Management
Tata Power Company reported a 28 per cent fall in net profit at Rs 182.1 crore for the second quarter ended September, compared to Rs 252.9 crore for the corresponding quarter last year.
Abhay Kumar Srivastava, the chairman and managing director of Cement Corporation of India (CCIL) today took over as CMD of navratna public sector unit, National Aluminium Company Ltd (Nalco).
National Aluminium Company (Nalco), a leading producer of aluminium in the country, intends to enter the energy sector as an independent power producer.
The changes to industry dynamics and competitive landscapes resulting from the global recession will likely after the profiles of key industry sectors to the benefit of Asian companies by 2012 and there would be more cross-border mergers and acquisitions over the next few years, says Fitch Ratings.
If the early signs are right, then Network 18’s letting go of 200 people may just be an aberration. Across the Rs 80,000 crore Indian media and entertainment industry, hiring is picking up.
The markets have slipped back into the negative terrian. The Sensex is now down 20 points at 17,466, and the Nifty is down 14 points at 5,211.
The rupee today declined by 10 paise to 45.91 against the US dollar in early trade in line with other weakening Asian currencies.
Nearly three decades after he co-founded Infosys Technologies with six others, N R Narayana Murthy has initiated the first step towards starting a venture capital (VC) fund focused on India. The Infosys Chairman, during the past two days, has offloaded 800,000 shares from his personal holding, to raise about Rs 177 crore.
LifeCell International, a stem cell banking services provider, is in the process of raising $10 million from a private equity fund. The firm wants to raise the money for financing clinical trials and for setting up storage facilities for the harvested stem cells.
India has said it does not visualise any conflict with China on border issues and that the two countries have agreed to resolve their differences through dialogue.
A government that limits its role to regulation would be a great enabler for agricultural growth.
Domestic passenger car sales have recorded 33.88 per cent increase at 1,32,615 units in October from 99,052 units in the same month last year.
The government today said that affordable housing will drive the construction sector and subsequently the industrial output during the current fiscal.
Lookout notices issued against two other key associates of the former CM.
The Enforcement Directorate (ED) today arrested Vikas Sinha, brother of Binod Kumar Sinha, an associate of former Jharkhand chief minister Madhu Koda, for his alleged involvement in investing and routing Koda"s money through hawala transactions.
Several Karnataka High Court lawyers today protested against continuance of Chief Justice P D Dinakaran, facing allegations of land grabbing, forcing him to suspend the proceedings and leave the hall.
The Karnataka Bhawan is packed with VIPs these days and the common Kannadigas are finding it difficult to get an accommodation in their state guest house. The BJP MLAs are camped there, besides a large Congress delegation that has come to hold parleys with the top leadership in New Delhi. HR Bharadwaj, the governor, also made a trip to the national capital while the political crisis in Karnataka was at its peak. Many thought Bharadwaj had come because of the current crisis, but the former law minister made it clear that his trip was planned almost two months ago when the BJP government was running smoothly. “I had come for a family wedding and to meet my chartered accountant for some accounts,” Bharadwaj told reporters.
The Enforcement Directorate (ED) has sounded a red alert against two key aides of former Jharkhand Chief Minister Madhu Koda, in the alleged Rs 2,000 crore havala and illegal investment cases.
The Midcap and Smallcap indices have outperformed the Sensex and are up 0.31% and 0.63% each at 6,739 and 8,410, respectively.
British banking giant Barclays is curtailing international expansion plans under a crackdown imposed by its new head of retail banking, Anthony Jenkins, a media report says.
In spite of a 15 per cent decline in the kharif rice output, the government’s rice procurement in the ongoing kharif marketing season is marginally up at 14.85 million tonnes due to an increase in purchase from the ‘grain bowl’ states of Punjab and Haryana even though procurement is down in states like Uttar Pradesh (UP), Andhra Pradesh (AP).
Hyundai Motor India Ltd, the country’s second largest car manufacturer and the largest passenger car exporter ended the year on a high note with domestic sales growing by 42.6 per cent while exports grew by 9 per cent, said a company press release. Cumulative growth stood at 22.6 per cent for the month ending December, 2009.
Essar oil gave up some of its gains and finally settled at Rs 140, up around 2% from the previous close. The counter witnessed heavy trades of 658,518 million shares as compared to 248,533 million shares.
Ambuja Cements finally ended at Rs 95, down 2% from the previous close. Heavy volumes of 1.57 million shares were traded on the BSE as compared to the two-week daily average volumes of 916,782 shares.
