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Describing Marxist veteran Jyoti Basu as a long-standing friend of Bangladesh, the country"s Parliament and cabinet have mourned his death, with premier Sheikh Hasina saying that she has lost a "guardian".
A stream of mourners lined up before the CPI-M headquarters and the Indira Bhavan, official residence of Jyoti Basu, here to pay their last respect to the departed leader as West Bengal observes a two-day state mourning beginning today.
Samajwadi Party leader Amar Singh today said as his resignation from key posts was not yet accepted by Mulayam Singh Yadav, he would not be able to actively participate in party-related issues.
Senior Samajwadi Party leader Amar Singh today ruled out withdrawing his resignation from party posts, but said he would no longer ‘slog’ for the organisation like he used to.
In the midst of current chill in Indo-Pak relations, a SAARC Home Ministers" conference is scheduled next month in Islamabad to which P Chidambaram plans to go subject to Foreign Office"s approval.
Jyoti Basu remained as popular in death, as he was when alive. The Marxist leader"s far-reaching appeal ensured that the country"s political establishment, irrespective of party affiliations, paid their last respects to the CPI(M) patriarch on Tuesdsay, save Trinamool Congress chief Mamata Banerjee.
Sical Logistics, engaged in port handling services, today said it has entered into an agreement with Japan"s Mitsui O S K Lines to form a joint venture company to operate the automotives yard at the Ennore Port near Chennai.
Aditi Phadnis / New Delhi October 3, 2009, 0:48 IST
Asian stocks rose, giving the MSCI Asia Pacific Index its biggest advance in two weeks, as the Group of 20 nations agreed on steps to shore up the financial system, while merger speculation boosted technology shares.
The Central Bureau of Investigation (CBI), probing the Satyam Computer Services fraud case, is currently in the process of preparing Letters Rogatory, which would be vetted by the Ministry of External Affairs before being presented in the court.
Robots by Indian entrepreneurs are being developed at less than half the cost of imported ones.
The Insurance sector is expected to witness a compounded growth rate of 10 per cent in 5-6 years, IRDA Chairman J Hari Narayan said today.
JSW Energy will set up 10 power plants with a capacity of 1,350 mega watt (Mw) in all, in Rajasthan"s Barmer district.
JSW Energy Ltd, part of the Sajjan Jindal-promoted Jindal South West Group (JSW), has sought alternative land from the Gujarat government to shift its power project from Junagadh in the west to the port town of Dahej in south Gujarat.
Sunanda K Datta-Ray / New Delhi October 24, 2009, 0:25 IST
Overseas borrowing by India Inc declined by around 9 per cent in November to $2.35 billion compared to the previous month.
With the economic slowdown impacting the demand for credit, the credit-deposit (CD) ratio of the commercial banks in Orissa declined by 4.08 percent by the end of September compared to the same period last fiscal.
Construction firm GMR Infrastructure today said it has approved sub-division of its existing equity shares of Rs 2 each into 2 equity shares of Re 1 each.
Aditi Phadnis / New Delhi December 25, 2009, 0:03 IST
Newly elected BJP MLAs met today to decide on supporting JMM chief Shibu Soren as the new Chief Minister.
BJP to announce decision today after legislative party meet
As Japanese Prime Minister Yukio Hatoyama keeps his date for summit-level talks with India before the end of 2009, it is increasingly becoming clear that Japan would like India to restate its commitments over safeguarding imported civilian nuclear technology. This is so that Japanese private companies partnering American and French enterprises can push sales of their nuclear reactors to India.
Tata aims to create disruption in the water purifier market with the low-priced Swach.
The 700-member Bombay Stock Exchange (BSE) Brokers Forum may approach the Prime Minister’s Office (PMO), the ministry of finance, the Securities and Exchange Board of India (Sebi), investor associations and other trade associations against the move to extend trading hours.
The government may not have come out clearly on introduction of the proposed indirect tax structure GST but the lack of preparedness for the new tax regime hints at a possible delay by up to a year.
