Management
Adani Enterprises today reported a 30 per cent growth in consolidated net profit at Rs 147.95 crore for the second quarter ended September 30, 2009.
State-run power equipment maker BHEL today said it has bagged a Rs 5,040-crore contract from Jindal Power for setting up a 2,400-Mw thermal power plant in Chhattisgarh.
The launch of Nine Lives, William Dalrymple’s search for the sacred in modern India, was the kind of spectacle that gladdens even a publisher’s withered heart. The Char Bagh in Delhi was packed, and between Baul singers and a dancing Dalrymple (he joined in when the theyyam dancers took stage), we were much entertained.
- satanic-verses-ban/02/12/369407/" class="textMost" title="Should we lift the Satanic Verses ban?">Should we lift the Satanic Verses ban? - the-godfather/02/12/367308/" class="textMost" title="All about the family: 40 years of The Godfather">All about the family: 40 years of The Godfather - Don't sue the science guys - The return of the short story - In search of an Asian prize - Nilanjana S Roy: Five lessons from the Teacher Man">Nilanjana S Roy: Five lessons from the Teacher Man
Corpus may touch $500 mn if infrastructure included
Private Equity (PE) investments into South India have dropped 64 per cent between April and September, 2009, to $626 million from $1752 million, during the same period last year. The number of deals fell 48 per cent. Among the four states in South, Andhra Pradesh had attracted the highest investment, in terms of value.
Private equity (PE) and venture capital (VC) investment in hospitals may surpass that in clinical research and drug manufacturing sectors, as hospitals currently offer more assured returns with lesser risks, is the feeling of informed observers.
Corpus may touch $500 mn if infrastructure included
Construction firm Ahluwalia Contracts India today said it has bagged four orders worth Rs 242 crore from various vendors for construction-related works.
The first whiff that something had gone bad came 18 months ago, when officials from the Enforcement Directorate (ED) apprehended an individual at the Mumbai international airport as he was about to board an aircraft bound for Bangkok.
The Enforcement Directorate (ED) has sounded a red alert against two key aides of former Jharkhand Chief Minister Madhu Koda, in the alleged Rs 2,000 crore havala and illegal investment cases.
Engineering company Larsen & Toubro (L&T) today reported a profit after tax (PAT) of Rs 580.40 crore for the second quarter ended September, whereas the same was at Rs 460.26 crore during the corresponding period a year earlier.
The arrest of former Jharkhand Chief Minister Madhu Koda by the Enforcement Directorate (ED) is "imminent" as the evidence against him, for allegedly carrying out hawala transactions and illegal investments worth crores of rupees, "is satisfying".
Hinduja Group’s flagship company Ashok Leyland’s Rs 1,300-crore Pantnagar (Uttarakhand) plant is likely go onstream within the next few months. The plant would have an installed capacity of 50,000 units of commercial vehicles annually.
Last fortnight, Vancouver, British Columbia hosted the annual International Fiscal Association (IFA) Congress with over 1000 international tax experts representing large MNCs, international tax experts, academicians and tax administrators of several jurisdictions. Expectedly, the buzz centered on India’s Direct taxes code. Most participants expressed anxiety on DTC provisions impacting cross border investments, particularly on General anti-avoidance rules (GAAR) and were perplexed with a position that the Indian domestic law can override a double tax treaty (DTT).
Asian markets have ended in the green today. The Nikkei surged 108 points (1%) to 10,655. The Hang Seng, however, slipped 49 points to 21,823.
The country"s largest auto maker Tata Motors today said its total sales during December last year more than doubled to 51,627 units, up from 25,219 vehicles sold in December 2008.
Output in 2009-10 to be 15-16 mt against projection of 30 mt.
Domestic companies are expected to embark on a mega fund raising spree this year with plans to raise over Rs 50,000 crore by way of public offers, driven by the sharp recovery in the stock market.
Commercial vehicle maker Ashok Leyland today reported a 70.47 per cent decline in its net profit at Rs 53.32 crore for the quarter ended March 31, 2009, compared with Rs 180.57 crore in the same period a year ago.
Commercial vehicle maker Eicher Motors reported 4.12 per cent fall in net profit to Rs 15.83 crore for the third quarter ended March 31, 2009, compared with Rs 16.51 crore in the year-ago period.