The US confectionery giant Kraft is preparing to tap the bond markets to raise as much as 7 billion pounds to help finance its 11.9 billion pound takeover of the British chocolate maker Cadbury, say media reports.
Kuwait Investment Authority (KIA), the Gulf country’s sovereign wealth fund, has denied a claim which said its assets dropped by $94 billion due to the global financial crisis.
Singapore sovereign wealth fund GIC today signalled it would shift its focus to Asia after its portfolio shed more than 20 per cent following heavy losses on Western investments.
Continuing with its low interest rate regime to boost the nation"s recession-hit economy, the Bank of England today left the key interest rates unchanged at 0.5 per cent.
After storming back to power, the Congress Legislature Party (CLP) in Maharashtra on Saturday authorised party chief Sonia Gandhi to choose its new leader who will be the chief minister, senior party leader A K Antony said.
The concept envisages the use of IT to make ‘smart grids’ all over the world, including India, in a bid to create an interconnected planet.
IBM today announced new and extended collaborations with six engineering and technology colleges across Maharashtra to provide a platform for development of software skills among students.
Euphoric over finding traces of water by a Chandrayaan payload, confirmed by NASA"s spacemate onboard the country"s maiden moon mission, India is mulling exploring lunar surface deeper for water in its next Odyssey.
UN chief Ban Ki-moon has pressed world leaders to publicly commit here next week to reaching a global climate change deal in Copenhagen in December.
The global swine flu pandemic will expose the failure of the international community to invest in health protection in poor countries, the world"s top health official warned here today.
Reserve Bank of India today said bank loans whose repayment is done from future rental generated from properties like shopping malls and office premises will be treated as commercial real estate exposure (CRE).
In keeping with the Reserve Bank of India (RBI) guidelines for the Residuary Non-Banking Finance Company to exit deposit-taking business by March 2011, Kolkata-based Peerless General Finance & Investment Company scaling down its RBFC operations, while focusing on new business lines like asset and wealth management.
Reserve Bank Deputy Governor, K C Chakrabarty, today said that rise in bond yields was not a concern for the central bank and yields would come down only if banks cut their deposit rates.
Two persons died of swine flu today taking the total deaths to four in Andhra Pradesh.
The government today fixed the issue price of the initial public offer (IPO) of state-run explorer Oil India at Rs 1,050 per share, raising a cumulative Rs 4,982 crore.
Leading tyre maker MRF today posted a net profit of Rs 119.41 crore for the quarter ended December 31.
Adani Power Maharashtra, which is setting up a 1,320 Mw thermal plant here has tied up for coal linkages with a central PSU, while it has been alloted blocks for captive coal mines by the Union government.
The Supreme Court today upheld an amendment exempting some posts from the purview of the office of profit law that was enacted three years ago in the midst of a controversy in the aftermath of the disqualification of Samajwadi Party MP Jaya Bachchan.
RNRL seeks government intervention
Mukesh Ambani-led RIL today hit at state owned NTPC for "misleading" the government by saying that it was not aware of the condition that the price of gas to be supplied to it was subject to Centre"s approval.
The Delhi High Court today accepted the findings of NHRC giving clean chit to Delhi Police in the controversial Batla House encounter case and declined to institute a judicial probe into the gun-battle in which two suspected terrorists and a police officer were killed.
The Delhi High Court today sought an explanation from the Centre as to why it was not appointing chairman of National Human Rights Commission, a post lying vacant since June.
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.
With a modest rise in net interest income (NII) and decline in treasury income, Bank of Borada (BoB) has posted a net profit growth of 17.5 per cent to Rs 832.49 crore for the quarter ended December compared to Rs 708.37 crore recorded in the same period of the previous year.
Pharma firm Zenotech has approached the Company Law Board (CLB) seeking removal of two of its board members, appointed by Ranbaxy, alleging "operational mismanagement".
One million more go globe trotting in 2008-09.
Shuchi Bansal / New Delhi July 03, 2009, 0:22 IST
Raising finance for companies eyeing renewable energy projects would no more be a tough task as banks and consultants are working on innovative solutions to help these companies.
Terming inflation turning positive after a gap of three months as "expected", Finance Minister Pranab Mukherjee today said inflationary pressure would rise further in the days to come.
Investment banking major Goldman Sachs today reported huge profit of $3.44 billion for the second quarter ended June, bolstered by stellar performance in trading operations.