Sachin Tendulkar scored his best century on the day he completed 20 years in international cricket. By telling the Maharashtra Navnirman Sena (MNS) that he was an Indian first and a Maharashtrian later, Tendulkar has made several points. He has, of course, snubbed the MNS, but he has also told top professionals that they need to stand up and be counted. Just recently, Karan Johar apologised for calling Mumbai “Bombay” in a movie — while Johar and others fear the MNS will burn cinema halls showing their movies, Sachin has no such fear since the MNS can never hope to succeed in preventing fans from watching Sachin play. Interestingly, during the Mumbai riots, it was the original Little Master Sunil Gavaskar who used his stature in a similar manner to prevent mobs from killing Muslims.
The life insurance industry recorded 12.85 per cent growth in new business premium during the first half of the financial year even though private players saw a drop in sales of new policies.
The stock erased all its gains and slipped into the negative terrain to touch a low of Rs 90. The scrip finally ended at Rs 91, down 2% from its previous close. The counter clocked volumes of 3.71 million shares as compared to the two-week daily average traded volumes of 1.11 million shares on the BSE.
Sreelatha Menon / New Delhi December 06, 2009, 0:25 IST
Yash Chopra, the king of romance in Bollywood, is all set to paint the small screen ‘red’ from January 1. Chopra’s YRF TV has partnered with general entertainment channel Sony Entertainment Television exclusively to launch five shows which will be aired on Friday, Saturday and Sunday between 8:00 pm and 10:00 pm.
Business Standard / New Delhi September 02, 2009, 0:09 IST
The Ministry of Human Resource Development (MHRD), at the 56th meeting of the Central Advisory Board of Education (CABE), chalked out an extensive agenda for education in the country, based on the principles of expansion, inclusion and excellence.
Energy giants Chevron, Shell and ExxonMobil today agreed to develop Australia"s massive Gorgon field, giving the final go-ahead to a liquefied natural gas project underpinned by supply contracts with India, China, Japan and South Korea.
Australian Prime Minister Kevin Rudd has said that Canberra has bagged three new deals worth $70 billion to export gas to Asia.
Indian conglomerate Bhoruka Group will invest AUD 63 million ($54 million) in an edible oils and biodiesel facility in Australia.
A partially-burnt body found in Australia"s New South Wales province last week is believed to be of a 25-year old Indian national, police said today, in what might be the second fatality in a slew of vicious attacks on Indians.
A V Rajwade / New Delhi September 26, 2009, 0:41 IST
Leading Indian rock bands will perform today in New Delhi for spreading awareness about climate change
In yet another attack on Indian students here, a 22-year-old youth was punched on his face by a group of Australians, who also told the victim that "in this place there is no home for you".
His boss may have been upset enough to tick him off publicly, but there’s a reason why minister of state for external affairs Shashi Tharoor is so agitated about the proposed new visa rules. The home ministry has said no tourist can now visit the country within a period of two months of the last visit.
A late charge by bulls helped key indices surpass crucial resistance levels. However, select momentum indicators are currently in a sell mode even while the trend is up. It seems that markets will remain directionless until a clear breakout in either direction appears.
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.
The Organization of Petroleum Exporting Countries (Opec) members had a consensus to keep oil production quotas unchanged as demand remained weak in developed economies, officials from Saudi Arabia and other Opec nations said.
It could be one of those years when exposure in commodity futures, along with equities could be a good investment strategy.
The commodity futures market, which has a turnover of over Rs 50 lakh crore, will see more changes and a deepening of the market with the entry of two new exchanges in the second half of 2009.
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.
The toll in the fire at Indian Oil Corp"s (IOC) fuel depot outside the Pink City may rise to nine as six missing employees are now feared dead, even as fire fighters and the Army worked to contain the blaze that has burnt about Rs 150 crore worth of auto fuel.
The Organisation for Economic Cooperation and Development (OECD) today lauded India"s overseas investment policies but asked for relaxation in foreign direct investments (FDI) norms for banking and insurance sector.
The Planning Commission today said the economy may grow at a rate higher than 6.3 per cent projected earlier as it sees drought having lesser impact on agriculture.
A reduction of the logistics costs by 1 per cent of the GDP means a saving of over $7.5 billion, according to a report on ‘Competitiveness Through Efficient Logistics’ released by KPMG in association with CII Institute of Logistics.
