Public Relations
The sugar industry is likely to post robust profit in the financial year ending September 2010 on the back of an expected decline in production in the current sugar cycle (October 2009-September 2010).
Pharma company Ranbaxy Laboratories today said it will launch a generic version of the urinary disorder treatment drug-- Flomax, next year.
Going by the performance so far, Maruti seems to be on track to achieve sales of 1 million vehicles in 2009-10.
Assurances from governments that stimulus packages around the world would continue and China"s strong industrial production numbers were welcomed by the markets. Indian government"s thrust on disinvestment also lifted market sentiments as proceeds may be used to reduce fiscal deficit that is expected at 6.8 per cent of GDP for this fiscal.
The government has cleared nine proposals that will bring in foreign direct investment (FDI) of Rs 524 crore, more than half of which would be contributed by Japanese Mitsui and Company in setting up warehousing and container freight stations in the country.
They have different names, but as many as 38 foreign venture capital investors (FVCIs) incorporated in Mauritius and registered with the Securities and Exchange Board of India (Sebi) have the same address and phone and fax numbers.
Deepak Lal / New Delhi January 30, 2010, 0:24 IST
With the BJP now negotiating with Shibu Soren to form a government in Jharkhand, with Soren as the chief minister, one wonders what happens to all the statements the party made in Parliament and outside it about Soren.
Oil marketing companies (OMCs) want a price cut of as much as Rs 8 in the procurement price of biodiesel from the producers, who, however, do not agree to this idea.
State-run gas utility GAIL India has bought an LNG cargo for $6.65 per mmBtu, about $2 million more than the rate at which Petronet LNG imported a shipload just two days later.
Mundra Port and SEZ Ltd (MPSEZ) has been awarded letter of intent (LOI) by Hazira Port Pvt Ltd. (HPPL) for development of non-LNG port facilities at Hazira.
The premium brand banks on them to boost market share. Till a few months back, Hindustan Unilever was banking on renowned Indian hair stylists to co-create Sunsilk, its premium shampoo brand. The fast-moving consumer goods major has now set its sights higher and has just requisitioned the services of seven global hair experts to give consumers salon-quality products.
FMCG company Hindustan Unilever (HUL) has introduced a new water purifier called Pureit Autofill priced at Rs 3,200 that shuts the inflow of water once the container of the said gadget is full.
The stand-off between Air India and Indian Commercial Pilots Association (ICPA), which represent the domestic pilots of erstwhile Indian Airlines, was resolved here today with the management agreeing to payment as per 5th day commission.
The Delhi High Court today directed the government and the National Aviation Company of India (NACIL) to file their reply on a petition challenging the merger of two state carriers Air India and Indian Airlines.
Middle East-based air-carrier, Air Arabia, today announced special low fares from 13 destinations across India to its hub Sharjah and 46 stations, which the airline caters to globally.
Axis Bank, India’s third-largest private sector bank, today entered into a strategic alliance with Motilal Oswal Securities (MOSL), one of India’s largest financial services intermediaries, to facilitate online trading for the bank’s 10 million customers.
A fresh $1-billion (nearly 4,600-crore) loan from the World Bank under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), to be routed through the Union government, would be linked to cities adopting certain efficiency parameters.
India Infoline has posted a consolidated net profit of Rs 58.02 crore for the quarter ended September 30, 2009 as compared to Rs 40.21 crore for the quarter ended September 30, 2008.
Chandan Kishore Kant / Mumbai August 07, 2009, 0:05 IST
Capital infusion should help DTH market leader Dish TV to consolidate its position in a highly competitive segment.
Criticising private carriers for "bad management" and seeking bailout from the government, senior CPI leader D Raja today said their functioning should be enquired into and demands "carefully scrutinised".
Friends,
The current outlook is poor and how the future will look is critically dependent upon government policy on spectrum and on allowing mergers and acquisitions.
The Sensex has slipped further and is now at 16,623, down 220 points.
The Sensex has extended losses to touch a low of 16,732. The index is now at 16, 737, down 100 points. The NSE Nifty is at 4,969, down 25 points.
The Sensex remains in the negative zone and is now at 16,808, down 35 points.
