Management
Tata Power Company reported a 28 per cent fall in net profit at Rs 182.1 crore for the second quarter ended September, compared to Rs 252.9 crore for the corresponding quarter last year.
The Centre has approved the proposal for grant of mining lease (ML) to the state-owned National Aluminium Company Limited (Nalco) over Gudem and Katamraju Konda bauxite blocks in Andhra Pradesh. The AP government had earlier sent its recommendations in favour of the company to the Centre for the same property. The two deposits are estimated to have 85 million tonne of bauxite.
If the early signs are right, then Network 18’s letting go of 200 people may just be an aberration. Across the Rs 80,000 crore Indian media and entertainment industry, hiring is picking up.
The Supreme Court (SC) last week asked the Haryana Financial Corporation to refund the amount received from a buyer of a defaulting unit as it had not disclosed certain vital facts to the buyer. The corporation had forfeited the amount when the buyer withdrew from the contract of sale. The SC stated in the case, Haryana Financial Corporation vs Rajesh Gupta, that a “mere perusal of the provisions of the Transfer of Property Act will show that it was incumbent upon the corporation to disclose to the buyer about the non-existence of an independent passage to the unit. It was also the duty of the corporation to inform the buyer that the passage mentioned in the revenue record was not fit for movement of vehicles. The corporation also failed to show the buyer the entire documentation as required by law.”
The Sensex has ended (provisional) at 17,458, down 28 points.
Mumbai-based Udyog Software, is in talks with Special Economic Zone (SEZ) developers in Gujarat for its tax software solutions. Udyog Software, which provides technology solutions to number of businesses in areas of Payroll Solutions, Tax Compliance Solutions, Integrated Solutions and ERP implementations, now plans to tap both SEZ developers as well as the upcoming units in it.
Domestic passenger car sales have recorded 33.88 per cent increase at 1,32,615 units in October from 99,052 units in the same month last year.
The government today said that affordable housing will drive the construction sector and subsequently the industrial output during the current fiscal.
Oil: Oil price bulls and bears have both had their triumphs in recent history. The price of crude rose to $147 a barrel in July of 2008 only to plummet to $33 a barrel a few months later. It swung past $82 a barrel this week because of the cold snap, and is up 18 per cent since mid-December. But barring heightened tension in the Middle East, oil looks likely to slide in the short term.
The deadline set by the Income Tax (I-T) Department to record the statements of at least six associates of former Jharkhand Chief Minister Madhu Koda today expired without them appearing.
Tata Motors, India"s biggest auto company by revenue, has speeded bus production at its massive Dharwad facility, primarily to avoid any delay in honouring its commitment to supply low-floor buses to the Delhi Transport Corporation (DTC).
The JV was supposed to get at least 45 per cent stake
Burdened with rising commodity prices, especially of steel and copper, the country’s largest car maker, Maruti Suzuki India, has announced a marginal increase of up to 2 per cent in prices.
Hyundai Motor India Ltd, the country’s second largest car manufacturer and the largest passenger car exporter ended the year on a high note with domestic sales growing by 42.6 per cent while exports grew by 9 per cent, said a company press release. Cumulative growth stood at 22.6 per cent for the month ending December, 2009.
The Follow-on Public Offers (FPOs) of either NTPC or Rural Electrification Corporation (REC), are likely to be launched in the next couple of months, a senior government official said.
Buoyed by the Trinamool Congress’ success in the just-concluded Arunachal Pradesh elections in which it won five seats, party chief Mamata Banerjee has decided to field candidates in the upcoming Jharkhand elections as well. Even as the Congress is irked by Banerjee’s zeal as her party eats into its votebank, Banerjee is determined to make the Trinamool a registered national party by increasing its vote share in other states. The two parties are partners in the United Progressive Alliance but Banerjee is yet to decide if the Trinamool will support the Congress government in Arunachal Pradesh or sit in the opposition. Banerjee is also looking at constituencies in the East Singhbhum area — with a considerable Bengali population — as her target constituencies in Jharkhand.
Hyderabad-based vaccines and biotherapeutics manufacturer Bharat Biotech, which is getting ready with an indigenous H1N1 swine flu candidate vaccine, would go for clinical trials in two months, according to its chairman and managing director Krishna M Ella.
The company faced solvency margin issues recently.
