Business Ideas
JP Morgan Asset Management today announced the promotion of Christopher Spelman as the chief executive officer (CEO) of its India business and the appointment of Nandkumar Surti as the chief investment officer (CIO).
Swiss banking major Credit Suisse has said Neil Harvey will run its asset management business in Asia Pacific and emerging markets from February.
Leading Indian entrepreneur Anil Ambani plans a takeover of the Metro-Goldwyn-Meyer Hollywood studio in an attempt to become one of the world"s most powerful film bosses, the "Daily Telegraph" reported today.
The Royal Bank of Scotland (RBS) will sell part of fund management assets to Aberdeen Asset Management Plc for an estimated 84.7 million pounds.
Doha Bank is planning to expand its operations in India by entering into new segments. The Qatar-based bank had in 2007 acquired a 49 per cent stake in Kochi-based brokerage firm Select Securities.
Car maker Toyota Kirloskar Motor today said it has entered into a memorandum of understanding with the country"s largest lender, State Bank of India (SBI), for vehicle finance.
Momentum investing is a feel good factor that does more damage than benefit a portfolio.
Sobha Developers, the Bangalore-based publicly held real estate developer, is positioning itself on the springboard as it envisages launching projects worth Rs 2,800 crore over the next 12-18 months covering 8 million square feet. This statement is perhaps is one of the most encouraging one to come from one of the established developers as the real estate market is looking to come out of the woods of global recession.
Tata Steel, India largest private steel producing company reported a higher than market estimate net profit at Rs 1,191 crore, a growth of 155 per cent for the quarter ended December 31, 2009 as compared to a profit of Rs 466 crore posted during the same quarter a year earlier.
On December 20, 2009, the Andhra Pradesh cybercrime police arrested a 23-year-old internet hacker for allegedly swindling Rs 30,600 from an HDFC Bank customer. This is simply a case in point. While banks prefer not to go public about cybercrime for obvious reasons, Minister of State for Home Shakeel Ahmad informed the Lok Sabha in February 2009 that banks across the country lost Rs 6.57 crore to internet frauds in 233 incidents of cybercrime, with Tamil Nadu topping the list, in 2008.
All the base metals on the London Metal Exchange continue to rise higher and higher, aided principally by the growing investor support, improving global economic sentiment and inflation in smelter operational costs. At this point, with investors deciding to pin their faith on positives like good showing by China and India; and Euro zone breaking out of recession and not to be bothered by still wobbling US economy, copper is bid at $7,454 a tonne and aluminium at $2,293 a tonne, for ready delivery.
Usha Martin Education and Solutions has forayed into providing standardized end to end solutions and school management services to enable the creation of a national network of high quality english medium K-12 schools with a focus on non-metro towns and cities of India.
Ahead of the next round of talks on a bilateral trade treaty with India, the European Union (EU) today said it was keen that the comprehensive pact included government procurement agreement.
A top diplomat of the Bush Administration who was its point man for negotiations on Indo-US nuclear deal, has accused President Barack Obama of being less attentive to the partnership between the two countries, saying the relationship has been stalled in some critical issues.
The unemployment rate in the 16-nation euro zone soared to a ten-year high of 9.6 per cent in August, as the region continued to feel the tremors of the financial turmoil.
A sizeable number of Americans believe that the next Bill Gates will come from India or China, as the two Asian giants are fast marching ahead on the global platform, a new US survey reveals.
Gold was little changed, trading near a six-month high in New York as the dollar weakened, boosting the appeal of the metal as an alternative asset. Silver declined from a 13-month high. Gold futures, after reaching $999.50, the highest price since February 23, posted the biggest weekly gain since April.
Reliance Big TV (RBTV), the direct-to-home (DTH) arm of Reliance Communications targets DTH value-added services (VAS) revenues of Rs 100-crore in the next 5 years period, a top company official said.
The country"s largest sugar producer Bajaj Hindusthan today posted a net profit of Rs 69.08 crore for the quarter ended September 30, and has announced 70 per cent dividend for the fiscal year 2009.
German auto giant and Europe"s largest car maker, Volkswagen Group, is looking at Malaysia as its sourcing hub for auto components in the region to fulfill its worldwide production.
The scrip zoomed to end at its 20% upper circuit at Rs 84. The counter clocked volumes of 18.67 lakh shares as compared to the two-week daily average traded volumes of 1.59 lakh shares on the BSE.
