Corporate
The Hang Seng advanced 203 points or 1% at 21,902.
Minutes after the National Stock Exchange (NSE) announced that it would start equity trading from 9 am from Friday (December 18), rival Bombay Stock Exchange (BSE) followed suit.
Analysts say the company has not focused enough on the scooter segment as it saw bigger opportunity in motorcycles.
Bajaj Auto, once known for its scooters which revolutionised the two-wheeler market in the country, today said it will exit the segment by the end of the fiscal to focus exclusively on motorcycles.
Rajesh Tandon / October 11, 2009, 0:26 IST
Premier of Australia"s Victoria provience, John Brumby said victoria was one of the attractive destinations for trade and business investment and opportunities and invited Indian companies to invest and expand their global operations in Victoria.
Welcoming Prime Minister Manmohan Singh"s announcement of Rs 1,000 crore assistance to flood-hit Karnataka, Chief Minister B S Yeddyurappa today sought an additional Rs 2,000 crore for providing relief to the lakhs of victims of the rain fury in northern districts.
The All India IIT Faculty Federation (AIIITFF) President M Thenmozhi today urged faculty members of all the Indian Institutes of Technology (IITs) to accept and implement the recommendations of the Sixth Pay Commission.
Hershey Co, exploring its options for a possible bid for Cadbury Plc, has been in contact with Nestle SA, said two people familiar with the talks. An agreement between Hershey and Nestle may not be reached, and Hershey would prefer to bid alone, said the people, who declined to be identified because the talks are private. Any offer would challenge an unsolicited $17-billion bid from Kraft Foods Inc.
Calls it ‘unappealing prospect’ from a ‘low-growth’ conglomerate.
The US-based private equity firm Norwest Venture Partners (NVP) today said it would pick up a little over 2 per cent stake in NSE, the country"s largest stock exchange in terms of trading volume, for about Rs 252 crore, valuing the bourse at over Rs 12,000 crore.
Construction firm Gammon Infrastructure Projects today said it has fixed October 27 as the record date for the proposed stock-split.
Vandana Gombar / New Delhi November 26, 2009, 1:00 IST
Powered by aggressive cost cutting and favourable terms from real estate developers, retailers have posted a healthy increase in operating profit margins (OPM).
The National Consumer Commission has held that commercial users cannot move against service providers for any deficiency in service under the Consumer Protection Act.
The Board of Approval (BoA), the apex body which clears special economic zone (SEZ) projects, will meet next month to approve fresh proposals.
After ensuring successful implementation of basic Basel II norms by banks, Reserve Bank of India (RBI) today unveiled a timeframe to adopt advanced approaches to manage credit, market and operational risks.
The Centre plans to allow the (for-profit) private sector to set up educational institutions and tap the capital market, thus aiming to plug the funding gap in the education sector. In this regard, the Human Resource Development (HRD) ministry has asked Max India Chairman Analjit Singh to prepare a feasibility paper.
Vijay Mallya-promoted Kingfisher Airlines is understood to have come down heavily on non-performing employees, even as a large number of its pilots are leaving the airline to join low-cost carrier Indigo and other rivals.
The stock slipped to a low of Rs 56 and finally ended at Rs 56, down 1.5% from the previous close. The counter clocked volumes of 3.98 million shares on the BSE.
The Hang Seng has dropped 348 points to 22,423 and the Nikkei has declined 96 points to 9,401.
Jet Airways, Kingfisher Airlines and SpiceJet today announced a hike in fuel surcharge by up to Rs 200 on their domestic flights. It translates into a maximum hike of up to 7.5 per cent on existing average fares.
BA: British Airways has become one of those companies that is trapped in an endless restructuring. Over the years, the UK airline has undergone successive rounds of cost cuts. The need for yet more is as urgent ever. Sales fell 14 per cent in the first half of BA’s financial year, but costs were not removed fast enough to avert a record pre-tax loss of £292 million. And that was in the normally buoyant summer months.
After increasing it four times in a row, the state-run oil firms today cut jet fuel prices by 5.7 per cent on easing international rates.
