Management
Omaxe net dips 73.6% Real estate player Omaxe on Friday reported 73.6 per cent decline in its consolidated net profit for the quarter ended June 30 at Rs 14.96 crore as against Rs 56.67 crore in the year-ago period. The consolidated net profit during the first quarter also dipped 66.06 per cent to Rs 118.91 crore from Rs 350.33 crore in the same period last year, the company said in a statement.
Abhay Kumar Srivastava, the chairman and managing director of Cement Corporation of India (CCIL) today took over as CMD of navratna public sector unit, National Aluminium Company Ltd (Nalco).
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.
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 markets have slipped back into the negative terrian. The Sensex is now down 20 points at 17,466, and the Nifty is down 14 points at 5,211.
- satanic-verses-ban/02/12/369407/" class="textMost" title="Should we lift the Satanic Verses ban?">Should we lift the Satanic Verses ban? - the-godfather/02/12/367308/" class="textMost" title="All about the family: 40 years of The Godfather">All about the family: 40 years of The Godfather - Don't sue the science guys - The return of the short story - In search of an Asian prize - Nilanjana S Roy: Five lessons from the Teacher Man">Nilanjana S Roy: Five lessons from the Teacher Man
Alstom Projects India, subsidiary of French firm Alstom, today said is has bagged orders worth Rs 365 crore from Hindalco Industries, for supply and installation of four gas treatment plants in the country.
Construction firm Ahluwalia Contracts India today said it has bagged four orders worth Rs 242 crore from various vendors for construction-related works.
People in India swear by the success of the real estate sector, understandably so, for it is the country’s second largest employer and contributes to approximately 5 per cent to its GDP. The sector received foreign direct investment (FDI) of about Rs 21,370 crore between April 2007 and March 2009, second only to the services sector.
Real estate in Lutyen’s Delhi zone has the latest reason for rattle between the Congress and its biggest ally of the second UPA—the Trinamool Congress. According to top Trinamool sources, mercurial Mamata Banerjee is again angry with the Congress—even before the previous contentious issues could subside—over non-allocation of a preferred bunglow for her party office in the capital. Banerjee had zeroed in on bungalow number 14 on Bishamber Dass Marg as the ideal place to house her party office in Delhi.
Lookout notices issued against two other key associates of the former CM.
Several Karnataka High Court lawyers today protested against continuance of Chief Justice P D Dinakaran, facing allegations of land grabbing, forcing him to suspend the proceedings and leave the hall.
Business Standard / New Delhi January 13, 2010, 0:39 IST
To raise Rs 80 crore for working capital requirements
Hinduja Group company, Gulf Oil Corporation today said its subsidiary has entered into an agreement with Biocon to sell its Active Pharmaceuticals Ingredients (API) undertaking, for an undisclosed amount.
Dhabi group, the company which has agreed to sell 70 per cent of its stake in Bangladesh"s Warid Telecom to Bharti Airtel, today said it would not exit the venture and hoped that all approvals for the deal comes within the next 10 days.
In a major setback to India"s oil diplomacy, the ONGC-Hinduja Group alliance has lost the rights to develop Iran"s South Azadegan oilfield to CNPC of China.
Critical of the draft Direct Taxes Code (DTC), a section of senior revenue service officers has said it is an attempt to make the Central Board of Direct Taxes (CBDT) toothless.
First issue to attract investors under anchor investor scheme.
The stock of Thiru Arooran jumped 4 per cent to Rs 165.75, after the government extended by 15 months a deadline for an obligation to export refined sugar against prior raw sugar imports until the March 2011. The move is meant to increase local supplies and rein in prices of the sweetener which rose more than 50 per cent in November 2009 from a year ago due to tight supplies.
Jet Airways plans to complete its first tranche of fund raising of around $150-200 million over the next 3-4 weeks, a senior company official said.
Bhupesh Bhandari / New Delhi October 13, 2009, 0:22 IST
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.
Opting for status quo, Congresss ally NCP today named Chhagan Bhujbal for the post of Deputy Chief Minister in Maharashtra and ruled out yielding key portfolios like Home and Finance to the senior coalition partner.
Euphoric over finding traces of water by a Chandrayaan payload, confirmed by NASA"s spacemate onboard the country"s maiden moon mission, India is mulling exploring lunar surface deeper for water in its next Odyssey.
A step-by-step guide to garner the best car loan
The city-based Centre for Cellular and Molecular Biology (CCMB) is setting up a BSL-3 (bio-safety level) facility on its campus for testing swine flu virus.
