Small Business
Income Tax (I-T) authorities are carrying out search operations at various establishments of the ship- building and repairing firm, ABG Shipyard, for alleged tax evasion, an Income tax Department source said.
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.
The government will sell its 8.38 per cent stake in NMDC by March 31, 2010, the Navratna mineral company said today.
Tracking firming global trend, gold futures prices recovered by Rs 150 or 0.88 per cent today as traders indulged in enlarging their positions. Gold for far-month April contract rose by Rs 150, or 0.88 per cent to Rs 17,248 per ten gram with an open interest of 2,409 lots.
Dealers bank on small NBFCs as big players opt out.
Continuing its agenda to simplify the foreign exchange regime, the Reserve bank of India (RBI) today said it intended to allow exporters and importers to “write” contracts giving them the right, but no obligation, to sell an specified amount of foreign currency for a specific price at specific time to banks. They will also be able to earn premium income from these transactions.
In spite of foreign tourist inflow adversely hit in aftermath of 26/11 terror attack and economic slowdown, the foreign exchange earning from the sector has witnessed a three per cent increase this year, Union Minister of State for Tourism Sultan Ahmed has said.
India"s foreign exchange reserves fell to $280.770 billion for the week ended September 18 from $280.978 billion in the previous week.
Infosys Technologies has finalised the new heads for its business process outsourcing (BPO) subsidiary, Infosys BPO, and the knowledge process outsourcing (KPO) practice.
US national of Pakistan-origin David Coleman Headley was today charged in a court here with criminal conspiracy in the Mumbai terror attacks and having links with a retired Pakistani army Major who liaised between him and terror groups, including LeT and HuJI.
Even as swine flu is threatening the hospitality industry, travellers are taking advantage of the Independence Day holiday to pack their bags for a weekend trip. Most hotels at travel destinations, domestic and international, are packed for the weekend.
The US has said it is in communication with both India and Pakistan on the case of LeT operatives David Coleman Headley and Tahawwur Hussain Rana, who were arrested by FBI in October on charges of plotting terror attacks against Indian facilities.
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.
Japanese investors who lived through a decade of deflation and recessions say US Treasuries are a bargain even with yields at about the lowest levels since at least the 1960s.
Chennai-based software company Zylog Systems posted a 21 per cent dip in its net profit for the second quarter ended Septmeber 30, 2009 to Rs 20.91 crore as against Rs 26.48 crore in the same quarter last year.
As part of its institutional strengthening exercise, National Highways Authority of India (NHAI) is, for the first time, empanelling safety experts. The authority is also planning to form a safety cell and issue safety guidelines.
K VENKATESH
Commercial vehicles major Ashok Leyland, Hinduja group"s flagship company, today reported an increase of 164 per cent in its sales in December 2009.
The Orissa Chief Minister Naveen Patnaik today called upon the large and medium industries in the state to promote the Micro, Small and Medium Enterprises (MSMEs).
The Indian Industries Association (IIA), an apex body of SMEs, has joined hands with Germany-based Confederation of Skilled Crafts to work for a development project for micro, small and medium enterprises (MSME) in Uttar Pradesh.
The gas row between the Ambani brothers had its echo in the Lok Sabha on Thursday with Samajwadi Party chief Mulayam Singh Yadav making a strong plea for gas from Reliance at cheaper rates for state-owned National Thermal Power Corporation (NTPC), a plea also being used by the Anil Ambani group.
The gas row between the Ambani brothers had its echo in the Lok Sabha today with Samajwadi Party chief Mulayam Singh Yadav making a strong plea for gas from Reliance at cheaper rates for state-owned National Thermal Power Corporation (NTPC), a plea also being used by the Anil Ambani group.
One third of the world"s child brides live in India, accounting for a large number of unregistered births, according to a UNICEF report.
The government might miss the April 1 deadline for rolling out the much-anticipated goods and services tax (GST), Finance Minister Pranab Mukherjee indicated today.
