Public Company
PricewaterhouseCoopers’ (PwC’s) head of tax practice Dinesh Kanbar, and close to a dozen other senior tax executives, are leaving the firm to join rival KPMG.
Amidst reports that he may join NCP, Amar Singh, who has resigned from all SP posts, today came out in defence of Agriculture Minister Sharad Pawar, saying the issue of price rise was the collective responsibility of the Cabinet including Prime Minister Manmohan Singh.
Bangladesh Prime Minister Sheikh Hasina today left for Kolkata along with several Cabinet ministers to attend the funeral of Marxist patriarch Jyoti Basu.
Thousands of potato farmers in the potato belt of Uttar Pradesh have been forced to give up their traditional crop, owing to enormous fertiliser and Di-Ammonium Phosphate (DAP) shortage, expensive seeds and irrigation problems this season. The potato prices had risen to giddy heights of Rs 1,800 per quintal during the sowing season, forcing the small and marginal peasants to search for alternative crops, being unable to afford such pricey seeds.
Most Asian stocks fell, sending the MSCI Asia Pacific Index to its longest losing streak since December 2007, as a stronger yen threatened the value of Japanese exports and Australian unemployment rose.
Signs of a deepening recession in the US, Japan and Europe have prompted investors to pull money out of developed-market stocks.
A minor storm is brewing in Indo-Russian relations over Delhi’s refusal to transfer properties in the name of the Union Soviet and Socialist Republics (USSR) to the name of the Russian Federation, considered worldwide to be the inheritor state of the USSR.
Ashish Sinha / New Delhi August 25, 2009, 0:40 IST
Ten years ago, a survey had projected that the life insurance industry would see its premium income grow at a compounded annual growth rate (CAGR) of 18.9 per cent.
From September 1, 2009, the Monopolies and Restrictive Trade Practices (MRTP) Act 1969 has been laid to rest, and the Commission will not accept fresh filings. By now all readers are aware of the roadblocks involved, being various court cases, with challenges to the appointment of the chairperson, the status of pending cases and existing employees. Amendments to the Competition Act 2002, and its slow passage in the Houses of Parliament delayed the introduction of an effective anti trust law, a vital element in an open economy which aspires to be a global major.
Business Standard / Mumbai February 1, 2010, 1:49 IST
Unlike the Chicago economists under Milton Friedman who argued that the unrestricted operation of private enterprise—seen as the most efficient form of economic organisation—was essential for economic development and that prices should be determined purely by market forces and inflation controlled by means of controlling money supply, Keynes, the most influential macroeconomist of the 20th century, had argued in his classic work, The General Theory of Employment, Interest and Money, that there is uncertainty in the world—uncertainty that cannot be reduced to statistical probabilities and has come to be described as “unknown unknowns.” This irreducible uncertainty, he said, lay behind panics and bouts and the instability of market economics that we see around us today. Robert Skidelsky, in his three-volume study of Keynes (1994), reminded us that the master had warned us against relying on econometric models of his own theories:
The government will soon invite bids for 10 mega highway projects under, pubic-private partnership, and is in the process of making feasibility reports.
GJEPC was planning to showcase its range in Dubai and Sharjah.
Opens new store in Nashik
Cases of attacks on Indians in Australia have increased more than five fold this year compared to last year, the Rajya Sabha was informed today.
Government today said it is concerned about development of backward districts and of "BIMARU" (Bihar, Madhya Pradesh, Rajasthan and Uttar Pradesh) states and has allocated Rs 4,670 crore for underdeveloped districts for the 11th Plan period.
Haryana Chief Minister Bhupinder Singh Hooda today indicated that an FIR under abetment to suicide complaint filed two days back by Ruchika"s brother may be registered once investigations are completed.
Tata aims to create disruption in the water purifier market with the low-priced Swach.
The fast moving consumer goods (FMCG) sector has once again emerged as the industry of choice for this year’s management graduates.
