Public Relations
The Centre today urged the states to import foodgrains through their PSUs to support the public distribution system (PDS) and promised to look into subsidies for such imports.
BS Reporter / Mumbai November 16, 2009, 15:31 IST
The sugar industry is likely to post robust profit in the financial year ending September 2010 on the back of an expected decline in production in the current sugar cycle (October 2009-September 2010).
General Motors today said Chris Liddell, Microsoft Corp"s outgoing finance chief, has been appointed as the vice-chairman and chief financial officer of the auto giant.
Marked by a strong bonding between their Prime Ministers, Indo-UK ties witnessed an upswing in 2009, especially in fields like education, IT and trade, with President Pratibha Patil"s October visit here proving to be icing on the cake as it helped cement the bilateral relations.
Tata Motors, India’s largest auto manufacturer, will shut down manufacturing operations at its Pune’s commercial vehicle (CV) unit for three days.
The Ministry of Finance is in favour of scrapping the practice of issuing oil bonds to government-owned oil marketing companies (OMCs).
With the BJP now negotiating with Shibu Soren to form a government in Jharkhand, with Soren as the chief minister, one wonders what happens to all the statements the party made in Parliament and outside it about Soren.
Global information and media house Nielsen today said it has appointed Shubhranshu Das as the Regional Head for its Global Financial Services Practice group in South Asia.
*Name the person and the name he gave to the theoretical proto-hypertext computer system he proposed in 1945. This has been referred to as the vision behind search engines.
The premium brand banks on them to boost market share. Till a few months back, Hindustan Unilever was banking on renowned Indian hair stylists to co-create Sunsilk, its premium shampoo brand. The fast-moving consumer goods major has now set its sights higher and has just requisitioned the services of seven global hair experts to give consumers salon-quality products.
The Airports Authority of India (AAI) raised Rs 380 crore till September this year through short loans for funding various development projects but the borrowings will not lead to increase in passenger fares, the Rajya Sabha was informed today.
The government would infuse additional equity into ailing Air India provided it saves at least Rs 2,000 crore this financial year by implementing cost-cutting measures, Civil Aviation Minister Praful Patel said today.
Sensex ends up 35pts
Brokerage firm Kotak Securities today tied up with Denmark-based Saxo Capital Markets to launch a trading platform that provides real-time access to equities across 24 stock exchanges.
The Indian cinema has witnessed some key changes over the decade. The surge of multiplexes and digital screens, changing methods of distribution & promotion of films and rising actor remuneration — all have redefined the business of Bollywood in India.
The proceeds from selling treasury stock will add to RIL’s cash and help its big acquisition plans.
India Infoline has posted a consolidated net profit of Rs 58.02 crore for the quarter ended September 30, 2009 as compared to Rs 40.21 crore for the quarter ended September 30, 2008.
To raise funds from market for upgrade of airports
Motilal Oswal Financial Services reported a 74 per cent year-on-year growth in net profit to Rs 47.2 crore for the quarter ended September 30, 2009.
The shares of the engineering and construction major Gammon India, which plunged 16.11 per cent in the morning trade, closed with an over 6 per cent decline on the Bombay Stock Exchange, as investors dumped its shares after one of the bridges it was constructing in Kota, Rajasthan collapsed last Thursday.
A majority of large private equity (PE) players are gearing up to raise fresh funds for investing in the infrastructure sector. According to a survey of the leading PE firms conducted by management consultancy Ernst & Young and industry body Asscoham, 84 per cent of the PE firms said that they found the present environment conducive to raise infrastructure-focused funds.
Market volatility has hit equity schemes of domestic mutual funds. The category has seen the highest monthly redemption so far in the current financial year in October, with net outflow crossing Rs 2,100 crore.
Trading in The New York Stock Exchange (NYSE) surged to a record 3.15 billion shares as derivatives expiration and changes in the Standard & Poor’s 500 Index lifted volume to more than double this year’s average.