In keeping with the Reserve Bank of India (RBI) guidelines for the Residuary Non-Banking Finance Company to exit deposit-taking business by March 2011, Kolkata-based Peerless General Finance & Investment Company scaling down its RBFC operations, while focusing on new business lines like asset and wealth management.
The company faced solvency margin issues recently.
One more person died of swine flu here, taking the death toll in the viral infection in the city to 34, health officials said today.
In a relief to Prasar Bharati CEO B S Lalli, the Supreme Court today restored to him the executive powers taken away by a recent order of the Delhi High Court.
The Supreme Court has admonished drug major Ranbaxy Laboratories Ltd for not raising on the relevant occasion the issue of refunding Rs 1 crore penalty the government had imposed on it for allegedly overcharging drug prices.
Reliance Industries Ltd (RIL) has bagged rights to retail CNG to automobiles and pipe gas to households in two cities of Andhra Pradesh and one in Madhya Pradesh.
The Anil Ambani group today asked the Oil Ministry to follow a uniform policy and become party to power PSU NTPC"s case against Mukesh Ambani-led RIL to save power consumers from paying additional Rs 30,000 crore for the benefit of "private monopoly" gas producer.
Delhi High Court upholds airport development fee charged by Delhi and Mumbai airports.
Punjab National Bank (PNB) on Wednesday reported a marginal rise in its net profit for the third quarter of the current financial year at Rs 1,011 crore, up 0.54 per cent from Rs 1,005 crore in the corresponding period of 2008-09. Total income also remained flat at Rs 6,236.55 crore in the quarter. In the year ago period, it stood at Rs 6,236.16 crore led by treasury gains.
DLF rallied nearly 3% to Rs 373. The scrip touched an intra-day high of Rs 376. Around 3.9 million shares changed hands at the counter as against its two-week average traded quantity of 3.8 million shares.
The Tamil Nadu government will set up swine flu test centres in major towns of the state. The move comes after a four-year-old boy died in Chennai due to the flu on Monday.
Altogether 73 swine flu cases, the highest for a day so far, were reported today in the city, which has so far seen five H1N1 deaths.
Observing that voices of protectionism emanating from the political quarters, is an issue of concern for American businesses, an Indo-US chamber has said it believes that such trends need to be resisted.
Pharma firm Zenotech has approached the Company Law Board (CLB) seeking removal of two of its board members, appointed by Ranbaxy, alleging "operational mismanagement".
The Supreme Court has allowed Paradip Port Trust (PPT) to re-invite financial bids for developing a deep draught coal berth at Paradip. However, it asked PPT to keep its decision in abeyance till further orders.
Oriental Green Power (OGP), a renewable energy generation company, promoted by Chennai-based Shriram EPC, has said that the company has concluded financial closure to the tune of Rs 400 crore to set up six bio-mass based power plants.
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.”
Reduction in the fringe benefit tax (FBT) from 20 per cent to 5 per cent for media personnel working for both print and electronic media companies was among the demands submitted to the finance ministry today by Ambika Soni, the minister for information and broadcasting (I&B).
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.
Disappointment at the outcome of a United Nations-sponsored climate change conference in Copenhagen is "justified," US President Barack Obama said in a US television interview.
ITC’s investment arm Russell Credit has raised its stake in Hotel Leelaventure to 7.37 per cent —an increase of 2.26 percentage points.
US and emerging economies including India struck a face-saving deal to tackle global warming, but the pact ran into rough weather with several developing countries opposing it, saying it was legally non- binding and set no target for curbing carbon emissions.
Despite reasonably comfortable liquidity conditions, the long term bond yields have inched up significantly during the last few months. The yield on the benchmark 10-year bond surged by almost 100 basis points between April 17, 2009 and and September 10, 2009. The huge Government borrowing programme for the current fiscal to fund the mounting fiscal deficit has largely been responsible for the spike in the G-sec yields. The net market borrowing of the Central Government through issue of dated securities in FY10 is estimated to be Rs 3,97,957 crore, of which the Government has raised Rs 2,43,911 crore so far (up to September 4, 2009; including Rs 28,000 crore of MSS de-sequestering).
Inflation turned positive for the first time in three months, rising to 0.12 per cent during the week ended September 5 as foodstuff became costlier.
Suzlon Energy has forayed into the Swedish market with its first order coming from Triventus AB, a wind power developer and consultant. The order is for two S88-2.1 megawatt wind turbines. Suzlon will also sign service and maintenance partnership contracts with a subsidiary of Triventus for future projects in Sweden, the company said in a statement to the stock exchanges.