Budget air carrier SpiceJet today increased fuel surcharge by Rs 400 with immediate effect, a day after private domestic airlines Jet Airways and Kingfisher Airlines announced their decision.
Mangalore Chemicals and Fertilizers Limited (MCF), a UB Group company and manufacturer of fertiliser, is planning to expand its specialty fertiliser business in the next couple of years. The company, which has over 50 new generation fertiliser products in its basket, plans to expand the business through its integrated nutrient management division, set up four years ago.
Kolkata-based FMCG major Emami Limited has raised Rs 310 crore through a qualified institutional placement (QIP) issue.
The crowd of 600 falls silent as an employee asks Chief Executive Officer Carlos Ghosn if he’s staking too much of Nissan Motor Co’s future on electric cars and not enough on green alternatives like Toyota Motor Corp’s Prius gas-electric hybrid.
Mihir Mishra / New Delhi November 11, 2009, 0:30 IST
Upping the ante in the home loan war, the country’s third largest private sector lender Axis Bank today announced a sweetened fixed-cum-floating home loan offer.
Spending target raised to Rs 53,000 crore for 2007-12.
The Railways" ambitious plan to raise Rs 1,00,000 crore in the Eleventh Plan (2007-12) to develop rail infrastructure projects through public private partnerships (PPP) appears to have gone badly off track. Most key projects are still to get started, mainly because of the inability to get a fix on a viable PPP policy.
Royal Enfield, niche motorcycle maker and a division of Eicher Motors, that has sold around five lakh bikes in its 54-year history now plans to take up its annual sales figures to one lakh by 2013.
Eicher Motors Group company Royal Enfield today launched two bikes, Classic 350 and Classic 500, priced at Rs 98,086 and Rs 1.25 lakh (ex-showroom Delhi) respectively.
Dampening the Christmas mood, leading steel maker Tata Steel has jacked up prices by Rs 2000 a tonne, while the state-run Steel Authority of India (SAIL) has discontinued the discounts with immediate effect, on the back of rising demand.
The Supreme Court has issued notices to 23 states and three UTs on a petition by Tata Motors seeking quashing of the Central Sales Tax Appellate Authority"s decision asking it to pay Central Sales Tax to the tune of around Rs 14 crore on sale of bus chassis to the Andhra Pradesh government.
To help India attain low energy-intensive growth, the World Bank aims to increase its lending to the country’s clean-power generation and energy-efficiency programmes.
The area under wheat rose a marginal 2 per cent this year on favourable climatic conditions. Late monsoon left adequate moisture content in the soil that suited the wheat sowing for this rabi season.
Ending months of uncertainty over their joint project to make an ultra-low-cost car, Bajaj Auto and Renault-Nissan have signed an agreement delineating their roles and fixing 2012 as the year when the car will hit the market.
Tata Motors today said it has sorted out differences with vendors regarding the compensation issues arising out of its decision to shift the Nano plant from Singur.
Scientists in the US have developed a rapid and automated swine flu testing method that will enable quick and effective diagnosis decisions.
British Prime Minister Gordon Brown has promised to talk to Tata Group Chairman Ratan Tata, as a final effort to stop the Corus steel plants in Teesside from being shut at the month-end, thus saving 1,700 jobs.
Despite setting an ambitious target of generating revenues in excess of Rs 900 crore, the organisers of the ‘Commonwealth Games 2010 Delhi’ expect the event to be “revenue neutral”, meaning all that is earned through TV rights and other commercial deals will be spent on the game.
Some trends of the decade in popular music, encompassing hits, losses, challenges, rivalries, victories, tv, movies — and himesh reshammiya.
The Central Board of Excise and Customs (CBEC) has issued Circular number 26/2009-cus dated September 30, 2009, clarifying various changes made consequent to announcement of the new Foreign Trade Policy (FTP). Exporters must take note of the following:
Cellular service provider Tata Teleservices today said it has become the top grosser of subscribers for the third consecutive month, with over 3.8 million new mobile users in October.