Abu Dhabi banks: Abu Dhabi’s banks are in an odd position. They look more exposed to the real problem areas in neighbouring Dubai than most western banks. But they have a better trump card.
To announce ‘anchor’ person for the fund ‘at the right time’
Poor economy should not be an excuse for laying off people especially in recession when it becomes inevitable for the corporate world, Infosys mentor N R Narayana Murthy said here today.
Infosys plans to reduce the usage of sub-contractors and do its work in-house, especially at cheaper offshore locations, the IT company"s Chief Mentor N R Narayana Murthy said today.
Excellent risk-reward ratios due to expiry effect
Axis Asset Management Company (Axis AMC), a wholly-owned subsidiary of Axis Bank, today announced that it has received the final regulatory approval from the Securities & Exchange Board of India (Sebi) to launch its mutual fund business in the country.
Extending gains for the third straight day, the Sensex rose 129.50 points to touch a new 2009-high of 17,360.61, backed by strong liquidity and hopes of firm economic and corporate growth.
The Finance Minister, Pranab Mukherjee, today said the economy could grow by 7.5 to 8 per cent during the current financial year, though price rise and fiscal consolidation remained areas of concern.
HSBC Holdings Chairman Stephen Green said proposals to separate retail and investment banking are “unrealistic” and will slow economic growth because larger firms are needed to finance big companies.
The RBI governor’s statement that capital inflows are manageable perked up investor sentiments. FIIs bought stocks worth Rs 400 crore in the first four trading sessions. However, rising food inflation curbed gains. BSE Sensex rose marginally by 17 points or 0.1 per cent to 17,119, while Nifty rose 8.4 points or 0.2 per cent to 5,117.
The Forward Markets Commission (FMC), the commodity futures markets regulator, has warned exchange members not to accept trade request from clients whose account witnessed no trade since the past six months.
With turnaround in exports, the finance ministry is likely to withdraw a string of fiscal stimulus given to exporters to fill in the "budgetary hole", commerce secretary Rahul Khullar said today.
ArcelorMittal is the only other bidder for the state-run company.
T N Ninan / New Delhi August 22, 2009, 0:58 IST
“What experience and history teach us is this—that people and governments never have learnt anything from history, or acted on principles deduced from it.”
Private sector Dhanalakshmi Bank has kickstarted a Mini Dairy Funding project in the backward Idukki district of Kerala and has plans to start a similar project in Tamil Nadu in two weeks time.
A day after the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) decided to postpone the extended trading time to January 4, brokers said they were appalled by the one-upmanship and lack of coordination between the exchange authorities.
The Orissa government is mulling a special package for the sugarcane growers to encourage cultivation of the crop in the state,
Since yearends and beginnings are about reflections and resolutions, here are some from yours truly. In 2000, I was an assistant editor at Businessworld magazine, writing and editing whatever came my way — management, media, Internet, technology. A stint in Cambridge researching copyrights in digital music, at the height of the Napster era, helped me decide to specialise in media and entertainment (M&E) writing. Now in the tenth year of making my bread and butter from this business, it makes sense to revisit the reasons I chose this industry.
Private sector-lender, Dhanalakshmi bank today said that it has reduced its interest rate on deposits across various slabs.
The National Bank for Agriculture and Rural Development (Nabard), has extended its financing scheme through Joint Liability Groups (JLGs ) to the non-farm sector, to cover the micro entrepreneurs and artisans among others. The scheme was earlier available to small and marginal farmers and tenant farmers and small farmers cultivating land without possessing proper title of their land.
The National Bank for Agriculture and Rural Development (Nabard), which recently increased the corpus of its Tribal Development Fund (TDF) to Rs 600 crore, has launched six projects for the integrated development of tribals in Karnataka.
Despite a lukewarm year on the box office, UTV Motion Pictures (UMP) has managed to hold ground by reducing content acquisition costs, widening distribution in international markets and milking satellite & DTH rights to the fullest.