Asian stocks rose, pushing the MSCI Asia Pacific Index to its biggest gain in almost three weeks, as the weaker yen boosted the earnings outlook for Japanese makers of electronics and cars and as Hong Kong-listed banks advanced.
Asian stocks fell, led by banks and developers, as UBS reported a wider-than-estimated loss amid investor concern that the withdrawal of stimulus measures will cause the global recovery to falter.
Asia MotorWorks Limited (AMW), an Ahmedabad-based company specialising in design and manufacture of tractors, tippers and high-tonnage trucks, is contemplating foraying into bus manufacturing in the next two to three years.
Ashok K Lahiri / New Delhi November 30, 2009, 0:47 IST
Sesa Goa saw its profits and revenues fall a whopping 50 per cent and 38 per cent, respectively, on a year-on-year basis for the September 2009 quarter even as it sold more iron ore and pig iron. Although the performance includes the numbers of Dempo Mining, acquired in June this year, the Street was disappointed.
As many as nine transactions, including Pfizer"s takeover of Wyeth Corp and Merck & Co"s buying of Schering-Plough Corp, are under investigation by the US regulator Securities and Exchange Commission (SEC) for possible insider-trading violations, says a media report.
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.
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.
Indian drug companies have cornered an overwhelming majority of drug approvals under the US President"s Emergency Plan for AIDS Relief (Pepfar).
The condition of Marxist patriarch Jyoti Basu, who is battling pneumonia, remained critical today with doctors putting him back on full ventilation.
Tata Group firm Rallis India today reported 9.90 per cent rise in its net profit at Rs 45.71 crore for the quarter ended September 30.
Aims to enter China, Russia and African countries
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 central government’s decision to continue controlling supply of the swine flu drug, oseltamivir, will help the drug innovator, Swiss multinational Hoffmann-La Roche, and its Indian licencee, Hetero Drugs, maintain their effective monopoly in the country, even as the drug lacks patent protection in India, fear domestic industry circles.
Zandu Pharmaceutical today said it has received shareholders" approval for its merger with Emami and Emami Infrastructure.
Power PSU NTPC today moved the Supreme Court challenging Bombay High Court"s decision that allowed Mukesh Ambani group firm RIL to amend its petition on the gas dispute citing government"s pricing policy.
IT giant Wipro Limited, as part of its energy efficiency initiatives, is planning to reduce the carbon footprints from the present 3.96 tonne per employee to 2.5 tonne in the next five to seven years, said Laxman K Badiga, chief information officer of the company.
- BofA likely to pay bonuses close to 2007 level - Future Group pulls the plug on "Bijli Ghar" - PowerMin wants gas at $2.34 for NTPC - Another RIL cash raising on anvil - RIL to drill six new wells in KG-D6 block this year - Reliance Industries: Filling its coffers
Professionals are making the most of the short- and full-term courses to keep pace with changing trends at the workplace
Hiring activity in Kolkata declined by 3 per cent in July compared to June this year, according to a Naukri JobSpeak, the monthly job index released by Naukri.com. The index moved from 775 in June to 750 in July. However, market sentiment remains positive with recruitment index expected to move up post September.
Hiring activity in Kolkata went up by 12 per cent in June this year compared to May, revealed a latest report by Naukri Jobspeak.
Reflecting the changed ground realties in the US in the wake of economic crisis, there has been a sharp drop in H-1B work visas being applied for and obtained by major IT companies from India.
As many as six among the top 10 firms added over Rs 28,415 crore to their market capitalisation in the past week, while companies like NTPC, NMDC and IT bellwether Infosys Technologies saw their valuations dipping.
Union Solicitor General Gopal Subramanium has advised NTPC Ltd to transfer its case against RIL to the Supreme Court.
State Bank of India (SBI), the country’s largest lender, is expected to set aside more funds to meet the new norms that mandate 70 per cent provision coverage for non-performing assets (NPAs).