Senior Congress leader Pranab Mukherjee today steered clear of questions with which party the Congress would align to form the next government in Jharkhand which is heading towards a hung Assembly.
Hindalco Industries, India’s largest aluminium maker, plans to sell shares to institutional investors at Rs 130.90 each to raise Rs 2,900 crore this week. The board of directors met here today to fulfill the formalities before the issue is opened.
Sreelatha Menon / New Delhi December 06, 2009, 0:25 IST
Over 50 per cent of the electorate cast their votes in the fourth phase of the assembly polls in 14 Maoist-affected constituencies in Jharkhand, which passed off peacefully today amid tight security.
As corruption cases against members of the judiciary make the headlines, a proposed bill on judicial accountability has suggested that the declaration of assets made by judges will be treated as a "legal document" and can be used to investigate complaints against them.
Here is our take on 10 market trends to watch out for in 2010.
A V Rajwade / New Delhi September 26, 2009, 0:41 IST
Complying with the recent changes in the overall charges of unit-linked insurance plans Aviva Life Insurance today launched nine new unit-linked plans. The new range of products includes child, pension and savings products with14 new fund options covering savings, retirement, protection and investment needs of all customers.
In the backdrop of racial attacks against Indians, three students of the community were bashed and robbed when they were returning home at night.
External Affairs Minister S M Krishna today ticked off his junior minister Shashi Tharoor for publicly questioning new visa guidelines, saying if he had any "perceptions", those should be discussed within the "four walls" of the government.
External Affairs Minister S M Krishna arrived here today to attend the meeting of the seven-nation BIMSTEC that will focus on jointly combating terrorism and promoting free trade. "We have already identified 14 areas of cooperation which include health, energy, technology, human resource development, trade, tourism and culture," Krishna told reporters accompanying him to Myanmar.
Seeking to strengthen bilateral cooperation in the petroleum space, India has called for partnership with companies in the African hydrocarbon sector.
By far the most important skill in business,” wrote the London Times’s Sathnam Sanghera in a recent column (also carried in this paper), “is the ability to tell a decent anecdote.” I think he’s right, especially when it comes to the old-fashioned way of doing business — face to face. “Frankly,” said Sanghera, “banter should be taught at school alongside Geography and Maths. Nothing will benefit your career more.”
A year or two ago Gore Vidal was expected at the Jaipur Literature Festival, and was scheduled to make one appearance in Delhi. I was all ready to arrive early and stick my hand out to have it shaken by the master. There must have been many others with similar aspirations. But in the event Gore cancelled his trip to India.
Raghavendra Kamath / Mumbai January 8, 2010, 1:07 IST
International Atomic Energy Agency (IAEA) chief Mohammed ElBaradei has asked Iran to respond swiftly to the "unique" offer made by the US, France and Russia to process its enriched uranium fuel abroad.
International mergers and acquisitions are forecast to decline by 56 per cent this year compared with 2008, the largest year-on-year decline since 1995, the Organization for Economic Cooperation and Development (OECD) said in a report.
The power ministry has asked the petroleum ministry to place a proposal before the empowered group of ministers (EGoM) to allot 12 million standard cubic meters per day (mscmd) of gas from the KG-D6 block to state-run NTPC at $2.34 (about Rs 107) per million British thermal unit (mBtu).
Gold futures prices declined by 0.11 per cent on the Multi Commodity Exchange today as speculators indulged in reducing their positions in tandem with weak overseas trend.
Next month, India’s homegrown Arjun tank will take on the new Russian T-90 in a long-awaited comparative trial.
French car maker giant Renault today said it will launch two models in India in 2011 that will be rolled out from the company"s upcoming Chennai plant.
Gains in global markets and foreign buying helped Sensex move past 17,000 mark after 15 months. In a truncated week, BSE Sensex rose 440 points or 2.6 per cent to 17,135 and Nifty rose 125 points or 2.5 per cent to 5,083. Broader indices performed better than BSE Midcap and BSE Smallcap indices, each delivering 1.2 per cent and 1.8 per cent, respectively. The market was buoyed by IMF"s statement that India’s GDP would grow at 6.4 per cent for CY09 and that the world economy would contract less than expected.
