Business Opportunities
RBI is expected to increase CRR next month to signal a rate increase.
The Sensex, after touching a low of 17,373 recovered to touch a high of 17,453. The index is now up 71 points at 17,431.
The Sensex is trading at 17,398 - up 38 points.
Asian stocks rose for a second day as higher oil and metal prices boosted commodity producers and Shimamura Co’s profit buoyed the outlook for Japan’s retailers.
Anticipating an adverse impact of the new Direct Tax Code, life insurance companies have demand amendments in the proposed code. The draft code had recommended a maturity tax on all life insurance products, if the term was less than 20 years and the premium exceeded 5 per cent of the sum assured.
The Department of Telecom (DoT) is understood to have decided to slap a total penalty of Rs 132 crore on some major telecom operators for not rolling out services on time after the award of licence and spectrum. The penalty, which will be in the form of liquidated damages (LDs), are for delays since 2005, for which show-cause notices had been issued earlier.
The stock ended flat at Rs 127 with trades of over 50,700 shares on the BSE today.
FMCG major Dabur, which is currently hunting for acquisitions in the African continent, is setting up its second manufacturing facility in Egypt as part of its expansion plan in the region.
The government is not inclined to intervene if steel companies raise prices, Steel Secretary Atul Chaturvedi has said. “If prices can go down, they can rise also. We have no immediate plans to intervene in pricing,” Chaturvedi told reporters on the sidelines of the Federation of Indian Chambers of Commerce and Industry (Ficci) Steel Summit here.
Bennett Coleman and Company Ltd (BCCL) may be the most profitable media company in India but the company’s balance sheet reveals a lot more than the P&L.
India"s retail industry boom gave way to despair in 2009 as consumers held back big spending, forcing some companies to restructure finances, while recession-battered western retail chains would have felt glad they were not allowed to set shop.
Retailers may be getting into 2010 with higher monthly sales, but they are not going to ease the cost-cutting measures implemented during the downturn anytime soon.
Railway Minister Mamata Banerjee is not the only minister in the UPA cabinet who prefers a four-bedroom flat to a bungalow in Lutyens’ Delhi. Bijoy Krishna Handique, minister of mines, hasn’t shifted to a bungalow either and is quite happy to stay at his existing flat.
Mines minister B K Handique today said the government is considering divesting its stake in copper producer Hindustan Copper.
The stock extended gains and touched a high of Rs 167 - up 5.5% from the previous close. It paired gains and finally ended at Rs 161 - up 1.5%. Over 463,100 shares were traded on the BSE so far.
Twenty years ago, at sixth place in the batting order, the 16-year-old Sachin Ramesh Tendulkar walked across the National Stadium in Karachi and straight into every Indian’s heart and history.
T N Ninan / New Delhi October 24, 2009, 0:20 IST
Noting that the world was on the move to tackle climate change, UN Chief Ban Ki-moon has acknowledged India"s commitment to use renewable energy in its effort to cut down carbon emissions.
With global aviation bodies like International Air Transport Association pressing for reduction of carbon emissions in the sector, some major airlines have carried out test flights using biofuel and alternative fuel, which are cleaner.
Tie-ups with international retailers and brands, emphasis on profitable growth and increased focus on private labels are set to be key trends in the Indian retail sector in 2010, say retailers and consultants Business Standard spoke to.
Sensex ends up 35pts
Bhupesh Bhandari / New Delhi September 29, 2009, 0:28 IST
Bangalore-based maker of medical diagnostic equipment, Opto Circuits (India) Limited has raised Rs 400 crore from qualified institutional buyers (QIBs).
Leading foreign production companies Tokyo Broadcasting, Canadian Broadcasting Corporation (CBC), USA’s International Sports Broadcasting (ISB) and International Games Broadcast Services (IGBS) are among the five international production companies and their partners in race to bag the public service broadcaster Prasar Bharati’s contract to cover the Commonwealth Games 2010 (CWG 2010) in New Delhi in the High Definition Television (HDTV) format.