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.
Goldman Sachs says it is ready to repay a $10 billion government investment today.
Jonathan Weil / June 14, 2009, 0:13 IST
Foreign companies hunt for buyouts in growing market with lower production costs.
India-origin billionaire Lakshmi Mittal-led ArcelorMittal today made an offer to buy an additional 29.4 per cent stake in domestic steel firm Uttam Galva Steel at Rs 120 a share.
Hcl Technologies has signed a $200 million (Rs 940 crore) contract with British insurer Equitable Life for providing end-to-end solutions to the latter, including policy administration, finance, actuarial services, IT operational support, quality assessment, data management and call centre services. The contract, which starts in March 2011, runs for 30 years, but the bulk of the revenue will flow in the first eight years.
ArcelorMittal: ArcelorMittal is firmly out of crisis mode. The world’s largest steelmaker, led by billionaire industrialist Lakshmi Mittal, delivered an unexpected return to profitability in the third quarter – after nine months of consecutive losses. Arcelor is nevertheless right to be rein in shareholders’ expectations.
The Orissa government today said it would assess the local situation in the trouble-hit site for Posco"s proposed Rs 50,000-crore steel plant before allowing South Korean President Lee Myung-bak to visit the place in January.
Kishore Biyani-promoted Pantaloon Retail today reported a jump of 51.07 per cent in its third quarter net profit at Rs 50.67 crore.
Hitting hard at global warming sceptics, powerful US lawmakers have accused them of "engaging in a policy of distraction" by promoting hacked e-mails, which claimed that scientists had exaggerated the crisis and asserted that the world is getting hotter faster.
- T N Ninan: Failing capitalism">T N Ninan: Failing capitalism - T N Ninan: Pointing fingers">T N Ninan: Pointing fingers - T N Ninan: VIPs & development">T N Ninan: VIPs & development - T N Ninan: Auction mining rights">T N Ninan: Auction mining rights - A roof over one"s head - Government drafts green SEZ policy
P B Jayakumar / Mumbai September 25, 2009, 0:10 IST
In a move to expand the reach of market for exchange traded products, the Securities and Exchange Board of India (Sebi) today came up with guidelines for market access through authorised persons.
With the government yet to decide on whether prices of petrol and diesel will be freed, oil marketing companies run the risk of losing money on retail sales.
After initial hesitation, Oman Oil Company is now keen on increasing its stake in Bharat Petroleum Corp Ltd"s Bina refinery project to 26 per cent and is ready to pay $250 million for the same.
Imperial Energy, the Russia- focused oil firm that India"s Oil and Natural Gas Corp (ONGC) acquired recently, is likely to post its maiden cash profits next fiscal as it ramps up output.
Devika Banerji / New Delhi December 6, 2009, 0:28 IST
Despite the global economic downturn, medical tourism has emerged as the fastest growing sector of the Indian tourism industry as it provides first world treatment to patients at an affordable rates.
Buoyed by the demand for its Discover range of motorcycles, the country’s second largest two-wheeler maker, Bajaj Auto, posted healthy numbers for the second quarter in a row. The company, which had been struggling with weak demand, lack of auto financing and sluggish exports in 2008-09 was able to make a hit out of its Discover 100cc bike boosting revenues and market share in the current year.
French power equipment maker Areva"s Indian arm, Areva T&D, today said it has bagged an order from aluminium major Hindalco for erecting 440 kilo volt (Kv) substations at its plants in Singrauli (Madhya Pradesh) and Sambalpur (Orissa).
Sterlite Industries, the Vedanta Group diversified base metals producer, has posted 42 per cent decline in net profit at Rs 924 crore in the first quarter of the current financial as compared to Rs 1,595 crore in the same quarter of the previous year. Net sales of the company also plunged by 21 per cent to Rs 4,537 crore from Rs 5,770 crore. Earnings per share (EPS) slipped, therefore, to Rs 9.49 from Rs 16.25 in the first quarter of the previous year.
The Gujarat government has requested the Union Finance ministry to exempt electricity transmission from service tax and keep transmission charges outside the purview of TDS, a senior state minister said.
Wipro Limited, backed by increases in price realisation, utilisation and fixed price contracts at its flagship IT services business, posted a 19 per cent increase in its net profit to Rs 1,162 crore for the second quarter ended September 30, 2009 as compared to the corresponding quarter of the previous financial year.
Auto component maker Sona Koyo Steering Systems reported an unaudited profit after tax (PAT) of Rs 3.71 crore for the quarter ended September 30.
