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The first 600 Mw unit of Rajiv Gandhi Thermal Power Project at Khedar in Hissar district, which will supply power to Haryana, was synchronised with the grid today by Chief Minister of Haryana Bhupinder Singh Hooda.
The Sensex is trading at 17,398 - up 38 points.
Asian stocks rose for a second day as higher oil and metal prices boosted commodity producers and Shimamura Co’s profit buoyed the outlook for Japan’s retailers.
Prime Minister Manmohan Singh today met the members of the Planning Commission to take stock of the economy and directed them to complete the mid-term appraisal (MTA) of the 11th Plan (2007-12) by March.
As many as six out of every 10 private equity companies have either frozen salaries of employees or are mulling to do so in near future as investments take a hit amid lower returns, says a study.
Private equity firms are becoming cautious about making fresh investments in India with less funds flowing into this segment as institutional investors have become more sceptical in committing funds without thorough research, experts says.
Bharti AXA Life Insurance is targeting a five per cent market share by end-2012 and has charted out an aggressive road map for expansion, a top company official said.
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 penalty, which will be in the form of liquidated damages (LDs), are for delays since 2005, for which show-cause notices had been issued earlier.
As the Copenhagen Summit on Climate Change begins today, the Plan panel has said that it"s time discoms sourced a part of their needs from green energy producers, besides favouring energy efficiency norms for all household appliances.
After being awarded two exploratory coal blocks in Mozambique in March this year, state run Coal India Limited (CIL) has now stepped up its efforts to acquire overseas coal assets in Australia.
State-owned Steel Authority of India (SAIL) today said its Chairman Sushil Kumar Roongta has been appointed a member of the Executive Committee of the World Steel Association, which comprises of CEO"s of top global steel companies.
The country’s largest steel maker, Steel Authority of India Ltd (SAIL) today reported 14 per cent growth in its sales at over 3 million tonnes during the second quarter ended September 2009, over the year-ago period. “The company achieved record Q2 sales of over 3 million tonnes, registering growth of 14 per cent over the corresponding period last year,” SAIL said in a statement.
The stock touched a high of Rs 177 and finally settled with a 2% gain at Rs 175. The counter witnessed comparatively heafty trade volumes of 1.27 million shares on the BSE, as against the two-week daily average trade of 877,424 shares.
Retailers may be getting into 2010 with higher monthly sales, but they are not going to ease the cost-cutting measures implemented during the downturn anytime soon.
Bankers will next week make a strong pitch to the Reserve Bank of India (RBI) to maintain sufficient liquidity to meet the demand for funds from the corporate sector.
Sical Logistics, has reported a net profit of Rs 3.47 crore for the quarter ended September 30, 2009 as compared to Rs 1.59 crore,a year ago. Company"s total income rose to Rs 127.17 crore from Rs 123.08 crore, an increase of around three per cent.
The Asian markets pared some of their gains but managed to end positive.
Indian Institute of Management Kozhikode (IIM-K), the first of the IIMs to conclude summer placements this year, saw a little over Rs 1 lakh as the highest stipend offered.
Balrampur Chini Mills slipped to a low of Rs 112 and finally ended with a loss of 2.8% at Rs 113. Around 728,964 shares were traded on the BSE today.
Private equity firm TPG India Investments" open offer for a 20 per cent stake in Shriram City Union Finance would begin on August 27.
The Sensex today opened 55 points lower at 15,574 mirroring weak global vibes. The index slipped to a low of 15,423, down 206 points from the previous close.
Himachal Pradesh has had the coldest and driest December in the last 15 years, claims the weatherman.
Barely a week ahead of the UN meet on climate change in Copenhagen, India today made it clear that there will be no compromise on its position on carbon emission cuts and will preserve its economic interest at all cost.
Google is adding World Bank figures to Internet results in a bid to make hard facts about countries worldwide easier to find.
With global aviation bodies like International Air Transport Association pressing for reduction of carbon emissions in the sector, some major airlines have carried out test flights using biofuel and alternative fuel, which are cleaner.
Business Standard / New Delhi November 02, 2009, 0:19 IST
One of the shareholders of Bank of America (BofA) has opposed the firm"s idea to zero in on an insider to replace its outgoing CEO Kenneth D Lewis and has described the current management team as "tainted and not credible".