Owing to the weak global economy, Royal Dutch Shell reported a sharp drop in third-quarter earnings and production on Thursday and said it would downsize by 5,000 jobs.
The National Bank for Agriculture and Rural Development (NABARD) has sanctioned a loan of Rs. 2.14 crore to the state government for implementation of a drinking water scheme at Lingdok Bazaar in East Sikkim, an official release said today.
Hershey: Hershey is smaller and brings less to the table than Kraft Foods in a potential takeover battle for Cadbury. But the U.S. chocolate and gum maker may have one distinct advantage in the battle for the UK confectioner: a potentially irrational owner.
The West Bengal government has earmarked 30,000 acres for industrial projects (around 7,000 acres has been allocated, the rest is at different stages of acquisition), but even as it faces one of the most violent battles for land rights, figures for displacement or project-affected persons are yet to be aggregated.
The qualifying bids for three Ultra Mega Power Projects (UMPPs) in Orissa, Chhattisgarh and Tamil Nadu would be invited by the end of the current fiscal, a senior government official said today.
Kraft Foods Inc today proposed a 10.2 billion pounds ($16.7 billion) takeover of Cadbury PLC, but said the offer was immediately rejected by the British maker of chocolate, gum and candy.
Sachin Tendulkar could be the face of the Brihanmumbai Municipal Corporation’s (BMC) forthcoming campaign on water. If everything falls in place, the star cricketer will be seen endorsing the cause of water conservation — a pressing issue in the city which requires upto 4,550 million litres per day shortly.
The market watchdog Sebi today said intermediaries who undertake investor education programmes must make the pitfalls of investment clear.
In a twin decision on its global operations involving about Rs 27,000-crore investment, the state-owned aluminium major Nalco has shelved its proposed project in South Africa, and has put on hold the one in Iran.
Banking behemoth Citigroup has posted profits of $101 million for the third quarter, even as the partially US government-owned entity saw its credit losses remain at high levels.
Auto company Mahindra & Mahindra (M&M) today reported 32.11 per cent growth in domestic sales of its utility vehicles in October at 18,410 units.
Mercedes-Benz Japan Co, an arm of Daimler AG of Germany, released the S-Class hybrid sedan today, becoming the first foreign automaker to roll out an electric-gasoline model in the Japanese market.
Mercedes-Benz India, which launched its special edition C-Class in Ahmedabad through Benchmark Motors, expects the model to form 60 per cent of its total sales in Gujarat. Currently, the car maker sells around 12-14 cars in the state per month.
Precision Cars, the official importer of Porsche in the country, is planning to increase its dealer network from the current two to six during the next year, a top company official said.
Competes with Mercedes, BMW, Porsche, Audi and Accura
The Sensex after touching a low of 17,028, has recovered a bit and is now down 100 points at 17,080.
The scrip soared to a high of Rs 1,244 and finally settled at Rs 1,228, up 2.5% from its previous close. The counter clocked 88,709 shares as comapred to the two -week daily average traded volumes of 115,510 shares on the BSE.
Manufacturing and marketing of portable gensets firm, Honda Siel Power Products today said it has appointed BSR & Company an Indian associate of KPMG, as statutory auditors of the company.
To shore up its capital adequacy and also to fuel its growth, private sector Yes Bank plans to raise $150-200 million before the end of the current fiscal, a senior official said today.
Sterlite Industries India, a Vedanta Group firm, today said it is planning to raise funds through the issue of securities under Qualified Institutional Placement (QIP) route.
India Inc"s fund raising spree have dried up in the first six months of this year with just Rs 10,000 crore mopped up, down 73 per cent over the year-ago period.
Kumbakonam-based City Union Bank (CUB) is planning to raise Rs 300 crore through the qualified institutional placement (QIP) route.
Finance Ministers of the world"s 20 most powerful countries in their two-day meet starting today are slated to discuss reforms to tackle black money and money laundering.
The Organisation for Economic Co-operation and Development (OECD) today said the global economy is likely to witness an early recovery than expected before.