Opto Circuits gained over 2% to Rs 172. The stock touched a high of Rs 177 and a low of Rs 168 during the day. The counter saw trades of 194,633 shares as against its two-week average traded quantity of 470,711 shares.
BS Reporter / Bangalore August 11, 2009, 10:27 IST
The stock touched a high of Rs 177 and finally settled at Rs 175, up 6% from the previous close. The counter witnessed trades of 537,952 shares as compared to the two-week daily average traded volumes of 651,329 shares on the BSE.
Chandrayaan-II moon mission, which will help in analysis of mineral composition and undertake terrain mapping of the moon, will be completed by 2012-13, Project Director of Chandrayaan Dr M Annadurai said today.
As Japanese Prime Minister Yukio Hatoyama keeps his date for summit-level talks with India before the end of 2009, it is increasingly becoming clear that Japan would like India to restate its commitments over safeguarding imported civilian nuclear technology. This is so that Japanese private companies partnering American and French enterprises can push sales of their nuclear reactors to India.
Shyamal Majumdar / Mumbai December 10, 2009, 0:14 IST
Captains of Indian industry have urged the government to continue the stimulus package till the middle of the next financial year (2010-11) to help the economy achieve robust growth.
Business Standard / New Delhi December 30, 2009, 0:33 IST
US markets closed at 13-month highs after China reported growth in industrial production and a reputed homebuilder forecasted higher revenues.
Continuing with its losing streak, the rupee today fell by 5 paise in opening trade to 46.93 against the US dollar largely on fears of capital outflows by foreign funds.
The Bombay Stock Exchange (BSE) will introduce a secured settlement platform for the Rs 1,500 crore Indian Corporate Debt Market (ICDM) next week.
The stock slipped to a low of Rs 478 and finally settled at Rs 483, down around 4% from the previous close. The counter clocked volumes of 3.17 million shares as compared to the two-week daily average traded volumes of 1.81 million shares on the BSE.
The Sensex has opened at 16,336 down 17 points.The index is now at 16,263, down 95 points.
Beginning the end of its accommodative monetary policy, the Reserve Bank of India (RBI) today restored the statutory liquidity ratio (SLR) to 25 per cent from 24 per cent and closed the special financing window set up for mutual funds and home finance companies.
Trades between FIIs generated a volume of Rs 30 crore on the BSE Friday-an decrease of 33.27% from Rs 44 crore clocked on Thursday. As many as seven stocks witnessed trades of 3.15 lakh shares on Friday.
BS Reporter / Mumbai October 27, 2009, 22:21 IST
Domestic institutional investors (DIIs) were net sellers of Rs 171.16 crore (provisional) today, according to data released by BSE.
The Sensex finally ended (provisional) at 17,032, up 247 points. The NSE Nifty ended (provisional) at 5,060, up 71 points.
The markets have recouped most of their losses and are now trading flat. The oil, pharma and FMCG stocks are seeing buying interest.
The Sensex after attempting recovery has once again slipped into the red. The index is now at 16,677, down 108 points. The NSE Nifty is at 4,947, down 42 points.
The markets have recouped most of their losses and are now trading flat. The oil, pharma and FMCG stocks are seeing buying interest.
The industrial consumers numbering 19,417 owed Rs 220.15 crore as outstanding electricity bill to the power distribution companies in the state.
The industrial consumers numbering 19,417 owed Rs 220.15 crore as outstanding electricity bill to the power distribution companies in the state.
Gemini Communication Ltd, a Chennai-based wireless networking and Wimax solutions company, has lined up Rs 150-180 crore for acquisitions and to expand its footprint overseas over the next three years.
Bombay Rayon Fashions is planning to raise funds through a GDR issue. In a communication to the exchanges, the company said that its board has approved issue of upto 1,90,00,000 Global Depository Receipts (GDRs) representing equivalent underlying equity shares at a par value of Rs 10 at an issue price of $ 5.11 per GDR. The GDR will be open for subscription to persons resident outside India, on November 11, 2009.