On account of exhausting mobile phone numbers starting with the digit 9, the Department of Telecom (DoT) has allotted Reliance Communications (RCom) a new series beginning with the digit 8(055) for its Maharashtra and Goa circle (M&G).
A committee set up by the Department of Telecommunications (DoT) has recommended a uniform fee of 8.5 per cent of annual gross revenue (AGR) for all licences — which include UASL, international long distance, national long distance and internet service providers, amongst others.
Cross 1-million mark on surge in commercial vehicle sales.
Maruti Suzuki is the latest auto major in the country preparing for trading in carbon credits.
The International Monetary Fund (IMF) wants India to gradually eliminate the norms that make it mandatory for banks and other saving funds to park a portion of their funds in government securities.
The Indo-US nuclear deal and India"s subsequent entry into the Nuclear Suppliers Group (NSG), ending 34 years of nuclear isolation, has thrown open business opportunities worth an estimated $100 billion by the year 2032. The country is planning to increase its nuclear power generation by about 60,000 mega watts (Mw) within the next 25 years. This planned capacity addition is being executed by the state-owned Nuclear Power Corporation of India Ltd (NPCIL). Its head, Chairman and Managing Director SK JAIN, tells P B JAYAKUMAR about his plans and expectations. Excerpts:
Raj Oil Mills finally settled at Rs 118 on the BSE today. The debutant touched an intra-day high of Rs 133, up 6.5% from its opening. The counter clocked a volume of over 17.3 million shares on the first day.
It’s now the turn of the appreciator and the collector
Producers meet agriculture minister, agree to increase supply of the commodity
The outgoing president of SIAM Ravi Kant today called for a need to continue government -industry partnership to ensure investments in the sector are used productively.
Higher other income, positive currency movement and enhanced focus on operating discipline aided Patni Computer Systems post net income (India GAAP) of Rs 135.9 crore for the second quarter ended June 30, 2009, an increase of 14 per cent from Rs 119 crore in the corresponding quarter last year.
The sugarcane growers of Uttar Pradesh have declined the state government’s offer of selling their produce at Rs 160-170 a quintal, a rate less than what their counterparts in Uttarakhand are getting.
Despite the economic recovery, the government"s direct tax collections increased by a marginal 3.7 per cent to Rs 1.83 lakh in the first eight months of this fiscal compared to the same period a year ago.
The Shekhar Bajaj-spearheaded Bajaj Electricals is open to acquisitions, both domestic and overseas, in its related lines of businesses with the ticket-size in the range of $25-50-million, a top company official said.
The Sensex has opened down 22 points at 16,826. The index is now down 25 points at 16,825.
Sugar prices, already at record highs, are set to rise further. The food ministry has decided to raise the levy price at which it buys sugar from mills to supply the public distribution system (PDS) by 50 per cent in Maharashtra and 63 per cent in Uttar Pradesh (UP) for the new sugar season starting next month. The two states account for 55 per cent of India’s sugar output. Prices have also been revised for other sugar purchasing states.
Tata Steel"s net profit dipped 49.4 per cent to Rs 902.94 crore in the second quarter of 2009 compared to Rs 1787.81 crore in the quarter ended September 30, 2008. Its total income plunged 18.23 per cent from Rs 7054.33 crore for the quarter ended September 30, 2008 to Rs 5768.16 crore for the quarter ended September 30, 2009.
Sugar major Bajaj Hindusthan today said it has fully utilised Rs 710 crore raised by private placement of shares for repayment of its debt in accordance with the terms of the issue.
Swiss banking major UBS today said it aims to achieve the target of about 15 billion Swiss francs (around $14.7 billion) pre-tax profits per year over the next three to five years.
Brazil’s CSN and Tata Steel, which had once battled for control of Corus, the European steel company, are set to become stakeholders in Australia’s Riversdale Mining.
Singapore"s leading telecom firm SingTel today said contribution of Bharti Airtel, in which the company holds nearly 32 per cent stake, to its profit rose by 26 per cent to 236 million Singapore dollars (around $170 million) for the July-September quarter.