The Cabinet Committee on prices will meet on Tuesday and is likely to consider various options to curb rising inflation and keep essential commodities from spiralling further.
Food prices, that are currently ruling at 10-year high, will start easing from next month, Planning Commission Deputy Chairman Montek Singh Ahluwalia said today.
On the back of 14 per cent growth in sales in the first quarter of financial year 2009-10, two-wheeler makers have reported 24 per cent growth in sales in July. The segment comprises motorcycles and scooters. The growth is a result of low base as annual sales growth last year was a mere 3 per cent.
Digital imaging company Canon India is targetting a turnover of Rs 1,100 crore during 2010, a growth of 25 per cent compared to last year, a top official today said.
In the long run,” John Maynard Keynes had famously said, “we are all dead.” Keynes may not have been quite dead, but he had lived a ghostly half-life in the corridors of central banks and within the academia for decades. Now with the failures of unbridled capitalism on a global scale, he is back in fashion, along with Marx. John Cassidy, the finance correspondent for the New Yorker has come with How Markets Fail: The Logic of Economic Calamities (Allen Lane/Penguin £25), which draws heavily on Keynes to recount the story of America’s housing boom and the failures of regulators and self-deception of bankers that led to the present financial crisis. The book is a sequel to Cassidy’s earlier book DotCon that dealt with the stupidities of the stock market bubble in the late 1990s, but both deal with one central idea: the belief that society is best served when individuals are left free to pursue their self-interest was “Utopian economics” and led to disaster because of “the crooked timber of humanity”, and the uncertainty that is inherent in any human enterprise.
Indian engineering and management institutes, which have set up bases in Dubai, are facing a 13-60 per cent dip in admissions due to the economic crisis in the city, which is one of the seven emirates of the United Arab Emirates (UAE).
Dismissing the US claims that India"s domestic climate actions can be challenged, top environmentalist R K Pachauri today made it clear there was no power granted to America in the Copenhagen accord for such interference.
All successful publishers and authors have an impeccable sense of timing and generate literature with an eye upon the calendar. So it isn’t surprising that we have a flood of books on the fall of the Berlin Wall that started the process of disintegration of the Soviet Union and the collapse of communism in Europe. But what we have is an embarrassment of riches which try to unravel why such an all-embracing system that Alexander Solzhenitsyn described as “all pervasive, paranoid, oppressive, incompetent, lethal” in the latest edition of The First Circle (Harper, $18), came to an unexpected end. Almost everyone had expected that it would have to be killed; instead it collapsed, as if a house had fallen in on itself. What happened?
Hinduja Group firm Ashok Leyland today said that construction of its proposed facility to make light commercial vehicles (LCVs) in partnership with Japan"s Nissan has been deferred due to sluggish market conditions.
Describing Non-Resident Indians as a "national resource," a grouping of NRIs led by Hindujas has asked the government for tax parity with Foreign Institutional Investors on short-term gains in the stock market.
Lowe India chairman and Cheeni Kum director Balki strayed into advertising, hoping to meet Ramesh Sippy. Now, many years and accolades later, he has discovered the mantra to success. “Unsureness”, he tells Aabhas Sharma
Rakes in Rs 240 crore in 10 days.
Private TV channels that hope to woo advertisers and viewers by launching reality shows are facing a new reality. Far from driving ratings to newer heights as they were expected to do, viewer interest in reality shows appears to taper halfway through. Instead, it is the age-old soaps and drama that ultimately provide consistent ratings and, therefore, advertising revenues.
The government is in the final stages of setting up an Empowered Nodal Group which could act as a single point authority for disbursement of news in the event of major crisis like Mumbai terror attack.
Sensex ends up 35pts
With the Dubai World crisis, Indian exporters have again started biting their nails, even as the government assured there would be no impact on the domestic economy.
Big Bazaar, the hypermarket of Pantaloon Retail, has come out with a breakfast cereal range under its private label, Tasty Treat. Big Bazaar already sells noodles, pasta, vermicelli, soups, namkeens, chips, toast, khari, papads, jams, pickles, carbonated drinks, ketchup and fruit beverages under the brand. It has now added breakfast cereals to the range.