Swaraj Baggonkar / Mumbai June 25, 2009, 0:57 IST
China today condemned a US decision to slap tariffs on steel pipes from the Asian giant, saying it "strongly opposed" the move.
The main reason for the move is the volatility in prices and inconsistent supplies for value-added grades
After hitting the upper circuit barrier for three consecutive days, Satyam Computer Services’ share price was 0.5 per cent down today, to close at Rs 80.45 from the previous close of Rs 80.85.
Hcl Technologies has signed a $200 million (Rs 940 crore) contract with British insurer Equitable Life for providing end-to-end solutions to the latter, including policy administration, finance, actuarial services, IT operational support, quality assessment, data management and call centre services. The contract, which starts in March 2011, runs for 30 years, but the bulk of the revenue will flow in the first eight years.
ArcelorMittal: ArcelorMittal is firmly out of crisis mode. The world’s largest steelmaker, led by billionaire industrialist Lakshmi Mittal, delivered an unexpected return to profitability in the third quarter – after nine months of consecutive losses. Arcelor is nevertheless right to be rein in shareholders’ expectations.
The Nifty formed another Doji pattern today after moving in a narrow band of 50 points, indicating indecisiveness among participants ahead of Christmas holidays in US and European markets. The index closed below its crucial trendline support level of 5,050, while maintaining its 50-day daily moving average (DMA) support at 5,000.
Lakshman Menon / December 02, 2009, 0:13 IST
Kishore Biyani-promoted Pantaloon Retail today reported a jump of 51.07 per cent in its third quarter net profit at Rs 50.67 crore.
Struggling to bolster its claims of leadership in the fight against climate change, the European Union has announced a commitment of ¤2.4 billion (Rs 13,760 crore) annually between 2010 and 2012 to help developing countries adapt to the effects of global warming.
T N Ninan / New Delhi September 26, 2009, 0:39 IST
Yes Bank plans to raise $150-200 million through private placement of shares this fiscal, a senior bank official said.
Offers $250 million for 26 per cent stake.
Luxury car maker Honda Siel said today that it will commence exports of engine components like the crank shaft and connecting rod manufactured at its Rajasthan plant to its parent, Honda, in Japan, beginning from October this year.
The Sensex has gained 53 points to the day"s high of 16,412. The Nifty is up 32 points at 4,914.
Cotton exports from India, the world’s second-biggest grower, may double in the crop year starting October as higher domestic prices encouraged farmers to grow the fiber amid a forecast global production shortfall.
The small car being developed by Bajaj Auto that will be marketed by Renault-Nissan alliance in India will be smaller than Maruti Suzuki"s Alto, according to the French car maker.
Areva T&D India, the local arm of French power equipment maker Areva, today said it has bagged four contracts worth Rs 350 crore from power transmission utility Power Grid Corporation of India (PGCIL) for developing four substations in the country.
Vedanta Group company Sterlite Energy is believed to have bagged the country"s first ultra mega power transmission project, breaking the decades old monopoly of state-run PowerGrid Corporation.
Firm had failed to complete closure within 12 months of project allotment. Has been given grace of 3 months
Bajaj Auto recorded a near three-fold increase in net profit at Rs 475 crore in the quarter ended December 31, 2009, beating market estimates. India’s second-largest motorcycle maker saw high demand for its vehicles, essentially driven by the high-margin, but low-capacity bikes introduced recently.
The Gujarat government has requested the Union Finance ministry to exempt electricity transmission from service tax and keep transmission charges outside the purview of TDS, a senior state minister said.
Land Rover, which was taken over by India’s largest auto maker Tata Motors last year, today launched sport utility vehicle ‘Range Rover Model Year 2010’ in India at a starting price of Rs 98.5 lakh (ex-showroom, Mumbai).
Wipro Limited, backed by increases in price realisation, utilisation and fixed price contracts at its flagship IT services business, posted a 19 per cent increase in its net profit to Rs 1,162 crore for the second quarter ended September 30, 2009 as compared to the corresponding quarter of the previous financial year.
Reliance Industries (RIL) is currently producing over 50 million standard cubic meters per day (mmscmd) of natural gas from the KG Basin D-6 fields, the government said today.
The Sensex has ended (provisional) at 16,912- up 74 points.
The Sensex is now at 16,962, up 85 points. The Nifty is at 5055- up 22 points.
Spices exports from India will cross the $1-billion mark in the current financial year, according to VJ Kurien, chairman of the Spices Board.
The stock settled 10% higher at Rs 59 and witnessed trades of 240 lakh shares on the BSE.
