The Uttar Pradesh sugar industry, the largest in the country, may engage Ajit Singh-led Rashtriya Lok Dal (RLD) in talks for resolving the cane price impasse, which is delaying the full fledged crushing in the state.
Microsoft India today launched a program -- WebsiteSpark -- for training professionals on web development and designing.
Harrisons Malayalam Ltd (HML), the integrated agriculture player which is part of the RPG group, is mulling entry into the fruit juice segment in a year’s time. The company produces pineapple and passion fruit at its plantations in Kerala and is evaluating branching out into fruit juice.
Marked by a strong bonding between their Prime Ministers, Indo-UK ties witnessed an upswing in 2009, especially in fields like education, IT and trade, with President Pratibha Patil"s October visit here proving to be icing on the cake as it helped cement the bilateral relations.
Production to begin in 12-15 months; second such venture.
Certain private universities have given affiliation to colleges and started off-campus centres beyond their territorial jurisdiction in violation of the University Grants Commission (UGC) norms and the direction of the Supreme Court.
Amid the campaign by some legal activists for impeachment of Karnataka Chief Justice P D Dinakaran, the government today said it was not aware of any such move.
The 50-share Nifty also ended almost flat at 5,041.
A cargo vessel carrying soda ash consignment from Veraval Port to Calicut capsized after travelling 60 nautical miles into the Arabian sea between Jafrabad and Diu here today, Gujarat Maritime Board (GMB) officials said.
The state government intends to develop 12 airstrips in order to enable them to handle small aircraft suitable for air charter services for tourism purposes.
Eyes 90-year, revenue-sharing contract for eight fertiliser units.
FMCG company Hindustan Unilever (HUL) has introduced a new water purifier called Pureit Autofill priced at Rs 3,200 that shuts the inflow of water once the container of the said gadget is full.
Air India is likely to receive the first tranche of equity infusion by December, Civil Aviation Minister Praful Patel said today.
Brand managers are increasingly exploring advergaming (or in-game advertising) as a medium to attract young gamers while adding a new stream of revenue.
Following fare reduction by Jet Airways, national flag carrier Air India has cut fares by 20-46 per cent on certain flights on select domestic routes for travel up to September 18.
Andhra Bank ended at Rs 109, stronger by 1.5%, on the BSE.
Petroleum Minister Murli Deora, an otherwise able administrator, may earn the distinction of presiding over the fall of individuals and institutions in oil sector in a year when he also faced accusations of taking sides in corporate battles.
The proceeds from selling treasury stock will add to RIL’s cash and help its big acquisition plans.
Bangalore International Airport Limited (BIAL) has extended its end-to-end managed services contract with Nortel for three years. Nortel will manage BIAL’s entire IT infrastructure, which includes data and wireless network systems and will oversee network security. This network will be managed remotely through Nortel’s Network Operations Center (NOC) in India, which will continue to ensure the high level of reliability and dependability the airport requires.
The Centre has expressed confidence that by 2020 the polluted river Ganga would be cleaned and Rs 15,000 crore will be spent on it.
German engineering conglomerate Siemens today said its net loss was at euro 1.06 billion (about $1.5 billion) in the fourth quarter of this year.
State-owned Gujarat State Petroleum Corporation (GSPC), in association with Swan Energy, is all set to increase its Pipavav power project capacity from 1600 Mw to 2100 Mw. The project is in the process of going on stream with about 700 Mw.
The US and Japan have agreed to pursue the completion of bilateral "open skies" negotiations by the end of this year, a Japan-US negotiation source has said.
At least half a dozen flights of Jet Airways were cancelled from here today as a large number of pilots did not report to work in protest against sacking of two of their colleagues. Flights from Hyderabad to Chennai, Mumbai, Goa, Delhi and Rajahmundry were cancelled, a Jet Airlines spokesman said here today.
Jet Airways seeks DGCA"s intervention as 350 pilots report sick in Mumbai.