The Organisation of Petroleum Exporting Countries (Opec) has projected that a rise in India’s gross domestic product (GDP) would lead to increased oil consumption next year. India oil demand was not affected by the economic crisis in 2009, and next year’s oil usage is forecast to grow further. All sectors are seeking more energy and new vehicle registrations are expected to continue the fast growth of 2009. These factors would push up oil demand by 15 per cent, making it the fastest growing product in terms percentage rise, Opec said.
US President Barack Obama has said Pakistan must cooperate more fully with the United States to go after and wipe out Al-Qaeda.
Oil prices were stable in Asian trade today as dealers weighed recent price falls against a firming US dollar, analysts said.
The government might consider selling fewer bonds in the year ending March after announcing expenditure cuts yesterday, Finance Secretary Ashok Chawla said.
Japan Airlines will slash 6,800 jobs and suspend a number of overseas routes in an attempt to cut cost.
Finance Minster Pranab Mukherjee would interact with economic editors here tomorrow and provide them comprehensive view of the overall economy.
Health care workers lined up to be inoculated against swine flu as the United States began a massive campaign to administer 250 million vaccinations by year"s end.
Four more people succumbed to swine flu today as 197 fresh cases of the disease were reported from across the country.
Over 100,000 students along with 2,000 teachers join the move.
Electronics major LG India plans to invest Rs 500 crore on research and development activities as well as advertising home appliances this year.
Pune-based Bajaj Auto, India"s second biggest two wheeler manufacturer today stated that the company has recorded a growth of 52 per cent in sales of motorcycles at 249,681 units in October as against 163,850 units recorded in the same month a year ago.
Luxury car maker Audi India today reported 8.41 per cent increase in its sales in October at 116 units over the same period last year.
General Motors India today launched the Chevrolet Aveo Special Edition, which takes the popular sedan to an entirely new level.
The market as expected drifted lower after giving a downward breakout. It may test further lows before bouncing back.
Banks may soon have to cap the charges on basic services such as issuing a draft, remittances or for stop-payment instructions.
A panel probing the July 12 accident at a Delhi Metro construction site that left six persons dead has submitted its report to DMRC chief E Sreedharan.
Gammon India, the company in-charge of construction at the metro site where a mishap killed six people, today said it is carrying out the projects as per the highest standards of quality and safety and promised to help the families of the victims.
Leading engineering consultant, Consulting Engineering Services (India) Private Ltd (CES) looks for a total turnover of Rs 350 crore in 2009-10 by providing designing and consultancy services in several key infrastructure projects in the domestic and overseas markets.
After a long hiatus, home sales are finally back on track. Sales of major real estate developers have more than trebled in the June quarter compared to the preceding three months, amid growing expectations that the good times will continue to roll.
With the city earning the dubious distinction of having the largest number of swine flu victims in the country, a heavily burdened health care apparatus is banking on development of herd immunity to combat the pandemic.
Hyundai Motor Co, LG Electronics Inc and other South Korean companies will get greater access to India’s 1.2 billion people in a trade deal to be signed tomorrow.
Gujarat Chief Minister Narendra Modi, who returned from abroad two days back, tested positive for swine flu today, a doctor attending on him said.
Drug maker Glenmark Pharmaceuticals today reported 31 per cent drop in its consolidated net profit at Rs 80.88 crore for the second quarter ended September 2009.
Sreelatha Menon / New Delhi June 28, 2009, 0:14 IST
Customs duty cut from 7.5% to 2.5%.
There will be promotions, but no increments this year
Media firm New Delhi Television (NDTV) today said N R Narayana Murthy, founder of IT major Infosys Technologies, is stepping down as its director with immediate effect.
CM Nitish Kumar’s party wins just 4 of the 18 seats that went to polls; RJD bags five
Making a strong case for safeguard duty on vital steel imports, the Safeguards Directorate has maintained that cheap inflows from China and other countries is hurting the domestic industry.
Business Standard / New Delhi November 27, 2009, 0:14 IST
Helios Capital Management Pte, the hedge-fund manager once backed by Tudor Investment Corp, plans to start a “Slumdog Millionaire” fund that will buy underperforming shares of Indian companies.
The Nordic region (Norway, Denmark, Iceland, Finland and Sweden), which is now opening up to offshoring as a viable option to sustain its long-established competitiveness, offers an untapped $10 billion outsourced services opportunity for Indian IT companies, said a Nasscom-PricewaterhouseCoopers report.
Rajendra Shekhawat is eyeing Amravati seat
India today asked countries in the region to take "urgent, proactive measures" to cooperate and eliminate terrorism in all its forms and manifestations to ensure that these forces do not derail the processes of progress and prosperity.