When director Roland Emerich was looking for a image that would sum up the apocalyptic tone of his blockbuster 2012, he could only conjure up one picture, the Himalayas being flooded.
Larsen & Toubro (L&T) today recorded its largest single-day fall in last six months, after the company reported 50% drop in net profit. The company posted Rs 758.82 crore net profit for Q3FY10 against Rs 1,520.44 crore in Q3FY09.
Andhra Pradesh government today said it had no objection to Congress MP L Rajagopal, who escaped from the Government Hospital here, being admitted to the Nizam"s Institute of Medical Sciences (NIMS) in Hyderabad as desired by him.
Despite concerns about a less-than-normal rainfall, the BSE FMCG Index continues to outperform the market. Over the past month, the index has risen by 8 per cent whereas the BSE Sensex has lost 8 per cent. The monsoon does impact private consumtption, although to a much smaller extent than in the past. Also, it has been seen that in years of deficient rains, revenues of FMCG firms hardly grow.
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.
The 1200 MW thermal power project of Jindal India Limited at Kaniha near here, estimated to cost Rs 6,000 crore, is under a cloud as the twelfth meeting involving the local administration, company authorities and the affected villagers remained inconclusive.
The Rehabilitation and Peripheral Development Advisory Committee (RPDAC) meeting for three Angul based industries including the Rs 15000 crore steel project of Jindal Steel and Power Limited today failed to resolve issues related to land rate for the Jindal India Power’s 1200 Mw project in the area.
The Galleon hedge fund fraud, the largest insider trading scandal in US history, has had a fallout in India with McKinsey Director Anil Kumar, one of the six accused in the case, being asked to step down voluntarily from the board of Hyderabad-based Indian School of Business (ISB) today.
Hundreds of villagers belonging to Nuagaon panchayat in the proposed site of the Posco steel project near Paradip, today staged demonstration and mass dharna in front of the company’s office at Kujanga demanding compensation for destruction of betel vines.
Essar Steel’s $2.5 billion (about Rs 12,500 crore) capacity expansion project at its Hazira plant in Gujarat will be completed by the end of this calendar year.
Protracted problems in land acquisition, availability of raw-material, supply of power and water are among others causing inordinate delay in implementation of various projects in the state.
A new body seeks to integrate scattered R&D to meet the needs of a growing export and domestic market.
Higher prices in India since the last seven months led to a rise of 42 per cent in the imports of black pepper during the April-October period. The country imported 11,500 tonnes of pepper compared with 8,100 tonnes in the same period last year. Interestingly, the exports during the period were also 11,500 tonnes.
The Central government would set up "model" markets in every state for preserving perishable commodities such as vegetables and fish to help farmers get better remunerative prices, Minister of State for Agriculture K V Thomas said today.
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.
L&T Infotech, the infomation technology arm of Larsen and Toubro, the engineering and construction major, is sharpening focus on its consulting business. The company set up a separate consulting business unit this March and already has close to 20 clients, representing 2 per cent of the overall revenue.
Britain and France today joined India in making it clear that there should be no "double standards" in the fight against terrorism, a view that can be seen in the context of Pakistan.
The process is expected to begin next summer.
The stock finally settled at Rs 444, up 3% from the previous close. The counter clocked volumes of 1.05 million shares as compared to the two-week daily average traded volumes of 278,255 shares on the BSE.
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.
The industry of the North East is euphoric with Bangladesh government agreeing to grant access to Mongla and Chittagong ports for movement of goods to and from India.
The process of granting the coveted Maharatna status that will give greater autonomy to blue-chip PSUs will be completed in the next six months, Heavy Industries and Enterprises Minister Vilasrao Deshmukh said here today.
The scientific instruments manufacturers’ cluster in Ambala (200 km north of Delhi on NH 1), which includes over 1,000 units, is upbeat, as the Union Ministry of Micro, Small and Medium Enterprises plans to organise the first exposition on scientific instruments to promote the cause of smaller units engaged in this business.