DuPont India, a subsidiary of E.I du Pont De Nemours and Company, today said it was planning to double its headcount to 3,000 in the next two-three years.
The consumption of technical textiles, used in the healthcare industry, in India is growing and the industry body Ficci wants the government to provide capital subsidy to the domestic companies to meet the demand.
Healthcare chain Apollo Hospitals today said it has opened a multi-specialty care centre, Apollo Bramwell Hospital, in Mauritius.
The Konark Knowledge Park, a Rs 100-crore biotech-pharma-IT park being developed by Hyderabad-based Bharat Biotech International Limited on around 65 acres of land at Andharua on the outskirts of the city, would have a Biotechnology Incubation Centre spread over 10 acres.
Euphoric over finding traces of water by a Chandrayaan payload, confirmed by NASA"s spacemate onboard the country"s maiden moon mission, India is mulling exploring lunar surface deeper for water in its next Odyssey.
ISRO initially planned to have Russian lander, rover for project.
Japan has stockpiled enough Tamiflu and Relenza drugs to treat 50 million influenza-infected patients, the health ministry has said.
Euphoric over finding traces of water by a Chandrayaan payload, confirmed by NASA"s spacemate onboard the country"s maiden moon mission, India is mulling exploring lunar surface deeper for water in its next Odyssey.
Aiming to provide weather forecasts and details on climate change through oceanography studies, the Indian Space Research Organisation (Isro) today successfully launched its Oceansat-2 satellite into orbit from its spaceport here.
Pandemics are global, but political calculation to confront them is decidedly local.
Drug maker Natco Pharma today said it has launched anti-swine flu drug Natflu.
The UPA government"s austerity measures was dubbed as "tokenism", by BJP leader Yashwant Sinha today.
The swine flu virus may see a possible upsurge during the upcoming winter season in the South East Asian region, including India, the World Health Organisation today warned, asking nations to continue updating combat measures.
Pandemics are global, but political calculation to confront them is decidedly local.
Japan has stockpiled enough Tamiflu and Relenza drugs to treat 50 million influenza-infected patients, the health ministry has said.
RNRL seeks government intervention
Swine flu worries and weak cues from the Asian markets dragged the markets today, despite strong June IIP numbers. However, markets recovered towards the close, to settle near the day"s high, led by fresh buying in select index heavyweights. Realty stocks, led by DLF, were the major benefeciraies in the pull back.
Swiss drug maker Novartis AG has hiked its stake to 76.42 per cent in its Indian subsidiary Novartis India pursuant to the completion of open offer.
Swiss pharmaceuticals company Novartis AG said today it has successfully produced a first batch of swine flu vaccine weeks ahead of expectations.
The Supreme Court today decided to commence the final hearing on the high-profile gas dispute between the group firms of Mukesh Ambani and his younger brother Anil from October 20.
Japanese drug maker Daiichi Sankyo today reported a loss of $3.45 billion during the financial year 2008-09, and said it was on account of a steep fall in share prices of Ranbaxy, which it acquired last year.
Piramal Life Sciences has commenced phase I trial of a new experimental drug molecule P2202 for diabetes metabolic syndrome in Canada. P2202 is the second compound from Eli Lilly and is part of the collaborative agreement between two companies and is being developed for diabetes metabolic syndrome.
Dr Reddy"s Laboratories (DRL), the second largest drug maker in the country, would invest about Rs 750 crore ($ 150 million) in setting up two special economic zones (SEZs)- one in Visakhapatnam and another in Hyderabad.
Bill Gates, co-founder of global software giant Microsoft, today expressed a keen interest for becoming a partner in India’s unique ID programme. Speaking at ‘Transforming India through technology’, an event organised by software body Nasscom, Gates said he planned to take the issue forward when he met Nandan Nilekani, the newly-appointed chairperson of the Unique Identification Authority of India (UIDAI).
NMDC, the country"s largest iron ore producer, is set to restart mining at the Panna diamond reserves in Madhya Pradesh in the next three months with the Supreme Court giving conditional nod to such activities at the site.
