Small Business
Income Tax authorities are carrying out search operations at various establishments of the shipbuilding and repairing firm, ABG Shipyard, for alleged tax evasion, an Income Tax Department source has said.
Discussion paper sets out broad plan, no clarity on deadline.
The Income Tax (I-T) Department has issued a fresh notice to realty major DLF even as it’s appeal against an additional tax liability imposed on it by the I-T Department is being heard.
Ship building firm ABG Shipyard is getting ready to counter the offer price of rival Bharati Shipyard to acquire offshore drilling company Great Offshore.
Abheek Barua / New Delhi December 30, 2009, 0:00 IST
India"s foreign exchange reserves rose by $0.962 million to $286.376 billion for the week ended November 13 from $285.414 billion in the previous week, the Reserve Bank of India (RBI) said today.
Dealers bank on small NBFCs as big players opt out.
Aluminum consumption in Asia may continue to grow next year as stimulus measures in China, the world’s biggest metals consumer, and rest of the region lift demand for the metal, an executive at Novelis Korea said.
India"s foreign exchange reserves increased by $1.023 billion to $285.414 billion for the week ended November 6.
India"s foreign exchange reserves rose by $684 million for the week ended October 23 to $285.520 billion from $284.836 billion in the previous week.
The market generates 40-45 per cent of the overseas collections for Bollywood films
Infosys Technologies has finalised the new heads for its business process outsourcing (BPO) subsidiary, Infosys BPO, and the knowledge process outsourcing (KPO) practice.
Aluminum consumption in Asia may continue to grow next year as stimulus measures in China, the world’s biggest metals consumer, and rest of the region lift demand for the metal, an executive at Novelis Korea said.
In the wake of the indefinite strike of the jute industry beginning December 14 this year, the Indian Jute Mills Association (IJMA) has drawn the attention of the West Bengal government to a number of long-standing issues.
FBI Press Communique / November 8, 2009, 0:07 IST
Airline passengers now have the choice to upgrade from the economy class to a higher one at a fraction of the normal cost.
Pakistani-origin US national David Coleman Headley, a LeT operative charged with criminal conspiracy in the 26/11 terror attacks, now appears to have turned into informant to FBI to avoid death penalty.
A top official of the Dubai administration today said the six months is not enough to restructure the debts of the troubled Dubai World and has asserted that the government-owned conglomerate has enough assets to meet its obligations.
Pakistani-origin American David Coleman Headley, charged by FBI of being involved in the Mumbai terror attacks, was using US as a base to plan future attacks outside the country, a top Senator said today.
Dubai World will sell some of its assets to part finance its $26 billion debt, a senior city-state official said amid a sharp fall in the main stock exchanges in the United Arab Emirates today.
Creditors of Dubai World are likely to reject a standstill agreement proposed by the company, a move which might lead to further "wrangling", media report says.
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.
On saturday, gold prices hit yet another high. Should you invest or book profits?
Aurobindo Pharma Limited, a Hyderabad-based manufacturer of generic pharmaceuticals and active pharmaceutical ingredients (APIs), has received approval from the Medicines Control Council (MMC) to manufacture and market two more products in South Africa.
The global petrochemical industry’s centre of gravity is shifting to the feedstock-rich West Asia as dozens of new projects are coming up in the region while production falters elsewhere. According to Chemical Week, co-organiser of the Fourth Annual GPCA Forum, 19 million metric tonne ethylene, the key building block for petrochemicals, is scheduled to be added annually to the Gulf region capacity over the next five years, nearly doubling the current capacity and providing extensive raw materials for downstream industries.
IRB Infrastructure Developers today said it has emerged as the lowest bidder for a Rs 800-crore road project of the National Highway Authority of India (NHAI).
Kalpataru Power Transmission closed at Rs 1151, weaker by Rs 19 or 1.64%, on the BSE.
Ashok Leyland ended the day at Rs 53, higher by Rs 0.6 or 1.2%.
The Indian bourses continue to trade flat. The Sensex is now at 17,600, down 15 points.
Aarti Drugs closed at Rs 108, higher by Rs 2 or 2.8%, on the BSE.