After months of hampered operations, there is now an official assurance that the floundering Haldia Dock Complex (HDC), West Bengal"s only facility capable of handing large vessels, will have a new navigational channel by the first half of next year.
Development Credit Bank (DCB) today said it will raise funds up to Rs 100 crore by way of private placement of shares with potential buyers.
United Spirits Ltd (USL), owned by Vijay Mallya-controlled UB Group, is set to become the world’s second-largest spirits firm by volumes, dislodging Paris-headquartered Pernod Ricard.
In what could be termed as a victory for home grown FMCG player Emami, the Kolkata Civil Court has restrained Hindustan Unilever (HUL) from running a campaign using the word "Boro" in its advertisement for Vaseline.
Kanpur’s oldest Elgin textile mill is set for revival after reopening of JK Mills last November.
The Orissa government will introduce the e-filing of returns and e-challan for the dealers in the state starting from 1 January, 2010. The finance minister Prafulla Chandra Ghadai has approved a proposal in this regard. Initially, this will be launched as a pilot project using the portal of the State Bank of India (SBI) and the system is proposed to be expanded to all the areas of the state later, Ghadai told the media.
IT and ITeS being a knowledge industry does not discriminate in recruiting employees and the hiring is done on the basis of merit and competency, the Government today said in the Rajya Sabha.
A V Rajwade / New Delhi November 2, 2009, 0:32 IST
Brazil"s Petrobras has decided to quit Oil and Natural Gas Corp"s (ONGC) prolific gas discovery block in the Krishna Godavari basin, a vacancy that Royal Dutch/Shell and BP Plc are keen to fill-in.
US President Barack Obama has appointed Indian American Arun Majumdar as in-charge of advanced research in the field of energy, one of the key posts in his administration.
UK-based Barclays today said it would increase workforce in merchant banking segment across Asia by 10 per cent during 2010.
Investments worth Rs 700,000 crore will get commissioned in 2010-11, 55 per cent more than those in the current year.
Domestic crude oil production in India declined by 1.2 per cent in HI of the current fiscal from the same period a year ago due to fall in output by oil exploration and production major-- ONGC, an economic think-tank said in its report.
The Reserve Bank of India (RBI) has directed regional rural banks (RRBs) to keep a watch on transactions of customers with countries like Pakistan and Iran since concerns have been raised about the rules there in combating terror funding.
Cigarette to hotel major ITC today said it is open to demerger of its business verticals into separate entities if needed as they grow in size.
India Infrastructure Finance Company (IIFCL) will sign a loan agreement of $700 million with the Asian Development Bank (ADB) next month, a top company official said here today.
The country"s largest public sector lender State Bank of India today launched a slew of measures for farm loan borrowers, including interest rate reductions on irrigation and crop loans, to support drought-hit farmers.
Public sector lenders, Bank of Baroda (BOB), Indian Overseas Bank (IOB) and Andhra Bank have signed a joint venture agreement for setting up India BIA Bank (Malaysia) Bhd, a banking subsidiary in Malaysia.
State-run lender Andhra Bank today said its net profit rose by 69.58 per cent to Rs 273.97 crore for the second quarter ended September 30, 2009, over the same period last year.
Dewan Hosing Finance Limited (DHFL) reported 69.96 per cent increase in its net profit at Rs 37.51 crore for the quarter ended September 30, 2009 as compared Rs 22.7 crore in the corresponding quarter last year.
The MCX Stock Exchange (MCX-SX), which is still some distance away from launching trade in equities, has already drawn up a strategy to lower costs significantly to take on established players.
The Supreme Court today issued notices to Reliance Gas Transportation and Infrastructure Ltd, and the Ministry of Petroleum and Natural Gas on the appeals moved by more than 50 land owners of Surat, alleging that the Mukesh Ambani-led company had not paid them adequate compensation for acquisition. Their land will be used for laying pipelines to transport gas from the Krishna-Godavari basin to Gujarat.