The slowdown in the economy has resulted in several jobs shrinking and the companies are going slow in recruiting. But there are jobs for the MBA graduates, particularly in sales, FMCG, telecom and consulting areas among others.
Colours and clothing may waltz in and out of style, but the watch is an accessory that rarely sees an off season. Here are a few picks to flaunt this summer:
He is a highly useful social agent whose importance is growing.
Food inflation softened marginally to 18.65 per cent for the week ended December 12 though inflation rates for cereals and pulses, which constitute the essential consumption basket, continued to be in double digits.
India and China have not only agreed to act to cut down emissions but are also willing to be accountable for their action, Australia"s environment minister has said.
Disappointment at the outcome of a United Nations-sponsored climate change conference in Copenhagen is "justified," US President Barack Obama said in a US television interview.
ITC’s investment arm Russell Credit has raised its stake in Hotel Leelaventure to 7.37 per cent —an increase of 2.26 percentage points.
Environment Minister Jairam Ramesh neatly turned the tables on the BJP when it attacked the government using the comments made by David Axelrod, a key advisor of US President Barack Obama. Ramesh quipped, “Mr Axelrod is the Arun Jaitley of the Obama Administration.
India and China have not only agreed to act to cut down emissions but are also willing to be accountable for their action, Australia"s environment minister has said.
China today dismissed a British editorial accusing it of "hijacking" the UN-sponsored climate talks in Copenhagen as baseless and politically motivated.
Swiss drug major Novartis has approached the Supreme Court against a decision of the country’s apex patent complaint redressal forum, the Intellectual Property Appellate Board (IPAB), to deny patent protection for its cancer medicine, Glivec. The court is expected to take up the case for hearing on August 31.
State"s contribution had tanked below 20% from 42% in last two years.
Swaraj Baggonkar / Mumbai June 25, 2009, 0:57 IST
Automakers say they won’t have to overhaul their technology or flood the US with tiny cars buyers may not want under President Barack Obama’s standards for fuel economy and greenhouse-gas emissions.
Swiss drug firm Novartis AG today sweetened its open offer price to Rs 450 a share for acquiring an additional 39 per cent stake in its Indian subsidiary — Novartis India.
Having acquired contiguous land of over 8,000 acres at Jhajjar in Haryana, Reliance Haryana SEZ Ltd (a joint venture between Reliance Ventures Ltd and Haryana State Infrastructure and Industrial Development Corporation, or HSIIDC) is likely to rope in Infrastructure Leasing & Financial Services Ltd (IL&FS) as a consultant and co-partner in the project.
China today condemned a US decision to slap tariffs on steel pipes from the Asian giant, saying it "strongly opposed" the move.
World"s largest steelmaker ArcelorMittal has asked the Orissa government to treat its proposed Rs 50,000-crore project on the issue of mining lease at par with other big ticket investments.
Fraud-hit Satyam Computer Services Ltd is planning to cut real estate costs by terminating the lease contracts of four facilities in Hyderabad.
The Nifty formed another Doji pattern today after moving in a narrow band of 50 points, indicating indecisiveness among participants ahead of Christmas holidays in US and European markets. The index closed below its crucial trendline support level of 5,050, while maintaining its 50-day daily moving average (DMA) support at 5,000.
If you can get past the first dozen pages of this book, you’ll probably keep going. In the very first scene, old-school lefty journalist Ian wakes up to BBC Radio’s breakfast news talk show hosted by James Naughtie and John Humphrys — during which Gideon Crawford, the secretary of state for Scotland, will face tough questioning over the government’s approach to the forthcoming elections to the Scottish Parliament, at which the Scottish Nationalists will take on the ruling Labour Party, in power in Westminster after many years and with a sizeable majority, thanks to their young and dashing new PM, Harry White, whose obituary Ian must go to work today and bring up to date, just in case...
In its hope to see electric two-wheeler sales rising in Gujarat, Chennai-based BSA Motors, a business unit of Tube Investments of India (TII), part of the Rs 15,646 crore Murugappa Group, has submitted a memorandum with the state government seeking eight per cent waiver in road tax, reduction in VAT as well as provision of subsidy for the products. Once implemented, BSA Motors hopes to achieve 15 per cent of its total sales target from Gujarat.