Ford has spent considerable time and energy (and scarce cash) to develop the Figo. Can it fend off competition?
Delphi, a leading global supplier of electronics to the automobile sector, today said it has introduced CNG kits for vehicles that have been sold to consumers.
IDBI Bank had completed due diligence on a private bank for a possible acquisition, Chairman and Managing Director Yogesh Agarwal said today. “Talks are on. Due diligence has been done. I cannot commit on the time-frame,” he said on the sidelines of Bancon 2009-10.
China has told some banks to limit lending and will restrict overall credit growth in the nation to 7.5 trillion yuan ($1.1 trillion) this year, banking regulator Liu Mingkang said.
The head of the International Monetary Fund (IMF) warned today against excessive capital inflow in some Asian countries although he said the IMF sees no imminent threat of asset price bubbles.
With the aggressive disinvestment of PSUs being planned for the coming months, the government is likely to introduce a fixed time-frame during which the nomination of independent directors should be completed by state-run companies.
Economists were "slightly surprised" by the extent of hike (75 basis points) in mandatory cash reserves of banks held by the Reserve Bank, but felt that the apex bank"s move was strongly influenced by rising inflationary pressures.
Revenue down 9%, but minutes of usage 23% higher
The Department of Telecom (DoT) has opposed general security clearance to few major equipment vendors like Ericsson, Nokia-Siemens, Motorola and Huawei and has sought Home Ministry"s view on the issue, a move that could delay execution of expansion plans of telcos.
The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has held that the ongoing arbitration between broadcast major STAR India and telecom major BSNL is not valid and that it has the sole jurisdiction to decide on the disputes between the two.
Hollywood"s iconic movie studio Metro-Goldwyn-Mayer (MGM) has received interest for a possible takeover from more than 10 suitors, including Anil Ambani-led Reliance-Anil Dhirubhai Ambani Group (R-ADAG), says a media report.
Reliance Infrastructure (R-Infra), part of Anil Dhirubhai Ambani Group, has won Mumbai Metro Line–II project from Maharashtra government. The estimated cost of project is around Rs 11,000 crore.
India’s largest private sector lender ICICI Bank on Sunday ruled out overseas acquisitions, but said it is open to buying local banks to increase presence and business within the country. “We are not looking at global mergers or takeover or anything.
There is money to be made. But remember the basics
After marginal moderation for three weeks in a row, food inflation inched up to 17.4 per cent for the week ended January 16.
Harley Davidson Motor Company India (HDMCI), the wholly owned subsidiary of Harley Davidson Motor Company, the US-based motorcycle producing company, today announced the appointment of its national leadership team.
Controversy-ridden UN climate panel has said it is reassessing another of its claim for linking global warming to an increase in the number and severity of natural disasters, bringing fresh embarrassment to it.
Intergovernmental Panel on Climate Change (IPCC) chairman R K Pachauri today termed as a "human error" the findings in its report about melting of Himalayan glaciers, but ruled out his resignation on the issue.
Aditi Phadnis / New Delhi January 10, 2010, 0:52 IST
Business Standard / New Delhi December 28, 2009, 0:48 IST
Consumer electronics major LG Electronics India today said it will invest Rs 200 crore over the next three years in IT business as it forays into the small and medium businesses (SMB) segment.
The last date for receipt of pre-qualification applications for Hyderabad Metro Rail project has been extended from November 2 to November 27 due to administrative reasons in view of elections for the Greater Hyderabad Municipal Corporation.
LG Electronics Inc, South Korea"s second-largest electronics maker, said today it has stopped the production of personal computers and is fully outsourcing it to local and Taiwanese companies.
In order to expand its edible salt production capacity, Tata Chemicals Ltd has decided to set up a new plant at its existing facility located in coastal area of Mithapur in Gujarat. The edible salt plant will have a production capacity of 600 tonnes per day (TPD).
Month-on-month decline arrested; figure expected to turn positive from Jan
Continuing the record-setting spree, gold prices today climbed to Rs 18,399 per ten gram for April delivery amid weak US dollar.
Shivani Shinde / Mumbai September 24, 2009, 0:36 IST
Challenges posed by climate change hit centrestage in 2009 which saw the government doing a flip-flop ahead of the crucial Copenhagen summit even as the Opposition and experts alleged that India succumbed to pressure from rich nations on emission cuts.
The country"s largest car manufacturer, Maruti Suzuki India, is expecting a double digit growth over the next few months.