Home Minister P Chidambaram today said the government was ready to hold talks with ULFA and asserted that dignity of the leaders of the banned outfit will be maintained when the peace dialogue happens.
Communications Minister A Raja today said the observations made by the special audit — which had found that Reliance Communications and its other subsidiaries under-reported revenues during 2006-07 and 2007-08 — were being examined by his ministry.
Finance Minister Pranab Mukherjee today said neither the government nor the Reserve Bank of India (RBI) has given any directive to state-owned banks for merger or consolidation.
Ahead of its upcoming annual general meeting on December 31, 2009, Israeli drug company Taro Pharmaceutical has asked its shareholders to reject a takeover bid by Sun Pharmaceuticals.
Private sector companies engaged in aerospace manufacture and R&D now have an influential new supporter: The Indian Air Force (IAF). In New Delhi today, the IAF’s vice chief, Air Marshall Pranab Kumar Barbora forcefully called for government policy changes to encourage the private sector in aerospace production, to kickstart a sector that has long been dominated by public sector Hindustan Aeronautics Ltd (HAL).
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.
Unregistered sources of consignment raise quality questions.
FMCG player GlaxoSmithKline Consumer Healthcare is betting big on the toddlers" biscuit category with its newly-launched Junior Horlicks Biscuits range and plans to make it a Rs 50 crore brand in the next 3-4 years. The company is also looking at rolling out the range across the country.
The board plans to reduce the period for laying city gas pipelines.
State-run gas utility GAIL India today said it will invest over Rs 7,500 crore in laying natural gas transportation pipelines from Dabhol on Maharashtra coast to Bengaluru and Kochi to Mangalore.
Ahead of its upcoming annual general meeting on December 31, 2009, Israeli drug firm Taro Pharmaceutical today asked its shareholders to reject a takeover bid by India"s Sun Pharmaceuticals.
The National Pharmaceutical Pricing Authority (NPPA) has sent a notice to Cipla for allegedly overcharging customers. The government arm has imposed a fine on the company for selling Ciprofloxacin and Doxycycline medicines at a higher price than the one stated by the government.
A mark-to-market (MTM) loss of Rs 284.4 crore caused drug major Wockhardt to post a net loss of Rs 54 crore in the third quarter ended September as against a net profit of Rs 62.2 crore in the corresponding quarter of last year. Consolidated sales revenues stood at Rs 922.7 crore, a growth 2.23 per cent over the Rs 902.5 crore posted in the year-ago period. The MTM loss has been accounted for as an exceptional item and negotiations are in progress in respect of hedging instruments outstanding.
DLF finally ended at Rs 365, down 4% from its previous close. The counter witnessed trades of 4.98 million shares as compared to the two-week daily average traded volumes of 2.46 million shares on the BSE.
The Sun TV Network is restructuring its distribution business into two new divisions (‘verticals’). One will handle South India operations and international business. The second will focus on expanding the Sun TV bouquet into the northern, western and eastern markets of India.
Aurobindo Pharma Limited, a Hyderabad-based manufacturer of generic pharmaceuticals and active pharmaceutical ingredients (APIs), has received tentative approval for donepezil hydrochloride tablets in 5mg and 10mg strengths from the US Food and Drug Administration (US FDA). The product has a market size of over $1.9 billion.
JB Chemicals & Pharmaceuticals today said its Hydrochloride tablets used in treating respiratory allergies has received approval from the US drug regulator for sale there.
Sun Pharmaceutical Industries and its subsidiary, Caraco Pharmaceutical Laboratories, have reached a settlement agreement with drugmaker Forest Laboratories and licensing partner H Lundbeck AS, over a pending patent infringement dispute over Forest’s blockbuster antidepressant, Lexapro.
Swiss drug maker Novartis today said its newly developed vaccine "Celtura" against Influenza A HINI (Swine Flu) has shown effective result during a pilot test conducted by it.
Sun Pharmaceutical Industries today said it has got tentative approval from the US drug regulator for generic Gleevec (imatinib meyslate tablets), used in the treatment of chronic myeloid leukaemia.