The fall in steel prices in the wake of global economic meltdown has consigned many balance sheets of groups taking the metal in the red. The drop in demand in the final quarter of 2008 was so steep and steel product prices turned so uneconomic, particularly for high cost mills in western countries, that the industry in many regions was forced to switch off half the capacity.
The probe into the Rs 14,000-crore Satyam fraud, clean chit to Italian businessman Ottavio Quattrocchi in the Bofors payoff scam and a number of high- profile cases kept the country"s premier investigating agency busy in 2009.
Infrastructure player C&C Constructions today said it has cleared the technical qualification round for building several highway projects worth around Rs 20,000 crore in the country.
There is generally little to recommend on government publications except for those that have some useful data. Not that there will not be exceptions. A new brochure from the steel ministry will find favour for offering an unambiguous roadmap for the industry’s future, along with neatly arranged data.
The cost at which home loan major HDFC is borrowing Rs 4,000 crore — 7.15 per cent for two years and 7.85 per cent for three years — is very reasonable. The money will come in handy for the company to subscribe to warrants of HDFC Bank for an estimated amount of Rs 3,600 crore. The qualified institutional buyers (QIBs) who have bought the non-convertible debentures (NCDs) are also entitled to warrants, which can be converted into shares within three years at Rs 3,265 per share.
The US Food and Drug Administration (FDA) has directed Glenmark"s US arm, Glenmark Generics Inc, and three other manufacturers to stop the marketing of unapproved codeine sulphate tablets in the US market. The drug is an old narcotics product widely used to treat pain.
Assocham President Swati Piramal had an interesting new year’s gift for Assocham — a “cool the earth” perfume in a bottle shaped like Assocham’s mascot for the year, a penguin called Gro. A penguin, the letter accompanying her present says, since its home will be the first to be hit by global warming.
Against the backdrop of India"s insistence that it would not accept any legally binding emission reductions, a top US Senator has said the Obama Administration needed to build a “flexible” climate partnership with New Delhi to address the issue of global warming.
Sectors with export focus account for a majority of downgrades.
The Sensex is now flat at 16,880, down 13 points.
The markets continue to languish in red. The Sensex is now at 16,835, down 60 points.
The Sensex has slipped once again into the red and is now down 70 points at 16,780. The Nifty is down 33 points at 4,971.
The Asian markets have closed negative. The Hang Seng slipped 136 points to 21,479 and the Nikkei dropped 127 points or 1% to 9,717.
The Sensex after displaying volatility for sometime has soared higher. The index is now at 16,863, up 167 points.
Sensex ends up 35pts
- Watch out for UN-listed terror funding entities: Sebi to markets - SEBI has greater powers than US SEC - Employee output may fall, stress levels to rise: Brokers - Sebi okays longer trading hours - Satyam case: PW opts for consent proceedings - FIIs net sell Rs 479cr, DIIs net buy Rs 173cr
The Foreign Institutional Investors (FIIs) were net buyers of Rs 347.87 crore in futures and options segments on Monday.
Commerce ministry recommends extending industrial package till 2013.
Private equity: The private equity industry was challenged in 2009. Deal flow remained slow, portfolio companies struggled and investors in buyout funds scrambled to meet their cash commitments. Rebounding bond and equity markets helped some firms in the second half. But the rally was too late for others. As the industry enters a new decade, expect the divide between the sheep and goats of the buyout world to widen.
The Foreign Institutional Investors (FIIs) were net sellers of Rs 297.99 crore in futures and options segments on Friday.
US markets slipped at the end of the week as worries about the economic recovery loomed once again.
Pollution control equipment maker Thermax today said it has bagged an order worth Rs 477.77 crore from an Orissa-based company for construction of a captive power plant.
Energy major Reliance Industries today said that Production Sharing Contracts (PSCs), like the one it had signed for KG-D6 fields with the government, should not be tampered with by anyone.
Though the Nifty closed slightly below 5,000 today, the trading volume in the put and call options suggests that bulls will find it difficult to hold on to this level.
Anil Ambani-led Reliance Natural Resources (RNRL) today alleged in the Supreme Court that Mukesh Ambani Group Reliance Industries (RIL) played a "fraud" by coming out with a complex formula on gas pricing to artificially enhance its rate.
The Orissa government has sought Rs 5,000 crore grant from the Thirteenth Finance Commission (TFC) to upgrade its power infrastructure.