SRF Ltd, a leading manufacturer of technical textile products, is planning to add to its product portfolio by entering the lamination fabric industry. The company, which primarily relies on manufacture of nylon tyre cord, wishes to reduce its dependence on this.
SRF Ltd has commissioned its project for manufacturing polyester industrial yarn at its Gummidipoondi plant in Tamil Nadu. The project has a capacity of 14,500 tonnes per annum and had been set up at a cost of around Rs 186 crore, it said in a filing to the Bombay Stock Exchange.
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.
Life Sciences technology firm, Opto Circuits, a wholly-owned subsidiary Eurocor has received Communite European (CE) approval to market and sale its Drug Eluting Stent- Taxcor Plus in the world markets.
The direct selling industry in India has pitched for direct selling laws in India on the lines of the legislation prevalent in countries like USA and UK for the benefit of the industry as well as the consumers.
Encouraged by a sudden spurt in demand from the steel and foundry sectors, pig iron producers have raised prices by six to eight per cent for its spot delivery. With this revision, pig iron for steel consumption was quoted at Rs 16,500-18,000 a tonne, while that for the foundry sector at Rs 18,500-20,000 a tonne — a rise of about Rs 1,200-1,500 a tonne.
Government and regulators need to focus on the systemic risk engendered by excessive compensation.
India faced the curse of drought and floods in 2009 that saw consumers paying towering prices for vegetables, pulses, sugar and foodgrains, and the shortage of supplies punctured the euphoria over the return of the Congress-led government in May.
All fiction has its autobiographical roots, but Evelyn Waugh puts it as “experience totally transformed”. The autobiographical impulse is particularly strong in JM Coetzee, the South African Nobel Prize winner (2003), but his writings lie at the frontier between life and the freedoms of fiction. Summertime (Harvill Secker, special Indian price Rs 799), the final volume of a trilogy — the other two being Boyhood and Youth — is subtitled Scenes from a Provincial Life, charts the border territory with multiple skills of a biographer and fiction writer so that it can pretty well mean what you would want it to be.
The public sector Indian bank, with a lot of expertise in the field of recovery of Non-Performing Assets (NPAs), is exploring the possibility of floating a subsidiary for undertaking NPA management.
Tyre maker Ruia Group today said it will raise Rs 100 crore in listed entity Falcon Tyres through private placement of shares and dilute 10 per cent in Dunlop India for capacity expansion over the next few months.
Exporters today appealed to Prime Minister Manmohan Singh to suspend export of raw cotton saying rising prices of the commodity has become a double whammy for textiles industry, hit by the global demand slump.
Cotton exports from India, the second-biggest grower, will more than double this crop season as China and Pakistan seek more fiber to make up for a shortfall in supplies from the US, a government official said.
India’s cotton exports are likely to rebound to 1.4 million tonnes in 2009-10 (October-September) at the cost of exports from the US, which are forecast to fall 20 per cent to 2.3 million tonne on year, according to International Cotton Advisory Committee (ICAC).
Cotton prices across the country have seen an unabated rally in the last one and a half months due to international and domestic buying as well as tight supply in the global market. The prices of various benchmark varieties have touched peak levels of the season.
Encouraged by the outcome of earlier initiatives, the Centre is preparing a roadmap to take the disinvestment process forward over the next two years.
Oman Oil Company (OOC) has paid a full 50 per cent premium for a re-entry into the Rs 11,397-crore Bina Refinery project of the state-run Bharat Petroleum Corporation (BPCL).
Inflation proved to be the market"s Archilles heel this week. The Sensex traded in a narrow range of 582 points before ending weaker by 399 points at 16,719 and the Nifty closed at 4987, lower by 129 points. Dalal Street closed below the dotted line on four out of the five trading sessions.
Vedanta Aluminium Ltd. (VAL), which has set up a 0.5 million tonne aluminium smelter at Jharsuguda in Orissa, is forced to purchase alumina from traders importing the material from countries like Australia to keep its smelter in operation.
Railway Minister and Trinamool Congress chief Mamata Banerjee today hit her predecessor Lalu Prasad where it hurt him most—on the supposed turnaround of Indian Railways during Prasad’s regime.