Chandan Kishore Kant / Mumbai August 07, 2009, 0:05 IST
Airports Authority of India (AAI), would be turned into a company by amending laws to enable the body raise funds from market for carrying out modernisation of a large number of major airports across the country, Civil Aviation Minister Praful Patel said today.
The $100-million (Rs 470-crore) equity infusion through issue of global depository receipts (GDRs) to US-based buyout specialist Apollo Management and Rs 410 crore expected from the third tranche of its rights issue should help India’s largest direct-to-home (DTH) service provider, Dish TV, increase its subscriber base and post an improvement in performance.
The current outlook is poor and how the future will look is critically dependent upon government policy on spectrum and on allowing mergers and acquisitions.
The Sensex ended Samvat 2065 (the year according to the traditional Hindu calendar) with a gain of 8,812.80 points, or 103.56 per cent, at 17,322.82, over Samvat 2064.
Infosys plans to reduce the usage of sub-contractors and do its work in-house, especially at cheaper offshore locations, the IT company"s Chief Mentor N R Narayana Murthy said today.
Fortis Mutual Fund today announced a 10 per cent dividend in its Fortis Equity Fund. The record date for the declaration of this dividend is September 9, the company said in a statement here.
The foreign institutional investors (FIIs) were net sellers of Rs 899.75 crore in futures and options segments on Thursday.
The Reserve Bank of India (RBI) was needed to drain cash from the economy to check speculation in commodities, former Governor Bimal Jalan said, after food price inflation climbed to an 11-year high this month.
The Union Ministry of Consumer Affairs has proposed to the prime minister that the Forward Markets Commission, the regulator for commodity futures, also be the regulator for all warehouses.
The Sensex has opened at 17,378 - up 33 points. The index is now up 126 points at 17,473.
ArcelorMittal is the only other bidder for the state-run company.
The political crisis in Andhra Pradesh, triggered by the Telangana issue, showed no signs of easing on Sunday. It was not clear from the ministers, who had yesterday decided to quit opposing the formation of Telangana, if they would press for acceptance of their resignations or withdraw them. The ministers, all hailing from the coastal Andhra and Rayalaseema regions, are likely to spell out their stand soon.
The government has ordered the SFIO to probe into mismanagement and financial irregularities in Vedanta Group-owned Sesa Goa and its subsidiary Sesa Industries (SIL), the company said today.
Sidhartha / Mumbai December 04, 2009, 0:42 IST
Recommending higher allocation for animal husbandry, dairy and fisheries, a House panel has wondered as to why the sector got only 7.7 per cent of the allocated funds of the Agriculture Ministry last fiscal, even though it accounted for 31 per cent of the total farm output.
A day after the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) decided to postpone the extended trading time to January 4, brokers said they were appalled by the one-upmanship and lack of coordination between the exchange authorities.
The government has now decided to go for electronic trading of wheat for bulk consumers like flour millers to boost sales of the grain in the open market.
IDBI Bank Chairman and Managing Director Yogesh Agarwal has emerged the frontrunner for the post of the chairman of the Pension Fund Regulatory and Development Authority (PFRDA).
The Income Tax (I-T) Department has claimed Rs 30,000 crore from companies that have violated provisions under the minimum alternate tax (MAT).
Valuation of cars goes through a revision.
Direct tax collections in the first eight months of the current financial year increased 3.7 per cent to Rs 1,83,822 crore, against Rs 1,77,251 crore in the April-November period of 2008-09.
The Advertising Standards Council of India (ASCI) has pulled up 15 companies, including telecom ones, for running misleading ad campaigns during July to October this year.
The Department of Telecom (DoT) is hopeful that the Defence Ministry will release more spectrum for the 3G radio wave auction scheduled for next month.
Faremers" suicides in the district were still continuing despite Rs 3,000-crore farm loans lent to farmers by banks during the last one decade, Yavatmal district Collector Sanjay Deshmukh said today.
Cadbury Plc, the confectioner that rejected Kraft Foods Inc’s bid on Monday, may attract suitors ranging from Nestle SA to Hershey Co and sell for as much as $21 billion, according to analysts.