India’s power sector continues to attract private equity (PE) players. According to industry sources, more than 51 per cent PE investments in India between January 2008 and November 2009 went into the power sector. The value of these 15 investments is estimated at $ 751.2 million (Rs 3,600 crore).
Asian markets have posted smart gains today.
The date for rolling out the Goods and Services Tax (GST) could be announced on January 8, Asim Dasgupta, chairman of the empowered committee of state finance ministers, said 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.
Oil rose to near $82 a barrel today in Asia after a jump in US stock markets boosted investor confidence and helped extend a four-week rally in crude prices.
Ashok K Lahiri / New Delhi November 30, 2009, 0:47 IST
Shyamal Majumdar / Mumbai December 10, 2009, 0:14 IST
India’s biggest drug maker, Ranbaxy Laboratories, has posted a net profit of Rs 116.6 crore for its third quarter ended September, against a net loss of Rs 394.5 crore in the same period last year, which had been largely attributed to mark-to-market exchange losses.
Merck India recorded a 49 per cent growth in net profit to Rs 26 crore for the quarter ended September 30, 2009 as against Rs 17.6 crore in the correpsonding quarter last year.
Global pharma major Merck & Co has entered into a $130 million partnership with London-based Wellcome Trust to set up a not-for-profit research company in India. Merck operates in India as MSD Pharmaceuticals Pvt Ltd.
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.
After Pune, the swine flu scare is affecting footfalls and sales in malls and retail stores here. Sales in these places have fallen by up to half in the past two days.
A 26-year-old teacher became the first swine flu fatality in Bangalore, while an infant and an elderly woman died in Pune today, taking the nationwide toll to 20, even as Prime Minister Manmohan Singh said panic should not be created and the government is doing its best.
Drug Firm Cipla today said it will raise Rs 676 crore through the issue of equity shares on institutional placement basis.
Cipla, the country’s second-largest drug company, will foray into the production of biotechnology medicines soon. The company is planning to set up a 50:50 joint venture partnership with a Chinese firm. The JV will be based in India and will manufacture and market bio-similar products (off patent biotechnology medicines) for domestic and overseas markets.
The IT industry is exiting its worst year ever as global IT spending is all set to decline 5.2 per cent, according to Gartner, Inc, an information technology research and advisory company. However, the IT industry will return to growth in 2010 with IT spending forecast to total $3.3 trillion, a 3.3 per cent increase from 2009.
JD-S today intensified its agitation against the Bangalore-Mysore express highway project promoted by Nandi Infrastructure Corridor Enterprise (NICE), with party chief and former prime minister H D Deve Gowda staging a dharna with farmers at a village coming under the scheme.
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.
New Telecom and IT Minister Andimuthu Raja said he will "fight for" the extension of tax sops to IT and ITeS firms for another two years in the coming Budget.
Biocon Limited, India"s second largest bio-technology firm, has announced the launch of Basalog, a human insulin analogue, which attempts to relieve diabetic patients of frequent insulin shots in a day.
Coal & Oil Group is planning to invest around $300 million (around Rs 1,500 crore) to buy new ships and to acquire coal mines. The company is planning to invest the money to support its customer coal requirements in India and to meet its captive requirement for the upcoming project Rs 4,300 crore power at Tuticorin.
Ties up with food, banking cos to up mkt share.
The Indian car market may be revving but the country"s marque event, Auto Expo starting on January 5, is being cut short to just a week as participants want to curtail expenditure in the face of the global slowdown.
US car maker General Motors today said it will display six production and concept vehicles during the Auto Expo here next month, besides putting on display its soon-to-be-launched mini car "Beat".
Congress MP L Rajagopal, who had fled from a Vijayawada hospital, resurfaced at the Nizam Institute of Medical Sciences (NIMS) here today.
FMCG and healthcare company GlaxoSmithKline Consumer Healthcare (GSKCH) is planning to undertake a special campaign this summer to drive growth in the health food drinks category, consisting of the "Boost" and "Chocolate Horlicks" brands.
Rahul Bajaj, Chairman, Bajaj Auto, says there are only demand-side problems for corporate India. The only supply-side problem is power. Excerpts:
Will supply LNG, sell stake in Wheatstone project to Jap utility.