Faced with tremendous margin pressures due to the runaway raw material prices and falling demand from consumer industries, pig iron producers have reduced their production capacity again by 10 per cent effective immediately.
Indian pharma industry found that it had no medicine to cure adversities that came its way in 2009 -- when it battled shipment seizures by EU authorities, tightened US regulations, Chinese drug piracy and currency fluctuations.
The Cabinet Committee on Economic Affairs (CCEA) today approved a special dispensation for Gazprom, allowing the operator of an offshore block to carry out additional exploration for 18 months beyond the Phase-III of exploration.
Maintaining that its work is to promote entrepreneurship and to make money, the National Innovation Foundation (NIF) has clarified that it is not awaiting any money from filmmaker Vidhu Vinod Chopra, the producer of 3 Idiots. Chopra had sourced NIF’s innovations for his film.
The Supreme Court today asked the Madras High Court to first hear on Thursday the amalgamation plea of cash-strapped retail chain Subhiksha Trading Services with its subsidiary Blue Green Construction and Investments (BGCIL).
The swine flu death toll touched 108 today with two more persons succumbing to the disease.
Aurobindo Pharma Ltd, a manufacturer of generic pharmaceuticals and active pharmaceutical ingredients (APIs), is planning to acquire the entire stake in Trident Life Sciences Ltd (TLSL), a city-based clinical research organisation (CRO).
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.
It couldn’t have been more apt. The most generous tribute to former ONGC chairman Subir Raha comes from somebody with whom he had a hugely uneasy relationship. After Raha lost more-than-a-year-long battle with cancer on Monday, former petroleum minister, Mani Shankar Aiyar, said he found in Raha “a man worthy of my steel, particularly when we disagreed”.
The Tatas are planning a new-look for their first prestigious acquisition Corus Steel next year, a move that coincides with the company emerging from the financial burdens and the global downturn.
Indian conglomerate Tata Group has rejected a 10 million pound British government loan, which was supposed to be used for developing an electric version of one of its existing models, says a media report.
Kotak Mahindra Bank has won a cybersquatting case at the World Intellectual Property Organisation (WIPO) against a South Korea-based person, who was using the name "Kotak" in an internet domain.
Before Uttam Kumar Reddy, Congress MLA from Huzurnagar (Telangana), left Hyderabad yesterday for Delhi to prepare himself for the all party meeting convened by Home Minister P Chidambaram on statehood for Telangana, he called upon the students who were agitating in Osmania University to hear what he already knew: laathi goli khayenge; Telangana le jayenge. Emotions ran high. The students asked: “those of you who are ready to be killed for a separate state, raise your hands” most of the 500,000-strong crowd raised its hands. “Those of you who are ready to kill for Telangana, raise your hands” was the next question. The same number of hands were raised again. Reddy heard the students and then boarded his Delhi-bound flight.
Originally, Andhra Pradesh was to be the recipient of the first unique identification (UID) number. However, political unrest in the state has taken its toll. Now, it appears that Nandan Nilekani’s project will be rolled out first in the state most ready for it — Karnataka. Pilot projects have already been done and the majority of Karanataka’s population will have UIDs by the end of 2011. The proactive state government has also set up an empowered committee on UIDs under the chief secretary. The state cabinet will, at its next meeting, decide who will be on the committee. The numbers will begin to be issued by February 2011.
Denouncing Pakistan"s "selective" approach on the fight against terrorism, Prime Minister Manmohan Singh has asked the world community to mount pressure on it to desist from such a behaviour and rein in those elements who continue to target India.
Thanks to the Congress party blinking in the face of K Chandrasekhar Rao’s fast and declaring that it would support the creation of a Telangana state, an unprecedented crisis has been created. As many as 130 MLAs in the state assembly have already resigned, and it is possible there will be a similar move among the MPs. Thanks to the Telangana move, there are already protests from Rayalseema supporters.
TRS today said it is confident that the UPA leadership will fulfill the announcement it made for the formation of a separate Telangana state despite vehement opposition from other regions of Andhra Pradesh over the issue.
Police have made elaborate arrangements to prevent any untoward incident in the light of the various students organisations and the Telangana Rashtra Samithi (TRS)’s proposed rally to the state Assembly on Thursday demanding separate statehood for the Telangana region.