Valuations can look stretched if the momentum in recovery doesn’t pick up as expected.
HSBC Holdings Chairman Stephen Green said proposals to separate retail and investment banking are “unrealistic” and will slow economic growth because larger firms are needed to finance big companies.
The BK Modi group’s finance arm, Spice Finance, has proposed to buy a 15 per cent stake in Ahmedabad-based National-Multi Commodity Exchange (NMCE).
When stock markets go up sharply, risk-averse investors start feeling the jitters. There is always an apprehension that a correction is just round the corner. For investors who get ulcers with every sharp rise and fall, balanced funds are a good option.
The political crisis in Andhra Pradesh, triggered by the Telangana issue, showed no signs of easing on Sunday. It was not clear from the ministers, who had yesterday decided to quit opposing the formation of Telangana, if they would press for acceptance of their resignations or withdraw them. The ministers, all hailing from the coastal Andhra and Rayalaseema regions, are likely to spell out their stand soon.
Iron ore producer Sesa Goa, a part of mining major Vedanta Resources, today said it expects a 25 per cent growth in output this fiscal and plans to ramp up production around threefold to 50 million tonnes in next 2-3 years.
ICICI Merchant Services, the newly-formed joint venture (JV) between ICICI Bank and First Data Corporation (FDC), plans to expand its Point-of-sale (PoS) terminal network to 500,000 over the next five years, according to a senior FDC executive.
S Tel, the latest entrant in the Indian cellular market, aims to be present in six telecom circles of the country by the end of 2010.
A weak dollar and investor appetite for higher returns from tangible assets have pushed up the prices of commodities
State-run Union Bank is not likely to cut lending rates although the cost of funds may start coming down from the third quarter of the current financial year (2009-10).
Private sector-lender, Dhanalakshmi bank today said that it has reduced its interest rate on deposits across various slabs.
The National Bank for Agriculture and Rural Development (NABARD) has sanctioned a loan of Rs. 2.14 crore to the state government for implementation of a drinking water scheme at Lingdok Bazaar in East Sikkim, an official release said today.
A PIL was today filed in the Punjab and Haryana High Court here seeking a probe into the Ruchika Girhotra molestation case, including her expulsion by a local school, and the subsequent harassment of her family.
Former Haryana DGP SPS Rathore, who has been keeping a low profile following an uproar after he got away lightly in the Ruchika Girhotra case, today stepped out of his residence here to meet his lawyer in the wake of fresh FIRs being filed against him.
Former Cuban leader Fidel Castro accused the United States of seeking to "eliminate" Venezuela"s leftist government and amass power in South America through its military deals with Colombia.
Can the best automobile in the world drink diesel?
The Frankfurt Motor Show kicks off on Monday. Here’s a preview of the important cars.
Mercedes-Benz is planning to launch over-dimensional-cargo (ODC) vehicles and long-haulage trucks that can carry up to 240 tonnes in India soon.
The Sensex after touching a low of 17,028, has recovered a bit and is now down 100 points at 17,080.
The scrip soared to a high of Rs 1,244 and finally settled at Rs 1,228, up 2.5% from its previous close. The counter clocked 88,709 shares as comapred to the two -week daily average traded volumes of 115,510 shares on the BSE.
The Sensex opened in the green at the day"s high of 17,230 on the back of strong cues from US markets. However, subdued cues from the Asian markets has led the index into the red to a low of 17,111 - down 119 points from the day"s high.
The move will shorten the 30-40 days it has to wait for between producing cars and delivering them.
Diversified conglomerate Siemens today said its energy unit has bagged an order worth Rs 608 crore from Qatar"s General Electricity & Water Corporation (Kahramaa) for constructing high voltage cables.
Private equity player, India Equity Partners (IEP) Fund Advisors Pvt. Ltd. is planning to invest around Rs 100 crore in the industrial water segment in the state of Gujarat. The company is in talks with one of the industrial water services player in Gujarat.
The Organisation for Economic Co-operation and Development (OECD) today said the global economy is likely to witness an early recovery than expected before.
Sonata Information Technology (Sonata), a 100 per cent subsidiary of Sonata Software, has been awarded a project by public sector firm Dredging Corporation of India (DCI) to provide enterprise solution implementation services for its corporate office in Visakhapatnam and dredging project sites, according ot a company release on Monday.