Jet Airways plans to complete its first tranche of fund raising of around $150-200 million over the next 3-4 weeks, a senior company official said.
Hospitality major Hotel Leelaventure today said it will raise up to $130 million (about Rs 600 crore) from share sale to part finance its expansion plans.
T N Ninan / New Delhi August 22, 2009, 0:58 IST
Home minister says the January 5 meeting of political parties is to devise a roadmap on resolving the statehood issue.
But countries like Canada, Poland, Vietnam are honing their skills
State-run Bharat Petroleum Corporation today reported a 62-fold growth in net profit at Rs 3,628.02 crore for the fourth quarter ended March 31, 2009.
Devika Banerji / New Delhi November 11, 2009, 0:33 IST
Russian gas exports dropped by 37.7 per cent to 69.5 billion cubic meters in January-July 2009, as compared to the previous year, the Federal Customs Service has said.
The current power crisis in Orissa, which was a power surplus state till a few months back, is the fallout of the lapses of the officials of the state energy department, according to the Anti Corruption Youth Forum (ACYF).
The German auto component major Bosch today said it developed a special diesel engine in partnership with Tata Motors, the makers of the Rs 1-lakh car Nano.
Kailash Nautiyal / January 2, 2010, 0:45 IST
S Kalyana Ramanathan / New Delhi January 29, 2010, 0:51 IST
Tata Motors has started distribution of its Prima range of World Trucks, unveiled in May. The first product, the Prima 4028 S, is a 40-tonne 266-PS (Cummins ISBE engine) tractor with a 9-speed ZF transmission, a matching trailer with new generation brakes, ABS and specialised axles for heavy-duty and high-speed application. The tractor’s air-conditioned cabin includes reclining seats, adjustable steering wheels and arm rests for driver comfort. It has got sleepers to facilitate long-distance travel.
Reliance Communications today said it has bagged contracts to develop telecom infrastructure in Kerala, Mumbai and Maharashtra circles.
IN MY MIND
Flagging investor segment ensured that merger and acquisitions, and private equity (PE) activity paled in 2009 in comparison with 2008. PE deal value took a 65 per cent knock in 2009 with deal volumes barely crossing $4 billion as compared to $11.96 billion in 2008. Harish H V — partner, National Management at investment advisory Grant Thornton, shares his views to Ravi Menon on what lies ahead.
India is clearly showing strong growth, as outlined by the RBI which stated that the output gap is narrowing with economy operating close to potential and raised its baseline projection for GDP growth in FY10 to 7.5 per cent from 6 per cent forecast in October 2009 in the monetary policy announced today.
The government today allowed prospective 3G bidders to raise funds from domestic markets, which could later be refinanced through debts raised abroad, giving a major boost for 3G spectrum auction.
Suhasini Haidar / January 24, 2010, 0:34 IST
Tata Communications today launched its data centre in Pune and said it plans to invest up to Rs 500 crore over the next three years.
The mobile operators together added a whopping 19.10 million new subscribers in December, taking the mobile user base to 525.15 million, according to the data released by the sectoral watchdog Trai.
The telecom tribunal TDSAT has held that the ongoing arbitration between broadcast major Star India and telecom major BSNL is not valid and that it has the sole jurisdiction to decide on the disputes between the two.
The flow of resources from other entities to the corporate sector has almost made up for the shortfall in non-food bank credit.
India, Latin America and Africa must be taken on board while framing the rules for globalisation in the post-economic crisis scenario, French President Nicolas Sarkozy said at world economic forum"s (WEF) annual meeting here.
Harley Davidson Motor Company India (HDMCI), the wholly owned subsidiary of Harley Davidson Motor Company, the US-based motorcycle producing company, today announced the appointment of its national leadership team.
The Intergovernmental Panel on Climate Change (IPCC) has admitted that a claim made in the 2007 report headed by R K Pachauri — that Himalayan glaciers could melt away by 2035 — was unfounded and unsubstantiated.
Some aspects of global warming may not be entirely understood and data may be sparse, but scientists do not dispute that global temperature has increased, especially since 1950, as pointed out in the fourth assessment report of the Intergovernmental Panel on Climate Change (IPCC).
