Business Opportunities
The government should invest more in agriculture, health care and education sectors in rural areas as private sector is reluctant to go there, industry chamber Assocham said today.
Prime Minister Manmohan Singh today met the members of the Planning Commission to take stock of the economy and directed them to complete the mid-term appraisal (MTA) of the 11th Plan (2007-12) by March.
After a lull, private equity investments in the infrastructure sector are likely to look up again by the end of this year and the reserves available with the fund houses are expected to touch $100 billion by 2012.
The Indian car accessory market is estimated at Rs 1,200 crore.
The Sensex is exhibiting lacklustre movement and is now at 17,394, up 34 points.
Raghavendra Kamath / Kolkata November 27, 2009, 1:30 IST
Copper manufacturer Hindustan Copper Ltd has said the unaudited financial results for the first quarter of 2009-10 would be delayed, and is likely to be published by August end because of technical problems in the newly installed software for enterprise resource planning (ERP) system.
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.
The country"s largest power producer NTPC today said it plans to recruit about 1,300 people in the next fiscal to support the company"s ambitious target of becoming a 50,000-MW company by 2012.
Bank of America Corp and JPMorgan Chase & Co, the two biggest US banks by deposits, are cutting overdraft fees amid criticism from lawmakers over the way the lenders charge customers.
Three friends went to college together, became software engineers, went to Silicon Valley, got cushy jobs and, after a few years, decided to become entrepreneurs. Sounds like a run-of-the-mill story? But this is where Tushar Makhija’s story takes a serious turn. It’s common to hear of entrepreneurs struggling to get that one big idea to start a business, but for Makhija and his two other friends, it was simply about taking inspiration from several popular online portals and creating a unique one of their own.
JSW Steel is in talks with Japanese firm JJFE Holdings on equity sharing arrangement of JSW Bengal Steel, which is setting up a 10-million tonne steel plant in West Bengal.
The government today said auction for 3G mobile spectrum would commence as per schedule from January 14 next year and allotment would be made to four private players simultaneously by August 2010.
As the Ministry of Finance gets into the Budget mode, its officials perhaps want to tell themselves, “All is well”. So, they have none other than Aamir Khan, alias Rancho of recent Bollywood blockbuster 3 Idiots, talking to them this weekend on Cinema and Society.
Farmax Retail (India) today said its board has approved to raise funds up to Rs 500 crore through various routes including issue of foreign currency convertible bonds (FCCBs) and global depository receipts (GDRs).
Medical devices manufacturer Johari Digital Healthcare Ltd is planning to foray into retail and medical spa space.
The US Food and Drug Administration (FDA) has directed Glenmark"s US arm, Glenmark Generics Inc, and three other manufacturers to stop the marketing of unapproved codeine sulphate tablets in the US market. The drug is an old narcotics product widely used to treat pain.
Sixty seven per cent of domestic companies have chosen non-government organisations (NGOs) as partners to undertake their Corporate Social Responsibility (CSR) projects, while 58 per cent prefer government departments for the spread of CSR obligations, Associated Chambers of Commerce and Industry of India (Assocham) says. The chamber, in its assessment, ‘CSR: Quantitative Analysis’, said 21 domestic companies were working with multilateral or bilateral organisations for CSR activities. The study added 37 per cent of the firms had a well-structured foundation for implementing their CSR, while 58 per cent domestic companies had formed a separate department to implement CSR.
Sectors with export focus account for a majority of downgrades.
The Asian markets have ended in the green today.
The Sensex has ended (provisional) at 16,844 - up 148 points. The Nifty ended (provisional) at 4,997 - up 44 points.
Sensex ends up 35pts
Private equity: The private equity industry was challenged in 2009. Deal flow remained slow, portfolio companies struggled and investors in buyout funds scrambled to meet their cash commitments. Rebounding bond and equity markets helped some firms in the second half. But the rally was too late for others. As the industry enters a new decade, expect the divide between the sheep and goats of the buyout world to widen.
Considering the weak US and Asian cues, our markets have opened on a quiter note. The Sensex is quoting at 16,714, down 71 points, and the Nifty is at 4962, down 26 points.
Pollution control equipment maker Thermax today said it has bagged an order worth Rs 477.77 crore from an Orissa-based company for construction of a captive power plant.
Consistent procurement of defence equipment should throw up some multi-baggers in the next few years.