Kingfisher Airlines is planning to raise around $600 million worth of funds in the current financial year to pay off its debt and strengthen its bottom line, in the backdrop of a turbulent time for the country’s aviation industry.
The markets have moved further into the positive in the past one hour, thanks to gains in oil, PSU and metal stocks. The Sensex is quoting at 17,254, up 123 points, and the Nifty has surpassed the 5,100 mark to quote at 5,124, up 33 points.
Punjab National Bank will bring all the rural branches under Core Banking Solution (CBS) platform by the end of this financial year.
Business Standard / New Delhi December 21, 2009, 0:38 IST
Snapping its two-day losing string, the Bombay Stock Exchange (BSE) Sensex today surged over 240 points on the back of a good show by European markets and realty and metal stocks.
The government has written to telecom operators, Bharti Airtel, Idea Cellular, Vodafone and Tata Teleservices, asking them to be punctual in sharing information with special auditors looking into revenue leakage.
Finance Minister Pranab Mukherjee today said neither the government nor the Reserve Bank of India (RBI) has given any directive to state-owned banks for merger or consolidation.
Bandhs and protests over the Centre"s move to create a separate Telangana state continued for the second day today, affecting normal life in coastal Andhra and Rayalseema regions of Andhra Pradesh.
Hindustan Aeronautics Limited (HAL), the Bangalore-based firm which operates under the Ministry of Defence, has signed an agreement with Boeing to work together with the US plane maker for the production of flaperons for the Boeing’s 777 series commercial jetliner.
Shobhana Subramanian / Mumbai November 6, 2009, 0:43 IST
The Foreign Institutional Investors (FIIs) were net buyers of Rs 647.45 crore in futures and options segments on Friday.
FMCG player GlaxoSmithKline Consumer Healthcare is betting big on the toddlers" biscuit category with its newly-launched Junior Horlicks Biscuits range and plans to make it a Rs 50 crore brand in the next 3-4 years. The company is also looking at rolling out the range across the country.
Aiming to maintain a growth rate of around 18-22 per cent, FMCG firm GlaxoSmithKline will this year introduce around 10-12 products, including some from the international portfolio of its parent company.
State gas utility GAIL India Ltd plans to raise around Rs 2,000 crore during the current fiscal to part fund its expansion plans.
The government is examining the economic climate for divesting its stake in state-run Shipping Corporation of India (SCI).
Sun Pharma touched a high of Rs 1,459 and finally ended at Rs 1,436, up 2% from the previous close. The counter clocked volumes of 234,664 shares on the NSE today.
Aurobindo Pharma, a Hyderabad-based manufacturer of generic pharmaceuticals and active pharmaceutical ingredients (APIs), has received final approval for Zidovudine tablets in 60mg strength and tentative approval for Lamivudine tablets in 30mg – indicated for the treatment of HIV-I infection in combination with other anti-retrovirals (ARVs) – from the US Food and Drug Administration (USFDA).
Bangalore-based Life sciences firm ReaMetrix today said it is looking for strategic tie-ups with global players for marketing and distribution of its new product, used for diagnosing HIV.
That the market for jobs has improved is fairly well known by now. What is perhaps not so well known is that the improvement has been good enough for headhunters (they like to call themselves executive search firms) to get back in business. Some of them say business has rebounded to the pre-crash levels of 2008. Most of them are hiring at senior levels — people who can get business. Korn/Ferry has restored salary cuts for all partners. EMA Partners is in the process of opening an office in Hong Kong.
Ranibai Rajaram Chhabria, the mother of the late Manohar Rajaram ‘Manu’ Chhabria, has challenged in court the merger of Shaw Wallace with Vijay Mallya’s United Spirits, the Press Trust of India reported a few days ago. She has claimed that her son died intestate seven years ago and under Hindu Law she is entitled to a fifth of his estate, it said.
The Rs 40,000-crore drug export industry is restive after the decision of the Drugs Controller General of India (DCGI) to centralise all export clearances.
Hardy Oil to abandon well in D9 block in Krishna-Godavari basin.
Pushes oil and gas to second and IT to third place.
Promoters of around 200 large- and mid-cap companies have sold parts of their holdings to raise a combined Rs 50,000 crore in the second quarter of this financial year (July-September), according to the shareholding pattern filed by these companies with stock exchanges.