The Centre is planning to set model markets in every state across the country to preserve perishable commodities, said minister of state for agriculture K V Thomas.
A government-appointed committee has suggested expanding the ambit of Clause 49 on listing of companies specified by market regulator SEBI to include cost audit report.
Will Madhya Pradesh be isolated on goods and service tax (GST) issue? If highly placed government sources, working the new tax system, are to be believed, the state government will have to follow the trend. “Eventually the state will have to implement the system, we cannot linger on. Other states like Chhattisgarh have also agreed to implement it, Gujarat government has welcomed it, Haryana has accepted it ‘in principle’ except for few points. How Madhya Pradesh can stand out?” asked an official. But the state finance minister has a long list to point out flaws in the new tax system, the main being, “The GST will bring even dal-chawal (rice and pulses) under tax net, which are exempted from VAT.”
The government is considering a proposal to amend the National Agriculture Insurance Scheme (NAIS) to encourage more farmers to take crop insurance cover.
The government has deferred a decision on a proposal by food and beverages major Pepsico to induct additional equity worth about Rs 930 crore in its Indian subsidiary. The proposal for induction of foreign equity (by Pepsico) has been deferred, an official statement said, without specifying reasons for the deferment.
SBI Card, the credit card service offering from the State Bank and GE Capital, today launched mShop to enable its customers shop from over 100 merchants across the country, using their mobile phones.
The Supreme Court today hinted that it will ask the Madras High Court to hear together the winding up and the merger proceedings of cash-strapped retail chain Subhiksha Trading Services with Blue Green Construction and Investments (BGCIL).
Eight out of the 10-most valued firms saw their market capitalisation (m-cap) tumble by as much as Rs 85,000 crore till date in 2010, as the stock markets witnessed a down-slide.
As government mulls hiving off Oil and Natural Gas Corporation"s (ONGC) Assam oilfields, state-owned Oil India has said it is willing to take over the assets and can run the fields more efficiently than that the current owner.
Oil India Ltd (OIL), the country’s second-largest state-owned explorer, has posted a 23 per cent increase in net profit for the quarter ended December 2009 on the back of higher price realisation due to a reduced subsidy outgo.
State-run Oil India Ltd today reported a 23.5 per cent jump in net profit for the third quarter ended December 31, 2009, on the back of higher price-realisation for the crude oil it produces.
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.
Public sector lender Bank of India (BoI) today said its net profit declined by 53.50 per cent to Rs 405.50 crore for the third quarter ended December 31, over the same period corresponding fiscal.
Small and Medium Enterprises (SMEs) in Orissa have expressed their resentment over the functioning of the State Level Bankers’ Committee (SLBC), which meets at regular intervals to monitor the flow of credit to the Micro, Small and Medium Enterprises (MSME) sector.
Professional forecasters have added to Reserve Bank of India (RBI) Governor Duvvurri Subbarao’s dilemma on timing the exit from an accommodative monetary policy stance.
Hinduja Group flagship company Ashok Leyland today reported 455 per cent jump in net profit for the quarter ended December at Rs 104.63 crore on the back of robust sales growth.
Short-covering, expectation of rise in yield on advances behind spike.
Hedge funds: Hedge funds have many reasons to thank President Barack Obama. His proposed curbs on proprietary trading should push assets from banks’ balance sheets into the hedge fund industry. They should reduce competition for trading ideas, translating into bigger profits for the funds. And they should make it easier for hedge fund managers to pick off star traders. But proponents of reform should be careful: moving risk about doesn’t make it disappear.
RJD supremo Lalu Prasad has called up prime minister Manmohan Singh seeking his immediate intervention to get Maharashtra government"s decision on giving licence to those who are domicile of that state for the last 15 years rescinded.
The Pakistan Cricket Board (PCB) today accused Indian Premier League (IPL) Commissioner Lalit Modi of betraying the PCB after none of the 11 Pakistani players got a buyer in the third IPL auction in Mumbai today and said he will take up the matter with BCCI.