The BJP today appointed its senior leader Arun Jaitley as the Leader of the Opposition in the Upper House and Sushma Swaraj Deputy Leader of the Opposition in the Lok Sabha.
Global lender HSBC is in advanced talks to buy assets of two troubled financial groups — ING and RBS in Asia in a move to expand its base in the region, says a media report.
An alliance between Congress and JVM appears almost certain for the Assembly elections in Jharkhand later this month and in December.
The government today said the total service tax collected from stock broking firms reduced to almost half in the last fiscal when compared with the previous fiscal.
The Steel Ministry has sent the proposal to sell 10 per cent of the government"s holding in state-run Manganese Ore India Ltd to the Department of Disinvestment, Parliament was told today.
Gross non-performing assets up 23% in 12 months.
The government is mulling imposing anti-dumping duty on imports of acetone, a chemical used in drugs and explosives, to protect domestic players from cheap shipments from Japan and Thailand.
Finance Minister Pranab Mukherjee today said it is premature to "exit" the fiscal stimulus as the global economy is not showing robust recovery, but was optimistic about economic growth.
As the three dissident ministers continued their defiance against him, chief minister B S Yeddyurappa today talked tough, hinting at "stern action" against them. "These people cannot cow me down. They are worried about my popularity graph," Yeddyurappa told reporters here, as he hit back at the three ministers who had launched a strong attack on him at a function in their home district of Bellary yesterday.
Karnataka government has decided to provide airlink as an added attraction to lure tourists to this year’s Dasara festival at Mysore. The state’s tourism department has decided to charter a 65-seater ATR short haul aircraft to fly passengers from Bangalore to Mysore from September 22 for five days, Minister for Tourism G Janardhana Reddy told reporters here.
Planning Commission Deputy Chairman Montek Singh Ahluwalia today said the food price inflation would come down by the end of the current fiscal.
Is it better to invest short-term money in an arbitrage fund instead of liquid funds? The returns from the former, being equity-oriented, are tax-free after a year, while those of a liquid fund, which is a debt fund, would be taxable. More, in a falling interest rate scenario, liquid funds are not expected to return 8 to 9 per cent as earlier. On the other hand, arbitrage funds can comfortably return 7 per cent. Suggest some good arbitrage funds.
Over the past two decades, India is being viewed as one of the premier destinations for the global foreign direct investments. These investments have been the major supplement of the growth story of the country, particularly in the areas of infrastructure, information technology and power.
Powering its way ahead in tapping renewable energy sources for power generation, public sector power utility NTPC (formerly National Thermal Power Corporation) has set the ball rolling for its two solar thermal units of 50 Mw each in Gujarat. The company has firmed up its plans to initially install a solar power generation capacity of 100 Mw in the state, which may go up to 300 Mw at a later stage.
The government has asked the Serious Fraud Investigation Office (SFIO) to discontinue its enquiry into the siphoning of funds by Satyam Computer to avoid duplication of work as the CBI is trailing the funds parked abroad by the IT company.
Rising prices of food items and industrial goods are likely to push inflation to eight per cent in the next six months, much above the RBI"s projection of 5 per cent, global financial services company Nomura has said.
The stock of Infosys Technologies rose nearly 2 per cent to close at Rs 2,235, a level not reached in over two years.
Industrial output, which grew at a 22-month high of 10.4 per cent in August, is set to accelerate further on inventory restocking and improving external factors, rating agency Moody"s said today.
Finance Minister Pranab Mukherjee today signalled that the government’s economic reform strategy would focus on fiscal consolidation, debt management and mobilising additional resources through disinvestment proceeds. The emphasis would be on curbing subsidies and promoting private sector investment by continuing stimulus measures.
The government is planning to import up to two million tonnes of rice to augment domestic supply, as production of the foodgrain is projected to decline due to the twin impact of drought and floods. The Centre, which had scrapped import duty on rice last month, may also consider incentivising imports, sources said.