Hershey: Hershey is smaller and brings less to the table than Kraft Foods in a potential takeover battle for Cadbury. But the U.S. chocolate and gum maker may have one distinct advantage in the battle for the UK confectioner: a potentially irrational owner.
Kraft Foods Inc, the world’s second-largest food maker, may increase its 9.8 billion-pound ($16 billion) bid for confectioner Cadbury Plc by Monday’s deadline to keep its takeover attempt alive.
A big controversy on procurement of Rs 35,000-crore worth of equipment by telecom behemoth BSNL is brewing, with the position taken by the two government nominees on the board threatening the expansion programme of the state-owned telecom major.
Strong portfolio capital flows into stock markets and direct investments will continue to push the rupee up against the dollar in 2010.
US markets jumped on Monday as more-than-two-year high home sales was reported.
Banking behemoth Citigroup has posted profits of $101 million for the third quarter, even as the partially US government-owned entity saw its credit losses remain at high levels.
The country"s largest auto maker, Tata Motors, today posted 34.42 per cent jump in its total sales during October at 53,404 units.
Two-wheeler maker India Yamaha Motor today said its sales jumped by 44.40 per cent in October at 26,879 units, on positive consumer confidence and recent launches.
Mercedes-Benz is planning to launch over-dimensional-cargo (ODC) vehicles and long-haulage trucks that can carry up to 240 tonnes in India soon.
The Asian markets have advanced for the fourth day on reports that the Chinese factory output jumped to a 19-month high in October.
Tata group-owned Jaguar Land Rover (JLR) has secured a 170 million pound (about $284 million) loan from GE Capital in a move to strengthen its financial position, media report says.
Growth rebounds, but far below the RBI target of 18%.
Low cost of funds and low credit growth have meant unprecedented levels of capital adequacy ratios (CARs) for banks.
The country’s largest liquor maker, United Spirits, today said it had raised Rs 1,615.60 crore by private placement of shares with qualified institutional buyers and the net proceeds would be primarily used to repay debt.
Sugar and bio-fuel manufacturer Shree Renuka Sugars today said it has raised over Rs 506 crore through private placement on preferential basis.
Sensex ends up 35pts
United Spirits Ltd (USL), owned by Vijay Mallya-controlled UB Group, is set to become the world’s second-largest spirits firm by volumes, dislodging Paris-headquartered Pernod Ricard.
The listing of three big initial public offers (IPOs) — JSW Energy, D B Corp and Godrej Property — this week would be yet another test for the lackluster primary markets.
Bharati Shipyard today said its open offer for a 20 per cent stake in offshore drilling firm Great Offshore will open from December 3 to December 22.
The Supreme Court has quashed criminal proceedings initiated against a Coca Cola company official in a case allegedly involving spurious Limca.
The public sector copper producer Hindustan Copper (HCL) today said it will come out with a follow-on public offer (FPO) to raise Rs 1,700 crore by diluting 10 per cent stake for part-funding its expansion plans.
Plans greenfield plant at Gulbarga in Karnataka
HCL Technologies closed at Rs 355, higher by Rs 6 or 1%, on the BSE. It opened at Rs 350 and touched a high of Rs 357 and a low of Rs 349 during the day. The stock saw trading volumes of 517,850 shares as against the 2-week average of 172,036 shares.
The government today said it is expecting to raise about Rs 8,100 crore from the five per cent stake sale in power PSU NTPC through a follow-on public offer (FPO).
The government must bring down interest rate on loans for self help groups (SHGs) from 11-12 per cent now to a uniform 4 per cent, CPI-M today demanded in the Rajya Sabha. Initiating a discussion on the achievements and problems of women SHGs, Brinda Karat (CPI-M) said the current interest rate is very high and the government must subsidise it by making it a uniform four per cent.
The Indian rupee strengthened by another 30 paise to trade at one-year high of 46.36 a dollar in opening trade today, extending its rally for the fifth straight session, as corporates and exporters continued to sell dollars.