Sun Pharma recovered partially from the day"s low of Rs 1,070, and finally ended 12% lower at Rs 1,140. The counter registered heavy volumes of around 580,400 shares, which is around 30-times higher than its two-week daily average volume of around 19,230 shares on the BSE.
Unregistered sources of consignment raise quality questions.
The Dow Jones industrial average advanced to its highest close in 14 months on Tuesday as a weak dollar boosted natural resource companies" shares and economic data reinforced hopes for a sustainable recovery.
US markets dropped on Thursday as energy stoks dipped on declining oil prices. Wal-Mart"s forecast about consumer spending also impacted negatively.
A two-year long global recession, Mumbai terror attack and then swine-flu, each coming on the back of the other. The tourism industry in India could not have expected anything worse than this. It however is starting to see its own green-shoots popping up. October 2009 saw the rate of fall in foreign tourist arrivals making a sharp decline to less than one percent against a 17 per cent fall in January 2009 (over January 2008). The Ministry of Tourism believes this is the beginning of recovery of the industry and things can only get better from here.
The country’s largest liquefied natural gas (LNG) importer, Petronet LNG, said On Saturday that its net profit rose by 16.74 per cent to Rs 120.67 crore for the second quarter ended September 30, 2009, over the same period last year. Total income of the company surged over two-fold to Rs 3,425.73 crore in the latest quarter, against Rs 1,672.69 crore in the same period of the corresponding financial year, Petronet LNG said in a filing to the Bombay Stock Exchange (BSE). Shares of Petronet LNG closed at Rs 72.20 on the BSE yesterday, up 0.21 per cent from its previous day’s close.
Private sector Karnataka Bank said its net profit declined by 77.78 per cent to Rs 16.35 crore for the quarter ended September 30, 2009, over the same period last year.
Markets can now be open 9 to 5, says regulator.
Indian and Chinese stocks turned under performers in the third quarter of this year, compared with their BRIC counterparts, Brazil and Russia, which gave investors an average return of as much as 26 per cent in the period.
Luxembourg-based Millicom has rejected Indian telecom PSU BSNL"s bid to acquire its operations in Sri Lanka, but India"s largest private mobile operator Bharti Airtel has entered the ring.
Oil prices fell to near $71 a barrel today in Asia, giving up part of the previous day"s big gains, as the US dollar rebounded.
Industry body Assocham today said the Reserve Bank"s panel suggestion to have base rate for lending would ensure transparency and efficiency in pricing loans, which the current system of BPLR does not provide.
Groundnut oil prices may touch Rs. 1,500 to Rs. 1,700 per 15 kg
A good rainfall over the last week has cheered the farmers of Dharwad district and they are now busy on their agricultural plots. Farmers were worried over the delay in the onset of monsoons as there were no rains in June. However, to dispel their anxieties the rain god has smiled on farmers.
Of the top-10 most valued firms, six lost a combined sum of over Rs 68,000 crore from their market capitalisation last week, while the rest including the country"s most valued firm Reliance Industries (RIL) and oil major ONGC saw rise in their valuation.
Musicians from around the world are here for Jazz Utsav ’09. two of them tell us what to expect at the festival this year
Intense debate on non-vegetarianism continues with flexitarianism emerging as the new diet fad.
The country"s top 10 firms added Rs 1,42,000 crore to their market capitalisation last week with country"s most valued firm, Reliance Industries (RIL) crossing Rs 3 lakh crore mark after two weeks.
Country"s biggest GSM mobile company Bharti Airtel and South African MTN today apprised the Telecom Ministry of their proposed $23-billion deal that could create one of the top three wireless companies in the world.
The government has extended by two months the last date of bidding for the nation"s largest ever auction of oil and gas blocks to October 12.
Anil Ambani group company RNRL has now alleged that upstream oil and gas regulator V K Sibal is acting at the behest of Reliance Industries Ltd (RIL) in exchange for undue favours and sought intervention of the Supreme Court in a petition filed today.
