe.
Telecom service provider Aircel today said it will finalise a buyer for its 17,000 telecom towers across the country in the next six weeks.
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.
Apollo Hospitals today reported a 48.6 per cent increase in its net profit at Rs 43.91 crore for the quarter ended on December 31, 2009, as compared to the similar period last fiscal.
The world"s cheapest car, Tata Nano, made a two-hour stop over near Chicago before heading off to Detroit, where it would be on display for the US audience for the first time this week.
Hyundai Motor"s net profit nearly quadrupled in the fourth quarter on higher sales following a strong performance during 2009 in the fast-growing Chinese and Indian auto markets.
Cipla ended at Rs 317, lower by Rs 1 or 0.5%, on the BSE.
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.
Rating agency Crisil today said that Glenmark Pharmaceuticals" rising debts have strained its financial health and downgraded the working capital loan and cash credit ratings of the drug maker.
The Insurance Regulatory and Development Authority (IRDA) is considering allowing life insurers to invest part of policy holders" money in equity derivatives, a move that would allow these firms to hedge the risks emanating from cash markets.
Non-life insurers earlier offered discounts as high as 97 per cent in some cases.
Yahoo! announced partnerships with television and other device manufacturers as the Internet company joins others seeking to jump from the computer to the TV screen.
Lifetime Wellness Rx International Limited, an Apollo Hospitals group company, and Special Olympics Inc (SOI), an organisation founded by Eunice Shriver (sister of late US president John F Kennedy) signed a memorandum of cooperation to improve the health and well-being of those with intellectual disabilities in India.
Looking at fortifying its position in touch-screen phones category, Nokia launched two new touch interface devices, Nokia5230 and Nokia 5530 XpressMusic, in Chandigarh on Tuesday. Regional General Manager (North India ), Nokia India, Chandan Dang maintained the two new touch screen handsets of Nokia would help strengthen the market for Nokia in the ‘touch-screen phone’ category .
A peak into gizmos you can safely invest in and carry over to the next year without feeling the itch to upgrade.
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 a bid to check the global spread of swine flu, US President Barack Obama has announced that his administration is prepared to make 10 per cent of its H1N1 vaccine supply available to other countries through the World Health Organisation.
Hang Seng is quoting at 20,332, down 530 points or 2.5%, and the Nikkei is at 10,554, lower by 313 points or 2.8%.
The state-run telco BSNL has informed the Department of Telecommunications (DoT) that it may miss the March 31 deadline for implementing the mobile number portability (MNP) regime if it does not get security clearance for importing the needed equipment at the earliest.
The Asian markets continue to trade weak.
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.
But opinion remains divided on extent and duration of the hike.
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.
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.
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".
The economic crisis may have wiped off $300 billion from the wealth of America"s richie-rich club, but the net worth of many members, such as Bill Gates and Warren Buffett, is still sufficient to buy "almost anything" that includes many a countries of the world.
Trinamool Congress chief and Railway Minister Mamata Banerjee today criticised the Centre for supporting to the CPI(M)-led government in West Bengal in the form of assistance for security operations in Naxal-affected regions of the state.
Multinational drug firms Novartis, GlaxoSmithKline and Baxter are likely to initiate discussions with the Union health ministry next week on conducting clinical trials for H1N1 (swine flu) medicine.
World"s largest steelmaker ArcelorMittal has asked the Orissa government to treat its proposed Rs 50,000-crore project on the issue of mining lease at par with other big ticket investments.
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.
Cadbury: Kraft Foods’ $19 billion acquisition of Cadbury creates an unstable dynamic in the global confectionery sector. Almost one third of the market will be split equally between the enlarged Kraft and US rival Mars. That raises some tricky strategic questions for the industry"s smaller players like Italy’s Ferrero, Hershey of the US and even for Switzerland’s Nestle .
The US markets on Friday ended on a negative note. The Dow Jones Industrial Average slipped 2% to 10,173 and the Nasdaq Composite Index dropped around 3% to 2,205.