Maruti Suzuki’s portfolio has several small cars. That makes its task of differentiating each of these cars difficult. To bolster one of its most sturdy performers, the WagonR, which sold 135,000 last year, the country’s largest carmaker has come out with a mascot named WizeR.
Commercial banks would come out with a plan for financial inclusion by the end of the financial year, RBI Governor D Subbarao announced here during a bankers’ meet on financial inclusion and promotion of financial literacy.
The Reserve Bank of India (RBI) today said it would reassess its soft policy stance amid food inflation soaring past 17 per cent even as the the PM"s advisory panel and others called for tightening money supply.
The rise of China is India’s only important diplomatic challenge. Relations with Pakistan is in many ways, and for both countries, an extension of domestic politics. Relations with the United States is increasingly mediated by business and civil society interests that circumscribe the role of diplomacy. Relations with the rest of the world, big powers and small, can be handled without too much trouble if the Indian economy continues to grow and offers new opportunities for the flow of goods, services and people.
Surjit S Bhalla / New Delhi December 5, 2009, 0:50 IST
History repeats itself. It was the fast unto death of Potti Sriramulu that heralded the formation of Andhra Pradesh and the subsequent reorganisation of states on a linguistic basis in the 1950s. This time, it is Chandrasekhara Rao’s fast whose reverberations are indicative of the fact that another redrawing of the map is on the anvil.
Which SUV would be the best in the used car market for a price range of Rs 10-15 lakh? The vehicle should be not more than two years old and should not have done more than 20,000 km. My second query is which SUV is good but as a new vehicle in the price range of Rs 15-20 lakh. Diesel is preferable for economy though I don’t drive much (about 100 kilometres in a week). Kindly suggest.
Maruti Suzuki India (MSIL) has been allotted 700 acres in IMT Rohtak for setting up a research and development (R&D) facility, test course and accommodation of ancillaries. The state government has already approved allotment of 700 acres; 600 acres for setting up R&D facility and test course and 100 acres for leasing out to MSIL ancillaries.
Pharma firm Orchid Chemicals & Pharmaceuticals today said it has received the final Abbreviated New Drug Application (ANDA) approval for its Zaleplon capsules from the US Food and Drug Administration, in a filing to the Bombay Stock Exchange(BSE).
Union Minister of State for Minorities and Corporate Affairs Salman Khursheed today said 2,500 crore would be spend for development and upliftment works in minority dominated constituencies.
Digital technology leader, Samsung India Electronics, today announced the opening of its first Samsung IT Brandshop in Punjab and the second one in Chandigarh.
Bayerische Motoren Werke AG will quit Formula One in November, becoming the second carmaker in less than a year to withdraw from the auto racing series amid slumping sales.
The Centre, in an attempt to end the imbroglio over Telangana, today convened a meeting here on January 5 of eight recognised political parties in Andhra Pradesh for a discussion on the issue, a move welcomed by a grouping of all parties spearheading the statehood stir.
Punjab Chief Minister Parkash Singh Badal today said the Rs 18,919-crore Bhatinda refinery project, being set up by the LN Mittal group, would become functional by June 2011.
Vijay Mallya-controlled United Spirits Ltd (USL) has reiterated its plans to deleverage its balance sheet by the end of October this year. USL has a debt of around Rs 6,000 crore — a leverage of nearly 2.5 times.
Prime Minister Manmohan Singh has assured Sri Lankan President Mahinda Rajapaksa of all support for resettlement of the Tamil civilians, displaced due to fighting between security forces and the LTTE in the north.
Buys US rights for Oscient Pharma"s Antara.
State-run Bharat Sanchar Nigam (BSNL) failed to retire a government loan of Rs 7,500 crore despite having a cash-reserve of Rs 18,829 crore as on March 2005, leading to an excess expenditure of Rs 1,089 crore on interest payment during 2005-07.
May look at VRS later
Workers of telecom major Bharat Sanchar Nigam (BSNL) today said they would observe "Anti-Disinvestment Day" on July 22 against the government"s proposal to sell its shareholding in the company.
Major Russian aircraft manufacturer famous for its fighters, Sukhoi has been listed amongst the most rapidly growing companies of Russia by the Economic News Agency rating.
Nagarjuna Construction has said the Dubai debt crisis will not affect the company as the projects it has undertaken there belong to government agencies.