State-run Oil and Natural Gas Corp (ONGC) has hired an ultra deep-sea drill rig from Reliance Industries (RIL) for four years at close to Rs 3,915 crore.
Amid a continuing legal battle between the Ambani brothers over gas supply, the elder of the two, Mukesh Ambani, is believed to have met Law Minister Veerappa Moily.
Bharti Airtel today said it is still in talks with South Africa"s MTN over a deal which could see a merger of the two telecom giants that have a combined revenue of $20 billion.
The Sensex has ended (provisional) at 17,562 - up 97 points.
Eight out of top-10 firms managed to add over Rs 22,000 crore to their market capitalisation (m-cap) in the holiday-truncated past week, with NTPC contributing a major chunk to the kitty.
The centre today faced a tough time in the Supreme Court, which questioned the Telecommunication Ministry"s decision for advancing the cut-off date for allocation of 2G spectrum to new telecom operators.
The markets opened the New Year on a promising note today with the BSE Sensex shutting the shop at a 20-month high at 17,558.73 gaining 94 points, driven by a rally in the auto and metals counters and firm European cues.
Sunanda K Datta-Ray / New Delhi November 07, 2009, 0:37 IST
Sunanda K Datta-Ray / New Delhi October 24, 2009, 0:25 IST
Sunanda K Datta-Ray / New Delhi October 10, 2009, 0:34 IST
Sunanda K Datta-Ray / New Delhi October 10, 2009, 0:34 IST
The UK police are extremely courteous even if they don"t solve crimes.
Reactions to the caste question are fairly predictable in India. The average (upper caste) response is that the policy of reservations has gone on far too long and that discrimination is very much a thing of the past. As to why certain social groups remain extremely poor and backward despite the legal safeguards, the usual explanation is that Dalits are either not well educated or do not have the merit to make it to good jobs.
Compiling a bunch of unforgettables from Indian cinema is bound to create room for argument. Suveen Sinha finds plenty to disagree with M K Raghavendra’s 50 Indian Film Classics
India’s long-criticised Akash anti-aircraft missile is now blazing towards success. Its counterparts in the DRDO’s Integrated Guided Missile Development Programme, the Prithvi and Agni ballistic missiles, were on target from the start; the anti-tank Nag missile will also enter service shortly; the Trishul short-range anti-aircraft missile was abandoned unceremoniously. Now, after years of rejection from the military, the Akash is being accepted as a world-class missile.
State-owned Andhra Bank has enough capital and there was no need for government funds or follow-on public offer to meet its 20-25 per cent growth target for 2009-10 (April-March), Chairman and Managing Director RS Reddy said today.
Andhra Bank, whose insurance venture with Bank of Baroda and Legal & General was launched today, has approached the regulator to protect the trail commission it stands to earn from its distribution tie-up with Life Insurance Corporation of India (LIC).
The Nifty closed above the crucial resistance level of 5,080 on strong buying in index stocks such as Reliance Industries, ICICI Bank, Tata steel and Cipla. Bharti Airtel, Reliance Communications, Jaiprakash Associates and State Bank of India closed in the red on shorts build-up on the F&O segment. The Nifty November and December futures closed at a premium to the spot on intraday short-covering and fresh long build-up.
On January 7, Ramalinga Raju confessed to his monumental fraud. He had, Raju said in a letter to the stock exchanges, cooked Satyam’s books for seven long years — revenue, profit, bank balance et al. Raju was soon arrested and put in the Chanchalguda prison. The Union government swung into action. A board was appointed to manage the affairs of the company. In a matter of months, Satyam was sold to Tech Mahindra.
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".
Amway India Enterprises Pvt Ltd, a major direct selling FMCG Company in the country, is planning to open 4 new Brand Experience Centers (BECs) in Western region of the country by the next calendar year 2010.
Fast moving consumer goods (FMCG) companies are likely to register a modest growth for the July-September 2009 quarter on the back of rising consumer demand which is expected to considerably reduce the impact of a disappointing monsoon on sales. Traditionally, summer and winter months make up 30-40 per cent of any FMCG company’s overall sales.