Putting an end to speculation, BCCI President Shashank Manohar today announced that Lalit Modi will remain the Chairman of the Indian Premier League (IPL) till 2012.
With the Versa laid to rest, Maruti Suzuki is ready with another van option called the Eeco that can seat five to seven people. Set to be unveiled at the Auto Expo in New Delhi, it is likely to be priced below Rs 400,000, and will come with air-conditioning and the option to choose from six colours.
Mobile advertising: Every year for the last decade, media experts have predicted a boom in mobile advertising. But if recent acquisitions of mobile ad agencies by Google and Apple Inc are any indication of what’s to come, this year’s round of forecasts might prove more accurate.
Sun Pharma, backed by minority shareholders of Israel’s Taro Pharmaceuticals, has succeeded in preventing Taro’s founder family led by Barrie Levitt from appointing independent directors of their choice to the Taro Board.
Insiders, who have been chosen as CEOs of companies like Mukesh Ambani of Reliance Industries and Steve Jobs of Apple, have faired better than those who have been brought in from outside, says a survey.
2009’s movers and shakers share with us the gadgets that set their hearts racing.
Away from the glamour, but important nevertheless
Rajesh Bhayani / Mumbai January 30, 2010, 0:05 IST
The Sensex ended at 16,357, up 50 points, and the Nifty ended at 4,891, up 24 points (provisional closing).
The markets have recovered partially. The Sensex is now down 147 points at 16,160, and the Nifty has shed 46 points at 4,822.
Although Smart Portfolios kicked off on September 1, 2009, it feels good to end the calendar year on a cheerful note. The net returns in the second season are at the highest point currently. The benchmark S&P CNX 500 portfolio value has appreciated by 12.73 per cent to Rs 11.27 lakh as against its starting corpus of Rs 10 lakh. Ajay Parmar and Amar Ambani continue to outperform the benchmark with a wide margin. While the former"s return has zoomed 20.46 per cent, the latter"s portfolio value has soared nearly 19 per cent. Phani Sekhar has reported gains of 6.72 per cent so far, and Praveen Panjwani"s net worth is up by 6.3 per cent.
The mammoth fraud at IT major Satyam, involving over Rs 14,000 crore as per CBI, proved to be the most brazen swindling act, forcing the government to re-write corporate governance rules during 2009 and tighten the norms for chartered accountants.
Shree Cements Limited has recorded a 13.81 per cent growth in despatches during September. It has despatched 6,80,170 tonnes last month as against 5,97,650 tonnes during the corresponding period last year. Its total cumulative despatch for the first half of the current fiscal (April – September) stands at 45,01,800 metric tonnes, which is 28.99 per cent higher than the corresponding period of the last last financial year.
Markets opened flat today on weak cues from Asian markets. The Nifty extended losses in late noon trades as European markets opened in the negative. It slumped to a low of 5,218 as Tata Power declared lower-than-expected Q3 numbers.
Progress on infrastructure, real estate and power projects will determine value creation in the long run.
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.
The British government plans to freeze the salaries of top bureaucrats and offer only minimal increases to other senior workers in an effort to control the country"s spiralling deficit, a treasury official has said.
The affordable housing projects launched by Tatas in Mumbai would be extended to more cities since the concept had evinced keen interest from all parts of the country, Tata group Chairman Ratan Tata has said.
Business Standard / New Delhi November 30, 2009, 0:40 IST
A host of companies plan to cash in on the spending boom.
Abu Dhabi Commercial Bank PJSC may be owed $1.9 billion by Dubai World, making it the largest creditor outside the emirate to the state company seeking to reschedule debt, said two people familiar with the companies.
The affordable housing segment will offer business opportunities worth over Rs 500,000 crore as India requires more than 10 million houses to be built by 2013-14.
Raghavendra Kamath / Mumbai September 29, 2009, 0:19 IST
Government’s security concerns about Chinese equipment makers not a deterrent.
Maruti Suzuki, India"s largest manufacturer of passenger cars, launched Eeco, a multipurpose vehicle (MPV) in Ahmedabad today.
Three variants to have introductory price of Rs 2.58-2.89 lakh.