A Delhi Court has refused to order defreezing of a UK bank account of a consultancy firm accused of receiving $20.07 million in kickbacks from a Russian company for securing a Rs 2,066-crore contract from NTPC, saying it cannot be done without the approval of India and Britain.
The Orissa government has sought Rs 5,000 crore grant from the Thirteenth Finance Commission (TFC) to upgrade its power infrastructure.
The government today said India is more prepared to deal with a Satyam-like fraud that hit the corporate world with the disclosure of about Rs 10,000 crore fudging of accounts by the founder of the IT firm B Ramalinga Raju a year ago.
The Foreign Institutional Investors (FIIs) were net buyers of Rs 394.37 crore in futures and options segments on Monday.
Anil Ambani’s radio business, Reliance Media World, which operates radio station BIG FM 92.7, will list on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Friday, December 4. This makes BIG FM 92.7 the second radio station to be listed on the stock exchanges.
The central government has declared in Parliament several times that it did not fix the price of gas and that private operating companies have the freedom to do so, Anil Ambani-owed RNRL told a bench headed by Chief Justice K G Balakrishnan today.
Internet services provider IOL Netcom today said its board has approved to raise Rs 1,250 crore by various funds raising options.
The Sensex has soared to a high of 17,270 and is now moving strong at 17,259, up 127 points. The NSE Nifty is at 5,127, up 37 points.
The markets have moved further into the positive in the past one hour, thanks to gains in oil, PSU and metal stocks. The Sensex is quoting at 17,254, up 123 points, and the Nifty has surpassed the 5,100 mark to quote at 5,124, up 33 points.
The Karnataka government is in the process of inviting more private players to increase public-private-partnership (PPP) in the state. This will be extended to sectors like Railways, which has not seen much projects as PPPs so far.
The industry representatives have urged the Orissa government to remove various bottlenecks coming in the way of setting up of industries in the state.
Tata Steel today hinted at increasing prices of its products.
Business Standard / New Delhi December 21, 2009, 0:38 IST
The government has written to telecom operators, Bharti Airtel, Idea Cellular, Vodafone and Tata Teleservices, asking them to be punctual in sharing information with special auditors looking into revenue leakage.
Finance Minister Pranab Mukherjee is known to stick to the subject at hand and not get into long discussions. So, when CPI leader Gurudas Dasgupta raised a calling attention motion on the merger of banks and started making several ideological points, this made Mukherjee testy.
Pharma firm Jubilant Organosys today said it has joined hands with the University of Alabama at Birmingham and Southern Research Institute to benefit from their collective innovation and enabling technologies.
Bandhs and protests over the Centre"s move to create a separate Telangana state continued for the second day today, affecting normal life in coastal Andhra and Rayalseema regions of Andhra Pradesh.
Over this last decade, the Ministry of Defence (MoD) has “blacklisted” so many foreign arms corporations that the military’s modernisation plan has virtually stalled. The MoD “blacklist” is not a formal document; an arms vendor is mostly embargoed unofficially, when senior bureaucrats agree that it is playing dirty.
Hindustan Aeronautics Limited (HAL), the Bangalore-based firm which operates under the Ministry of Defence, has signed an agreement with Boeing to work together with the US plane maker for the production of flaperons for the Boeing’s 777 series commercial jetliner.
The Nifty futures faced resistance at 5,060 and closed in a Doji pattern, indicating indecisiveness among traders. The trading volume on the futures & options segment suggests the index is set for an either side breakout in the coming days. The Nifty is expected to face strong resistance above 5,100 and support for the time being is seen at 4,800-4,900.
A court here hearing the alleged multi-crore Satyam accounting scam, today posted the hearing on framing of charges against B Ramalinaga Raju, former chairman of Satyam Computer and nine others accused in the matter to December 9.
Aiming to maintain a growth rate of around 18-22 per cent, FMCG firm GlaxoSmithKline will this year introduce around 10-12 products, including some from the international portfolio of its parent company.
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.
Sun Pharmaceuticals Industries today said it will contest the lawsuit filed by Taro Pharmaceuticals in the US district court, terming the case as an attempt to divert resources by the Israeli drug firm.
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.
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.
Farm equipment and utility vehicle maker Mahindra & Mahindra (M&M) today said its joint venture with China"s Yueda Group will invest around $40 million (Rs 188 crore) in China to set up a new R&D centre, engine plant and in modernising its tractor unit at Yancheng.
Tata Motors has said all the existing bookings of the Nano will be delivered at the current prices, notwithstanding the rising input prices.