Sunil Jain / New Delhi November 16, 2009, 0:07 IST
The government today opened its arguments in the high-voltage gas row between the Ambani brothers in the Supreme Court asserting that any understanding reached between them was not binding on it as gas was not their "private property".
The Sensex finally ended (provisional) at 16,974, down 76 points. The NSE Nifty ended (provisional) at 5,052, down 10 points.
Kolkata-based FMCG major Emami is scouting for acquisitions in the domestic and overseas markets and says it can spend up to Rs 800 crore on this.
FMCG major ITC, the largest player in the domestic cigarette market, has increased prices of two of its brands, India Kings and Benson & Hedges, by Rs 10 and Rs 5, respectively.
Twenty-five years after it brought Maggi instant noodles to India, Nestle has extended the brand to ready-to-eat pasta. It has come out with Maggi Nutri-licious (nutritious and delicious) Pazzta. There are two flavours: Masala Penne and Cheese Macaroni. The first has been priced at Rs 12 and the other at Rs 15.
Despite the economic slowdown, Nestle India, the food and beverages major, registered net sales of Rs 3,780 crore for January-September 2009, a 17 per cent jump as compared to the same period a year earlier.
FMCG major Dabur has alleged that US-based firm Aveda, which manufactures and sells Ayurvedic cosmetic products, is infringing on the trademark of its skincare range.
The market turned weak on the cusp of settlement and made a partial recovery in the first session of the December settlement. The Nifty ended with a net week-on-week loss of 2.2 per cent, closing at 4,941.75 points while the Sensex was down 2.3 per cent at 16,632 points. The Defty lost 2.5 percent with the rupee losing ground.
There was no end to the plight of IIM aspirants as technical glitches continued to disrupt the computer-based Common Admission Test (CAT) for the third consecutive day today.
The Indian Institutes of Management (IIMs) have finally broken their silence. Three days after the computer-based Common Admission Test (CAT) came under fire for its technical glitches, the IIMs and Prometric and NIIT, the companies have revealed that 10-11 per cent of students have been affected so far. Citing a virus "Conflicker" being responsible for glitches in the computer-based test at some centres, they said necessary steps are being taken to repair the damage.
The first administration of Common Admission Test (CAT), being conducted online for the first time for admission to IIMS today, has been successful, Director IIM-B Pankaj Chandra said.
Derivatives expiry, higher food inflation and lower earnings also weigh on indices.
Indian indices sank into the red as the news of Dubai World"s debt problems hit the world markets on Thursday. Both the BSE Sensex and the S&P CNX Nifty fell below their pschologically important levels of 17,000 and 5,000 respectively.
Global majors like Microsoft, Yahoo! and Google may have decided to trim their workforce worldwide, but these entities do have openings in India.
Global majors like Microsoft, Yahoo! and Google may have decided to trim their workforce worldwide to cope with the economic turmoil, but these entities do have openings in India.
T N Ninan picks out 10 themes for the coming 10 years.
Sitaram Yechury, the CPI(M) leader, had a tongue-in-cheek explanation for Finance Minister Pranab Mukherjee ripping into Brinda Karat during the discussion on inflation in Parliament. According to Yechury, “The FM was talking about the Wholesale Price Index (WPI) but we were telling him to talk about the Consumer Price Index (CPI) which showed a sharp rise in food prices. As we mentioned CPI, he thought we were talking about the political outfit CPI. That might have angered him.”
Disinvestment in three power PSUs - NTPC, Rural Electrification Corporation and Satluj Jal Vidyut Nigam - would be completed during the current financial year while the process of selling stake in other profit-making PSUs is already underway.
Defending the Bus Rapid Transit (BRT) system, government today said it will be implemented in nine more cities.
Seeking to allay apprehensions about organising the Commonwealth Games, Urban Development Minister S Jaipal Reddy today said all projects were on course to host the prestigious sporting event.
Decision to allocate 725 hectares comes after a long delay.