Oil/dollars: Oil and the US dollar used to go together almost as naturally as gold and greed. Times change.
India’s place as the leading location for legal process outsourcing (LPO) could face intense competition from emerging nations like South Africa and Philippines during 2010, according to a research report from LPO consultancy firm Fronterion.
Bajaj Auto, India’s second largest bike maker, today posted a growth of 84 per cent in motorcycle sales in November at 242,390 units, against a dismal tally of 131,681 units recorded in the same month a year ago.
The economic recovery in Asia is faster than the rest of the world and is projected to grow by 5.75 per cent during 2010, says the International Monetary Fund.
The Centre for Monitoring Indian Economy has revised its GDP growth forecast for the current fiscal to 6.7 per cent from 6.2 per cent announced last month.
Unlike in the past when economic growth did not translate into increased employment, the current investment boom is likely to have caused a spurt in jobs growth, argues Mahesh Vyas
Dubai has set up of a tribunal to settle all financial disputes between Dubai World, which is seeking to restructure around $26 billion of debt and its creditors.
The Reserve Bank of India (RBI) has directed regional rural banks (RRBs) to keep a watch on transactions of customers with countries like Pakistan and Iran since concerns have been raised about the rules there in combating terror funding.
With fears of its flights being disrupted, Air India today warned its employees of wage and allowance cuts if they participated in the proposed two-hour "illegal" walkout this afternoon to protest delayed payment of salaries.
Business Standard / New Delhi September 02, 2009, 0:11 IST
Engineering and construction major Larsen & Toubro (L&T) has signed a memorandum of understanding (MoU) with the US-based GE Hitachi Nuclear Energy, one of the largest nuclear power plant vendors in the world, for the construction of nuclear power plants in India.
Industry body Assocham today called for consolidation in the Indian banking sector without any delay to enhance global competitiveness, despite dithering of RBI on the issues.
Fall in government holding will help the bank raise capital through a follow-on public offer or a rights issue.
While the Insurance Regulatory and Development Authority (Irda) is working on making third-party motor cover obligatory for non-life insurance companies along with rural and social sector obligations, private insurers want to abolish the fund, which is used to pay claims in this category.
The Life Insurance Corporation of India (LIC) today launched it"s second micro insurance product - "Jeevan Mangal" aimed at lower income groups, as well as those living in remote rural areas.
The country"s largest public sector lender State Bank of India today launched a slew of measures for farm loan borrowers, including interest rate reductions on irrigation and crop loans, to support drought-hit farmers.
Punjab National Bank (PNB) has posted 62.39 per cent rise in net profit at Rs 832.05 crore for the quarter ended June 30, 2009 as compared to Rs 512.40 crore in the corresponding quarter last year. Total income during the quarter under consideration increased from Rs 4594.62 crore to Rs 6177.58 crore.
German financial services major Deutsche Bank today reported a 67 per cent jump in net income to euro 1.1 billion (Rs 7,566 crore) for the second quarter of 2009, bolstered by a good performance in its corporate and investment banking operation.
Public sector lenders, Bank of Baroda (BOB), Indian Overseas Bank (IOB) and Andhra Bank have signed a joint venture agreement for setting up India BIA Bank (Malaysia) Bhd, a banking subsidiary in Malaysia.
State-run lender Andhra Bank today said its net profit rose by 69.58 per cent to Rs 273.97 crore for the second quarter ended September 30, 2009, over the same period last year.
Down 387 points to 16,353 as banking stocks fall on hardening monetary policy.
Domestic institutional investors (DIIs) were net sellers of Rs 171.16 crore (provisional) today, according to data released by BSE.
Displays no eagerness on DoT suggestion to retender.
The Finance Ministry today said the RBI"s move to retain almost all key rates unchanged will give a positive signal to the economy, which is on the path of recovery.