Biotechnology firm Transgene Biotek today said it has signed a pact with Dr Reddy"s Lab to manufacture a drug named, Orlistat used in treating obesity.
India will be the third largest economy in the world after China and United States by 2050, a US-based internationally recognised foreign-policy think tank has said.
Come 2010 and the small-car market is likely to witness intense competition with at least four new players set to launch their products in the market.
Europe’s largest car maker, Volkswagen AG, today started production of its small car Polo at its plant in Chakan near Pune.
The German Auto major Volkswagen today rolled out its first made-in-India car "Polo" at its plant at Chakan, near here in the presence of Maharashtra Chief Minister Ashok Chavan.
The recession-hit British economy shrank less than expected at 0.7 per cent in the second quarter of this year, indicating that the worst of the financial turmoil could well be over for the country.
Financial behemoth Citigroup was under pressure from US regulators to replace its chief financial officer Ned Kelly, says a media report.
India is unlikely to achieve the $200 billion export target this fiscal due to the continuing global financial crisis, the Rajya Sabha was informed today.
The US President’s visit to the region begins a new game with new rules.
The five-year Foreign Trade Policy, to be unveiled on August 27, is expected to give incentives to Indian exporters to widen their global markets beyond the US, the EU and Japan in the face of the economic crisis in these key destinations.
The reversal of easy monetary policy would be a gradual process as the central bank is focusing on striking a balance between growth and inflation, Reserve Bank of India (RBI) Deputy Governor said here today.
Punjab-based ABC Paper has put on hold its plan to set up a new agro-based facility with an investment of Rs 1,000 crore in view of sluggish demand and said it would rather stabilise existing operations.
State-run power utility PowerGrid Corporation today said its Rs 2,000-crore follow-on public offer (FPO) is likely to hit the capital market by March 2010.
Women will be able to avail a single window service for all programmes run by the government for them under a new national mission for empowerment of women. Minister of State for Women and Child Development Krishna Tirath today said the mission will help make development programmes easily accessible to women from all sections of society.
The government expenditure on setting up 2,500 model elementary schools through public private partnership (PPP) during the Eleventh Plan period (2007-2012) would be less than Rs 500 crore, even as the allocation for it was originally planned to be Rs 1,250 crore.
With the prevailing acute power shortfall in Orissa set to continue till July 2010, the power distribution companies have suggested for load regulation in various feeders.
The green building code, termed energy conservation building code (ECBC), is likely to be mandatory for commercial buildings coming up in eight fast growing states in the next two years.
Several mines exploded along the Line of Control (LoC) when a fire broke out in the area, defence officials said today.
The chief climate change negotiator of the tiny Pacific island of Tuvalu today made an emotional appeal for a strong agreement that would legally bind all countries to commitments to control carbon emissions.
With fissures widening between the warring factions in the BJP in Karnataka the party’s top leadership summoned them to New Delhi after rebels remained firm on their demand for change in the leadership of chief minister B S Yeddyurappa.
Second-largest shareholder Templeton seeks management change, to vote against directors.
There are possibilities that swine flu could engulf a large part of the US ending up in hospitalising two million people this winter and killing as much as 90,000 in the country, a White House report said today.
Drug manufacturer Aurobindo Pharma today said it will acquire Trident Life Sciences (TLSL) for an undisclosed amount.
Sun Pharmaceuticals has succeeded in invalidating a key patent of Eli Lilly"s block buster cancer medicine Gemzar (gemcitabine injection) in the US market. The company will now be able to launch a low cost version of the medicine in the world"s largest drug market in November 2010.
The Orissa government today approved 16 investment proposals worth about Rs 30,000 crore, including the expansion plan of domestic major Aditya Alumina.