The country"s largest car maker Maruti Suzuki India (MSI) has firmed up plans to roll out its small car Zen Estilo on August 25 which is equipped with the latest KB-series engines.
If something is not taxable at all, can one exempt it? Obviously not. If one does it, it is conceptually meaningless and even absurd. Taking an excise example, it is like saying that free air is exempt. If free air is not taxable, it cannot be exempted by the government. Precisely this type of conceptual error is visible in the exemption list suggested in the Report of the Task Force of the 13th Finance Commission .
The Indian bourses continued their winning run for the third straight day. The Sensex opened on a firm note at 17,556 tracking strong global cues.
The Sensex is exhibiting firmness and is now at 17,708, up 149 points. The NSE Nifty is at 5,280, up 48 points.
Mobile handset maker China Wireless Technologies today forayed into the Indian dual-sim smart-phone market in partnership with Reliance Communications (RCom), aiming to clock Rs 800 crore revenue in the next five years.
Union ministries have together sought a whopping 82 per cent increase in gross budgetary support (GBS) for Plan outlay in fiscal 2010-11 over budget estimates for 2009-10.
Output in 2009-10 to be 15-16 mt against projection of 30 mt.
The life insurance industry logged a 21 per cent increase in premium collections during the first seven months of the current financial year compared to the same period last year, indicating recovery in the sector.
ICICI Bank on Friday said its consolidated net profit rose 75.7 per cent to Rs 1,144.6 crore in the quarter ended September on the back of a good show by its subsidiaries.
Global quick service restaurant chain Domino"s Pizza is planning to hire up to 1,800 new employees during this fiscal to service its expanding chain.
The creation of a single national media policy and a single-window clearance for companies involved in the media and entertainment sector will give required fillip to the domestic media industry, says India Inc.
Banks consider raising rates for 3-5 year funds to correct asset-liability mismatch.
Union Bank of India had restricted investments into mutual funds (MFs) but has not yet exited them, and was in favour of quantitative restrictions on investments by banks, said Executive Director S Raman today.
Promoters aim to hike stake; Dalmia’s stake over 25%
The stock was locked at an upper circuit limit of 5 per cent to Rs 114 after the company said its board will meet on 1 December to consider a proposal from Pramod Jain to acquire 25 per cent stake in the company.
Essar Oil Ltd (EOL) is on track to complete expansion of its facility at Vadinar refinery in Gujarat to 16 million tonnes by December 2010, brokerage company IDFC-SSKI said in its report on the company while putting a price target of Rs 194 on its stock.
After months of low-key response, the H-1B visa scheme, which was once most sought-after among Indian professionals, is suddenly appearing to be in demand again, with just 800 of the 65,000 slots remaining vacant.
The RBI clarification, issued on December 1, 2009, has allowed banks to include technical or prudential write-offs for calculating provision coverage for non-performing assets (NPAs) - mandated to be at a minimum of 70% by September 10. This has triggered a relief rally in bank stocks with reasonably higher NPAs or low provisioning which were underperforming the BSE Bankex (see Prodigal returns).
The market watchdog Securities and Exchange Board of India (Sebi) today allowed the State Bank, ICICI Bank and 14 other banks to accept ASBAs (application supported blocked amount) to enable better participation by corporate investors and high networth individuals (HNIs) in initial public offers (IPOs) or rights issues.
The Gurgaon Industries’ Association (GIA) has welcomed the initiation of the Haryana government for introducing frachisee system of power distribution in Gurgaon. Speaking at a meeting with the Managing Director, Dakshin Haryana Bidyut Vitran Nigam (DHBVN), Anurag Agarwal, here, GIA president V P Bajaj said that shortage of staff marred the quality of service by DHBVN.
As BJP grappled with dissidence among its MLAs, opposition Congress today fielded T B Jayachandra as its candidate to contest the post of assembly Speaker to be held tomorrow.
The state-owned copper miner Hindustan Copper will soon appoint merchant bankers to advise it on the proposed share sale aimed at part-financing its Rs 3,500-crore expansion plan.
National carrier to get lion’s share of the Rs 1,978-crore budgetary support demanded by the ministry for 2010-11.
Welcoming the government’s plan to cut down carbon emission intensity by 20-25 per cent by 2020, India’s automobile industry said it will compel manufacturers to produce greener cars with improved mileage.
2009 saw a high-voltage legal battle between the Ambani brothers over the gas dispute reaching the Supreme Court with a judge withdrawing from the bench.
Bank of America Corp, the largest US lender, raised $19.3 billion selling securities at $15 apiece in the biggest sale of stock or preferred shares by a US public company since at least 2000.