With rapid growth witnessed in health and nutrition food products in India, Britannia Industries is looking to extend its presence in the segment. Along with improving the existing brands to make them more healthy, it is planning its future launches with the growing health conscious consumer in the mind.
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.
The Sensex has recovered partially and is now at 17,167, down 20 points.
May look at local manufacturing
Parle"s looking to bite into Britannia"s Bourbon biscuit market.
The year 2009 ended on a high note, with benchmark (BSE & NSE) indices registering best yearly gains in the last two decades and touching fresh 19-month peaks. The year, however, will be most remembered for the Sensex and the Nifty hitting the upper circuit for the first time.
The shareholding pattern of all credit rating agencies should be made public so that their relationship, if any, with rated companies, could be known, a body constituted by market regulator Sebi has recommended.
Corporate Affairs Minister Salman Khurshid today opined that India Inc should focus on CSR activities in their own interest.
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.
Trust Kishore Biyani, the founder of Future Group, to spot new revenue streams before anybody else. The latest from Biyani is Indian-style hotels and schools to train entrepreneurs and help understand consumer behaviour. Both initiatives are expected to go on stream in the next six to eight months.
Textile company S Kumars Nationwide today said its net profit stood at Rs 60.09 crore for the year ended March 31, 2009, while it had a net profit of Rs 178.13 crore in the same period previous fiscal.
Short-covering, expectation of rise in yield on advances behind spike.
Hinduja Group firm Defiance Tech today signed a Memorandum of Understanding (MoU) with Dassault Systemes to market the Euronext-listed company"s solutions across Indian automotive, industrial and aerospace and defence sectors.
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.
Evading taxes for long by calling itself a charitable organisation, the the Board of Control for Cricket in India (BCCI) may now have to shell out more than Rs 100 crore as the Income Tax department is set to penalise the Indian Cricket Board for hiding details of its commercial activities.
Birla Sun Life Insurance, which belongs to the Aditya Birla Group, has roped in four cricketers — Yuvraj Singh, Virender Sehwag, Suresh Raina and Rohit Sharma — to endorse its wealth and protection solution plans.
Google: If you can’t beat them, tax them. Nicolas Sarkozy, the French president, has just added his voice to the chorus of those who have long demanded that Google be penalised for its dominance of the online advertising market. He has asked the government to find ways to get Google to pay at least some taxes in France. This come on the heels of a government-commissioned report suggesting online advertising should be taxed to the tune of 1-2 per cent of revenues, to help subsidise the French music industry and other online content providers. Both approaches are wrong. Worse, the French government’s Google obsession can only backfire.
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.
The Department of Telecommunications (DoT) will auction three slots of third generation (3G) spectrum for all 22 telecom circles.
The Department of Telecommunications (DoT) has again put the onus of deciding the number of slots to be auctioned for 3G spectrum on Finance Minister Pranab Mukherjee.
Bikram Dasgupta, chairman and CEO, Globsyn Technologies, traces his love for gadgets back to 1995, when he bought a Nokia 1011, loaded with games and polyphonic ringtones. Little did Dasgupta know that within 14 years, his so-called premium model phone would pale against his Mercedes E Class and custom-fitted laptops.
Commercial vehicle manufacturer Ashok Leyland today showcased a bus with wireless connectivity --iBUS2 -- useful for disaster management, mobile education and medical emergency response targeted at the government and the defence sectors.
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.
With small investors once gain returning to the market, the small-cap index was the best performer in August even outperforming the benchmark index Sensex, gaining around 13 per cent.
The decade that’s just passed saw a lot that we took for granted pass into the realm of obsolescence
Asian markets are trading in the negative, albeit off their day"s lows.