The Delhi High Court today sought an explanation from the Centre as to why it was not appointing chairman of National Human Rights Commission, a post lying vacant since June.
Novartis India surged over 4% to Rs 447. The scrip touched a high of Rs 450 and a low of Rs 434 during the day. The counter witnessed a volume 13,914 shares, which is more than two-fold increase in its two-week average traded quantity of 5,919 shares.
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.
Analysts feel even this may not induce many shareholders to sell.
Tata Steel tops the combined value chart on both the BSE and the NSE with a turnover of Rs 661.83 crore. It is followed by Sesa Goa (Rs 658.33 crore), Reliance (Rs 619.07 crore), ICICI Bank (Rs 432.18 crore) and Unitech (Rs 411.14 crore).
Cox & Kings (Australia), the wholly-owned subsidiary of Cox and Kings (India), a travel and tour company, has bought MyPlanet Australia and Bentours International through a share sale agreement from First Choice Holdings Australia. The acquisition is being done through an ‘earn-out mechanism’ and is not being paid for from funds raised for acquisition from the company’s recent initial public offering (IPO).
As the Obama Administration gears itself to "strengthen" its bilateral relationship with India, a top American business leader has said the Indo-US partnership, though now more confident than ever, requires nurturing.
Travel and tour company Cox & Kings today said one of its overseas arm has acquired Australia-based MyPlanet Australia Pty Ltd and Bentours International Pty Ltd for an undisclosed amount.
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.
Private-sector lender, Bank of Rajasthan(BoR) today entered into a tie-up with Bajaj Auto to offer two-wheeler loans.
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.
The Supreme Court will decide whether mutual fund brokers can resort to a process (dividend stripping) of creating a short-term loss to avoid tax.
Private airline Jet Airways today posted a profit of Rs 105.80 crore for the third quarter ending December 31, 2009, the company said in statement here.
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.
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).
Chowdhury Mohan Jatua, the minister of state of information and broadcasting (I&B), has solved many important cases in his career. But the former police officer is yet to learn to put his mobile phone in the silent mode. Recently, I&B Minister Ambika Soni had a press interaction along with Jatua. During the meeting, Jatua’s phone rang at least thrice and every time the meeting was interrupted as his ring-tone screamed the “Mitwa” song of Kabhi Alvida Na Kehna. A peeved Soni was forced to tell Jatua: “Either you attend the calls or find a way to put the phone in the silent mode.”
AV Rajwade / New Delhi December 28, 2009, 0:57 IST
Raising finance for companies eyeing renewable energy projects would no more be a tough task as banks and consultants are working on innovative solutions to help these companies.
Insisting that the Copenhagen accord was reached to the satisfaction of all concerned, government today told the Rajya Sabha that the provision for "international consultation and analysis" will in no way affect India"s sovereignty.
Two more persons died of swine flu (H1N1 flu virus) on Sunday, taking the total death toll to nine in Andhra Pradesh.
Investment banking major Goldman Sachs today reported huge profit of $3.44 billion for the second quarter ended June, bolstered by stellar performance in trading operations.
Wall Street investment banker Goldman, which took federal money a few months ago to save itself from bankruptcy, is expected to announce profits for the March-June period, media reports said.
Never let it be said that the Justice Department can’t move quickly when it gets a hot tip about an alleged crime at a Wall Street bank. It does help, though, if the party doing the complaining is the bank itself, and not merely an aggrieved customer.
The robust bookings are in spite of travel advisories issued by Western and pacific countries.
China today condemned a US decision to slap tariffs on steel pipes from the Asian giant, saying it "strongly opposed" the move.
Ishita Ayan Dutt / Kolkata September 11, 2009, 0:52 IST
As part of its Corporate Social Responsibility (CSR), ArcelorMittal India, planning to set up a 12 million tonne greenfield steel project in Keonjhar district has sponsored 78 young people including 16 girls from its project site villages in Patna tehsil of Keonjhar district for ITI training at Don Bosco, Rourkela.The company has entered into an agreement with Don Bosco, Rourkela for the academic year 2009-2010 and 2009-2011.
The stock ended at its 10% upper circuit of Rs 125. The counter clocked volumes of 1.26 million shares as compared to the two-week daily average traded volumes of 913,935 shares on the BSE. The scrip surged 111% in a month.