The year 2010 will start on a promising note as we have held on to the gains of 2009, even if it means consolidating for the first few months of the year, says Sundaresan Naganath, chief investment officer at DSP Blackrock mutual fund. After having worked with Credit Suisse Asset Management New York and Merrill Lynch Asset Management Hong Kong, Naganath oversees some of the best performing funds such as DSP Blackrock Equity and DSP Blackrock Top 100. In an interview with Vandana and Neha Pandey, he says challenges that markets face are more external than domestic. Excerpts:
Phase-II yet to begin, will take three years to conclude.
The domestic exchange traded currency futures on Wednesday witnessed the highest turnover since its launch last year. The combined turnover on the MCX Stock Exchange (MCX-SX) and the National Stock Exchange (NSE), the two exchanges where currency futures are traded, was a record Rs 29,194 crore.
Palak Shah / Mumbai December 29, 2009, 0:02 IST
In yet another move to increase the flow of Japanese investment into India, visiting Japanese Prime Minister Yukio Hatoyama today assured India’s leading industrialists and bankers to look into the option of directly linking the rupee and yen.
TCG group-promoted TCG Life Sciences, a contract research firm in the area of drug discovery, has signed an agreement with pharma giant Pfizer.
Pharma company Piramal Healthcare today said it is looking for acquisitions in the fields of patented drugs, contract research and research molecules and will raise Rs 1,000 crore for this purpose.
The markets have been virtually unchange din the past one hour. The Sensex is at 16,858, down 35 points, and the Nifty is placed at 5028, down 12 points.
Markets have once again slipped into the negative zone. The Sensex is weak and is now down 68 points at 16,285.
The Sensex opened in the red at 16,772, mirroring negative global cues. Follow-up selling saw the index slip to a low of 16,636 - down 150 points from the previous close.
The Union government has told the Supreme Court that the rights and obligations of NTPC and RIL could not be regarded as similar in status to the private arrangement between RIL and RNRL. In an affidavit filed yesterday in the appeals by the Ambani brothers on their gas dispute, the government stressed that NTPC “is not only a public sector undertaking but the process involved for price determination in the case of NTPC gas was by international competitive bidding.”
The industrial consumers numbering 19,417 owed Rs 220.15 crore as outstanding electricity bill to the power distribution companies in the state.
Foreign institutional investors (FIIs) were net sellers of Rs 331.65 crore (provisional) today, according to data released by BSE.
Deepak Fertilisers & Petrochemicals Corporation today said it has raised Rs 100 crore by issuance of debentures.
The Securities and Exchange Board of India (Sebi) is examining the possibility of allowing inclusion of currency and interest rate futures in portfolio management services (PMS).
The government today approved road projects worth Rs 6,152 crore in five states for upgrading nearly 562 km of four-lane highways into six lanes.
Drug maker Dr Reddy’s Laboratories plans to launch generic version of the world’s largest selling anti-cholesterol medicine ‘Lipitor’ in the US market in the next 2-3 years.
India is now the new battleground for two of UK’s ultra luxury car makers.
As many as eight out of the top 10 most valued companies added over Rs 23,000 crore to their market capitalisation in the last week.
The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has issued offer letters, so far, to an Indian and two American companies for setting up solar power plants at Kadiri in Anantapur district where it has earmarked an area of 5,000 acres for allotment to solar power projects.
Oil fell in Asian trade today on profit-taking after overnight gains driven by hopes for improved demand as the global economy recovers, analysts said.
The country"s most valued firm Reliance Industries (RIL) helped eight of the top-10 Sensex firms add over Rs 1 lakh crore in their market valuation during the last week, while the state-run MMTC and private telecom services provider Bharti Airtel saw value erosion.
Sunanda K Datta-Ray / New Delhi December 05, 2009, 0:48 IST
The tariff war in the telecom industry is set to ring in good news on New Year’s Eve with companies such as Bharti Airtel and Reliance Communications (RCom) deciding against charging more for text messages on December 31.
No terrorist atrocity in India has produced as much distorted reportage as Mumbai 26/11. The ill-equipped and untrained city police got all the blame, while journalists failed to ask even basic questions. Why, for instance, did the Indian Army and the Navy commandos refuse to fight the Pakistani jihadis inside the Oberoi hotel?
Mahindra Satyam today said it has received legal notices for claims totalling Rs 1,230.40 crore from as many as 37 companies, to whom it has replied terming these claims as "legally untenable".