Nd Batra / October 25, 2009, 0:33 IST
Bank of Baroda (BoB) has launched an initiatives to facilitate two-way flow of investments between India and the UAE, a senior bank offical has said.
Bank of Baroda (BoB) is planning to raise about Rs 1,500 crore in the next seven months from bonds to meet capital requirement.
Trades between FIIs generated a volume of Rs 106 crore on the BSE Thursday-an increase of 296.11% from Rs 27 crore clocked on Wednesday. As many as five stocks witnessed trades of 16 lakh shares on Thursday.
State-run telecom firm MTNL today reported a 77.5 per cent decline in its net profit at Rs 20.58 crore for the second quarter ended September 30, 2009.
IDBI Bank, which has been mandated to raise Rs 13,000 crore syndicated loan for Reliance Power"s Krishnapatanam Ultra Mega Power Project (UMPP) has put the process on hold.
Emerging market stocks are "technically overbought" after 12 straight weeks of fund inflows drove the global benchmark index above its 200-day moving average, Morgan Stanley said.
A proposal from the Dainik Bhaskar media group to allow more foreign equity in it and another one from Travel Channel International, UK, for setting up an Indian subsidiary, have been approved by the Foreign Investment Promotion Board (FIPB).
Many index funds charge less than equity-diversified funds. Select a fund that has a low tracking error.
With the explosive growth in the mobile telephony, the government is understood to have begun the exercise to amend the numbering plan to migrate to 11-digit cellular number from the current 10-digit in order to accommodate more users.
Communications Minister A Raja has learnt it’s better to be safe than sorry. After the EGoM meeting on the 3G spectrum auction, Finance Minister Pranab Mukherjee was surrounded by journalists. He refused to make any comment and then turned towards Raja and said, “Nobody should talk to the press about this meeting.” Even before Mukherjee could finish, Raja waved his hands and said, “Sir, I am not saying anything. I am not saying anything.” A few days ago, Mukherjee had summoned Raja and told him not to talk to the press about the 3G issue and to ensure that no inter-ministerial communication related to the 3G auction was leaked from his office — letters from Mukherjee to Raja and vice versa have all been leaked to the press in recent weeks.
Hitachi Ltd, maker of the 186 miles per hour (300 kph) Bullet Train, will bid against the French-built TGV (Train à Grande Vitesse, French for high-speed train) on its home soil, as the Japanese company targets a European rail market that’s the biggest in the world.
The government today extended to December 31 implementation of mobile number portability, a facility allowing subscribers to retain their numbers even after changing service providers.
Telugu Desam Party (TDP) and Praja Rajyam Party are in a fix over their stand on Telangana and the leaderships have dropped enough hints about a "re-think" in the wake of mounting pressure from within the ranks for a unified Andhra Pradesh.
Late Andhra Pradesh Chief Minister Y S Rajasekhara Reddy"s brother and MLC Y S Vivekananda Reddy today began an indefinite hunger strike here in support of a united state.
Credit growth of banks remained quite low at just over 10 per cent for the fortnight ended December 4 on an yearly basis compared to over 20 per cent in the corresponding period last year.
Congress MPs from Telangana region today met senior party leader and Defence Minister A K Antony demanding disciplinary action against Y S Jaganmohan Reddy for joining a TDP protest in Lok Sabha against the decision to carve out a separate state from Andhra Pradesh.
A Parliamentary panel today pulled up the Finance Ministry for its failure to take timely action to contain inflation and asked the government to take immediate steps to provide relief to common man reeling under rising food prices.
Soft drinks and snacks major PepsiCo India today said it may use Stevia as an alternative sweetener if the Government permits it do so.
Hospital chain Fortis Healthcare today said it has got approval from the regulatory body Sebi for its Rs 997-crore rights issue for funding some of its expansion projects and its recent acquisition of Workhardt Hospitals.
Participants from 22 African countries are likely to attend the second India-Africa Hydrocarbons Conference, scheduled to be held here tomorrow and the day after. The objective is to bring together ministers in-charge of oil and gas, top government officers and captains of the industry for exploring partnership opportunities.