Facing a fiscal deficit of 6.8 per cent of Gross Domestic Product for the current financial year, the government is likely to delay for a year or two the National Investment Fund (NIF), a move that will enable it to keep disinvestment proceeds in the Consolidated Fund of India (CFI).
Viveat Susan Pinto / Mumbai January 2, 2010, 0:59 IST
At last, there is an official admission that there is double-digit inflation in food articles, even according to the Wholesale Price Index. Till about a few weeks ago, this was downplayed on the ground that the total index showed a low inflation level; there was even a fear about deflation setting in! There was a standard, perhaps funny, explanation that the high inflation rate was due to the low base effect. One hears this nonsensical explanation only in India. One would not find it in any article on the subject in an internationally-recognised professional journal. This is an arithmetical and not an economic or technical explanation of the problem.
Price may be raised to Rs 4,250 per mBtu.
Amid the economic downturn impacting companies worldwide, India Inc remains cautiously optimistic with just 16 per cent firms freezing salaries and as low as 6 per cent reducing pays for 2009-10, a survey by HR consultancy Hewitt Associates says.
Is Rs 500 enough to start an entrepreneurship venture?
Even as the economy is showing signs of revival, industry"s fears about dumping by other countries is on the rise, prompting the government to initiate as many as 20 fresh anti-dumping investigations since the beginning of current financial year, compared to 21 in all of 2008-09.
Market regulator Securities and Exchange Board of India (Sebi) has asked the government to consider appropriate action against Reliance Industries (RIL) for allegedly routing funds to dummy companies for buying large quantity of its shares in the year 2000.
Car maker Honda Siel Cars India today said it has entered into a Memorandum of Understanding with private lender Axis Bank for vehicle finance.
India’s recovery from the global financial crisis is “still fragile”, according to Reserve Bank of India (RBI) Governor D Subbarao.
Constitutional amendment to be basis of new tax regime.
A new decade started in the year 2010 will witness a radical re-distribution of forces in the world economy.
Vishal Chhabria / Mumbai December 28, 2009, 0:01 IST
The Dubai government today said it fully expected the fallout from its massive debt problem and promised to pump in all necessary resources to ensure long-term success of Dubai World.
Engineering and construction firm Jaihind Projects today said it has bagged an order worth Rs 14.05 crore from Bharat Petroleum Corporation Ltd (BPCL) for a pipeline project.
Cairn India and its joint venture partners have decided to take up 4 dimensional (4D) seismic survey of Ravva field in the Krishna-Godavari Basin to further explore oil and gas reserves.
The tug-of-war between the Centre and the Uttar Pradesh government on sugarcane prices refuses to end with Chief Minister Mayawati asking Prime Minister Manmohan Singh to review a recent Cabinet decision that requires states to pay the difference between the central government-announced fair and remunerative price (FRP) and the state-advised price (SAP).
Cairn India, which began production from the world class Mangala oilfield in Rajasthan in late August, has reached 1 million barrels of oil output from the nation"s most prolofic onland field.
Domestic crude oil production in India declined by 1.2 per cent in HI of the current fiscal from the same period a year ago due to fall in output by oil exploration and production major-- ONGC, an economic think-tank said in its report.
Erasing its early gains, the rupee was trading 11 paise down at 45.73 against the dollar in late morning deals on good demand from banks for the US currency that was going strong against its other major rivals.
The state-owned oil exploration major ONGC is eyeing 20-25 per cent stake in a giant Iranian gas field even as it awaits Tehran"s nod for its plan to develop a gas field it had discovered two years ago.
Steel magnate Lakshmi Mittal has pulled out of a project involving development of an oilfield in Kazakhstan in partnership with Oil and Natural Gas Corporation (ONGC). It is now looking for buyers for its stake in another company in the Central Asian nation.
HPCL-Mittal Energy Limited (HMEL) has paid Rs 60 crore to insure its planned refinery in Bathinda in Punjab against risks during the construction phase.