Amid controversy surrounding the Intergovernmental Panel on Climate Change (IPCC) report on melting glaciers, Xie Zhenhua, Vice-Chairman of China’s National Development and Reform Commission, today urged the UN panel to make the fifth assessment report comprehensive by also citing contrarian views.
Business Standard / New Delhi January 22, 2010, 0:58 IST
Mahua’s success has spawned a host of Bhojpuri shows on Hindi television
A 29-year-old Indian-origin man was set ablaze by a group of four attackers here today, a week after a student from the country was stabbed to death amid a slew of assaults on the community in Australia.
General Motors India today reported 15 per cent increase in sales during October at 7,413 units, against 6,465 units in the same month last year.
Tata group"s Tanishq retail chain of stores, launched a special festive contest for its customers in Gujarat today. The offer gives customers the opportunity to win diamond jewellery along with assured gifts on purchase worth Rs 15,000 or more from Tanishq.
Gold prices fell by Rs 280 to Rs 18,270 per ten gram in the bullion market today on emergence of widespread selling by stockists in the face of a weakening global trend.
Gold imports witnessed nearly a three-fold jump during August at 21.8 tonnes as compared to the previous month on rising investment demand with the onset of festival and marriage season.
How S Ramadorai groomed Natarajan Chandrasekaran as his successor.
Oscar-winner A R Rahman"s victorious run at awards ceremonies continues with the music maestro now fetching two nominations at the 2010 Grammy Awards for his soundtracks from "Slumdog Millionaire".
K Subrahmanyam / January 3, 2010, 0:59 IST
Maruti Suzuki will expand its passenger vehicle production capacity at Manesar by around 2 lakh units over the next 2 years.
If something is not taxable at all, can one exempt it? Obviously not. If one does it, it is conceptually meaningless and even absurd. Taking an excise example, it is like saying that free air is exempt. If free air is not taxable, it cannot be exempted by the government. Precisely this type of conceptual error is visible in the exemption list suggested in the Report of the Task Force of the 13th Finance Commission .
Prime Minister Manmohan Singh"s positive observations on Sri Lanka winning the war against LTTE augurs well for a "renewed friendship" between the two countries which were "somewhat strained" during the last phase of the civil war, the state media commented today.
The Sensex has erased some of its gains and is now at 17,666, up 109 points. The NSE Nifty is at 5,267, up 34 points.
Tata Communications, a leading provider of a new world of communications, announced that India-based NDTV Convergence has chosen its LiveBroadcast service, a high-quality, flash-based streaming service, to broadcast three national channels in India — two news and one business — over the internet to a global audience.
The initial public offers (IPOs) of companies like Tata Consultancy Services (TCS), NTPC and Jet Airways were rigged and scamsters gained close to Rs 100 crore between 2003-05, market regulator Sebi-appointed panel has said.
Accounting regulator Institute of Chartered Accountants of India (ICAI) today said it would give auditors of Price Waterhouse (PW) in the Satyam scam a chance to present their side before passing any order against them.
Bank of Maharashtra and State Bank of India Funds Management have joined hands to distribute mutual funds of the latter through the bank"s branches across the country.
Builders feel move may hinder development.
Tanla Solutions Limited, a city-based telecommunications software and services provider, has called off its plans to set up a new development centre in Hyderabad and a backup/ disaster recovery centre in Bangalore. The company had earmarked Rs 77.26 crore and Rs 12.78 crore respectively for its Hyderabad and Bangalore expansion.
ICICI Bank on Friday said its consolidated net profit rose 75.7 per cent to Rs 1,144.6 crore in the quarter ended September on the back of a good show by its subsidiaries.
The government today said it may extend the white sugar import window up to December 2010 to help increase availability and contain prices of the sweetener, whose retail rate is rallying closer to Rs 50 a kg in Delhi.
The Reserve Bank of India (RBI) today tightened the guidelines for external commercial borrowings (ECBs) by withdrawing relaxations provided to companies to raise money from overseas debt markets, a move that will contain surge of capital flows.
The Union government’s high-level committee on external commercial borrowings (ECBs) has decided to enhance the annual limit of credit on structured obligations to $1 billion from $600 million.
I had invested in ELSS (equity linked savings scheme) funds one year before, but I have not claimed this investment while filing for return. Can I withdraw from the ELSS, though the three-year lock-in is not complete?