India’s policies for the software sector and China’s promotion of special economic zones (SEZs) for the manufacturing sector suggest that well-designed and sector-specific government policies can overcome weaknesses in investment climate and allow developing countries to compete globally in new fields, according to a study by the International Finance Corporation (IFC), the private lending arm of the World Bank.
Trinamool Congress leader and new Railway Minister Mamata Banerjee has called for a review of the Special Economic Zones (SEZ) policy. Whoever takes over as the Union commerce minister will have to do it in any case, as it is nearly four years since the SEZ Act, 2005, came into effect and over three years since the SEZ Rules, 2006, were put in place. A performance assessment can do no harm but certainly the SEZ developers who have already acquired land and sunk their money in developing infrastructure and the units, which have obtained approvals and started their operations, should not be left wondering for long as to whether any policy changes will affect them. They need to be assured quickly that any policy changes will affect only the intending SEZ developers and SEZ units.
Scam-hit Satyam Computer has entered again the elite club of the top 100 companies in terms of market valuation -- a status it had lost after being hit by the country"s biggest corporate fraud.
Satyam Computer Services Ltd is launching a one-time programme — christened ‘Virtual Pool’ — aimed at addressing staff costs, while retaining talent.
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...
Two-wheeler maker Ultra Motor Company today launched two new electric scooters priced between Rs 28,300 and Rs 31,900 (ex-showroom, Delhi).
Sanjay Jog / Mumbai January 03, 2010, 0:44 IST
Home minister says the January 5 meeting of political parties is to devise a roadmap on resolving the statehood issue.
Global rating agency Moody"s today expressed concern on India"s high fiscal deficit projected at 6.8 per cent for 2009-10 and cautioned that the situation may become complicated in the absence of measures like clear road map for disinvestment and structural reforms.
GMR Infrastructure, the Rs 4,500-crore Bangalore-based infrastructure developer with a focus on power generation, airports development, highways and urban infrastructure, is understood to be initiating plans for an 800-Mw coal-fired power plant on the eastern coast of India.
The Areva T&D stock has given up about 21 per cent since the start of July. The very average results for the June 2009 quarter have left the Street disappointed. The fact that the global transmission and distribution (T&D) business has been put on the block hasn’t helped.
Vedanta Group company Sterlite Energy is believed to have bagged the country"s first ultra mega power transmission project, breaking the decades old monopoly of state-run PowerGrid Corporation.
Bajaj Auto recorded a near three-fold increase in net profit at Rs 475 crore in the quarter ended December 31, 2009, beating market estimates. India’s second-largest motorcycle maker saw high demand for its vehicles, essentially driven by the high-margin, but low-capacity bikes introduced recently.
Automotive component manufacturer Bosch today said its net profit rose by 23.14 per cent to Rs 194.81 crore for the third quarter ended September 30, over the same period last year.
The country"s largest auto maker, Tata Motors, today said it has started distribution of its Prima range of trucks and plans to launch three more products in the segment during the current fiscal.
Land Rover, which was taken over by India’s largest auto maker Tata Motors last year, today launched sport utility vehicle ‘Range Rover Model Year 2010’ in India at a starting price of Rs 98.5 lakh (ex-showroom, Mumbai).
The global rating agency Fitch today warned that hardening of interest rates could jeopardise the prospects of the real estate sector in the coming months.
Joe C Mathew draws up a ready-reckoner on the malaise that ails the healthcare system
New car sales in the United States plunged more than 20 per cent in 2009 to a 27-year low of 10.43 million units, less than the 12.23 million units sold in China during January-November, making the Asian country the world"s largest car market for the first time, data released by a US research firm showed today.
The stock settled 10% higher at Rs 59 and witnessed trades of 240 lakh shares on the BSE.
Ajit Ranade / January 26, 2010, 0:35 IST
Ford has spent considerable time and energy (and scarce cash) to develop the Figo. Can it fend off competition?
State-owned IDBI Bank is believed to have zeroed in on Kerala-based private sector lender Federal Bank for acquisition.
Approaches government for fresh funds, conversion of bonds into equity.
Telangana Rashtra Samiti (TRS) chief K Chandrasekhar Rao today met Union Home Minister P Chidambaram and discussed the issue of a separate Telangana.