Japanese drug major Daiichi Sankyo said today a US Court has ruled in its favour in a patent litigation related to the anti-hypertensive drug, Benicar, against Mylan Inc and its Indian subsidiary, Matrix Laboratories.
The gap between operation and inspiration created by the premature exit of Infosys Technologies’ key founder, Nandan Mohan Nilekani, is being filled by his colleagues.
Purists will tell you that celebrity endorsement is nothing but lazy advertising. Instead of working on the brand, companies use a celebrity to create awareness and get the message across in a jiffy. The cost of creating the campaign may go up, but the money and time required to rub the brand in get reduced by a huge margin.
The annual Brand Derby, the results of which were published last week in The Strategist, threw up some interesting results. First, right on top amongst the 2008 brand launches were two all-Indian entries — the Indian Premier League and Nano. Second, of the 26 brands rated by the 90 respondents, 13 came from Indian-owned companies — three cars, two direct-to-home services, two films, two apparel brands, two FMCG products, one general entertainment channel and IPL. And third, seven homespun brands made it to the ranks of the 16 most successful brand launches. The lessons to be drawn are: One, Indian marketers, if they want, can build strong brands. IPL and the Nano have gained recognition the world over. Amongst the six FMCG brands in the Derby, the one that was ranked on top was Mother Dairy’s Nutrafit probiotic milk drink. Two, companies across categories have come to realise the importance of a brand in a cluttered market.
Rrishi Raote / New Delhi November 22, 2009, 0:59 IST
Will raise Rs 1,729 crore through sale in Belgian arm to reduce debt burden.
In a new development in the RIL-RNRL appeals in the Supreme Court today on their gas dispute, RNRL revoked its opposition to the Union government being heard. And, the Solicitor General appeared for the first time, on behalf of the government and NTPC.
It was a day of consolidation. The markets ended flat after trading in a narrow, albeit choppy range, as they attempted to digest the gains of the past two days. The Sensex closed below the dotted line at 17,169, down 28 points, and the Nifty ended at 5,123, up a point.
The remainder of its liabilities is on ‘a stable financial footing’
US Federal Reserve"s decision to keep rates near zero dragged the markets off the day"s high. The Dow added 30 points to 9,802. The Nasdaq was unchanged at 2,056.
US markets ended mixed on Tuesday as the Nasdaq edged up on news of a railroad acquisition. The Dow, however, slipped on statements of the US Federal reserve.
Pushes oil and gas to second and IT to third place.
With gradual improvement in the security scenario in North Cachar Hills district of Assam, following the surrender of "Black Widow" militants, work on the Lumding-Silchar railway gauge conversion project has begun.
Sensex ends up 35pts
Bharti Airtel today announced offering both local and STD calls at a flat rate of 50 paisa per minute to its 110 million subscribers.
But countries like Canada, Poland, Vietnam are honing their skills
Infosys BPO Ltd, the business process outsourcing (BPO) operation of Infosys Technologies, is looking at raising its headcount in the Americas through inorganic growth. The company is understood to be scouting for a strategic acquisition in the $40-60 million range either in Canada or the US, according to industry sources.
The September 2009 quarter results of leading IT players suggest that the global telecom industry is not out of the woods. Indicatively, Infosys and TCS‘ telecom segments’ share in overall revenues posted a decline of 60-70 bps sequentially — even on an absolute basis, their telecom-vertical revenues were lower sequentially. Given the muted outlook for the telecom sector, the topline and operating performance of Tech Mahindra, which derives 60 per cent from Europe and about 50 per cent from its major client, British Telecom (BT), is reasonably good.
If last year was bad for Aditya Birla Minacs, as it was for most companies hit by the global recession, this one is very different.
Oil rebounded in Asian trade today, lifted by strong regional stocks, which rallied after US aluminium giant Alcoa said it swung to profit in the third quarter.
The Andhra Pradesh government has sanctioned seven projects that are being set up at the Sri City Special Economic Zone and the APIIC Industrial Park in the state. These projects involve a total investment of around Rs 3,000 crore, according to Busi Sam Bob, Principal Secretary, state industries and commerce department.
Kuwait"s Oil Minister Sheikh Ahmad Abdullah al-Sabah today ruled out any production increase by OPEC this year and predicted that oil prices would remain at between $60 and $80 a barrel.