The September 2009 quarter results of leading IT players suggest that the global telecom industry is not out of the woods. Indicatively, Infosys and TCS‘ telecom segments’ share in overall revenues posted a decline of 60-70 bps sequentially — even on an absolute basis, their telecom-vertical revenues were lower sequentially. Given the muted outlook for the telecom sector, the topline and operating performance of Tech Mahindra, which derives 60 per cent from Europe and about 50 per cent from its major client, British Telecom (BT), is reasonably good.
If last year was bad for Aditya Birla Minacs, as it was for most companies hit by the global recession, this one is very different.
FMCG group Dabur, manufacturer of mosquito repellent Odomos, has challenged a Delhi High Court order dismissing its plea to restrain the advertisement of its rival brand Good Knight.
CM asks APIIC to form a special purpose vehicle
The benchmark prime lending rate (BPLR) is set to give way to a new loan pricing regime. Called Base Rate by a committee of the Reserve Bank of India (RBI), it will represent the bare minimum rate below which it will not be viable for banks to lend.
Pipe manufacturer Welspun Gujarat Stahl Rohren today said it has raised $250 million (over Rs 1,100 crore) by way of institutional placement of shares and bonds issue.
State-run Oil and Natural Gas Corp (ONGC) has hired an ultra deep-sea drill rig from Reliance Industries for four years at close to Rs 3,915 crore.
A K Bhattacharya / New Delhi December 30, 2009, 0:02 IST
Business Standard / New Delhi October 12, 2009, 0:07 IST
Reliance Industries has threatened to stop oil and gas exploration if it is not granted the promised drilling moratorium to cover for the acute shortage of rigs.
Reliance Industries (RIL) raised Rs 500 crore on Tuesday for working capital through short-term finance.
The government has not let Reliance Industries off the hook for signing a private MoU with a firm run by the Anil Ambani Group to divide entire gas volumes from KG basin fields, thus holding industrial development to ransom, the petroleum ministry said today.
Much ink has been spilt and will continue to be on who is to get the supply of natural gas from Reliance Industries’ (RIL’s) stupendous D6 find in the Krishna-Godavari basin.
Mukesh Ambani-promoted Reliance Petroleum (RPL) today reported a net profit of Rs 105 crore for the first quarter ended June 30, 2009.
The Sensex has extended gains and touched a high of 17,554 - up 90 points. The Nifty is up 30 points at 5,231.
Inflation, a number of large issues and high valuations may weigh on indices; Sensex expected to trade at a historical average P/E of 15 on FY11 earnings.
Over eight years ago, engineering and construction major Larsen and Toubro (L&T) decided to join hands with the Shailesh J Mehta School of Management at the Indian Institute of Technology (IIT) Bombay. The purpose was designing a programme in project management to bridge the human resource (HR) gap in the industry.
The cabin crew of Alliance Airlines will not be terminated though its Boeing aircraft will be used as freighters, Civil Aviation Minister Praful Patel informed Rajya Sabha today.
Apparel maker Arvind Brands is planning to expand its offerings by introducing more international brands this year, besides ramping up its retail presence across the country.
The young ruled in the Indian cyberspace in 2009 with Rahul Gandhi emerging as the most popular politician and Bollywood star Katrina Kaif the most popular celebrity, according to a Google India survey.
Surinder Sud / New Delhi October 20, 2009, 0:54 IST
HINDUSTAN UNILEVER
Uncertainties in the government"s proposed Direct Tax Code (DTC) may affect the foreign fund flows into the Indian market and these need to be resolved in time, a top industry official said.
The scrip zoomed to a high of Rs 94 and finally ended at Rs 93, up 2.5% from the previous close. The counter clocked volumes of 30.16 million shares on the BSE as compared to the two-week daily average traded volume of 14.87 million shares .
Government today said the Delhi and Mumbai airports achieved service quality ratings of 4.24 and 4.05 respectively on a scale of five in third quarter of the current fiscal and were aiming at reaching 3.75 at the end of stage II of their development.
Earlier, CBI had written to the govt, requesting a special court to ensure speedy trial.
Union Minister for Corporate Affairs Salman Khurshid has asked the industry to propose a corporate social responsibility (CSR) system that rewards the industry.