With government’s flagship Sarva Siksha Abhiyan (SSA) scheme showing encouraging results in expansion of elementary education, the World Bank has come forward with an offer to provide additional funding of $ 500 million (Rs 2,325 cr approx) for the programme.
The government is taking no chances with its proposed divestment. The disinvestment department has hired a public relations firm to put out news of NTPC’s follow-on public issue. Clearly, the department feels NTPC’s own communications wing is not up to the job.
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.
Arvind Subramanian / New Delhi November 25, 2009, 0:54 IST
The country"s largest lender, State Bank of India, has said that there will be no hike in lending rates in the next six months as there is surplus liquidity in the market.
IPO guidelines next month; derivatives products on cards.
Two-wheeler maker BSA Motors today said it will invest Rs 50 crore in next fiscal, besides launching three new models, as part of its strategy to capture over 20 per cent share in the Indian electric scooter market by 2010-11.
Anil Ambani’s Reliance Power today started power generation at its Rs 6,000-crore Rosa Power Project in Shahjahanpur district of Uttar Pradesh.
LIC Housing Finance has posted a rise of 14.32 per cent in its net profit after tax at Rs 153.57 crore for the quarter ended December, 2009 compared with Rs 134.33 crore in the corresponding previous quarter. Its net sales during the period stood at Rs 833.61 crore against Rs 734.33 crore last year, up 13.52 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.
The stock erased all its gains and slipped to a low of Rs 256. The scrip finally ended at Rs 259, down 1% from its previous close. The counter clocked volumes of 344,566 shares as compared to the two-week daily average traded volumes of 145,286 shares on the BSE.
Leading textile and apparel company S Kumars Nationwide today said its consolidated net profit rose by 77.88 per cent to Rs 67.39 crore for the quarter ended December 31, 2009.
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.
The Securities and Exchange Board of India (SEBI) is reported to have appealed a decision by the Securities Appellate Tribunal (SAT) that over-ruled the Bombay Stock Exchange’s (BSE) refusal to issue an in-principle listing approval to a listed company.
Anil Ambani’s Reliance Power today started power generation at its Rs 6,000-crore Rosa Power Project in Shahjahanpur district of Uttar Pradesh.
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.
Invest Rs 1 lakh in property or stocks and double it in six months’. Many would have received variants of this SMS in recent months.
AIM-listed integrated studio operator Eros International plc is planning to list its wholly-owned Indian subsidiary on the Bombay Stock Exchange in the current financial year.
We all have a variety of multimedia content on our computers. From the photos you have clicked on your digital camera to your ever-expanding collection of MP3 songs to movies and television shows, wouldn’t it be nice if there was an easy way to send all this to your TV for easy viewing in your living rooms?
As the main indices fell today, the share prices of fast moving consumer goods (FMCG) companies rose.
Domestic brokerage house India Infoline today said it will acquire Singapore-based Orient Global"s stake in the former"s two unlisted subsidiaries for $80 million (nearly Rs 369 crore).
Foreign institutional investors (FIIs) were net sellers of Rs 1,002.60 crore (provisional) today, according to data released by BSE.
Gujarat NRE Coke ended at Rs 81, stronger by Rs 2 or 2.6%, on the BSE.
The foreign institutional investors (FIIs) were net sellers of Rs 272.90 crore in futures and options segments on Wednesday.
The finance ministry is keen on selling stakes in Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation (IOC), but follow-on public offers (FPOs) in the two bluechip public sector units (PSUs) are unlikely, as unresolved issues are affecting valuations. Disinvestment Secretary Sunil Mitra last month wrote to his counterpart in the petroleum ministry, R S Pandey, seeking comments on “public offerings from the government’s shareholding” in ONGC and IOC. The petroleum ministry is of the view that raising funds from the capital market was not prudent till issues like fuel pricing and subsidies were resolved, which were affecting share prices of ONGC and IOC, sources in the know said.
Diversified business conglomerate Godrej Industries today reported an eight-fold jump in its net profit at Rs 43.80 crore for the quarter ended December 31, 2009, over the year-ago period.