Ranbaxy Laboratories, the domestic pharma major, has got the Good Manufacturing Practice certificate from the Ministry of Health and Labour Welfare - Japan for its non-sterile drug plant at Dewas in India.
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.
India"s largest mobile operator Bharti Airtel, which has over 110 million users, today was confident that it will lead the race in adding new users in the next five years by when there would be 1 billion mobile subscribers.
Andhra Pradesh Chief Minister K Rosaiah today briefed new Governor E S L Narasimhan about the prevailing political situation in the state.
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.
MLAs of Punjab’s ruling Akali Dal and Opposition Congress on Tuesday entered into a scuffle in the Assembly over the recent violence in Ludhiana. The scuffle started when Congress legislators moved towards deputy chief minister and home minister Sukhbir Singh Badal when he was replying to a call-attention motion on the state’s law and order situation.
World’s largest steel maker ArcelorMittal will sell its 28.6 per cent stake in Canada-based Wabush Mines for about $34.28 million.
Zee Entertainment Enterprises (ZEEL) today said its board has approved the share swap ratio for the merger of the company"s subsidiary ETC Networks with itself.
Atul Chaturvedi has taken over as the Secretary in the Ministry of Steel.
Rising prices, high production deficit led to better profits.
Indian entrepreneurs may get a shot in the arm with the Union government’s Department of Science and Technology (DST) trying to join hands with private venture capitalists (VCs).
Kerala, which relies on West Asian remittances for a quarter of its economy, plans to sell the nation’s first Islamic bonds next year to help pay for infrastructure projects.
The Punjab government today said it will set up a fund of Rs 150 crore to upgrade industrial infrastructure in a bid to give a boost to the state industry.
Strong brands, value for money strategy and focus on new markets and products will help Godrej Consumer sustain high growth rates.
Facing allegations of irregularities in spectrum allotment, Telecom Minister A Raja today hit out at the BJP saying free distribution of radio frequency among operators during the NDA regime may have cost the country over Rs 1.6 lakh crore.
Finance Minister Pranab Mukherjee is leaving for Saudi Arabia today to attend a meeting of the joint commission formed by the two countries to promote bilateral ties.
The government today said it may take a call on exiting from fiscal stimulus after reviewing the economic growth in the second and third quarters of this financial year.
After 20 years in the making, the Kaveri jet engine will finally take to the skies.
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.
Busness Standard / New Delhi May 28, 2009, 0:24 IST
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.
The Nuclear Power Corporation of India today said it has tied up funds for its Rs 33,000 crore nuclear power project in Maharashtra to be set up under the Indo-French civil nuclear cooperation.
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.
Competing with Vedanta Resources, Grupo Mexico has come up with a $1.6 billion reorganisation programme for regaining control of its bankrupt firm, Asarco.
It was another lacklustre day of trade. The markets oscillated between either side of the dotted line before ending virtually unchanged. The Sensex closed at 16,894,lower by 18 points and the Nifty ended flat at 5041. Realty and energy stocks were in the doldrums, while consumer durables and pharma stocks looked up.
With no clarity on availability of third-generation (3G) mobile spectrum, the government is considering, among others, restricting the number of private players to just two to avoid a situation where it would need to pay damages to operators.
Other banks to go ahead with plans, private players to wait for spreads to narrow.
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.
In a bid to attract more Indian students to the US, ten universities from the US have collaborated with IDP Education, a student placement service provider.
To double annual production capacity at Manesar plant
2,500 schools in first phase, another 2,500 to be added
Martin Feldstein / January 2, 2010, 0:55 IST
Food inflation, as measured by the Wholesale Price Index (WPI), rose to 19.83 per cent for the week ended December 19 primarily due to rising prices of potatoes, pulses and other vegetables. Food inflation stood at 18.65 per cent for the previous week ended December 12 and at 9.38 per cent during the corresponding period in 2008.
The ministry of environment and forests has drafted a comprehensive legislation encompassing all aspects of climate change that it plans to put in place post the climate change talks in Copenhagen scheduled from December 7-18.