The Sensex has ended (provisional) at 17,696 - up 10 points. The Nifty ended (provisional) at 5,282 - up for points.
FMCG major Dabur, which owns the ‘Hajmola’ brand of digestive tablets, is unable to digest another pill by almost the same name — ‘Pachmola’.
Financial services firm India Infoline today said it plans to begin mutual funds operations in the first quarter of the next fiscal, after securing final approval from capital market regulator Sebi.
It bid adieu over a week later than normal.
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The audit of the grant of telecom licences and allocation of 2G and 3G spectrum by the Comptroller and Auditor General of India (CAG) has taken an interesting turn, with the Department of Telecommunications (DoT) asking CAG to directly communicate with the CBI, as the required documents have already been seized by the investigation agency.
Godrej Consumer Products Ltd, India’s second-biggest soap maker, may acquire some of Sara Lee Corp’s international businesses, including the US company’s stake in its Indian joint venture.
May challenge Kraft’s offer and a potential move by Hershey.
Rajesh Bhayani / Mumbai December 24, 2009, 0:12 IST
With strong pricing power in cigarettes segment, revival in hotel prospects as tourism picks up and a healthy other business growth estimates ITC is in a sweet spot right now.
Consequent to the sharp run up in markets in 2009, investors will have to be careful in picking stocks while lowering their return expectations
Traders hedged against fall to 4,500.
HCL Infosystems has seen its profit fall 10.77 per cent. The company has reported a profit of Rs 58.97 crore in the second quarter this financial year as compared to Rs 66.09 crore in the corresponding quarter last financial year.
Accounting regulator ICAI today said it has asked Reliance Communications (RCom), which is under attack for alleged fudging of accounts and evasion of licence fee, to provide financial details before it can initiate action against the teleco"s auditors.
With its micro finance portfolio expected to cross Rs 500 crore, Ahmedabad-based non-profit organisation Friends of Women’s World Banking (FWWB) is floating an NBFC, Ananya Finance for Inclusive Growth (AFIG). The NGO, promoted by Self Employed Women’s Association (Sewa) Bank, expects to receive the Reserve Bank of India (RBI)’s approval soon for the new entity.
Delhi Chief Minister Sheila Dikshit today said security during the Commonwealth Games in October 2010 will be a matter of "grave concern" for her administration.
Sanjeev Sanyal / July 15, 2009, 0:41 IST
The government today admitted that there was "rampant" killing of tigers in the country and said the big cats have became locally extinct in Sariska and Panna Reserves mainly due to poaching.
Devika Banerji / New Delhi November 11, 2009, 0:33 IST
In a week marked by high volatility, markets corrected sharply only to bounce back with greater strength. Last week, it was mentioned that the markets might stage a July-like recovery amid high volatility. Although, markets have bounced back sharply, chances of a full recovery look remote currently. Going forward, one needs to watch the 15,530-15,640 zone for the Sensex as crucial for the current upmove to remain intact. As and when it comes below this level, the index is likely to test its long-term support of 14,800.
The tri-nation cricket tournament in Colombo, involving India, Sri Lanka and New Zealand, ended a few days back. But for brand Compaq, it’s the start of a new innings – something it wants to repeat every year.
This week’s trade mini-Ministerial in Delhi is mainly about the US, observes Suman Bery
Bank of Baroda (BoB) has launched an initiative to facilitate two-way flow of investments between India and the UAE, a senior bank official has said.
Raw materials may return more than financial assets for the first time in three years as the global economy rebounds, according to Bloomberg surveys and 2009’s most accurate commodity forecasters.
The decline is Rs 21,186 crore from the fortnight ended July 3
Business Standard / Mumbai October 31, 2009, 0:51 IST
The Department of Telecommunications (DoT) wants operators to make their network accessible to Lawful Interception and Monitoring (LIM) for the security agencies after they switch to mobile number portability (MNP) mechanism next month-end. DoT is likely to issue directives soon to all the telecom licencees on putting the subscribers under the LIM even before MNP is activated in the system.
High-value post-paid subscribers are more likely to use number portability in India where the market is dominated by pre-paid subscribers who look for the cheapest service.
Business Standard / New Delhi December 17, 2009, 0:56 IST
Soft drinks and snacks major PepsiCo India today said it may use Stevia as an alternative sweetener if the Government permits it do so.