Allahabad Bank Chairman and Managing Director K R Kamath has been appointed as the chief of the country"s second largest public sector lender, Punjab National Bank (PNB).
Swiss banking firm UBS AG today said it has appointed Robert J McCann as the Chief Executive Officer of UBS Wealth Management Americas and member of the Group executive board.
In a surprise move, state-run telecom firm Bharat Sanchar Nigam (BSNL) has cancelled the equipment purchase order given to Chinese company Huawei saying the conditions imposed by the vendor are not acceptable, leaving the fate of Rs 32,000-crore capacity addition programme in limbo.
Corpus may touch $500 mn if infrastructure included
With the festive season of Diwali round the corner, Surat-based textile traders are facing the cash crunch again. Traders are facing a tough time dealing with a reduced credit limit of mere 30 days as against over 120 days couple of months ago.
The country’s largest gold jewellery manufacturer and exporter, Bangalore-based Rajesh Exports, has posted 46.43 per cent decline in net profit during the first quarter of the current fiscal on substantial increase in investment in raw material procurement.
Vijay Mallya-led Kingfisher Airlines has posted a loss of Rs 242.71 crore in the first quarter of fiscal 2009-10, as against a loss of Rs 157.87 crore reported during the same period in the previous fiscal.
Wells Fargo & Co, seeking to wipe away the tarnish of US government bailout funds, kept pace with rival banks by announcing a $10.4 billion share sale to help repay the Troubled Asset Relief Program. The San Francisco-based bank plans to return all of the $25 billion that taxpayers invested last year, according to a company statement issued on Monday.
Shyamal Majumdar / Mumbai January 07, 2010, 0:37 IST
Although Smart Portfolios kicked off on September 1, 2009, it feels good to end the calendar year on a cheerful note. The net returns in the second season are at the highest point currently. The benchmark S&P CNX 500 portfolio value has appreciated by 12.73 per cent to Rs 11.27 lakh as against its starting corpus of Rs 10 lakh. Ajay Parmar and Amar Ambani continue to outperform the benchmark with a wide margin. While the former"s return has zoomed 20.46 per cent, the latter"s portfolio value has soared nearly 19 per cent. Phani Sekhar has reported gains of 6.72 per cent so far, and Praveen Panjwani"s net worth is up by 6.3 per cent.
Education solutions provider Edserv Softsystems today said it has received approval from its shareholders to raise funds through various options, including issuing securities of up to $500 million (about Rs 2,200 crore) in the overseas market.
Sixty per cent of the country’s services sector enterprises are in rural areas, according to a report by the National Sample Survey Organisation (NSSO). The report is based on the 63rd round of survey by NSSO to estimate the economic characteristics of services sector enterprises in India in 2006-07.
Wind power major Suzlon Energy today said financial services major Indiabulls Financial Services has reduced stake in the company to 0.6 per cent, by way of releasing pledged shares.
Railway Minister Mamata Banerjee-led Trinamool Congress, under fire from the Left parties for its nexus with the outlawed Naxals, will launch an aggressive campaign in the Naxal-dominated areas of West Bengal.
Oil regulator PNGRB has asked the Reserve Bank of India (RBI) to include networks built for sale of CNG to automobiles and piped gas to households in the definition of infrastructure so they can get project financing.
UCO Bank has recorded 22.05 per cent growth in advances and 19.77 growth in deposits for the quarter ended December 31, 2009.
The Indian consulate in Chicago today said the papers related to issuance of visas to terror suspects David Coleman Headley and Tahawwur Rana had not gone missing and the "relevant information" in this regard is available with the Indian government.
The Abu Dhabi Investment Authority is trying to abort an agreement to buy $7.5 billion of Citigroup Inc stock at eight times Wednesday’s price, saying the bank misled it about the investment.
The company is consolidating its several loans into a single one
A V Rajwade / New Delhi November 09, 2009, 0:05 IST
BofA: Bank of America chief executive Ken Lewis may have fouled things up by poorly executing on a series of takeovers during the financial crisis. But with BofA"s imminent payback of $45 billion of U.S. government assistance, unveiled Wednesday evening, his successor will be able to focus on reawakening the dormant banking monster — and can even get paid for the job.