The top 10 companies saw their market capitalisation dipping by over Rs 40,000 crore last week with NMDC losing the most.
Jyoti Mukul / New Delhi October 16, 2009, 0:11 IST
Shopper’s Stop, the retail chain major, has seen a marginal dip in the sales of its private labels this year.
Hyderabad-based MLR Motors, which failed to achieve financial closure for its Rs 1,250-crore project, got a fresh lease of life with the Andhra Pradesh government agreeing to extend the deadline till March 31, 2010.
Latha Jishnu / New Delhi November 12, 2009, 0:21 IST
For the Americans (and some Europeans) it’s “that pesky section”. And the US government is throwing its weight behind an industry campaign to discredit this section if not get it removed from India’s Patent Act. Yes, of course, it is Section 3(d) that is under attack from big pharma which has lost no opportunity in pointing out that this law will stifle the growth of India’s own drug companies and also choke off foreign investment in the sector. In recent weeks, this campaign has picked up in tempo both here and abroad.
Joe C Mathew / New Delhi September 30, 2009, 1:08 IST
The Nordic region (Norway, Denmark, Iceland, Finland and Sweden), which is now opening up to offshoring as a viable option to sustain its long-established competitiveness, offers an untapped $10 billion outsourced services opportunity for Indian IT companies, said a Nasscom-PricewaterhouseCoopers report.
Telugu Desam Party MLAs from Telangana region have decided to walk out of the newly-formed Telangana Political Joint Action Committee and carry out the agitation for a separate state on their own.
Pharma major Wockhardt today said it has completed the sell-off process of its animal health division to France-based Vetoquinol SA.
The Sensex finally ended (provisional) at 15,540, up 520 points.
Shareholders’ meeting on October 20.
In the shadow of 26/11, the Home Ministry took measured steps to bring changes in the complex intelligence-security system during 2009 that saw India pass through without any major terror attack and it could be in for some reforms in the new year if P Chidambaram has his way.
Drug firm Glenmark Pharmaceuticals today said it has received approval from the US Food and Drug Administration (FDA) for an ointment used in treating skin problems.
Drug maker Glenmark Pharmaceuticals today said it was facing a lawsuit in a US District Court for a patent infringement case of an anti-malaria product.
Two research students were burnt alive in a fire that broke out at a chemical laboratory inside the Bhabha Atomic Research Centre (BARC) complex at Trombay, near Mumbai.
Rallies, hunger strikes and demonstrations continued in Telangana region of Andhra Pradesh today after the Joint Action Committee (JAC) intensified its agitation, mounting pressure on the Centre for a separate statehood.
Eleven Congress MPs from Telangana today decided to resign from the House in protest against the Centre"s decision that appeared to put the separate state issue on the backburner.
The Indo-US strategic relations deepened further in 2009 which saw installation of Barack Obama as the first black President, who attached high importance to bilateral ties and invited Prime Minister Manmohan Singh as his first State Guest.
A meeting of officials of the Orissa government, ArcelorMittal and Posco will be held this week to clear the hurdles delaying investment of around Rs one lakh crore in the state by the two global steel giants.
World’s largest steel maker ArcelorMittal will sell its 28.6 per cent stake in Canada-based Wabush Mines for about $34.28 million.
The Union government has set up a non-profit trust which would serve as a single-window platform to implement projects funded by overseas Indians in the social sector.
Reliance Industries" (RIL) MA oilfield in the predominantly gas-rich KG-D6 block will hit peak output by this year-end, even as plans are underway to put nine more gas discoveries in the area into production, its Chairman Mukesh Ambani said today.
Atul Chaturvedi has taken over as the Secretary in the Ministry of Steel.
India will push for building large capacity integrated nuclear energy parks to step up nuclear power production to meet increasing power demands, Atomic Energy Commission Chairman S Banerjee said today.