Lloyds Steel Industries has posted a net profit of Rs 39.16 crore for the quarter ended December compared with a loss of Rs 113.84 crore in the corresponding previous quarter. The company’s net sales during the period grew to Rs 726.62 crore from Rs 660.80 crore last year, up 9.96 per cent.
The combined cash and futures market turnover today touched a record high of over Rs 1.52 lakh crore at the end of trade, soaring by 19 per cent over the previous session even as Sensex fell below the 17,000-level.
Despite a sharp fall in treasury income compared to the year-ago quarter, private sector lender Yes Bank recorded a 19 per cent growth in net profit to Rs 125 crore for the quarter ended December 31, 2009.
The economy would get back to 9 per cent growth rate by 2011, says an article by the global rating agency Standard & Poor"s (S&P), an estimate higher than other agencies.
Business Standard / New Delhi January 13, 2010, 0:44 IST
Arvind Subramanian / New Delhi December 23, 2009, 0:13 IST
Manufacturers report unexpected post-festival surge in demand.
The usually choc-a-bloc bus parking lot at Makuhari Messe was deserted. There were no car company hoardings on the way to the Tokyo Motor Show venue either. Inside, the show was restricted to just three halls. There were no go-go girls in skimpy costumes dancing to loud techno beats. Missing in action were Ferrari and Lamborghini. No Jaguar or Aston Martin, either. Not even Volkswagen. The space normally occupied by the American giants was filled in with paintings by children – on an automotive theme, mind you.
After announcing partnerships with three of India’s top auto makers — Bajaj Auto, Mahindra & Mahindra and Ashok Leyland — Carlos Ghosn, head of Renault and Nissan, today said he was keen on continuing with just one of them.
Tata Motors, India’s biggest auto company, will look to strengthen its presence in the sedan segment with the launch of an all-new mid range sedan, Manza, next week. It will be priced in the range of Rs 5-7 lakh. The Manza is basically the sedan version of the indigenous hatchback, Indica Vista, launched by the company in August last year. The car is aimed at arresting the company’s dwindling performance in the sedan category.
Automobile maker Mercedes-Benz India today launched its multi-axle luxury bus at a price of Rs 85 lakh in the domestic market.
The joint venture of auto giants — Renault and Nissan, which had set up a manufacturing facility at suburban Oragadam, would commence commercial production by May 2010, a top company official said here today.
Vinay Varshney, as he predicts the end of CFL lamps in a few years, points to the ceiling of the conference room at Maruti Suzuki’s factory in Gurgaon. It is then that we notice that the two holders, right above the two ends of the long table, have slots for three lamps, but only two are glowing.
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.
Ford Motor Co said it will spend 4 billion reais ($2.3 billion) to expand in the growing Brazilian market, the largest investment it has made in the country.
Ford Motor Co narrowed talks on the sale of its Volvo Car unit to one bidder, a consortium led by China’s Zhejiang Geely Holding Group Co.
The Foreign Institutional Investors (FIIs) were net sellers of Rs 692.18 crore in futures and options segments on Tuesday.
Mortgage entities Fannie Mae and Freddie Mac are planning to introduce a programme aimed at helping independent mortgage banks to make home loans, says a media report.
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.
Airlines in the country are expected to cut down their losses in the third quarter of this financial year, thanks to a consistent increase in passenger numbers and the consequent surge in yields.
Hypermarket Trent will hire over 4,000 people at its Star Bazaar stores over the next 14 months, a top company official today said.
Though the index of industrial production expanded 11.7 per cent in November, the Reserve Bank of India (RBI) sees the recovery still skewed and says the uneven recovery would dominate the central bank’s thinking.
Highway projects worth about Rs 110,000 crore will be executed in the country over the next three years, Minister of State for Road Transport and Highways R P N Singh informed the Rajya Sabha today.
CMC, Finolex Industries and Jindal Saw will be annuncing their Q3 numbers today.
The government today said it would act as a patriarch and bless public sector bank mergers that were based on synergy.
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.
The Companies Act Amendment Bill, which was tabled in Parliament in the Budget session that adjourned last week, has proposed to allow Indian companies to merge with overseas companies, a move that could introduce greater flexibility in cross-border merger and acquisitions (M&As).