Eveready Industries India has recorded a profit after tax of Rs 11.03 crore in the third quarter ended December 31, 2009, an increase of 31 per cent over the same period last year on the back of higher sales. Net sales for the quarter stood at Rs 245.96 crore, an increase of 15 per cent. Prices of zinc, a key input material, was higher during the quarter compared to the same period last year, but was compensated by the appreciating rupee during the quarter. Battery and flashlights turnover registered a growth of seven per cent and 24 per cent during the current quarter. An overseas company, Everspark Hong Kong Private Limited has been incorporated by the company for commercial benefits on the company’s sourcing of input materials and goods from China.
Power Grid ended at Rs 113, lower by Rs 1 or 1.2%, on the BSE.
Bata India closed the day virtually unchanged at Rs 179. The stock had opened at Rs 181 and touched a high of Rs 185 and a low of Rs 177 during the day. A total of 215,995 shares were traded on the BSE as against the 2-week average of 114,555 shares.
Things went from bad to worse since December 2008 for people who purchased bungalows, villas and apartments at Maytas Hill County, promoted by Maytas Properties Limited (MPL) -- the company run by B Rama Raju (Jr), the younger son of Satyam Computer Services founder and former chairman B Ramalinga Raju.
India"s exports surged by 39 per cent in value terms to Rs 1,366 crore during the first four months of this fiscal on better price realisation and higher demand, the Tobacco Board said.
With Tata Power now in a position to sell 100 MW of power from its Trombay unit as merchant sales, the company’s earnings for the current year should get a slight boost. In the current year, the higher generation—estimated to be higher by 10-15 per cent — is what will push up revenues rather than any significant increase in power realisations.
The markets have extended losses after European exchanges opened weak.
The stock erased all its gains and finally settled 4% lower at Rs 90. The counter witnessed trades of 14 lakh shares as compared to the two-week dialy average traded volumes of 10.41 shares on the BSE.
Jaiprakash Power Ventures today said it has appointed Sunil Kumar Sharma as Vice-Chairman and Chief Executive Officer of the company.
The Mukesh Ambani Group firm Reliance Industrial Infrastructure (RIIL) today said its net profit rose by 3.52 per cent to Rs 5.87 crore for the third quarter ended December 31, over the same period previous financial year.
The Copenhagen accord on climate change was a partial success for India but it has certain "inbuilt hazards" of which the developing countries have to be wary, Environment Minister Jairam Ramesh said here.
A study conducted by the Indian Institute of Management, Ahmedabad (IIM-A) has said that it is time for the premier B-school to study from the Indian diamond industry, lessons "of its rise, recession and recovery".
Following the increase in the long term loans of Videocon Industries (VIL), Fitch Ratings has today affirmed Videocon Industries Limited"s (VIL) National Long-term rating at "A-(ind)" with Negative Outlook.
Concerns about Dubai’s potentially crippling default on enormous debts to global creditors have rattled investor confidence across the oil-exporting Gulf region but Abu Dhabi will come to the rescue, says a leading economist in the region.
Differences over number of private players to be allowed to offer 3G mobile services continue within the government as an empowered ministers" panel today failed to reach at any consensus.
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.
India"s largest manufacturer of passenger cars, Maruti Suzuki launched Eeco, a multipurpose vehicle here.
Maruti Suzuki, India"s largest manufacturer of passenger cars, launched Eeco, a multipurpose vehicle (MPV) in Ahmedabad today.
Clarifying on the issue Nalin Mehta, CEO, Mahindra Renault has said.
American chocolate maker Hershey Company today said it will not make a counter bid for British confectioner Cadbury, which has accepted the 11.9 billion pound takeover offer from US-based Kraft Foods.
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.
Continuing with its soft monetary stance, Bank of England (BoE) today retained the benchmark interest rate at 0.50 per cent for the eight straight month and will inject another 25 billion pounds to boost the economy.
The US central bank has retained near-zero rate regime to boost the country"s fragile recovery and said cheap credit would continue for an "extended period".
The country’s largest lender, State Bank of India (SBI), has said that there will be no hike in lending rates in the next six months as there is surplus liquidity in the market.