Unhappy over the Reserve bank of India"s (RBI) more-than-expected 75-basis point hike in cash reserve ratio (CRR) to squeeze money supply, India Inc today cautioned that economic growth will be hit if accommodative monetary stance is reversed hastily.
The Reserve Bank today raised by 75 basis points the cash reserve ratio -- the amount lenders need to keep with the central bank-- to suck Rs 36,000 crore out of the system and cool down the surging inflation.
UK Chancellor of the Exchequer Alistair Darling said bankers should stop complaining and get to work.
The Department of Telecom (DoT) has opposed general security clearance to few major equipment vendors like Ericsson, Nokia-Siemens, Motorola and Huawei and has sought Home Ministry"s view on the issue, a move that could delay execution of expansion plans of telcos.
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.
Do-call registry to curb unwanted calls
Karur Vysya Bank has reported a net profit of Rs 75.87 crore for the quarter ended December 2009, registering an increase of 28 per cent over the corresponding period previous year. The bank had reported a net profit of Rs 59.25 crore in the same period last year, Karur Vysya Bank said in a filing to the Bombay Stock Exchange.
Integrated offshore oilfield services provider Great Offshore today reported a decline of 14% in net profit at Rs 49.54 crore for the quarter ended December 31, 2009, over the same period last year.
Anil Ambani Group firm Reliance Natural Resources (RNRL) today reported growth of 3.30 per cent in net profit at Rs 25 crore for the third quarter ended December 31, 2009, over the same period last year.
Hollywood"s iconic movie studio Metro-Goldwyn-Mayer (MGM) has received interest for a possible takeover from more than 10 suitors, including Anil Ambani-led Reliance-Anil Dhirubhai Ambani Group (R-ADAG), says a media report.
There is money to be made. But remember the basics
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.
UBS AG said it aims to reach 15 billion Swiss francs ($14.9 billion) in annual pretax earnings in three to five years, as Chief Executive Officer Oswald Gruebel rebuilds Switzerland’s largest bank after record losses.
The Anil Dhirubhai Ambani Group’s Reliance Power today reported a 26.45 per cent rise in its third quarter consolidated net profit at Rs 133.64 crore, against Rs 105.68 crore in the year-ago period.
Anil Dhirubhai Ambani Group (ADAG) today alleged in the Supreme Court that their corporate rivals were behind the petitions filed by farmers against the land acquition for the company’s proposed 8,000 MW Dadri power project in Uttar Pradesh.
Prime Minister Manmohan Singh has rejected the UN deadline of January 31 for submission of emission targets and climate actions under the Copenhagen Accord.
Controversy-ridden UN climate panel has said it is reassessing another of its claim for linking global warming to an increase in the number and severity of natural disasters, bringing fresh embarrassment to it.
Intergovernmental Panel on Climate Change (IPCC) chairman R K Pachauri today termed as a "human error" the findings in its report about melting of Himalayan glaciers, but ruled out his resignation on the issue.
India"s eight ambitious missions to address climate change may get funds in the Union Budget that will be presented in Parliament next month.
Yash Raj Films (YRF) has formally announced its entry into the television space, by joining hands with Sony Entertainment Television (SET), a leading Hindi genereal entertainment channel. As part of the deal, YRF will produce exclusive fiction and non-fiction content for SET.
LG Electronics, the global manufacturer and marketer of consumer electronics and home appliances, today opened one brand showroom ‘LG Shoppe’ at Samantarapur in Bhubaneswar. Arvind Kumar, the branch head of Orissa, inaugurated the premium brand showroom.
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.
A cartoon in a Delhi newspaper, which allegedly depicted a Victoria policeman as a member of hate group Ku Klux Klan in the wake of attacks on Indians, has sparked an outrage in Australia with acting Prime Minister Julia Gillard condemning it as "deeply offensive".
Month-on-month decline arrested; figure expected to turn positive from Jan
Promises mega investment in green vehicles, new models, jobs
Hit by poor availability of scrap, expensive raw gold imports.
The country"s largest carmaker, Maruti Suzuki India today said it is considering increasing the production capacity at its Manesar facility, and a decision on this is likely in a day or two.
The country"s largest car manufacturer, Maruti Suzuki India, is expecting a double digit growth over the next few months.