About 40,000 vacancies have been created in public sector banks so far this year due to retirements, resignations and expansion of business. The State Bank of India group had 19,000 vacant positions, followed by mid-size banks like Syndicate Bank and Central Bank of India, which have over 3,000 vacancies each. The data is from the Department of Financial Services.
Contrary to expectations that car sales dip in December, auto majors Maruti Suzuki and Hyundai Motor India are poised to grow 30 per cent in sales (the two companies control 72 per cent of the domestic market). General Motors is looking at 70-80 per cent increase in sales.
Banks are making a strong pitch to the government for permission to issue tax-free bonds to fund infrastructure projects.
The Prime Minister"s Economic Advisory Council Chairman C Rangarajan today suggested that the Reserve Bank of India (RBI) could reduce money supply and raise interest rates to tame the rising prices of food articles.
With a view to spread the reach of banking, bankers will meet telecom industry and government officials here next week to explore the marriage of mobile phone technology with the proposed citizen identification project.
The global financial crisis that spilled over into its second year choked flow of foreign direct investments into India in 2009, forcing the government to loosen rules for investments but it kept multi-brand retail off-limits to foreigners.
Travel and tour company Cox & Kings (India) made an impressive debut on bourses today. The stock closed 30 per cent up at Rs 426.05 on the Bombay Stock Exchange (BSE) as against the initial public offer (IPO) price of Rs 330. On the National Stock Exchange (NSE), the stock closed at Rs 430.
Land in Navi Mumbai to be used for building Bollywood theme park.
Country"s largest lender State Bank of India (SBI) today said it is not looking at acquisition of any other bank outside SBI-fold, even as speculations are rife that consolidation in the banking sector may gather pace.
The late Robin Wood was a courageous and open-minded writer who brought a new discipline to film criticism. Jai Arjun Singh reviews the critic
Suzlon Energy bagged a repeat order from Gujarat Alkalies & Chemicals (GACL) to set up, operate and maintain a 21 megawatt (Mw) wind energy project in Maliya Miyana in the Rajkot district, Gujarat. The project will comprise of 14 units of Suzlon"s S82-1.5 Mw wind turbines.
Wind turbines manufacturer Suzlon Energy today said it has bagged an order from conglomerate ITC for supplying 27 MW of wind power turbines to projects in Karnataka and Maharashtra for an undisclosed amount.
Oil and Natural Gas Corporation (ONGC) today said it has suspended all drilling and outdoor operations in the western offshore in view of cyclone "Phyan" in the Arabian Sea, but production is not affected.
Foreign institutional investors (FIIs) were net sellers of Rs 1,002.60 crore (provisional) today, according to data released by BSE.
Foreign institutional investors (FIIs) were net sellers of Rs 2,415.49 crore (provisional) today, according to data released by BSE.
Private sector lender Yes Bank plans to set up a firm, Yes Ventures, to house its private equity funds, in 2010-11.
The small car being developed by Bajaj Auto that will be marketed by Renault-Nissan alliance in India will be smaller than Maruti Suzuki"s Alto, according to the French car maker.
With the economic slowdown hitting the exchequer hard, the Centre today proposed that the states accept half of the compensation on account of their losses due to cut in the Central Sales Tax (CST) for the current fiscal.
The markets ended lower for the second straight week as rate hike fears, global cues and futures & options expiry weighed on the sentiment. The Sensex fell below 16,000 for a brief while and touched a low of 15,982. It eventually ended with a loss of 502 points at 16,358.
Tata Motors, the country"s leading automobile manufacturer, reported a net profit of Rs 400.14 crore for the third quarter ended December 31, 2009.
Mahindra First Choice, an arm of Mahindra and Mahindra Group (M&M) which sells second hand car, today said it would set up sales and service outlets in rural areas across the country to sell one lakh vehicles by 2015.
After five days of relentless selling, any hopes of a change in fortunes yesterday were dismissed early in the morning, as bears took grip of the markets. Aggressive selling in auto, banking, metal and realty stocks saw the markets break one support level after another during the course of the day.
Tata Tea, engaged in tea plantation and processing business, today announced a consolidated net profit of Rs 92.23 crore for the third quarter ended December 31, 2009, down 76.71 per cent over the corresponding period last fiscal.