The government is likely to appoint investment bankers and advisors soon for the disinvestment of additional 8.38 per cent stake in iron ore producer NMDC, official sources said today.
Shree Ashtavinayak Cine Vision, the film production company, plans to invest Rs 457 crore to expand its movie entertainment business.
After swelling to a nine-month high in the previous fortnight, the outstanding credit of Indian banks decreased by Rs 11,898 crore in the 15 days up to January 15 — its first fall in two and half months.
Driven by healthy growth across key personal care categories, the homegrown FMCG major Dabur today reported a 28 per cent jump in its consolidated net profit at Rs 137.84 crore for the third quarter ended December over the corresponding period last fiscal.
While oil and gas companies are cash rich, focus on managements’ credibility and ability to run the business.
Tata Coffee has posted a rise of 13.5 per cent in its profit after tax (PAT) for the December quarter at Rs 13.87 crore compared with Rs 12.22 crore in the previous corresponding quarter. Its income from operations during the period grew to Rs 76.46 crore from Rs 65.10 crore last year, up 17.45 per cent.
KPIT Cummins today reported a marginal increase in its net profit at Rs 21.37 crore for the third quarter ended December 31, 2009.
The Securities Appellate Tribunal today adjourned till January 27 the hearing on a petition by brokerage house First Global"s Shankar Sharma against a SEBI order banning him from trading in markets for his alleged role in manipulating prices of certain scrips.
The Securities Appellate Tribunal (SAT) has set aside charges of insider trading against Dilip Pendse, former managing director of Tata Finance, and his wife Anuradha Pendse and Nalini Properties.
Country"s largest power producer NTPC today filed the draft prospectus for its follow-on public offer with market regulator Sebi.
Advance tax payments by several automobile, power, cement and banking majors in the third quarter have been stronger compared to the year-ago pay-outs.
Gujarat NRE Coke ended at Rs 81, stronger by Rs 2 or 2.6%, on the BSE.
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.
The National Stock Exchange (NSE) today said it is not averse to the idea of listing its shares on its own platform.
The Vedanta group firm Hindustan Zinc today posted a three-fold jump in its Q3 profit to Rs 1,148.65 crore as against Rs 369 crore in the corresponding period a year ago, driven by improved output, sales and prices realisation.
Paint manufacturer Asian Paints today said its consolidated net profit surged over threefold to Rs 211.84 crore for the third quarter ended December 31, over the same period last fiscal.
That Petroleum Minister Murli Deora comes from the country’s commercial capital was made obvious today when reporters asked him about whether there was going to be a petroleum price hike. “Arre baba, I’m not running a private limited company”, he told reporters, “there has to be a larger consultative process.”
Civil and core infrastructure development company Tantia Constructions is looking at diluting 10 per cent of its total equity to raise money for upcoming projects, according to market sources. The company is considering fund raising through secondary market transactions, though the exact quantum of cash to be realised through the stake offloading could not be ascertained.
Trades between FIIs generated a volume of Rs 76 crore on the BSE Tuesday-an increase of 71.52% from Rs 45 crore clocked on Monday. As many as six stocks witnessed trades of 10 lakh shares on Tuesday.
Bajaj Auto sold 220,429 two-wheelers in December 2009, registering 85 per cent growth in sales over the same month last year, when it sold 119,215 units, a company release said here today.
Indian conglomerate Tata group-owned Jaguar Land Rover (JLR) has appointed David Betteley as director for financial services.
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
The world’s biggest carmaker by sales, Toyota Motor Corp, is developing 10 per cent more fuel-efficient small car for launch in India by early 2011 to beat market leaders Maruti Suzuki and Hyundai.
The chief executives of Italian auto maker Fiat and oil major Royal Dutch Shell will not be seeking re-election to the board of Swiss banking entity UBS.
Asian stocks fell for the first time in five days, led by South Korean oil refiners and Chinese steel makers on concern they will report lower-than-estimated earnings in coming months.
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.