Aditi Phadnis / New Delhi December 27, 2009, 0:23 IST
The International Monetary Fund (IMF) today announced to co-host a high-level international conference along with South Korea on Asia in Seoul later this year.
An expected recovery in the bank credit in the next few months may push up interest rates in the later part of the current fiscal, a top foreign banker today said.
US Defense Secretary Robert Gates today said there has been a remarkable advancement of defence relationship between India and the United States in the last few years.
The spat between Google and China is unlikely to have any impact on Islamabad"s ties with Beijing, the Obama Administration has said.
SkodaAuto India is looking to derive significant benefits from the expansion of its German parent, Volkswagen (VW), in the country. SkodaAuto, which was the first VW group firm to enter the domestic market about a decade ago, also intends to become more affordable in the long-term, enabling it to enter more segments.
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 Airports Authority of India (AAI) expects its annual earnings to grow by Rs 100 crore once it receives approval from the Ministry of Civil Aviation to charge user development fee (UDF) at nine airports. “We will annually earn around Rs 100 crore by charging UDF at eight of our airports. We have sent our request and will start charging as soon as we receive the approval,” said a senior AAI official who did not wish to be named.
Madhukar Sabnavis / New Delhi January 1, 2010, 0:19 IST
The expression “Fees for Technical Services” is defined in Explanation 2 in section 9(1)(vii) of the Income -tax Act as under:
With virtually no rain in Himachal Pradesh for the past four months, farmers are deeply worried over the drought-like conditions in the hill state.
Seeking to deepen its bilateral defence and strategic ties with India, the US plans to sell to the country 145 state-of-the-art 155mm towed Howitzers worth $647 million.
Arvind Subramanian / January 27, 2010, 0:53 IST
Indian corporate houses have lined up investments worth $1 billion (around Rs 4,500 crore) in the Maldives, to fructify over the next two to three years. The houses include Tatas, Suzlon, GMR, Apollo Hospitals and Oberoi. “To attract more investment from India, the Maldivian government is planning to ease the procedures for India Inc and planning to offer various incentives,” said Ahmed Shaheed, the country’s foreign minister.
Kirtika Suneja / New Delhi January 26, 2010, 0:43 IST
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.
The government today said the current high inflation, which crossed 7 per cent in December driven by costlier food prices, is a matter of concern and it is closely monitoring the situation.
Telecom service providers have added 44.21 million new subscribers in the quarter ended September 2009.
The telecom industry added a massive 44.21 million new subscribers in the quarter ended September 2009, while the gross revenue of the operators has slipped marginally by 0.65 per cent during the same period, the Telecom Regulatory Authority of India (Trai) said here today.
Kapoor new CEO, Kohli to head International Business Group
Sunil Jain / New Delhi January 18, 2010, 2:42 IST
Hyderabad Metro Rail Limited (HMRL), the special purpose vehicle set up to implement the metro rail project in the city, had postponed the sale of Request for Qualification (RFQ) applications for global bids to July 24, according to municipal administration and urban development principal secretary and Hyderabad metro rail project chairman CVSK Sarma.
The Hyderabad Metro Rail Limited (HMRL), the special purpose vehicle set up to implement the metro rail project in the city, had postponed the sale of Request for Qualification (RFQ) applications for global bids to July 24.
Malaysia-based Scomi International is scouting for partners to tap the monorail market in India, which is estimated to be around $15 billion (Rs 72,000 crore) in the next five years.
Domestic 3rd quarter news weigh on sentiment.
Public sector lender, Allahabad Bank today posted 6.52 per cent drop in net profit to Rs 345.37 crore for the quarter ended December 31, 2009 as compared to Rs 369.46 crore for the corresponding period last year mainly due to higher provisioning and lower other income.
Engineering major Larsen & Toubro and Malaysia’s Scomi Group are expected to commission the first phase of Mumbai Monorail, the country’s first such system, by the end of this year.
Engineering equipment maker Thermax Ltd today said its net profit declined by 21.84% to Rs 56.50 crore for the third quarter ended December 31, over the same period corresponding fiscal.