Jammu & Kashmir Bank today reported growth of 16 per cent in its net profit at Rs 139.99 crore for the quarter ended December 31, 2009, over the same period last year.
Jeera future prices are likely to firm up in January as there is a possibility for renewed export demand in the market. The demand from overseas market is expected from first week of January 2010 and this may support the price to strengthen.
With a view to spread the reach of banking, bankers will meet telecom industry and government officials here next week to explore the marriage of mobile phone technology with the proposed citizen identification project.
Mortgage entities Fannie Mae and Freddie Mac are planning to introduce a programme aimed at helping independent mortgage banks to make home loans, says a media report.
GMR Hyderabad International Airport Limited (GHIAL) has signed three memoranda of understanding with Jet Airways, Malaysia Airports Consultancy Services (MACS) and Asia Pacific Flight Training Sdn Bhd (APFT).
Land in Navi Mumbai to be used for building Bollywood theme park.
In a short-list bereft of Indian writers, this year"s Man Booker prize has gone to British novelist Hilary Mantel for her gripping 16th century tale titled "Wolf Hall".
The government planned to introduce a single foreign direct investment (FDI) document by the end of the financial year to simplify the process, and was currently discussing the various modalities, Commerce and Industry minister Anand Sharma said today.
Exporters, hit by a demand slump in the global market, have sought RBI"s intervention for dollar credit from banks at competitive rates.
President Barack Obama will today propose new limits on the size of US banks after spending billions of tax-payer dollars to bail out "to-big-to-fail" firms, a senior official said.
The global merger and acquisition (M&A) activity in the property sector so far this year amounted to $151.8 billion (around Rs 7 lakh crore), the lowest level in the last six years amid the economic downturn.
IDBI Bank Chairman and Managing Director Yogesh Agarwal has emerged the frontrunner for the post of the chairman of the Pension Fund Regulatory and Development Authority (PFRDA).
Aditi Phadnis / New Delhi December 27, 2009, 0:23 IST
State-owned, IDBI Bank has entered into a pact with Maurti Suzuki to provide auto finance to the latter"s customers.
Haryana Cooperation Minister Paramvir Singh said that the central cooperative banks in the state would provide a loan of Rs 8,600 crore during the current financial year to the farmers. These banks had provided loans worth Rs 4,306.60 crore during the last financial year to the farmers under various schemes.
India has emerged as the second most targeted nation among the BRIC region, after China, for merger and acquisitions activities clocking deals worth $2.8 billion so far this year.
BCCI to partner Google India for the venture.
The stock could not hold gains and slipped to a low of Rs 117. It finally ended with a loss of 3% at Rs 119. Over 1.6 million shares were traded at the counter today.
PTC Financial Services, a subsidiary of Power Trading Corporation, is mulling to raise Rs 1,500 crore by divesting 26 per cent of the promoters’ stake.
Google/cybersecurity: Google’s cyber-complaint is the tip of an iceberg. Coordinated attacks on IT systems are common, yet companies and governments have kept largely silent. The growth of computer services that rely heavily on the Internet means the stakes are growing higher. That may explain why Google spoke up about recent attempts to steal its intellectual property -- and why the U.S. State Department has also taken China to task.
SkodaAuto India is looking to derive significant benefits from the expansion of its German parent, Volkswagen (VW), in the country. SkodaAuto, which was the first VW group firm to enter the domestic market about a decade ago, also intends to become more affordable in the long-term, enabling it to enter more segments.
Sanjaya Baru / Sanjaya Baru February 1, 2010, 1:19 IST
With virtually no rain in Himachal Pradesh for the past four months, farmers are deeply worried over the drought-like conditions in the hill state.
Troubled consumer finance firm GMAC Financial Services is likely to get around $3.5 billion (around Rs 16,350 crore) of additional aid from the US government to help cover its mortgage losses, a media report has said.
Business Standard / New Delhi January 29, 2010, 0:45 IST
Business Standard / New Delhi January 29, 2010, 0:45 IST
The government will be working towards making the laws gender neutral in the next four years, Union Minister of Law and Justice M Veerappa Moily said today.