Raj Rajaratnam, the billionaire hedge-fund manager accused of insider trading, started an investment firm in 2006 with partners including Rajat Gupta, former head of McKinsey & Co, and Mark Schwartz, ex-chairman of Goldman Sachs Group Inc’s Asia business.
Rupee fell, reversing earlier gains, on speculation importers were buying foreign exchange to save on costs. It retreated from the highest in more than a year as importers such as Indian Oil Corp, the nation’s largest refiner, may have bought foreign exchange to pay for crude oil, the price of which has increased more than 68 per cent this year.
Swiss banking major Credit Suisse Group today returned into black with a third quarter profit of 2,354 million Swiss francs, riding on the strong performance by its investment banking business.
Financial services major Credit Suisse Group has withdrawn from the bid for ING Group NV"s Asian and Swiss private banking business, a media report said.
The Nifty closed marginally above the support level of 4,940 on short-covering at lower levels. The trading pattern in the Nifty futures and options suggests the index may fall below the 4,900 mark soon. The 5,000 call option added 2.24 million shares in open interest (OI), mostly through change of hands and sell-side trades, indicating strong resistance above the 5,000 level.
Birla Shloka Edutech Ltd, part of the Yash Birla Group, an education company offering IT and ITeS services has announced a price band between Rs 45 and Rs 50 per share per equity share of Rs 10 each for its further public offering (FPO) of Rs 34.77 crore. The Issue opens on January 11.
Media house DB Corp, the publisher of Hindi newspaper "Dainik Bhaskar", today said it has fixed the issue price of its initial public offer at Rs 212 per share, garnering Rs 384.22 crore through the offer.
The initial public offer of DB Corp, publishers of Hindi daily Dainik Bhaskar, has received an overwhelming response from investors and got subscribed 14.60 times on the final day of the issue today.
The Federal Reserve Bank of New York gave up efforts to save taxpayer money on American International Group Inc’s rescue after the insurer’s biggest trading partners refused to make concessions, said a Treasury watchdog.
ICBC-Standard Chartered: Industrial and Commercial Bank of China is already the world’s biggest bank – but it could be bigger and broader still. The time may have come to pursue a longstanding idea of a deal for emerging-markets lender Standard Chartered. While the combination was often rumoured before the financial crisis, in a more stable world it makes more sense than ever.
Vishnupriya Hotels Limited (VHL), which is setting up a five-star hotel at Visakhapatnam, has tied up with US-based JHM Interstate to operate the hotel.
The Sensex has recaptured 17k mark on the back of strength in IT, energy and power stocks. The benchmark is now quoting at 17,002, up 310 points, and the Nifty is well above the 5k mark at 5,079, up 93 points.
The recent controversy over faculty pay at the IITs and IIMs suggests that they need to radically reorient themselves as academic institutions.
CEO seeks changes in regulatory regime
Godrej Properties Ltd"s public offer, through which the realty developer expects to raise up to Rs 500 crore, got over-subscribed 1.13 times on the first day of issue today.
Bhupesh Bhandari / New Delhi November 05, 2009, 0:27 IST
The Ministry of Corporate Affairs (MCA) has asked the Securities and Exchange Board of India (Sebi) for details of its investigation pertaining to Reliance Industries Ltd (RIL). The market regulator had acted on a complaint that RIL had allegedly routed funds to dummy companies to buy its own shares nine years ago.
Coal India, the country"s largest coal producer, is set to commission 19 washeries over the next five years with an investment of Rs 3,000 crore.
JSW Energy’s track record and high revenue visibility are some clear positives, but the IPO leaves little to gain from in the short-term.
The average size of IPOs rose by nearly half in 2008 over 2007, though the financial meltdown may have scared away many from the primary capital market, bringing down the number of IPOs to about one-third, the Economic Survey said today.