Buying a four-wheeler this month can help save on cost, but check first.
The Sensex is now at 16,962, up 85 points. The Nifty is at 5055- up 22 points.
The Sensex after moving in the negative terrain for quite some time has rebounded into the green on the back of buying in the IT shares. The Sensex is now at 16,898, up 21 points.
In my mind
The country"s largest two-wheeler maker Hero Honda today reported 23.57 per cent jump in its sales at 3,89,802 units in January compared to the same month"s last year.
Portfolio flows are continuing their buoyant run in the new year. Investment by foreign institutional investors (FIIs) in the Indian capital markets – including debt and equity – have touched $2.6 billion so far in 2010.
The stock settled 10% higher at Rs 59 and witnessed trades of 240 lakh shares on the BSE.
State-owned IDBI Bank is believed to have zeroed in on Kerala-based private sector lender Federal Bank for acquisition.
Buoyed by a robust 48 per cent growth in its fee-based income, IDBI Bank has clocked a 29 per cent jump in net profit at Rs 287 crore in the third quarter ended December 31 from Rs 223 crore in the year-ago period.
IT firm Zylog Systems today said it is eying acquisition in Canada and its board has given approval to go-ahead with the bidding process.
IDBI Bank had completed due diligence on a private bank for a possible acquisition, Chairman and Managing Director Yogesh Agarwal said today. “Talks are on. Due diligence has been done. I cannot commit on the time-frame,” he said on the sidelines of Bancon 2009-10.
Indian Oil Corp, the nation’s largest state-owned refiner, hired HSBC Holdings Plc, Standard Chartered Plc and Deutsche Bank AG to help it raise $500 million from its first overseas bond sale.
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.
The Reserve Bank of India, in its Monetary Policy review today has hiked the Cash Reserve Ratio (CRR) by 75 basis points (bps) to 5.75 per cent, while holding the repo and reverse repo rates steady in line with market expectations.
Tata Communications today launched its data centre in Pune and said it plans to invest up to Rs 500 crore over the next three years.
Anil Ambani Group firm Reliance Infrastructure (R-Infra) today reported a growth of 10.35 per cent in its net profit at Rs 277 crore for the third quarter ended December 31, 2009, over the same period last year.
After committing an investment of Rs 60,000 crore on various projects in Orissa including an aluminium smelter plant, an alumina refinery unit and a mega university project, London-based Vedanta Resources Plc has now evinced interest in setting up a steel plant in the state.
Energy-starved Karnataka has deferred a decision on purchasing power from cogeneration sugar mills in the state.
Reliance Infrastructure (R-Infra), part of Anil Dhirubhai Ambani Group, has won Mumbai Metro Line–II project from Maharashtra government. The estimated cost of project is around Rs 11,000 crore.
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, Switzerland’s largest bank by assets, will see further withdrawals by wealthy clients after reporting a third consecutive quarterly loss, Chief Executive Officer Oswald Gruebel said.
India, Latin America and Africa must be taken on board while framing the rules for globalisation in the post-economic crisis scenario, French President Nicolas Sarkozy said at world economic forum"s (WEF) annual meeting here.
You have to rub your eyes hard to believe the Tata Prima and Mahindra Navistar trucks can rival the best that Mercedes-Benz, Volvo and Scania have to offer. Their stylish cabs, with the multitude of buttons and gizmos and quality fittings, make you feel you are in a European truck. But then again, both have been developed by Indian manufacturers to rival the best the world has to offer and beat these in markets outside India as well.
Chinese auto component manufacturers are quietly making inroads into India. Over 100-odd companies, ranging from the largest truck engine manufacturer FAW Group, to medium-sized players like gear-box maker Weichai Power, are at the 10th Auto Expo in Delhi showcasing their products to the local commercial vehicle manufacturers.
Japanese two wheeler major Yahama today launched its super-bike "VMAX" in the country priced at Rs 20 lakh (ex-showroom-Delhi). The company also launched limited edition of its "FZ" series in three variants.
The iconic US cult bike maker Harley Davidson is set to enter Indian markets tomorrow, two years after it was first granted permission to start operations in the country.
Business Standard / New Delhi January 24, 2010, 0:29 IST
Business Standard / New Delhi January 27, 2010, 0:46 IST
The country’s development planning is anti-people and will lead to national turmoil, activist Medha Patkar tells Sreelatha Menon
India and Canada will soon finalise the civilian nuclear cooperation agreement that will pave the way for new opportunities for both the countries, a senior Indian diplomat has said.