Software company HCL Technologies today said it has received a contract worth around Rs 231 crore from UK-based defence equipment maker Meggitt for providing engineering services.
Gujarat Chief Minister Narendra Modi asked the chemical industry in the state to take up the challenge of manufacturing ink used for printing currency notes.
Jaypee Group firm Jaiprakash Power Ventures today said it will raise Rs 1,500-2,000 crore through convertible bonds issued to foreign investors and institutional placement by next month to augment its generation capacity.
In the backdrop of the US remarks that India would have limited patience if a Mumbai-type attack recurs, External Affairs Minister S M Krishna today said the government will have to be prepared to meet any eventuality.
Rejecting Pakistan"s charge that its players were snubbed for IPL at the behest of India, External Affairs Minister S M Krishna today said it should draw a line between government programmes and private events.
State-run power major National Thermal Power Corporation (NTPC) today said its follow-on public offer (FPO), through which the government plans to divest 5 per cent stake, would open on February 3.
Business Standard / New Delhi January 13, 2010, 0:39 IST
Tata Communications has signed an agreement with the Qatar-based Qtel for a new undersea cable network that will connect a number of regional operators in the Gulf region with the country.
State-run Bharat Sanchar Nigam Ltd (BSNL) has floated a tender for building an exclusive optical fibre cable network for the armed forces in lieu of their vacating radio waves. The network would be auctioned to mobile services’ operators for offering third-generation (3G) services. The tender, which was in the works for a long time, will set in motion the process of vacating spectrum by the defence forces.
Finally starting the process to auction 3G spectrum to potential telecom operators, the government is likely to issue guidelines giving details about the number of blocks to be sold and other related information.
Increasing competition and declining mobile call rates have taken a toll on the earnings of the country’s largest telecom operator, Bharti Airtel, which has posted 2.3 per cent growth in its net profit at Rs 2,209.8 crore for the third quarter ending December 31, 2009, against Rs 2,159.3 crore in the same quarter in December 2008.
Bharti Airtel is not looking at acquiring US telecom carrier Sprint, but would continue to focus on emerging markets where it sees huge potential for penetration, Group CEO Manoj Kohli said today.
Indian stocks trading on American bourses lost $3.85 billion (around Rs 18,000 crore) from their total market valuation last week, with HDFC Bank and Sterlite Industries leading the pack.
Aptech, a leader in learning solutions, today announced the global launch of an executive program in cloud computing.
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.
L&T Infotech, the software solutions providing company of Larsen & Toubro, announced today that it has bagged the e-governance implementation project of the All India Council for Technical Education (AICTE).
The market opened weak and sustained selling pressure saw the benchmark indices, the Nifty and Sensex, lose their crucial support levels of 5,150 and 17,300, respectively. The spot Nifty closed at 5,094 while January futures closed at almost 10 points discount on profit-taking and short build-up.
The stock settled 10% higher at Rs 59 and witnessed trades of 240 lakh shares on the BSE.
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.
The market opened weak and sustained selling pressure saw the benchmark indices, the Nifty and Sensex, lose their crucial support levels of 5,150 and 17,300, respectively. The spot Nifty closed at 5,094 while January futures closed at almost 10 points discount on profit-taking and short build-up.
Domestic 3rd quarter news weigh on sentiment.
Anil Ambani Group company Reliance Communications today said its consolidated net profit declined by 19.34 per cent to Rs 1,164.82 crore for the third quarter of 2009-10.
Anil Ambani Group company Reliance Communications today said its consolidated net profit declined by 19.34 per cent to Rs 1,164.82 crore for the third quarter of 2009-10.
Realty giant Unitech today reported a jump of 29.37% in consolidated net profit for the quarter ended December 31 at Rs 176.01 crore, thereby signaling a revival of demand.
State-run Bharat Electronics (BEL) today said its net profit rose nearly two-fold to Rs 223.87 crore for the third quarter ended December 31, over the same period last fiscal.
Chennai Petroleum Corporation (CPCL) today posted a net profit of Rs 220.36 crore for the third quarter ended December 31, 2009.