The Bombay Stock Exchange, the National Stock Exchange and bullion market are closed today on account of "New Year" holiday.
The stock was locked at an upper circuit limit of 5 per cent to Rs 114 after the company said its board will meet on 1 December to consider a proposal from Pramod Jain to acquire 25 per cent stake in the company.
After months of low-key response, the H-1B visa scheme, which was once most sought-after among Indian professionals, is suddenly appearing to be in demand again, with just 800 of the 65,000 slots remaining vacant.
The country"s bourses will join their global counterparts tomorrow to welcome the new year with a holiday.
2009 was a bumper year for bullion investors as both gold and silver reached record highs in domestic and international markets.
Global private equity firm Actis today said it has raised $750 million for investment in infrastructure across emerging markets, including India.
Aviva Life Insurance-joint venture between Dabur and Aviva and DBS Bank-Singapore headquartered financial services group today announced a bancassurance partnership in India. DBS has branches across 10 cities in India.
As BJP grappled with dissidence among its MLAs, opposition Congress today fielded T B Jayachandra as its candidate to contest the post of assembly Speaker to be held tomorrow.
The country’s largest retailers — Future Group, Spencer’s Retail and Shoppers Stop — have lined up investments of at least Rs 600 crore for 2010.
Financial services major Bank of America today said its consumer banking chief Brian T Moynihan will replace Kenneth D Lewis as President and Chief Executive Officer of the company on January 1, 2010.
Shobhana Subramanian / Mumbai December 4, 2009, 0:53 IST
The country emerges as a bigger player on the global scene
Sunil Jain / New Delhi January 04, 2010, 0:20 IST
Around 67 per cent of these funds have beaten debt funds and gold over 10 years
Index products like fixed-income, volatility and weather to broaden basket for hedging.
Drug maker Zydus Cadila today said it has received approval from the Drug Controller General of India (DCGI) to conduct clinical trials for the swine flu (H1N1) vaccine.
US markets rose in light volume on Friday to achieve a second straight week of gains as strong retail news reinforced hopes for strong sales in the holiday season.
The Sensex finally ended (provisional) with a loss of 201 points at 16,993. The NSE Nifty was down 59 points at 4,983.
The Sensex has rebounded into the positive terrain and is now at 16,386, up 32 points.
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.
After a quick dash towards the 17,500 level in the Diwali week, markets this week retraced most of their gains owing to profit-booking.
Finance Minister Pranab Mukherjee today said the government will pass the Right to Food Act to promote inclusive growth, a concept that has been pursued by the Congress since Independence.
Having faced delays in land acquisition for several projects, Tata Steel would have to sharpen its skills in dealing with people issues, said Managing Director H M Nerurkar.
The much-awaited 3G spectrum auction will be delayed beyond the scheduled date of January 14 due to uncertainty over the available spectrum and the number of slots to be put up for bidding.
Advisory firm calls for vote against Taro board’s proposals
Sensex ends up 35pts
Second-largest shareholder Templeton seeks management change, to vote against directors.
Indian pharma industry found that it had no medicine to cure adversities that came its way in 2009 -- when it battled shipment seizures by EU authorities, tightened US regulations, Chinese drug piracy and currency fluctuations.
Investor wealth has increased by over Rs 25 lakh crore in just over five months from the beginning of the current financial year, on improving sentiments in the domestic and global markets.
The top 10 companies saw their market capitalisation dipping by over Rs 40,000 crore last week with NMDC losing the most.
To lure the Business Process Outsourcing and IT/ITeS industry, the Mayawati government in Uttar Pradesh has showered various sops. The realty sector, too, has been blessed with many relaxations.
The government today said market regulator Sebi does not monitor usage of proceeds of any initial public offers (IPOs) and it is not contemplating any change in the current regulatory framework.
2009 was mostly bad news for countries, governments and individuals in terms of economic prosperity, but the year was the best in many years for borrowers as interest rates eased.
Mahindra Satyam, the new brand identity of Satyam Computer Services, has embarked on international expansion and as part of this, is expanding its global solution centre (GSC) operations at its 15-acre campus in Cyberjaya, Malaysia.