Aditi Phadnis / New Delhi January 10, 2010, 0:52 IST
Women continue to play regressive roles on the small screen
Faced with a major downslide in business traffic, airlines are now adopting innovative schemes to attract high-end and corporate travellers to fill in the seats on the front rows.
Dismissing Australian suggestions that Indian reaction on the issue of attacks was "hysterical", External Affairs Minister S M Krishna today said India expects that its citizens, whether they are students or otherwise, should be safe in that country.
Gold imports witnessed nearly a three-fold jump during August at 21.8 tonnes as compared to the previous month on rising investment demand with the onset of festival and marriage season.
Challenges posed by climate change hit centrestage in 2009 which saw the government doing a flip-flop ahead of the crucial Copenhagen summit even as the Opposition and experts alleged that India succumbed to pressure from rich nations on emission cuts.
World Bank President Robert Zoellick today said India is likely to return to high growth of 8 to 9 per cent in a year or two, helped by strong fiscal and monetary actions to counter the global financial crisis.
But no binding commitments, Ramesh reiterates to Parliament.
K Subrahmanyam / January 3, 2010, 0:59 IST
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.
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.
IT majors — Tata Consultancy Services (TCS), Infosys, Wipro Technologies and Cognizant Technology Solutions — have made 408 job offers to the students of Osmania University College of Engineering (OUCE) during the "premium company recruitment drive" that ended on December 31.
The Sensex has ended (provisional) at 17,673 - up 114 points.
Mobile handset maker China Wireless Technologies today forayed into the Indian dual-sim smart-phone market in partnership with Reliance Communications (RCom), aiming to clock Rs 800 crore revenue in the next five years.
After a promising start, key indices first witnessed an upside breakout, and then crashed due to derivatives expiry and the Dubai debt scare.
Delhi-based NIIT Technologies today posted a 12.4 per cent fall in its profit after tax (PAT) for the second quarter ended September 30, owing to a foreign exchange loss of $153 million (around Rs 700 crore). PAT stood at Rs 32.1 crore compared to Rs 36.7 crore in the year ago period. Consolidated revenues, at Rs 226.3 crore, were down 12 .5 per cent year-on-year from Rs 258.7 crore.
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.
Vishal Chhabria / Mumbai December 28, 2009, 0:01 IST
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.
The mammoth fraud at IT major Satyam, involving over Rs 14,000 crore as per CBI, proved to be the most brazen swindling act, forcing the government to re-write corporate governance rules during 2009 and tighten the norms for chartered accountants.
Treasury receipts much better than this time last year.
Funds will have to launch products tailor-made for semi-urban, rural markets.
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.
The Men in Blue haven’t quite got a thumbs up from advertisers for the team’s sponsorship, with virtually no takers for forms that are up for sale to bid for the sponsorship of the Indian cricket team till this evening. Sale of forms closed today and tomorrow is the last date for bids.
Support at 5,150, resistance at 5,300.
Raju and associates ‘forged board resolutions’ to secure loans.
The commodity market regulator Forward Markets Commission (FMC) today said bourses can achieve the turnover target of Rs 80 lakh crore if resumption of forward trading in rice, urad, tur and sugar and launch of options and indices are allowed.
The Bombay High Court today asked the Economic Offences Wing (EOW) not to arrest Delhi-based businessman Sanjay Dalmia after senior counsel Ram Jethmalani said that he was trying to negotiate an out-of-court settlement with Indiabulls Financial Services (IFS).
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.
Essar Oil Ltd (EOL) is on track to complete expansion of its facility at Vadinar refinery in Gujarat to 16 million tonnes by December 2010, brokerage company IDFC-SSKI said in its report on the company while putting a price target of Rs 194 on its stock.
Secondary steel maker Uttam Galva Steels today hiked prices of its products by Rs 3,000 a tonne citing increase in its input cost and firming global demand trend.
The RBI clarification, issued on December 1, 2009, has allowed banks to include technical or prudential write-offs for calculating provision coverage for non-performing assets (NPAs) - mandated to be at a minimum of 70% by September 10. This has triggered a relief rally in bank stocks with reasonably higher NPAs or low provisioning which were underperforming the BSE Bankex (see Prodigal returns).
The country"s bourses will join their global counterparts tomorrow to welcome the new year with a holiday.
Steel Authority of India Ltd (SAIL), the nation’s biggest state-run producer, said it was considering buying coking coal mines in Australia, Indonesia and Mozambique with an Indian government joint venture.