Dredging Corporation of India Ltd has received approval for purchasing three dredgers worth Rs 1,722 crore from the Public Investment Board.
Offshore oil drilling and production services company Aban Offshore today opened bids for its Rs 1,000-crore qualified institutional placement (QIP) issue.
The listing of three big initial public offers (IPOs) — JSW Energy, D B Corp and Godrej Property — this week would be yet another test for the lackluster primary markets.
Kolkata-based Emami, the Rs 2,200-crore fast moving consumer goods major, is on the lookout for local homeopathy companies, even sick units will do. Emami had acquired Kolkata-based M Bhattacharyya & Co, one of the country’s earliest homeopathy companies, three years ago.
Tata Group auto component firm York Transport Equipment (Asia) today said it plans to set up a new factory in the country to produce axles as it looks to increase sales volume by 10 times in the next five years.
The stock gained 5 per cent to close at a 52-week high of Rs 236.10 on reports that steel companies may increase prices next month to cash in on the demand surge in the domestic market and recovery in the global steel prices.
Now you can buy an annuity cover on reverse mortgage loans.
In a ruling that would bring cheers to thousands of customers, the National Consumer Commission has ruled that banks cannot unilaterally change its schemes as it might amount to "deficiency of service."
The Supreme Court has quashed criminal proceedings initiated against a Coca Cola company official in a case allegedly involving spurious Limca.
Leading home-loan lender HDFC plans to disburse Rs 3,000 crore over the next two-months under its special housing loan plan, offering an interest rate of 8.25 per cent, launched early this month.
Public sector lenders Bank of Baroda and Indian Bank today announced that they had appointed new Executive Directors.
Space, says Raavi Sabharwal, is “opportunity”, “challenge” and, most importantly, “fun”. Sabharwal, 63, is the publisher of Timeless Books and owner of Timeless — The Art Book Studio, tucked away in one of the many bylanes of Kotla Mubarakpur, one of the many “asides” of the Capital, cheek by jowl with the upmarket South Extension shopping centre. The 1,600 sq ft space, which you stumble into after you’ve taken a few wrong turns, is quiet and peaceful, a refuge from the chaos that surrounds it.
Volkswagen revs up the market with a larger-than-life brand campaign.
More incentives for companies going to backward districts
HCL Technologies closed at Rs 355, higher by Rs 6 or 1%, on the BSE. It opened at Rs 350 and touched a high of Rs 357 and a low of Rs 349 during the day. The stock saw trading volumes of 517,850 shares as against the 2-week average of 172,036 shares.
The power supply in the state was disrupted when around 20 armed Naxalites attacked Balimela hydro power station in south Orissa on Saturday night damaging its Valve House and thus affecting generation at the station.
The ban on entry load (the fees charged from investors for entering a scheme) has brought some sanity in mutual fund (MF) distribution. The move has ensured a drastic reduction in portfolio churning from the levels seen in 2006-07.
The central trade unions would press for shelving a proposal that wants to tax withdrawals from savings schemes, including provident funds, at the pre-Budget meeting with Finance Minister Pranab Mukherjee on January 14.
New model drives volumes but a strengthening rupee could hit income from exports.
On an overseas acquisition spree over the past few years, Indian companies, have suddenly become wary of making investments in foreign companies as a result of the current global economic crisis, a Columbia University report said on Monday.
Engineering and construction major Larsen & Toubro (L&T) has signed a memorandum of understanding (MoU) with the US-based GE Hitachi Nuclear Energy, one of the largest nuclear power plant vendors in the world, for the construction of nuclear power plants in India.
Banks are exploring the option of increasing the sub-prime lending rate, mainly offered to companies, while keeping the benchmark prime lending rate (BPLR) untouched.
India Infrastructure Finance Company (IIFCL) will sign a loan agreement of $700 million with the Asian Development Bank (ADB) next month, a top company official said here today.
State-owned Indian Overseas Bank (IOB) is planning to foray into the venture capital business.