As part of the festival offer, Bangalore-based public sector lender, Canara Bank, has reduced the rate of interest on all fresh home loans from September 10. The rates have been cut 0.25 per cent.
Investor wealth swelled by nearly Rs 77,000 crore today as the BSE Sensex, boosted by strong corporate earnings and positive global cues, surged to a 14-month high of 15,924.23 points.
The country"s top-10 firms added over Rs 39,000 crore to their market capitalisation last week, with Oil and Natural Gas Corporation (ONGC) gaining the most.
Musicians from around the world are here for Jazz Utsav ’09. two of them tell us what to expect at the festival this year
To revive its offshore oil rigs business, state-run BHEL today said it will approach shipyards for providing equipment used for making oil rigs.
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.
Bharti Airtel, the country’s largest telecom company, posted a 24 per cent increase in net profit for the first quarter ended June 30 to Rs 2,516.7 crore — up from Rs 2,025 crore posted last year — in line with market expectations.
The Sensex has ended (provisional) at 17,562 - up 97 points.
The Tamil Nadu Housing Board (TNHB) is planning to carry out projects worth Rs 1,459 crore in 2009-10. The state-run agency, which is promoting affordable housing and commercial properties, is also looking at developing some of its properties through public private partnership.
The Sensex has added 71 points to 17,536.
Concerned over the spiralling food prices, the Reserve Bank has indicated at tightening money supply to contain the rising inflation pressures.
Sunanda K Datta-Ray / New Delhi August 15, 2009, 0:51 IST
Air India has convened a meeting of foreign pilots" recruitment agencies on Wednesday to discuss its proposal to slash wages by 10 per cent, in its bid to reduce costs and the differences between the pay packets of Indian and foreign pilots.
Pepe Jeans India plans to open 50 more stores pan-India in the next 12 months which would give it a stronger market presence.
Katrina Kaif, Sania Mirza and Rahul Gandhi were the most searched celebrities on Google India in 2009, presumably implying that more and more young users are coming online and ruling the cyber space.
The Bengaluru International Airport today reported that passenger traffic would top 9.3 million during the calendar year 2009 which was a growth of 22 per cent over the previous year. Meanwhile, the cargo handled during the 12 months was estimated at 161,896 tonnes.
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).
We are always better analysts with a 20/20 hindsight. Indeed, an ex post reading about events leading up to a crisis appears logical, and often leaves one with the question about why the evolution of the crisis could not be seen and corrected in time. Still, policy-makers know that such a review and understanding are important to learning from mistakes. Restoring Financial Stability (Wiley) acts as a catalyst to that understanding by offering a comprehensive sequencing of the causes and progression of the build-up of the financial strains that, following the Lehman bust in September 2008, evolved into a full-blown global financial crisis. It is a collection of thematic essays by the faculty of the Stern School of Business at New York University.
The Sensex has ended (provisional) at 17,696 - up 10 points. The Nifty ended (provisional) at 5,282 - up for points.
FMCG player Godrej Consumer Products today said it is ready to acquire some of its joint venture partner Sara Lee"s international businesses if the US-based company decides to sell its global assets.
FMCG major Marico has posted 32 per cent jump in its consolidated net profit for the quarter ending September 30, 2009 at Rs 62.35 crore as compared to Rs 47.12 crore profit it posted in the corresponding quarter last financial year.
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.
Power firm NTPC today said it is developing coal mines allotted to it for captive use and added that it takes 6-7 years to harness a mine even by international standards.
The country’s cotton yield has hit a four-year low in the current season, as the delayed monsoon disrupted sowing earlier. This is for the consecutive year that the country’s cotton output is estimated to slip below 30 million bales (1 bale = 170 kg). The cotton season starts from October and ends in September.
Country’s largest direct selling FMCG company Amway India is eyeing revenues of Rs 1,400 crore in this fiscal, up from Rs 1,130 crore last year.
Godrej Consumer Products Ltd, India’s second-biggest soap maker, may acquire some of Sara Lee Corp’s international businesses, including the US company’s stake in its Indian joint venture.
Beauty services provider Kaya Skin Clinic will invest Rs 100 crore in setting up around 75 outlets across the country as well as in Saudi Arabia over the next three years.
Consequent to the sharp run up in markets in 2009, investors will have to be careful in picking stocks while lowering their return expectations
Some are giving up lucrative careers to make a difference to their institutes
Are Hindi-speaking markets and the four southern states really poles apart on TV viewing habits?