Ask for amendment of the Atomic Energy Act and rule changes to
The mad rush to set up special economic zones (SEZs) that house export-oriented manufacturing units turned cold in 2009, as demand for commercial space waned due to the global meltdown.
Mahindra Satyam, the new brand identity of Satyam Computer Services, has embarked on international expansion and as part of this, is expanding its global solution centre (GSC) operations at its 15-acre campus in Cyberjaya, Malaysia.
Offers, high ones, are coming in before placements officially start.
As part of its Phase-II plan, the Tamil Nadu government is planning to construct 17,000 disaster-resistant houses in rural areas. Each house would cost Rs 3 lakh, which is likely to be funded by the World Bank.
Evincing interest to participate in India’s urban development process, multilateral lending agency World Bank has initiated a dialogue with the urban development ministry to provide a loan assistance of $5 billion to develop Indian cities, a top official said.
The stock pared most of its gains and ended at Rs 236, up 1% from its previous close. The counter clocked volumes of 1.83 million shares as compared to the two-week daily average traded volumes of 1.20 million shares on the BSE.
The state-run power major NTPC today said it will invest about Rs 3,000 crore in solar energy to add over 300 Mw of generation capacity by March 2014.
Exit strategy for stimulus after Q3/Q4 assessment
Telecom Minister A Raja is understood to have broached the issue of BSNL"s Rs 35,000- crore expansion programme with Prime Minister Manmohan Singh, amid controversy following propriety issues raised by two government nominees on the company"s Board.
The Finance Ministry today expressed hope that the Reserve Bank in its monetary policy review next week will continue the current soft policy stance.
Yeddyurappa will lead delegation to meet PM.
The indigenous Kaveri aircraft engine, soon to make its debut flight, lacks the muscle needed by India’s Tejas light combat aircraft, which the engine was designed to power. In its present form, the Kaveri will never power a modern fighter.
Infocrossing, a company acquired by IT firm Wipro, has entered into a multi-year agreement to provide infrastructure services to Cliffs Natural Resources Inc, an international mining and natural resources company.
The new year has brought good news for almost all car manufacturers, with market leader Maruti Suzuki, Hyundai Motors, Tata Motors, Mahindra & Mahindra, General Motors and even Fiat, posting their highest monthly sales since their inception.
Financial service major Citigroup is planning to relaunch Citi Alternative Investments, a unit that contains its hedge fund operations, a media report said.
Reliance Industries today said PMS Prasad, who has been recently inducted into the company board, holds 17,433 equity shares in the company but does not own any derivatives of the shares.
The Indian private industries who are keen to participate in the large growth of civil nuclear power programme in the country should immediately concentrate on the manufacturing of equipments to become a major N-supply chain provider and later even exporters, Chairman, Atomic Energy Commission, Dr Anil Kakodkar said.
A high level committee appointed by the IIT Council will revisit the fee structure as part of its mandate to assess how the revenue could be increased for the premier institutes.
Ever since the Clinton visit, rumours have been flying fast and furious. Insiders claim that India has fast forwarded the Nuclear Civil Liability Bill, and the media has held forth at length on the probable facts and interpretations. Some angst is misplaced, for example the exclusion of the jurisdiction of civil courts.
Deal values exchange at Rs 11,848 cr
The IT industry today asked the government to extend the income tax benefits to software exporters beyond this year to sustain growth and overcome the downturn challenges.
Home appliances manufacturer, Whirlpool India is looking to strengthen its position in the air-conditioner segment and plans to launch smart and affordable range of cooling solutions by February next year, a senior company official said.
State-run NTPC today said it will file the draft prospectus for its follow-on public offer with market regulator Sebi in December, a senior company official said.
Honda Siel Cars India (HSCI), the Indian subsidiary of the Japanese giant Honda Motor Co, today said that its sales will register double digit growth in the current financial year. The company expects its total sales to be around 60,000-65,000 units during the current year, up from 55,250 cars sold in 2008-09.