Chennai-headquartered Indian Overseas Bank (IOB) has written to the government for a capital infusion of about Rs 1,000 crore to maintain a capital adequacy ratio (CAR) of 12 per cent and to ensure a credit growth of 20 per cent in the next 3 years.
Indian Overseas Bank (IOB) today slashed benchmark prime lending rate (PLR) by 0.5 per cent to 12 per cent in line with its peers.
Public sector Bank of Baroda is eyeing a total turnover of Rs 4.25 lakh crore in the current fiscal, bank"s Chairman and Managing Director M D Mallya said here today.
Three overseas financial giants have evinced interests to pick up 26 per cent stake in UTI AMC, where four stakeholders, including LIC and SBI have 25 per cent stake each.
Down 387 points to 16,353 as banking stocks fall on hardening monetary policy.
How best can the Union government use the window of political opportunity that has been opened up by the verdict of the recent assembly elections? Since the ruling Congress party has been strengthened by the poll result and there are no important elections due for the next year, the opportunity to push for better governance should not be missed. To begin with, the prime minister should consider a minor reshuffle of portfolios that empower performers and sideline non-performers, and also improve bureaucratic standards. The argument that in some ministries the ruling party needed fund collectors rather than good administrators has appeal before an election, but is less convincing when the priority should be to get things going. The ruling party should take a holiday on rent-seeking for a year and push for reforms and improved public sector productivity in the infrastructure sector, especially power. The recent raids by the Central Bureau of Investigation in the Department of Telecommunications are hopefully not part of some political bargaining between coalition partners but the beginning of a phase of crackdown on “corruption in high places” that the prime minister sought. Given the DMK government’s dependence in Tamil Nadu on the Congress for its survival in office, the latter can afford to crack the whip in Delhi and not appear as subservient as it does when dealing with this junior ally. Exemplary action here would send an important message to other junior partners and to ministers within the ruling party who have not exactly been symbols of good governance.
BS Reporter / Mumbai October 26, 2009, 8:14 IST
The Finance Ministry today said the RBI"s move to retain almost all key rates unchanged will give a positive signal to the economy, which is on the path of recovery.
Vijay Mallya-controlled Kingfisher Airlines has reported a 13.4 per cent drop in its net loss at Rs 418.23 crore during the second quarter ended September 30, 2009 compared to a net loss of Rs 483.2 crore in the corresponding quarter last year. Its income from operations declined by 13.6 per cent to Rs 1,142.1 crore during the quarter compared to the same period a year ago.
Federal Reserve officials are stepping up scrutiny of the biggest US banks to ensure the lenders can withstand a reversal of soaring global-asset prices, according to people with knowledge of the matter.
US hedge fund makes 40% profit; KP Singh family to go for DLF Assets IPO in the first quarter of 2010
The country’s largest gold jewellery manufacturer and exporter, Bangalore-based Rajesh Exports, has posted 46.43 per cent decline in net profit during the first quarter of the current fiscal on substantial increase in investment in raw material procurement.
Shyamal Majumdar / Mumbai January 07, 2010, 0:37 IST
The government-owned Union Bank of India (UBI) has initiated preliminary discussions with 3-4 small-sized Indonesian banks for possible acquisition, a top official said.
Credit growth of banks remained at 13 per cent for the fortnight ended January 1 compared to 24 per cent in same period a year ago.
The year 2009 saw the industry combating the shadows of global slowdown. A year full of challenges, which kick-started with the Vibrant Gujarat summit, was also a blessing in disguise in some cases especially with pharma companies returning homewards to Gujarat or brain drain from the reputed insitutes like IITs and IIMs being contained for the time being. While acquisitions and mergers gained some momentum in the later half of 2009, some of the special economic zone projects were hit. Companies responded with more innovative solutions while waking up to newer challenges. Problems in land acquisitions continue to remain although the process has been far more peaceful in Gujarat as compared to other states. This can be guaged from the fact that the first Nano by Tata Motors at Sanand got ready this year
A majority of graduates in India lack basic business proficiency skills and over 40 per cent students give more importance to employability skills over the domain knowledge, a survey has said.