The markets have recovered from the lows and are flat again. The Sensex is now up one points at 17,403. The Nifty is down three points at 5,185.
Sical Logistics today said it has bagged a Rs 163 crore contract from state-run Hindustan Copper Ltd for supplying port, train and road logistics products.
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.
While the results of the clinical trials on the company’s new molecule, Balaglitazone, are positive, a lot needs to be done.
Asian markets ended flat at the end of a lacklustre day.
US markets dropped on Thursday as energy stoks dipped on declining oil prices. Wal-Mart"s forecast about consumer spending also impacted negatively.
The markets have been virtually unchange din the past one hour. The Sensex is at 16,858, down 35 points, and the Nifty is placed at 5028, down 12 points.
Markets have once again slipped into the negative zone. The Sensex is weak and is now down 68 points at 16,285.
The share of SGX Nifty has risen from 2% in March to 5.9%.
The Uttarakhand government has told a high-powered committee that four cumax of water flow would be sufficient to maintain perennial flow of the Bhagirathi in Uttarkhand where three key hydropower projects have been suspended on environmental and religious grounds.
The industrial consumers numbering 19,417 owed Rs 220.15 crore as outstanding electricity bill to the power distribution companies in the state.
With its own public sector undertakings (PSUs) expressing inability to meet the deadline to implement the mobile number portability, the government has called a meeting of the stakeholders on Thursday to review their readiness for Mobile Number Portability (MNP) implementation.
Having faced delays in land acquisition for several projects, Tata Steel would have to sharpen its skills in dealing with people issues, said Managing Director H M Nerurkar.
The government today approved road projects worth Rs 6,152 crore in five states for upgrading nearly 562 km of four-lane highways into six lanes.
- GEECL completes laying gas pipeline from Asansole to Durgapur - Petro board to identify 300 cities for gas networks - ONGC Videsh to join Chinese gas pipeline from Myanmar - GAIL to raise Rs 2,000 cr for expansion - Delhi HC rejects Man"s plea challenging GAIL"s re-tending - GAIL to invest Rs 7,500 cr in Dabhol, Kochi pipelines
Sun Pharma"s share price jumped 5.62 per cent on the Bombay Stock Exchange after it gained a new ally in its legal battle to acquire Israel"s Taro Pharmaceuticals with minority investor Templeton Asset Management switching sides to support Sun"s bid.
Sun Pharma today said it would revise the revenue guidance for 2009-10 as the company was not sure when its US subsidiary, Caraco Pharmaceuticals, would be able to meet the regulatory standards of the Food and Drug Administration (USFDA).
The stock ended at Rs 1,468, up 1% from its previous close. The counter clocked volumes of 18,616 shares as compared to the two-week daily average traded volumes of 30,875 shares on the BSE.
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.
Oil prices fell to near $71 a barrel today in Asia, giving up part of the previous day"s big gains, as the US dollar rebounded.
The country"s most valued firm Reliance Industries (RIL) helped eight of the top-10 Sensex firms add over Rs 1 lakh crore in their market valuation during the last week, while the state-run MMTC and private telecom services provider Bharti Airtel saw value erosion.
Of the top-10 most valued firms, six lost a combined sum of over Rs 68,000 crore from their market capitalisation last week, while the rest including the country"s most valued firm Reliance Industries (RIL) and oil major ONGC saw rise in their valuation.
Country"s eight of the top-10 firms together added over Rs 53,000 crore to their market capitalisation last week, while two state-run firms NTPC and NMDC-- saw an erosion in their valuation.
Production, despatch affected by turmoil; rail wagon shortage hits momentum.
2009 was mostly bad news for countries, governments and individuals in terms of economic prosperity, but the year was the best in many years for borrowers as interest rates eased.
The Department of Telecom (DoT) is understood to have decided to slap a total penalty of Rs 132 crore on some major telecom operators for not rolling out services on time after the award of licence and spectrum.
The tremors from the Dubai World crisis are unlikely to be felt by Indian information technology (IT) service providers, since they do not have a major exposure to the market in that region.
On January 7, Ramalinga Raju confessed to his monumental fraud. He had, Raju said in a letter to the stock exchanges, cooked Satyam’s books for seven long years — revenue, profit, bank balance et al. Raju was soon arrested and put in the Chanchalguda prison. The Union government swung into action. A board was appointed to manage the affairs of the company. In a matter of months, Satyam was sold to Tech Mahindra.
Microsoft had set a target of having Windows 7 installed on over 100 PC models.
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.