Tata Motors today previewed "Aria", a cross-over between a multi-utility (MUV) and sports utility vehicle (SUV), at the Auto Expo here and billed it as a four-wheeler built for Indians by Indian engineers.
Iconic US motorcycle maker Harley-Davidson today said it will bring 12 motorcycles in the Indian market priced between Rs 6.95 lakh and Rs 34.95 lakh (ex-showroom New Delhi).
No one can repair the BJP, former party ideologue K N Govindacharya tells Sreelatha Menon
Martin Feldstein / January 2, 2010, 0:55 IST
Ending an almost two-year-long dispute over partnership with the Vijay-Mallya owned United Breweries Ltd (UBL), Heineken NV, the world"s third-largest brewery firm, today agreed to permit UBL to brew and market the Heineken brand in India.
Mahesh Kulkarni / Bangalore November 17, 2009, 0:30 IST
Last decade’s unthinkables become this decade’s symbols.
Sreelatha Menon / New Delhi September 27, 2009, 0:09 IST
FMCG player Colgate Palmolive today said production at its Aurangabad factory has been disrupted as workers have gone on strike since Saturday.
United Breweries (UBL), the owner of Kingfisher beer, yesterday reached a major milestone by signing a deal with Heineken NV, which like the Vijay Mallya group owns a 37.5 per cent stake in UBL. The company concluded a licensing agreement to distribute Heineken, the largest global beer brand, in India.
A parliamentary panel has rapped the steel ministry for under-utilisation of funds by Public Sector Undertakings (PSUs) like SAIL and RINL, and said the Budgetary Estimates (BE) may be “inflated”.
Recovery from the global economic downturn is faster in India compared with other countries in the world as consumers here are more willing to spend, says a survey.
The South Korean government will seek to wrap up the sale of Daewoo International Corp in the first half of next year in a bid to recoup public funds, the national financial watchdog said today.
Public sector steel major SAIL has asked the government to evolve a time-bound anti-dumping duty mechanism to curb the rising cheap steel imports at a time when profits are under pressure due to falling prices.
Congress general secretary Rahul Gandhi’s shadow over the government’s social sector programmes just got longer. After being a part of the Parliamentary Standing Committee on Human Resource Development, Gandhi has now been inducted to Parliament’s Consultative Committee on Rural Development — he is one of the 30 members of the committee which was constituted last month and which is headed by Rural Development Minister C P Joshi.
Domestic passenger car sales jumped by 40.27 per cent to 1,15,268 units in December last year.
- Oil imports rise first time in over a year - 2010 set to be year of indices trading - Crisil to research illiquid stocks to help investors - "Indian regulatory regime has brought us a world of good" - Global crisis pinches FDI purse in 2009 - Experts debate rollback of lenient policy
The captive power plant of National Aluminium Company (Nalco) in Angul has started regulating power supply to the smelter, located next to it, owing to acute coal crisis.
Lanco group, through its newly formed special purpose vehicle Lanco Solar is planning to invest close to Rs 4,000 crore for setting up solar projects in the state.
Subir Roy / New Delhi January 8, 2010, 0:42 IST
With post-monsoon construction about to take off, major producers of steel have announced a rise in prices across product categories.
Inviting American companies to invest in India’s infrastructure and defence industries, through the public-private-partnership route, Prime Minister Manmohan Singh today said India would bridge a higher current account deficit through increased foreign direct investment.
Rourkela Steel Plant (RSP), a unit of Steel Authority of India Limited (SAIL), has recorded its best ever performance in November since its inception in terms of hot metal and crude steel output.
Terrorist attacks are becoming increasingly sophisticated and consistently exploiting India’s gaping security loopholes — both on terra firma and in cyberspace. AK-47s and M-series weapons apart, the attack on India’s financial capital Mumbai revealed that militants not only use emails and exploit wireless technologies but also use satellite phones (satphones) and Global Positioning System (GPS) maps to chart their entry and escape routes.