The nearly Rs 150-crore FMCG company, Jyothy Laboratories, is looking for acquisitions of regional brands worth up to Rs 100 crore. The company is present in the fabric care, utensils washing and personal care segment with brands like Ujala, Maxo and Exo.
Mangalore-based public sector lender, Corporation Bank, today reported 41.75 per cent rise in its net profit at Rs 261.25 crore for the first quarter ended June 30, 2009 compared to the corresponding quarter last year. Its operating profit for the quarter went up by 77.96 per cent year-on-year to Rs 571.24 crore.
The transaction values XTO at $51.69 a share, 25 per cent higher than its last closing - MCL decision on coal transport to help land oustees - UBI likely to float IPO by early February - 25 suspended workers reinstated at Dunlop"s Sahaganj unit - Elder gets bolder - Ruia Group acquires 60% stake in Henniges Automotive Grefrath - "Declare oil palm a plantation crop"
Dishman Arabia, the 50:50 joint venture between Dishman Pharmaceuticals & Chemicals and Saudi Arabia based Takamul, is bullish on touching a turnover of $50 million within two years of commencement of production at its JV plant in Riyadh.
Education solutions provider Edserv Softsystems today said it has received approval from its shareholders to raise funds through various options, including issuing securities of up to $500 million (about Rs 2,200 crore) in the overseas market.
As sugar prices continue to soar, a defensive Congress party — the leader in the United Progressive Alliance (UPA) government — today stepped in and urged the central government to check the prices of the commodity for the sake of the common man.
Railway Minister Mamata Banerjee-led Trinamool Congress, under fire from the Left parties for its nexus with the outlawed Naxals, will launch an aggressive campaign in the Naxal-dominated areas of West Bengal.
Wind Turbine maker Suzlon Energy repaid $780 million (around Rs 3,700 crore) acquisition loan. This has also made the company achieve a net reduction in overall debt by $350 million (around Rs 1,700 crore).
The Nifty traded in the positive territory for most part of the day. The index made an intra-day high of 5,167 but closed at 5,103, indicating caution at higher levels. This means the 5,182 level has acted as a strong resistance for the last four days with crucial support remaining at 5,080. It is difficult to predict when the market will move out of the current trading band as indecisiveness has now spread to stocks futures — most traded Nifty components, such as Tata Steel, Reliance Industries, Unitech, DLF, Tata Motors and Suzlon Energy, closed in a Doji pattern today.
The company is consolidating its several loans into a single one
When financial stocks slumped in February to the lowest level in at least 17 years, US Federal Reserve Chairman Ben S Bernanke told Congress the government might end up owning “substantial” stakes in the country’s biggest banks.
JPMorgan Chase & Co, the biggest US credit card lender, is taking aim at the market for affluent card holders dominated by American Express Co.
The Securities and Exchange Board of India (Sebi) was actively considering allowing repurchase agreements (repo) in corporate bonds to increase liquidity and volumes in the market, Prashant Saran, whole-time member of Sebi, said.
Domestic companies are expected to embark on a mega fund raising spree this year with plans to raise over Rs 50,000 crore by way of public offers, driven by the sharp recovery in the stock market.
Media house DB Corp, the publisher of Hindi newspaper "Dainik Bhaskar", today said it has fixed the issue price of its initial public offer at Rs 212 per share, garnering Rs 384.22 crore through the offer.
StanChart Global CEO says the bank is waiting for the right market conditions.
Hyatt Hotels today said it will partner with Indian real estate developer DB Hospitality to operate five new hotel properties in India as the global hospitality company seeks to expand its footprint in the "world"s most vibrant emerging market".
Based on the recommendation of the Foreign Investment Promotion Board (FIPB), the government has deferred a decision the proposals of Analjit Singh and Asim Ghosh to part-sell their minority stakes in Vodafone Essar.
National carrier Air India today received the National Energy Conservation Award 2009 for its efforts in saving fuel and reducing carbon emission.
Asserting that it has positive cash-flow position, debt-ridden Dubai World"s subsidiary DP World, which operates container terminals in the country, today said the debt crisis would have no impact on India operations.