The West Coast Paper Mills has recorded a net profit after tax of Rs 20.58 crore for the first quarter of the present financial year, against Rs 20.34 crore in the same period last financial year, an increase of 1.18 per cent. An expan-sion programme with outlay of Rs 1300 crores is in advanced stage of implementation, accor-ding to a press release from the company. Fibre Line will be commissioned in August and the Paper Machine is expected to be commiss-ioned in January 2010.
A suicide bomber today blew up his car outside the compound of the Indian Embassy in the Afghan capital killing at least 12 people and leaving 83 wounded, including three ITBP jawans, in a fiery blast that had all the hallmarks of Taliban.
Last decade’s unthinkables become this decade’s symbols.
Vallee de Vin, maker of the premium Zampa brand of wines, is looking at investing upto Rs 35 crore on expansion as well as verticalisation by offering a range of services centred around the core business of wine manufacturing. Ravi Jain, chief executive officer of the Sanjegaon, Nashik-based vineyard, said that the company has a horizon of upto three years to raise the amount.
Bengaluru International Airport today reported that passenger traffic would top 9.3 million in the calendar year 2009 with cargo handled during the 12 months estimated at 1,61,896 tons.
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”.
The government is to shortly consider the recommendation to sell three units of Burn Standard Company Ltd, an ailing public sector undertaking.
Intermediate trend bullish, short-term trend neutral.
After a lull of investments in the venture capital space last year, the US venture capitalists are optimistic about the future prospects of this segment in 2010 and said that India and China would attract a large chunk of these fund flows, a study said.
After the near-flat growth in the first two quarters quarters, the third-quarter earnings of the 30 Sensex companies are expected to increase by 20 per cent, indicate analysts from Angel Broking, IDFC-SSKI and Motilal Oswal.
India"s coffee exports have declined 14.28 per cent to 2.28 million bags in the first 10 months of the 2008-09 coffee year till July, even as the global shipments rose marginally in the same period, the International Coffee Organisation (ICO) said.
Stocks fell around the world, driving the MSCI Emerging Markets Index down the most in three weeks, and metals declined after China moved to curb lending. The yen dropped after Japan’s new finance minister said he would welcome a weaker currency.
Posco India has sought more time from the Centre for implementing the Rs 54,000-crore SEZ project at Jagatsinghpur in Orissa, as the South Korean steel giant could not get land due to protests by tribals.
Steel Minister Virbhadra Singh today said that the government has given the nod for divesting an additional 8.38 per cent stake in iron ore producer NMDC, a move which may fetch the exchequer over Rs 13,500 crore.
National Handloom Development Corporation (NHDC) is targetting a turnover of Rs 1,050 crore in the current fiscal. Last fiscal, NHDC had registered a turnover of over Rs 829 crore despite the economic slowdown in the national and international markets.
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
Rapid and volatile capital inflows or outflows could pose significant policy challenges, potentially leading to exchange rate overshooting, asset price volatility and financial instability, Reserve Bank of India (RBI) Deputy Governor Shyamala Gopinath said in Mumbai today.
Noting that there was no barrier that "we cannot overcome", Prime Minister Manmohan Singh today said India could compete with the best in the world given the country harness all the talent that exists.
In a major respite to its 94 lakh consumers in the state, Gujarat Urja Vikas Nigam Ltd (GUVNL) or the erstwhile Gujarat Electricity Board (GEB), is learnt to have kept its power tariff unchanged for the fiscal 2009-10. It may be mentioned here that private sector power distributor Torrent Power Ltd has already proposed 15 per cent hike in power tariff.
Digital imaging equipment maker Nikon plans to go "aggressive" with its marketing campaigns as it looks to take on rivals like Canon and Sony for brand visibility and gain better growth momentum in the country.
JSW Bengal Steel, the 10-million tonne steel project from the JSW Steel stable, is one of the few mega greenfield projects in the country — which would add 67 million tonnes in two years — to be sitting on 4,800 unencumbered acres.
Tata Steel would start work on its Kalinganar plant in Orissa from December. The company had 3,200 acres in possession but could not start work as 20 per cent of the project-affected persons were yet to be relocated, according to Managing Director H M Nerurkar.
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.
Amid rising hopes of global economic turnaround Indians have emerged as an optimistic lot than their Chinese counterparts when it comes to trust in business.