The rupee today depreciated by 16 paise to 45.50 a dollar in early trade as the US currency strengthened against major world currencies.
Hindustan Petroleum Corporation (HPCL) will invest Rs 6,900 crore to upgrade its diesel quality to Euro III and IV.
Reliance Industries (RIL) and Essar Oil were today joined by state-run Indian Oil Corp (IOC) and Oil and Natural Gas Corp (ONGC) in criticising the government"s "hotchpotch" fuel pricing policy which they alleged had ruined public sector firms and state finances, and demanded freeing of petrol and diesel prices immediately.
Sports Minister M S Gill had to face some tough questioning by his cabinet colleagues today as he sought additional funds for Commonwealth Games (CWG) preparation.
There has been a sharp increase in the number of graduates who want to qualify as patent agents – the intermediates between patent applicants and the patent office.
Industrial output, as measured by the index of industrial production (IIP), grew by 9.12 per cent in September, up from 6 per cent in September 2008. It was mariginally lower than the 10.4 per cent in August this year.
The Nifty closed in the red on Friday due to profit-booking at higher levels. For the last nine trading sessions, the Nifty has been making lower lows and lower highs, which is a bearish indication. According to a technical analyst at HDFC Securities, unless the index stops making new intra-day lows, the correction will continue.
Drug firm Glenmark Pharmaceuticals is planning to raise around Rs 300-350 crore through issue of shares to qualified institutional buyers on a private placement basis.
Global satellite navigation device maker Garmin today said it has entered into a tie-up with Reliance Retail to launch its car navigation products in India.
Mahindra Satyam slipped to a low of Rs 109 and finally ended at Rs 110, down around 7%. The counter witnessed trades of 46.44 million shares on the BSE as compared to the two-week daily average traded volumes of 7.23 million shares.
With the government increasing expenditure on payments to contractors for projects, its balances with RBI fell by Rs 16,346 crore in the week ended January 1.
Day one of the final placements at the Indian Institutes of Technology (IITs) has brought the smile back on the faces of students, as big recruiters are back on the campuses. IIT placement representatives say salaries could go up by 30-40 per cent this year.
As part of strengthening e-governance initiative, Karnataka government today launched the Karnataka State Wide Area Network (KSWAN) that seeks to establish a state information highway connecting its 2300 offices across the state.
Resolving the issue of fuel supply guarantee to upcoming gas-based power projects, Oil Ministry has asked state-run GAIL India to extend "comfort letters" assuring gas supplies so that the developers can raise finances.
The government could be among the least active investors in the stock markets, but it appears to have come out the winner in terms of returns--its equity portfolio appreciated by about Rs 10 crore in every minute of trade in 2009 resulting in a total gain of Rs 6,50,000 crore.
A committee set by the Petroleum Ministry to probe into the causes of the devastating fire at the IOC depot near here began its inquiry today by visiting the site.
Some trends of the decade in popular music, encompassing hits, losses, challenges, rivalries, victories, tv, movies — and himesh reshammiya.
The Aamir Khan-starrer 3Idiots is the most-awaited Bollywoood film of 2009. Producer Vidhu Vinod Chopra is banking on this to bargain for an exceptionally good financial deal.
The Bombay High Court today directed Mukesh Ambani-led Reliance Industries (RIL) to carry out amendments in its petition against PSU NTPC on a gas supply deal within two weeks.
Sunil Jain / New Delhi October 30, 2009, 0:38 IST
The Indian entertainment and media (E&M) corporates will prefer Hollywood over Bollywood in terms of investment in the near future, as over 90 per cent of the Bollywood movies flop annually, a study said.
The year 2009 proved to be a turning point in the ties between India and Russia as the two strategic allies put aside the chill and "misunderstandings" to re-discover each other in the changing global scenario and extended their defence cooperation for another decade.