Maruti Suzuki plans to expand its passenger vehicle production capacity at Manesar, near here, by around 2,00,000 units over the next two years, said R C Bhargava, chairman. Currently, the plant at Manesar, the company’s second, which produces the company’s new models like the Swift, A-Star and the Ritz, has a capacity of around 3,00,000 units.
Maruti Suzuki, the country"s biggest car maker, today said it will shift car production from its Gurgaon plant to the new facility at Manesar in a phased manner.
Carnation, the multi-brand car servicing major, today announced plans to roll out its own brand of auto spare parts by mid-2010. “We’ll be launching our own brand of genuine car spare parts,” said Jagdish Khattar, CMD of Carnation, at the formal launch of nine service outlets today.
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 .
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.
The Bombay Stock Exchange (BSE) today said short selling in four scrips, including Corporation Bank and IndusInd Bank will not be available on the bourse with effect from July 31.
NIIT Technologies surged 3% to settle at Rs 130. The counter clocked a volume of 4.82 million shares as against its two-week average traded quantity of 321,073 shares.
As the Budget preparation for the next financial year (2010-11) gathers momentum, Prime Minister Manmohan Singh has called for a full Plan panel meeting on Wednesday to take stock of the overall condition of the economy. The meeting would be attended by Planning Commission Deputy Chairman Montek Singh Ahluwalia, along with all the eight members of the Commission.
Jindal Power, a subsidiary of Jindal Steel & Power (JSPL), has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for a public issue of equity shares through 100 per cent book building method.
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.
Controversy continues to dog Aamir Khan starrer "3 Idiots" with the Maharashtra government today deciding to examine its content after the film reportedly inspired a ragging incident in a Mumbai medical college.
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.
Heavy redemptions have taken a toll on mutual funds’ activity in the market. In spite of a stellar rise in equities this year, MFs have not been able to ride the wave and are instead selling stocks to meet redemption pressures.
Banks consider raising rates for 3-5 year funds to correct asset-liability mismatch.
While the battle lines for folding the Forward Markets Commission into Sebi have been drawn — and good luck with that — I believe that there is a more important, and easier, battle that needs to be fought as well. This has to do with the evolution of the corporate bond market. No less an authority than the prime minister has acknowledged that this is a crucial piece of India’s development and I have little doubt that you are already working with RBI on how best to turn this need into a reality.
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 yield on the government bonds may ease on Monday as investors await fresh cues on interest rate trend.
Following widespread protest from various political parties and commuters, the Andhra Pradesh government has marginally rolled back the hike in bus fares announced yesterday.
The markets ended their four-day winning streak as global indices closed lower. The Sensex closed at 17,343, weaker by 57 points, and the Nifty closed flat at 5,169. The broader indices, however, outperformed the benchmark indices. The consumer durables pack was the leading sectoral gainer for the second day in a row while FMCG and metals showed weakness.
Volvo Trucks India today said it has increased prices of its vehicles by 3-4 per cent starting this year on account of rising input costs.
Citibank today launched CitiHome One, a first-of-its-kind universal mortgage product, that would enable customers to get a home-loan as a combination of a conventional term-loan and credit line.
Religare Finvest (RFL), the non-banking finance arm of Religare Enterprises, could infuse an additional equity of Rs 650 crore in order to meet a lending target of around Rs 5,000 crore by March 2011 under its consumer business segment.
The Associated Chambers of Commerce and Industry of India (Assocham) has urged the Haryana government to reform its land laws in a bid to attract companies to invest in the state.
The Delhi high court last week ruled that equity shares cannot be considered as liabilities under the Recovery of Debts Due to Banks and Financial Institutions Act. Therefore, a claim to issuance of shares or delivery of shares in place of debt repayment cannot be regarded as an action seeking the recovery of a debt as defined in Section 2(g) of the said Act. This ruling against the order of the debt recovery tribunal in Delhi came in the case, Cochin International Airport Ltd vs Hudco.
Shipping Corporation of India (SCI) has gained in early trades on plans of purchasing new container ships.
The Foreign Institutional Investors (FIIs) were net buyers of Rs 694.71 crore in futures and options segments on Tuesday.
Infrastructure focussed private equity fund raising is likely to rise next year as investors consider it a safer option that will balance their investment portfolio, according to global research firm Preqin.