The country"s largest carmaker Maruti Suzuki India (MSI) today said its flagship export model, A-Star, has crossed 1 lakh-mark of overseas shipments in less than a year of selling the car in the global markets.
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.
Facing complaints from container operators, Indian Railways has decided to come up with a time table, the first of its kind, for freight trains, giving an assured transit time.
The foreign institutional investors (FIIs) were net buyers of Rs 14.90 crore in futures and options segments on Monday.
The market crashed in the last two sessions with the Nifty bouncing from 4,955 level to close at 5,036 points for a week-on-week loss of 4.12 per cent. The Sensex was down 3.96 per cent, closing at 16,859 points. The Defty closed 4.93 per cent down as the rupee slid. Declines far outnumbered advances and volumes increased as prices fell. The broadbased BSE 500 dropped 4.3 per cent while the Midcap index dropped 5.4 per cent and the Junior was down 3.8 per cent. Domestic institutional investors were net buyers but FIIs sold heavily.
The Indian bourses opened marginally higher at 16,317.16 - up 28 points. points - mirroring positive cues from the global markets. The US markets ended on a positive note after the US Federal Reserve said that the conditions in the world"s largest economy are showing signs of improvement. The Dow Jones Industrial Average added 0.4 per cent and the Nasdaq Composite Index was up 0.8 per cent, respectively. The Asian stocks too started on a strong note however pared some gains towards end of the day. The Hang Seng was up 1.61 percent and the Nikkei added 1.5 per cent, respectively.
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.
Domestic passenger numbers in December 2009 rose 34.8 per cent to 4.5 million from 3.3 million in the same month in the previous year. This is the highest growth in the last 12 months.
The country"s largest lender, State Bank of India (SBI), plans to hire more than 27,000 people this year to fill vacancies across different divisions, a top bank official said.
LIC Housing Finance (LICHF) reported a 14 per cent rise in net profit to Rs 153.58 crore for the quarter ended December 2009 compared with Rs 134.33 crore in the year-ago quarter.
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.
If you think your money in savings bank account will be automatically converted into fixed deposits (FDs), think again. It may just happen that while you are thinking the idle cash may earn 6-6.5 per cent a year, the prevailing fixed-deposit rate for one-year funds, it may actually continue to fetch only 3.5 per cent.
Maruti Suzuki has ended at Rs 1433, down Rs 6 or 0.4%, on the BSE.
India"s largest IT services provider, Tata Consultancy Services (TCS), beat the market expectations to post a 33.9 per cent jump in its net profit (consolidated Indian GAAP) at Rs 1,824 crore for the quarter ended December 31, 2009 as compared to the same period a year ago. Its revenue, too, jumped 5.1 per cent on strong volumes of 6.6 per cent to touch Rs 7,649 crore year-on-year (YoY).
Wholesale prices-based inflation leaped to 7.31 per cent in December, shooting past RBI"s forecast of 6.5 per cent-level by this fiscal end, as food items such as sugar, potatoes and pulses turned costlier. Overall inflation in November was 4.78 per cent.
Hero Honda today reported a 78.3 per cent jump in its third quarter net profit at Rs 535.7 crore on the back of quarterly sales volume of over a million units.
New Delhi-based HCL Technologies today posted a 20.5 per cent fall in net income for the second quarter ended December 31, 2009, owing to wage hikes and currency fluctuations.
A nuclear-powered US aircraft carrier sped towards Haiti early today to assist an international relief effort, as anger and despair mounted in the stricken country.
Spurred by growth in the number of policies renewed, commission expenses of the life insurance industry grew by 5.64 per cent in 2008-09 to Rs 15,533 crore as against Rs 14,704 crore in the corresponding period last year.