Union Human and Resource Development Minister Kapil Sibal is slated to meet top officials of the Obama Administration later this week as part of the endeavour of the two countries to forge greater collaboration in the field of education.
Benchmark plans Hang Seng as underlying; Reliance looks at MSCI.
Our report is independent, say auditors.
HCL Technolgies, part of the Rs 24,000 crore HCL Group, today announced that it is entering into an outsourcing services engagement deal with MTV networks (MTVN). MTV or Music Television is owned by US-based Viacom.
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.
Suzlon Energy, India’s biggest maker of wind-turbine generators, said it has reduced its borrowings by 15 per cent after it paid back $780 million (Rs 3,645 crore) used to acquire Hansen Transmissions International NV.
BS Reporter / New Delhi November 11, 2009, 0:31 IST
Investments of Rs 47,000 crore under implementation
India will make a strong pitch for new initiatives with the Association of Southeast Asian Nations (ASEAN) to collectively respond to challenges thrown up by the global economic meltdown and climate change during the two day India-ASEAN and East Asia Summits beginning in Thailand on Saturday.
Sensex, Nifty hit the first-ever upper circuit in history.
Tourists will now be able to revisit the country’s colonial past from Kolkata to Varanasi through the 1,280 km cruise on the river Ganga with West Bengal Tourism launching the service from tomorrow.
Bank of Baroda (BoB) has launched an initiative to facilitate two-way flow of investments between India and the UAE, a senior bank official has said.
Trades between FIIs generated a volume of Rs 62 crore on the BSE Wednesday-an decrease of 94.93% from Rs 32 crore clocked on Tuesday. As many as five stocks witnessed trades of 9.74 lakh shares on Wednesday.
Backed by healthy interest income and trading profits, Bank of Baroda has posted an 84.8 per cent rise in its net profit at Rs 685.38 crore for the first quarter ended June 2009 as against 370.86 crore in April-June 2008.
State-owned Central Bank of India is planning to restructure its home finance as well as financial and custodial services arms.
IDBI Bank today announced the repayment of its 11.5 per cent SLR bonds, 2009 on September 26, 2009.
Agro-chemical and pharma company Astec LifeSciences today said that it has fixed the price of its initial public offer at Rs 82 per equity share, the upper end of the price band.
Imaging equipment maker Canon has targeted a 35 per cent revenue growth in Indian market this year, which will take the company"s total revenue to Rs 1,100 crore, a top official said today.
Amid high security, polling began this morning to elect the 288-member Maharashtra Legislative Assembly.
The railway ministry has expressed its willingness to be included in a list of “sensitive” sectors that can receive foreign direct investment (FDI) after a closer look at security concerns.
The Department of Telecommunications (DoT) wants operators to make their network accessible to Lawful Interception and Monitoring (LIM) for the security agencies after they switch to mobile number portability (MNP) mechanism next month-end. DoT is likely to issue directives soon to all the telecom licencees on putting the subscribers under the LIM even before MNP is activated in the system.
Finance Minister Pranab Mukherjee will meet Sri Lankan President Mahinda Rajapaksa over lunch on Sunday to deliver a message of a worried United Progressive Alliance (UPA) government to address the rehabilitation issue more effectively and expedite the long-pending devolution of power for the Tamils.
Things are beginning to look better for the hospitality industry across the country, with an increase in occupancy levels to 10-30 per cent and hotel rates getting closer to the pre-recession ones.
The Lok Sabha today passed three bills in 15 minutes without any discussion as opposition members protested vociferously against price rise and carving out Telangana from Andhra Pradesh.
The government today cleared a proposal of the US-based soft drinks major Pepsico Holdings to inject additional equity of $200 million (around Rs 930 crore) into its Indian arm within three years.
Soft drinks and snacks major PepsiCo India today said it may use Stevia as an alternative sweetener if the Government permits it do so.
Bajaj Group promoted sugar major, Bajaj Hindusthan, has informed the Bombay Stock Exchange that it would raise long-term funds up to Rs 2,000 crore from the domestic or international market in one or more tranches.
Markets open strong; Tata Steel up 2%
Hospital chain Fortis Healthcare"s Rs 1,000-crore rights issue is likely to hit the market by October, with the firm taking fresh steps to realise the plan.
The stock finally ended at Rs 135 after touching a high of Rs 136. The counter clocked volumes of 1.10 million shares on the BSE as compared to the the two-week daily average traded volumes of 1.17 million shares on the BSE.