State-run steel producer Steel Authority of India (SAIL) and mining major NMDC will invest Rs 260 crore in developing the Arki limestone reserves in Himachal Pradesh.
With the availability of the 3G spectrum, about 275 million Indian subscribers will use 3G-enabled services, and the number of 3G-enabled handsets will reach close to 395 million by 2013-end, estimates the latest report by Evalueserve, a provider of knowledge process outsourcing (KPO) services.
B K Modi-promoted Spice Group and British Virgin Mobile have bid for MTNL"s franchise deals to offer 3G services in Mumbai and Delhi.
State run Mahanagar Telephone Nigam (MTNL) has taken to the franchise route to sell its 3G services in Delhi and Mumbai and has floated a global Expression of Interest (EoI) for 3G Services Franchisee.
State-owned BSNL today justified the disqualification of Nokia Siemens Networks (NSN) from the mega 93-million GSM line expansion, saying the Finnish company did not provide specification with regard to subscriber information (known as Home Location Register) as per the PSU’s requirement.
Three states, Andhra Pradesh, Rajasthan and West Bengal, don’t have governors. ND Tiwari resigned and vacated the Raj Bhavan in Hyderabad recently. Gopal Krishna Gandhi quit the Raj Bhavan in Kolkata and Jaipur is vacant after the death of former foreign secretary SK Singh. The result is that various people in the race are making rounds of politicians they think will give them a leg-up to the post. Finance Minister Pranab Mukherjee’s residence is obviously one pilgrimage centre. Watch this space for more on this front.
Disinvestment is a buzzword now. Economic Survey 2009 indicates that the central government would mobilise Rs 25,000 crore from disinvestment of its holdings in state-owned enterprises (or public sector enterprises). The target is abysmally low (at Rs 1,120 crore) in the budget 2009-10 presented by the Finance Minister. We may assume that the target is Rs 25,000 crore for the year 2009-10. The government is committed to disinvestment, although some of its coalition partners and trade unions are against it. There-fore, although there is no debate on the issue within the lead coalition partner, there are some questions that remain unanswered.
US Secretary of State Hillary Clinton has briefed visiting British Foreign Secretary David Miliband on her recent trip to India along with other issues, which she said was wonderful.
With inflation turning positive after 13 weeks, the Reserve Bank today said the wholesale price index may rise to six per cent by this fiscal end — a development that may pose challenges to the central bank in maintaining a stable monetary policy.
A new draft bill to replace the Mines and Minerals Development Regulation Act, 1957, would be placed before the Cabinet soon, a senior government official said here today.
The Planning Commission today said the impact of the global meltdown will be felt also in the next fiscal and it would not be possible to achieve the average growth target of 9 per cent in the Eleventh Plan.
Seventeen industrial proposals with a proposed investment of Rs 419 crore have been cleared by the Himachal Pradesh government. They also include a Rs 250-crore Nestle food processing unit.
Diversified auto component maker RICO Auto is looking to achieve Rs 1,000 crore turnover this fiscal on the back of investment in new models and sales growth in both domestic and overseas market.
Madhya Pradesh Finance Minister Raghavji has revised the tax collection estimates from GST, which is scheduled to be effective from April this year, and has put them at only Rs 14 lakh crore against the central government calculations of more than Rs 30 lakh crore.
Tamilnad Mercantile Bank (TMB) is targeting a business of Rs 50,000 crore by 2012-13 for which it would require around Rs 1,000 crore capital.
The Drug Controller General of India (DCGI) has issued a show-cause notice to GlaxoSmithKline Pharmaceuticals (GSK) for launching an advertisement campaign in the national media on cervical cancer vaccine Cervarix.
The country’s second-largest public sector lender, Punjab National Bank (PNB), has bet big on rural customers in the Indo-Gangetic plains of Uttar Pradesh and Bihar. Keeping in sync with its target, the bank unveiled its plans to open 100,000 biometric Automated Teller Machines (ATMs) in rural areas by the year 2013 for providing easy access to the illiterate and semi-literate customers.