The government today said no headway has been made regarding the disinvestment of state-run power equipment maker Bharat Heavy Electricals Ltd (BHEL).
TOP SEED Boris Gelfand edged Ruslan Ponomariov to take the World Cup and a place in the next Candidates. Gelfand held his nerve after the four normal games were drawn without much excitement. Gelfand won the second rapid tiebreaker and lost the fourth. Then, he won the second blitz, lost the third and finally won the fourth and last blitz game.
Titan Industries, which sells jewellery and watch among others, has set a goal of crossing the $1 billion-mark turnover in the current fiscal.
Business Standard / New Delhi December 9, 2009, 0:13 IST
Europe today urged the IMF to introduce a "social" tax on banks, insurers and markets to repay taxpayers" support during lean years with a slice of boom-time profits.
State owned Coal India Limited (CIL) has finally decided to reduce the floor price of coal offered for sale on the forward e-auction platform.
Ratnagiri Gas and Power Private (RGPPL) or the erstwhile Dabhol power project in Maharastra would start generating 1,900 Mw of electricity by March, 2010.
Admitting it was tough for mutual fund industry last year, market watchdog, Sebi today asked industry to encourage retail investors in the face of huge redemption pressure from corporates.
Less than a year after joining Tata Capital as its private equity (PE) venture head, Shailendra Bhandari is quitting.
New Delhi, Oct 19 (PTI) The Company Law Board today dismissed a petition challenging the appointment of Harsh Vardhan Lodha, son of late R S Lodha, on board of Birla Corporation.
The Company Law Board (CLB) today allowed Satyam Computer (now Mahindra Satyam) to finalise accounts for 2008-2009 and also adjust past irregularities.
The Supreme Court today dismissed a petition filed by an advocate challenging the refusal of Andhra Pradesh High Court to interfere with the order of the Company Law Board (CLB) facilitating takeover of the scam-tainted Satyam Computer Services and renaming it as Mahindra Satyam.
Indian telecom majors Bharti Airtel and Reliance Communications (RCom) have sought to build a fibre optic network in Bangladesh to get connected to the isolated north-eastern states, a report said on Sunday.
Unitech Ltd, the country’s second-largest property developer, reported a decline of 22 per cent in its consolidated net profit for the quarter ended March 31 to Rs 279.7 crore, compared with Rs 360.2 crore for the corresponding period last year. Net profit for the full year 2008-09 also fell 28 per cent at Rs 1,197.7 crore, compared with Rs 1,661.9 crore for the corresponding period last year. Revenue for the year came down 23 per cent, to Rs 3315.6 crore, as compared with Rs 4,280.1 crore for the corresponding period last year.
Aditya Birla Retail, the country"s second-biggest supermarket operator, is considering an initial public offer (IPO) and will time it as soon as the company starts spinning profits.
The markets after a strong start to the week, danced to the "D"-word tune in the latter half of the week as derivatives unwinding coupled with the Dubai debt scare saw the index tumble sharply.
Mysoreans will have the opportunity of witnessing for the first time thrilling aerobatic demonstrations by the Suryakiran team of the Indian Air Force (IAF) during this Dasara.
US-based private equity firm Norwest Venture Partners (NVP) today said it has raised $1.2 billion to invest in domestic and international companies across sectors.
Sunil Jain / New Delhi November 17, 2009, 0:41 IST
The Kalyani Group"s flagship company Bharat Forge is planning to make a big foray into the power sector with an investment of up to Rs 50,000 crore and a targeted generation capacity of up to 10,000 Mw, over the next 10 years.
Business solutions company Aditya Birla Minacs has partnered with NorthStar Systems International, a provider of wealth management software solutions, to provide a total wealth management package.
Logistic solutions provider Aqua Logistics is aiming to raise up to Rs 150 crore through its proposed initial public offer and has already filed draft papers with the market regulator Securities and Exchange Board of India (Sebi) for this purpose.