One of the positive fallouts for India from the BASIC powwow at Copenhagen was the thaw in India-China relations after the recent chill over Dalai Lama and Arunachal Pradesh. A warm and friendly Chinese premier Wen Jiao Bao bent over backwards to reassure Prime Minister Manmohan Singh that China was a good friend of India, adding that contrary to the impression created by the China-US joint statement issued during the visit of US President Barack Obama, China had no intention to interfere in India’s disputes with Pakistan. Perhaps feeling that Manmohan Singh was not fully convinced of his good intentions, Premier Wen insisted, “I am telling the truth, I am not a liar”!
Learn lessons from Jharkhand
Nearly two years after Amitabh Bachchan laid the foundation of a girls college named after his daughter-in-law and actress Aishwarya Rai in Barabanki district, legal formalities have been completed to transfer the land to the organisation building it.
These phones and laptops will make you look like a million bucks.
Sunil Sethi / New Delhi August 22, 2009, 0:04 IST
The West Bengal cabinet in a meeting today okayed creation of 606 new posts and filling up of 264 vacancies in different departments, the state"s finance minister, Asim Dasgupta, said.
Barun Roy / New Delhi November 19, 2009, 0:13 IST
Infrastructure major Larsen and Toubro (L&T) has accepted all the demands in its implementation agreement with the Uttarakhand government on the 99-Mw Singoli-Bhatwari hydel project in the hilly Rudraprayag district.
Wind power turbine maker Suzlon Energy today said its three promoters have, in total, pledged a further 2.80 crore shares, taking the total shares pledged by the company"s promoters to 28.28 per cent.
The stock gained 3.2 per cent to Rs 253.80 after the company announced that it entered a joint venture agreement with NTPC, Power Grid Corporation of India and Rural Electrification Corporation for formation of a public limited company.
Municipal Corporation of Greater Mumbai (MCGM) would regularise water connections to slums in the city that came up before 2000. The decision comes in the wake of an announcement made by Chief Minister Ashok Chavan to regularise water connections to pre-2000 slums.
Century Textiles
The Centre has suspended forest clearances of some firms, including that of the Obulapuram Mining Company owned by Karnataka minister G Janardhana Reddy, for allegedly carrying out "illegal" mining in six mines in Andhra Pradesh.
The World Bank has said it has barred a Russian subsidiary of Germany"s Siemens from participating in bank projects for four years, citing evidence of fraud and corruption.
Zandu Pharmaceutical Works, the manufacturer of ayurvedic health care products, today reported a growth of over twofold in its net profit for the quarter ended June at Rs 11.12 crore, over the corresponding period a year ago.
India’s second-largest IT services firm, Infosys Technologies, has set up a separate unit within its business process outsourcing arm (Infosys BPO) to concentrate solely on the domestic BPO market.
Higher depreciation charges, interest and employee costs have brought down the net profit of Pantaloon Retail, the country’s largest retailer, by 54 per cent for the financial year 2009.
HCL Technologies today said it has bagged a five-year deal from US-based flavoured beverage producer Dr Pepper Snapple Group.
Telecom major Bharti Airtel today announced the pay-per-second plan on its virtual calling card service, "Airtel CallHome", for its customers in the US.
Apalya Technologies Private Limited, a Hyderabad-based mobile video platform developer, is planning to enter overseas markets with its flagship mobile live streaming and video on-demand product ‘MimobiTV’ by the second quarter of the next financial year.
Telecom operator Tata Teleservices (TTSL) today said its subscriber addition in November at 3.3 million is the highest for the fourth time in a row among all service providers, including GSM operators.
Seeking closer ties with the hydrocarbon-rich Africa, India today proposed to invest in oil fields and increase purchase of crude oil and LNG from the continent, Minister of State for Petroleum and Natural Gas Jitin Prasada said today.
Ranbaxy Laboratories and its Japanese parent Daiichi Sankyo are working on a three-year plan for exploiting synergies in operations to enhance their generic as well as branded business across the globe.
Contract research services provider, GVK Biosciences today said it has entered into a strategic partnership with US-based Quantitative Solutions (QS) to develop and market clinical trial outcome data base.
The foreign institutional investors (FIIs) were net buyers of Rs 490.23 crore in futures and options segments on Friday.