IT infrastructure provider Birla Shloka Edutech today said it has fixed the price band of it follow-on-public offer between Rs 45 and Rs 50.
AV Rajwade / New Delhi December 28, 2009, 0:57 IST
The government has approved 17 foreign direct investment (FDI) proposals worth Rs 4,551 crore, including that of the Federal Agency for State Property Management of the Russian Federation to buy 20 per cent stake in telecom service provider Sistema-Shyam for Rs 3,051 crore.
Bharti Airtel is likely to sign an agreement with Bangadeshi firm Warid Telecom for acquiring 70 per cent stake during Prime Minister Sheikh Hasina"s visit to India next week.
I am investing Rs 2,000 via SIPs in ICICI Infrastructure, Reliance Regular Savings Equity and Reliance Diversified Power Sector fund for the past 18 months. I want to continue investing in them for the next 10 years. Are these schemes good for the long term? I intend to invest another Rs 5,000 through SIPs. Please suggest whether I should increase the amount in the existing schemes or go for HDFC Top 200 and IDFC Premier Equity Plan A. I can take reasonable risk.
The Indian Banking sector needs at least 12 lakh business correspondents to work in rural areas to bring six-lakh villages of the country into banking arena, Krishna Mohan, regional director, Reserve Bank of India (RBI) said here today.
The bank extends 8% home loan scheme till March.
It is not just the financial turmoil that consumed billions of dollars but also natural catastrophe, and such disastrous incidents resulting in global economic losses to the tune of $50 billion this year.
Markets opened weak this morning following cues from the Asian markets. The Securities and Exchange Board of India’s (Sebi’s) move against Reliance also dampened the sentiment. The stock slipped below the Rs 1,000-mark in early trades.
Swinging into action to defuse the rebellion in the Congress party, Prime Minister Manmohan Singh and the Congress brass today assured MPs that the United Progressive Alliance (UPA) was in no hurry to form a separate Telangana state.
The Indian Auto Gas company, engaged in distributing LPG for automobiles, plans to set up 1,000 gas filling stations across the country over a three-year period at a cost of Rs 700 crore, a top company official said.
The market is likely to be volatile on the last day of the expiry of the December series as rollovers in index and stocks futures on the penultimate day were substantially lower than the same time last month.
State-run Shipping Corporation of India (SCI) today said it accepted delivery of a crude container named "Desh Vishal" from Daewoo Shipbuilding Marine Engineering Co.
Emerging-market stock funds lost $1.87 billion in the week ended June 24, the first week of net outflows since early March, on concern that a rebound in exports will be delayed, EPFR Global said.
Paving way for its disinvestment, the country"s largest coal miner, Coal India, will soon become a "Public Ltd" company from a private one at present.
Italian car maker Fiat is going to hike the prices of the Linea sedan and Grande Punto hatchback by Rs 15,000-25,000 from January on the back of rising input costs, according to a statement released today.
Tata Motors, the third biggest player in the passenger car market in the country, is aiming to double its market share in the utility vehicles (UVs) segment in Orissa from eight per cent at present to 16 per cent in the next few months.
Prices have firmed up by Rs 5-10 a bag in the region.
Swiss cement maker Holcim today said its strong presence in emerging markets, including India, has helped the company balance the fall in earnings in other regions.
Indian matrimonial website says its competitors’ ads cannot be shown.
Abdul Karim Telgi, the main accused in the multi-crore fake stamp paper scam, and two others were today awarded 10 years" rigorous imprisonment in two separate cases by a CBI Court which also imposed a fine of Rs 50 lakh on each of them.
To encourage sales of tractors abroad, the government has announced a four per cent duty incentive on export of the vehicle.
Looking to expand its newly-formed two-wheeler business unit, Mahindra & Mahindra (M&M) is studying the options of launching models of Italjet Moto SpA, a famed Italian scooter and motorcycle manufacturing company, in the fiercely competitive domestic market.