US has said "meaningful action" from India and China is necessary to make any substantial progress on climate change.
Secretary of State Hillary Clinton has set the pace for the Indo-US relationship during her recent visit to India and both the countries have to work hard to deepen the cooperation and build on it, the State Department has said.
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.
India is envisaging an investment of $150 billion from the private sector over the next few years to develop the much-needed infrastructure projects, a top Government official said today.
A week after the meeting between Prime Ministers of the two countries, External Affairs Minister S M Krishna and his Pakistani counterpart Shah Mahmood Qureshi came face-to-face at the ASEAN ministerial meeting here and exchanged greetings.
Planning Commission Deputy Chairman Montek Singh Ahluwalia today expressed confidence that in the years to come India could emerge as the fastest growing economy in the world, beating China as the nation has yet to achieve its full growth potential.
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.
Usha Martin Ltd has been issued 44,317 carbon credits for its Clean Development Mechanism projects by UN Framework Convention on Climate Change, data from the regulator showed today.
The Polo produced at the Volkswagen plant in Chakan in Maharashtra may be good enough for the Indian market, but made in India is not good enough for Volkswagen. At the Polo’s launch in the auto fair in the Capital, most things in the company’s stall, right down to the chairs, had been imported.
AV Rajwade / New Delhi December 28, 2009, 0:57 IST
Minister for Environment and Forests Jairam Ramesh’s ambitious plan to redesign the institutions of environmental governance has come up against serious resistance from environmental experts who say the concept does not address fundamental problems. Most have given it the thumbs down.
As a political backlash erupted in Andhra Pradesh over the decision to put Telangana on the backburner, the Centre was today said to be considering setting up a States Reorganisation Commission (SRC) amidst pressure mounted by pro-Telangana leaders.
Ten TDP MLAs today decided to resign in protest against the Centre"s decision that appeared to put the Telanagana issue on the backburner even as the main opposition party extended support to the two-day bandh called in the region.
The long-standing dispute over the finalization of the rate of private land for Essar Steel"s pelletisation project in Paradip has been finally resolved with the company authorities agreeing to pay Rs 19.1 lakh per acre to the land losers. This is the highest rate paid by any company for land acquisition in the state till date, sources said.
The Vedanta Aluminium Ltd (VAL), part of Vedanta Resources, has not violated any forest and environment norms at its alumina refinery and bauxite mining site in Kalahandi district of Orissa, according to a report of the state government.
Obama/Peace Prize: Ask a ten-year-old to make just one wish come true and almost invariably the child will hope for peace on earth. That’s wonderful – but not worthy of a Nobel Prize. The Norwegian Nobel Committee seems to think differently. It has awarded its prestigious Peace Prize to Barack Obama.
State-run BHEL today said it has bagged another Rs 640-crore order from Adhunik Power and Natural Resources for supplying equipment for the company"s thermal power project in Jharkhand.
AP Assembly adjourns till Monday in the wake of 117 legislators resigning over the Telangana issue.
Cash iron ore prices may fall to about $70 a tonne in the “near term” as China, the world’s biggest buyer, cuts purchases, said Rana Som, chairman of NMDC, India’s top producer of the steel making material.
Piramal Life Sciences, a research and development (R&D) arm of Piramal Group is investing Rs 200 crore in the next two year"s period for its ambitious programme to discover and develop new chemical entitities (NCEs) and Novel Drug Delivery Systems (NDDSs), a top company official said here.
Developing-nation stocks may rise 32 percent in the next 12 months as a faster-than-expected earnings recovery fuels a long-term bull market, Morgan Stanley said.
Mines Minister B K Handique today said the Rs 4,402-crore expansion project of the National Aluminium Corporation (Nalco) will be completed shortly.
The Government today said it has no plans to sell more stake in aluminum producer National Aluminum Company (Nalco).
The Madras High Court today ordered issuance of notice to Union Home Minister P Chidambaram on a petition from his AIADMK rival challenging his election from Sivaganga constituency in the May Lok Sabha elections.
Indian Oil Corporation Ltd (IOCL), which is setting up a 15 million tonne per annum refinery at Paradeep, has so far invested Rs 2200 crore in the project.
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.