With the new UPA Government expected to give a push to economic reforms, LIC Housing Finance Ltd (LICHFL) hopes the Centre would resolve some pending issues to enable it to launch long-awaited reverse mortgage scheme for senior citizens.
Kolkata-based United Bank of India (UBI) has filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), for an initial public offering (IPO), with the issue size of Rs 50 crore.
Average participation in the last 12 offers was just 2.39 times
State-run oil marketing companies Indian Oil, Hindustan Petroleum and Bharat Petroleum are likely to lose Rs 45,478 crore this fiscal on selling fuel below cost, Petroleum Minister Murli Deora has said. Addressing the Parliamentary Consultative Committee yesterday evening, Deora said such a huge subsidy support was unsustainable in long run.
System integration firm Teracom today said it has bagged a Rs 12.6 crore broadband services deal from the Indian Railways.
Titan Industries, the manufacturer of mechanical, digital and quartz watches, jewellery watches etc., has announced that ICRA has upgraded the rating assigned to the Rs 52.83 crore, or 6.75 per cent non-convertible debentures and the Rs 100 crore bond programme of the company to LAA (pronounced as L Double A) from LAA- (pronounced as L Double A Minus) earlier.
Sebi should change the way issues are graded, say experts.
The Securities and Exchange Board of India (Sebi) has directed companies planning initial public offerings (IPOs) and their merchant bankers to pay commission to self-certified syndicate bankers (SCSBs) who process IPO applications for subscribers.
Foreign firms helping domestic oil explorers need to pay tax at lower rate of 10 per cent only as their business is technical services, the Authority for Advance Ruling (AAR) has ruled.
If Emirates airline is caught in the Dubai debt crisis, it may force the carrier to moderate its expansion, which could hurt aircraft manufacturers like Boeing and Airbus, as it has placed orders worth $55 billion with them.
As he prepared to meet President Dmitry Medvedev for the annual summit-level talks, Prime Minister Manmohan Singh has said defence cooperation has been a "very important aspect" in Indo-Russian ties.
Business Standard / New Delhi November 11, 2009, 0:19 IST
The market watchdog Sebi today extended the ASBA (application supported blocked amount) facility to corporate investors and high networth individuals (HNIs) to enable them to apply for IPOs or rights issue by keeping the application money in their bank accounts till allotment.
Overseas funds bought a net Rs 994 crore ($213 million) of Indian equities yesterday, taking their investments in stocks this year to Rs 77,410 crore, the nation’s market regulator said today.
A government agency official today confirmed India has raised the minimum export price (MEP) of onion by $50 a tonne for all destinations to discourage exports and curb price spiral in the commodity.
The tri-nation gas pipeline between India, Bangaladesh and Myanmar may take shape in two to three years time, Myanmar Ambassador U Kyi Thein said here today.
Admitting it was tough for mutual fund industry last year, market watchdog, Sebi today asked industry to encourage retail investors in the face of huge redemption pressure from corporates.
Tech Mahindra has raised Rs 550 crore from Tata Capital and IDFC to fund its takeover of scam-hit Satyam Computer.
Provogue India has invested over Rs 1,500 crore for setting up six new malls, which would be developed by its real estate arm, Prozone Enterprises, and come up in the next two years.
India may go beyond the purchase of 126 medium multi-role combat aircraft.
Rajesh S Kurup / Mumbai October 9, 2009, 0:45 IST
Mysoreans will have the opportunity of witnessing for the first time thrilling aerobatic demonstrations by the Suryakiran team of the Indian Air Force (IAF) during this Dasara.
The government today referred a proposal by private carrier Jet Airways to raise Rs 2,000 crore from foreign investors to the Cabinet Committee on Economic Affairs (CCEA).
It is the first overseas acquisition by an Indian sugar company.
The CBI today began its probe into the helicopter crash that killed former Andhra Pradesh Chief Minister Y S Rajasekhara Reddy and four other persons with a team visiting the site in Nallamala forests.