K Subrahmanyam / January 21, 2010, 0:30 IST
The expression “Fees for Technical Services” is defined in Explanation 2 in section 9(1)(vii) of the Income -tax Act as under:
Finance Minister Pranab Mukherjee’s core team for the Budget will witness a crucial change on February 1. With the government announcing the appointment of Sunil Mitra as revenue secretary, the West Bengal cadre official will now move to North Block from the Department of Disinvestment, where he spearheaded the recent divestment drive of public sector companies.
NTPC Ltd, India"s largest power utility, expects its power exchange to be operational by next fiscal. The public sector giant has already received an in-principal approval from Central Electricity Regulatory Commission (CERC) for setting up a national level power exchange in the country.
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.
The country"s third largest software company, HCL Technologies, today reported a 35.92 per cent decline in net profit at Rs 255 crore in the October-December quarter.
Kiran and Shiv Nadar will throw open their collection of art this evening at the HCL Technologies campus in Noida. Kishore Singh gets a preview before the formal opening of this private art museum, the first of its kind
The Delhi High Court has said it is not mandatory for the government to award contract to the lowest or highest bidder in a tendering process and had the option of giving the work to some other party instead.
The Centre will hold a meeting with Chief Ministers on January 27 on the issue of surging prices of essential commodities, which continued to be costly, despite the food inflation easing a bit.
Tata Communications has reached an agreement to acquire BT Group"s Mosaic business, which offers on-demand digital media management platforms, that manage content and workflow from production to distribution across collaborative market ecosystems.
Tata Communications today said it has appointed David Wirt as global head of managed services.
The scrip erased all its gains and slipped into the negative to touch a low of Rs 356 and finally ended at Rs 362, down 2% from the previous close. The counter witnessed trades of 36,792 shares on the BSE as compared to the two-week daily average traded volumes of 4,417 shares on the BSE.
Finance Minister Pranab Mukherjee has asked Communications Minister Andimuthu Raja to complete the auction of the third generation (3G) spectrum within the agreed deadline (February 15), so that the revenue from it can be reflected in the Union Budget for 2009-10. Mukherjee had earmarked Rs 30,000 crore as revenue from 3G auction, which has already been delayed by a year, in the Budget.
India’s largest private telecom company, Bharti Airtel, wants to help international players deliver multimedia content to Indian players, while simultaneously helping local companies to deliver content to foreign ones. It has tied up with Limelight Networks to launch content delivery network (CDN) services in the country. Limelight is the second-largest CDN player globally in terms of revenues.
Keen to expand its operations abroad, state-owned telecom operator MTNL today said it is keen on entering Africa either by getting a new licence or buying out an existing operator.
The Australian government has provided over A$8 million to fund the creation of the Australia-India Institute at the University of Melbourne. The institute is a platform to support research, training, executive briefings and policy advice for the benefit of both countries, according to Australia-India Institute Deputy Director John Webb.
The Telecom Regulatory Authority of India (Trai) today sought views from the industry on introduction of 11-digit mobile numbers in view of existing 10-digit numbers getting exhausted due to phenomenal growth in the sector.
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.
The scrip ended 3.5% lower at Rs 1,472. The counter clocked volumes of 13.97 crore as compared tp the two-week daily average traded volumes of 3.78 crore shares on the BSE.
Vedanta Resource group firm Sesa Goa today said that it will spend about Rs 1,500 crore in its mining business during the next two years to reach the annual production capacity of about 50 million tonnes.
Geometric’s net profit for the third quarter ended December 31, 2009, grew almost nine times to touch Rs 16.2 crore from Rs 1.76 crore in the corresponding quarter last year.
Construction major Hindustan Construction Company (HCC) reported a 36 per cent drop in net profit for the quarter ended December 31, 2001 at Rs 14.75 crore as against Rs 23.20 crore in the previous corresponding quarter.
An Indian youth was today stabbed in Australia, in the first case of casualty in a series of vicious attacks on the community members, prompting a strong reaction from India which said such incidents could have a "bearing" on bilateral ties.
Reliance Power today reported a 26.46 per cent increase in its net profit at Rs 133.64 crore for the third quarter ended December 31, 2009.