The Rs 1-lakh wonder Nano will soon enter the elite league thanks to auto design company DC, which today said it would unveil a redesigned version of the world’s cheapest car within two months, with a price tag of Rs 1 crore. “The Rs 1-crore Nano will be ready for public unveiling within two months ... We will make one car to begin with but if there is more demand, then we will make additional units,” DC Designs Promoter Dilip Chhabria told reporters on the sidelines of the 10th Auto Expo.
Business Standard / New Delhi November 09, 2009, 0:53 IST
The Indian consulate in Chicago today said the papers related to issuance of visas to terror suspects David Coleman Headley and Tahawwur Rana had not gone missing and the "relevant information" in this regard is available with the Indian government.
The Abu Dhabi Investment Authority is trying to abort an agreement to buy $7.5 billion of Citigroup Inc stock at eight times Wednesday’s price, saying the bank misled it about the investment.
While many of his fans, particularly in the US, appear disappointed, I, for one, believe that Mr Obama has had an extraordinarily successful first year as president.
The yield on government bonds may stay elevated next week on apprehension that Reserve Bank of India (RBI) may hike cash reserve ratio as a signal to manage inflationary expectations.
Rupee fell, reversing earlier gains, on speculation importers were buying foreign exchange to save on costs. It retreated from the highest in more than a year as importers such as Indian Oil Corp, the nation’s largest refiner, may have bought foreign exchange to pay for crude oil, the price of which has increased more than 68 per cent this year.
Financial services major Credit Suisse Group has withdrawn from the bid for ING Group NV"s Asian and Swiss private banking business, a media report said.
The Nifty closed marginally above the support level of 4,940 on short-covering at lower levels. The trading pattern in the Nifty futures and options suggests the index may fall below the 4,900 mark soon. The 5,000 call option added 2.24 million shares in open interest (OI), mostly through change of hands and sell-side trades, indicating strong resistance above the 5,000 level.
Birla Shloka Edutech Ltd, part of the Yash Birla Group, an education company offering IT and ITeS services has announced a price band between Rs 45 and Rs 50 per share per equity share of Rs 10 each for its further public offering (FPO) of Rs 34.77 crore. The Issue opens on January 11.
Kalpataru Power Transmission closed at Rs 1151, weaker by Rs 19 or 1.64%, on the BSE.
ANMI attempts to perusade NSE and BSE to stick to current opening time.
The Federal Reserve Bank of New York gave up efforts to save taxpayer money on American International Group Inc’s rescue after the insurer’s biggest trading partners refused to make concessions, said a Treasury watchdog.
CEO seeks changes in regulatory regime
Bhupesh Bhandari / New Delhi October 23, 2009, 0:21 IST
Dish TV’s new campaign presents Shahrukh in a new avatar to take on Tata Sky’s Aamir
Godrej Properties today fixed the issue price for its initial public offer at Rs 490 a share at the lower-end of the price band, to garner over Rs 460 crore.
Godrej Properties Ltd"s public offer, through which the realty developer expects to raise up to Rs 500 crore, got over-subscribed 1.13 times on the first day of issue today.
Asserting that it has positive cash-flow position, debt-ridden Dubai World"s subsidiary DP World, which operates container terminals in the country, today said the debt crisis would have no impact on India operations.
The Union shipping ministry has asked all ports in the country with a presence of Dubai World’s maritime subsidiary, DP World, to report on how much trade goes through the company-operated terminals.
The Telangana agitation is casting its shadow on New Year revelry with most hospitality players in the city planning to make it a low-key affair. A few have even cancelled events which were being organised for New Year’s Eve.
UPA government"s much-touted Bill to prevent and control communal violence is back to the drafting table.
Trapped by the Inca! For violating the sacred temple! Tied to stakes atop a pyre which will soon be lit by the rays of the sun, concentrated by a lens! But why does Tintin look so calm? Ah, it is because he knows something these colourfully dressed Incas don’t: there is going to be a solar eclipse. Tintin calls out to the sun to hide his face, and lo and behold! the god obeys. Tintin and his friends are saved; nay, they are treated as demigods by the hapless Incas.
Net interest income growth still remains subdued.
Business Standard / New Delhi October 27, 2009, 0:46 IST
Adani Power Rajasthan, a 100 per cent subsidiary of Adani Power (APL), has been awarded letter of intent (LoI) by Rajasthan Rajya Vidhyut Utpadan Nigam (RRVPNL) for purchase of upto 1,200 MW of power on long-term basis.