Kishore Biyani-led Pantaloon Retail India Ltd (PRIL) will hive-off its value segments--Big Bazaar and Food Bazaar-- into a separate company called Future Value Retail from January 1.
T N Ninan / New Delhi November 14, 2009, 1:01 IST
Providing a sovereign guarantee to the National Highways Authority of India’s (NHAI’s) borrowings will be decided on a case-to-case basis by the finance ministry.
The domestic exchange traded currency futures on Wednesday witnessed the highest turnover since its launch last year. The combined turnover on the MCX Stock Exchange (MCX-SX) and the National Stock Exchange (NSE), the two exchanges where currency futures are traded, was a record Rs 29,194 crore.
Indian corporate gifting companies are set to laugh all the way to the bank this New Year. For, after a temperamental period in 2008 and 2009 on account of the recession, corporate biggies have finally started loosening their purse strings and placing orders for high-end gadgets like iPods, digital photoframes and dual-SIM handsets to dole out to their employees as well as clients.
Index products like fixed-income, volatility and weather to broaden basket for hedging.
Pharma company Piramal Healthcare today said it is looking for acquisitions in the fields of patented drugs, contract research and research molecules and will raise Rs 1,000 crore for this purpose.
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 Forward Markets Commission (FMC), the commodity markets regulator, says it is willing to discuss the issue of extending trading hours, in line with what the equity markets regulator, the Securities and Exchange Board of India (Sebi), did last week. Sebi has allowed trade timing in equities to be extended, from 9 am to 5 pm; the current hours are 9:55 am to 3:30 pm.
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.
Great Eastern Energy Corp today said it has completed laying a gas pipeline from Asansol to Durgapur in West Bengal.
Sun Pharma has got a shot in the arm in its ongoing takeover battle with Israeli drug firm Taro as investor firm Templeton has announced its intention to vote against the Taro board in upcoming annual general meeting later this month.
Pharma companies in Andhra Pradesh say they are losing heavily due to the Telengana unrest in the State.
More law firms slap class action suits against Caraco.
Israeli drug maker Taro Pharma has alleged that Sun Pharma is attempting to seize its control by waging a proxy war.
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.
US markets were mixed on Wednesday. The Dow slipped 19 points to 10.452 on weak energy shares. The Nasdaq, however, added nine points to 2,185.
September proved to be fruitful for investors as they grew wealthier by Rs 4.33 lakh crore in the period, with the benchmark index Sensex gaining over 10 per cent.
As many as eight out of the top 10 most valued companies added over Rs 23,000 crore to their market capitalisation in the last week.
China"s oil demand and growth may be making headlines, but the world"s fifth-largest crude oil producer is undergoing decelerating growth in oil consumption and is more a price taker than a price driver, says a new report.
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 Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has issued offer letters, so far, to an Indian and two American companies for setting up solar power plants at Kadiri in Anantapur district where it has earmarked an area of 5,000 acres for allotment to solar power projects.
The sale of paints and colouring items for households is witnessing almost 25 per cent fall compared with last year despite the ongoing festive season.
Groundnut has witnessed a turnaround in consumption pattern — from a major oilseed for premium class consumers to a preferred choice for direct users. Direct consumption of groundnut doubled to 60 per cent of its total production, from 30 per cent three years ago.
Lower than expected refining margins have dragged down the company"s profits.
No terrorist atrocity in India has produced as much distorted reportage as Mumbai 26/11. The ill-equipped and untrained city police got all the blame, while journalists failed to ask even basic questions. Why, for instance, did the Indian Army and the Navy commandos refuse to fight the Pakistani jihadis inside the Oberoi hotel?
The Finance Ministry today hinted that stimulus packages given to the industry may be rolled back, saying too much stimulus could be injurious when the economy is on a revival mode.
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.
Wipro, India’s third largest IT services provider, is seeing an improvement in the prospects for the IT sector. The company expects IT spends in the US to go up in 2010.
By contrast, the fraud enabled Raju’s kin and aides to make hundreds of crores, charges CBI.
The government today said it has shown "no favour" to Mahindra Satyam by extending the deadline for restating of accounts by six months to June 2010.
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".
Indian Overseas Bank today reported 51 per cent decline in its net profit at Rs 176.04 crore for the second quarter ended September 30, 2009.