ADANI POWER
Undeterred by the premature end to its life insurance joint venture with Indiabulls Financial Services Ltd, French banking giant Societe Generale is still buoyant on the opportunities in the sector and plans to develop a fresh strategy.
The Ministry of Corporate Affairs (MCA) has asked the Securities and Exchange Board of India (Sebi) for details of its investigation pertaining to Reliance Industries Ltd (RIL). The market regulator had acted on a complaint that RIL had allegedly routed funds to dummy companies to buy its own shares nine years ago.
Plan to increase public sector recruitment from 10% to 20%
The issue was subscribed 1.25 times as of 1600 hrs, as per data available on the NSE website.
There is need for a separate exchange or platform for small and medium enterprises (SME) as the criteria for listing such companies are different, Finance Minister Pranab Mukherjee said today.
Fifty years ago, opponents used to complain that the young Mikhail Tal’s “hypnotic” gaze added to the psychological pressure caused by his dynamite sacrifices. Hungarian-US GM Pal Benko took to wearing wraparounds when playing Tal. Tal was amused but the shades prompted complaints from others, who were distracted.
If Emirates airline is caught in the Dubai debt crisis, it may force the carrier to moderate its expansion, which could hurt aircraft manufacturers like Boeing and Airbus, as it has placed orders worth $55 billion with them.
Passengers flying in and out of the Mumbai airport are likely to face a tough time on every Tuesday for the next five months as the intersection point of the two runways would remain closed for a few hours that day.
Overseas funds bought a net Rs 994 crore ($213 million) of Indian equities yesterday, taking their investments in stocks this year to Rs 77,410 crore, the nation’s market regulator said today.
State-run gas utility GAIL India has sought $0.18 as marketing margin to make up for the effort it undertakes to sell natural gas, Petroleum Minister Murli Deora said today.
Ratnagiri Gas and Power Private (RGPPL) or the erstwhile Dabhol power project in Maharastra would start generating 1,900 Mw of electricity by March, 2010.
Less than a year after joining Tata Capital as its private equity (PE) venture head, Shailendra Bhandari is quitting.
Non-banking finance company Tata Capital today announced the appointment of Jamshed Daboo, to the newly created position of head, of national sales and services organisation.
Adani Power has fixed the price at Rs 100 per equity share for its initial public offering (IPO) of 301,652,031 equity shares of Rs 10 each for cash.
Sajjan Jindal-owned JSW Energy may go for an Initial Public Offer (IPO) to raise funds for its ambitious plans to step up power generation capacity to 12,000 Mw from the present 800 Mw.
The Initial Public Offering (IPO) of Adani Power Ltd. (APL), which hit primary markets on July 28, has got an overwhelming response. The issue was over-subscribed 22 times.
Weakness in realty stocks weighed on Unitech. The stock could not hold gains and slumped to a low of Rs 82. It finally ended with a loss of 5.5% at Rs 84. Around 27 million shares were traded on the BSE today.
Ahead of its upcoming initial public offer to mop up about Rs 4,000 crore, realty firm Emaar MGF today said it would not be impacted by Dubai"s debt repayment crisis, which has led to a rating downgrade for its Middle-East promoter.
Bharti Airtel, the country"s number one mobile telephony service provider in terms of subscriber base, has said it welcomes the per-second billing plan mooted by the Telecom Regulatory Authority of India (Trai).
Sensex ends up 35pts
The government today referred a proposal by private carrier Jet Airways to raise Rs 2,000 crore from foreign investors to the Cabinet Committee on Economic Affairs (CCEA).
Pantaloon Retail, the country’s largest listed retailer, was likely to open its qualified institutional placement (QIP) issue from Friday, sources said. The company plans to raise anywhere between Rs 300 crore to Rs 400 crore from the issue.
Private port developer and operator Gujarat Pipavav Port Ltd (GPPL) plans to raise nearly Rs 500 crore through an initial public offer (IPO) and has filed draft papers with capital market regulator Securities and Exchange Board of India (Sebi).
The restructuring should help strengthen the balance sheet and create value for shareholders.