Tata Communications has launched its internet clean pipe solution for the small and medium business segments. The solution, company said, will ensure clean internet traffic by eliminating malware, spam and virus without the customer having to incur capital expenditure on security hardware.
Tata Communications today announced its foray into the fast-growing managed banking infrastructure solutions space through a subsidiary, Tata Communications Banking InfraSolutions (TCBIL).
It"s time we busted a few myths and revamped our strategy towards the farm sector.
Raising banks’ cash reserve ratio (CRR) might be one of the tools to be used by the Reserve Bank of India (RBI) to suck out excess liquidity in the banking system, Chairman of Prime Minister’s Economic Advisory Council C Rangarajan today said.
IT services and solutions provider Polaris Software Lab today said its consolidated profit after tax rose by 2.23 per cent to Rs 35.19 crore for the quarter ended September 30.
The US markets had a weak closing.
Tighter norms, better economy reduce credit card non-performing assets.
Attacks dissidents of trying to destabilise his govt.
CPI(M) Politburo member Sitaram Yechuri was invited to participate in the Hindustan Times Leadership Summit. While giving him the invite, the organisers told him about the other participants, including former US president George Bush. When Yechury was asked the time that would be convenient to him, he made just one request — ensure the maximum possible time gap between his and Bush’s sessions. Bush addressed the summit on Saturday morning while Yechury, along with the Bharatiya Janata Party’s Sushma Swaraj and Shiromani Akali Dal’s Sukhbir Singh Badal, took the stage after a few hours.
Mahanadi Coalfields Limited (MCL) organized an awareness camp at its headquarters at Burla near Sambalpur in association with the Young Men Christians" Association (YMCA) on the occasion of the World AIDS Day. Free comdoms and pamphlets on HIV/AIDS were distributed to the truck drivers on the occasion.
Siemens, the German engineering giant, says it plans to expand its green energy portfolio to enable ¤25 billion (approximately Rs 1,74,339 crore) savings globally by 2011, with significant carbon dioxide (CO2) reduction from its products and processes in key markets, including India.
Nasdaq-listed information technology firm Cognizant is set to acquire UBS India Service Centre (UBS ISC), a captive (offshoring centre) of the world’s leading financial firm, UBS, for $75 million (around Rs 350 crore).
The white paper (official position statement) on organisational, operational and financial performance of the railways, presented in Parliament today, busted former railway minister Lalu Prasad’s claims of raking in record profits during his 2004-09 stint.
A status paper on the functioning of railways, presented in the Lok Sabha today, punctured former Railway Minister Lalu Prasad"s tall claims of record profit and held that its performance was "below par" during his tenure.
US markets ended flat for the third straight day. The Dow Jones slipped 12 points to 10,572. The Nasdaq ended flat at 2,309.
Indian-American Anil Kumar, an accused in one of the the largest insider trading scam in the US, has agreed to waive indictment in the Galleon Hedge Fund case, in an indication that he might plead guilty as per a deal struck between him and the prosecutors.
The controversy surrounding "3 Idiots" has taken a new turn with Chetan Bhagat, the author of the book from which the movie has been adapted, accusing the filmmakers and actor Aamir Khan of not giving him due credit.
Reliance Life Insurance has entered into an association with the makers of "3 Idiots", as per which the insurance firm will use the thought "All is Well" -- one of the mainstay theme of the film -- to promote its products.
First increase in over a year
The Ministry of Home Affairs (MHA) has turned to India’s private sector to arm the police forces with weapons needed to respond to terror attacks like 26/11.
Life insurers are pitching for increased exemption on investments in long-term policies. They have asked the government to consider raising the exemption limit to around Rs 1.5 lakh from Rs 1 lakh at present.
Having survived the financial turbulence of 2008, India’s port and shipping sector appears poised to sail into good times in the new year, thanks to a slew of steps taken by the government in 2009 to remove bottlenecks.
ICICI Prudential AMC is eyeing Rs 250 crore business from its Child Care Plan Scheme in the current fiscal.
Softdrinks major PepsiCo is scaling up the distribution of "Nimbooz" by entering the South and East Indian markets by the end of this month, making the product available across the country.
In a sign of confidence in the Indian markets, foreign institutional investors (FII) pumped in over $6 billion, or about Rs 29,940 crore this year, with over $1 billion coming in July alone.
Casual dining chain Pizza Hut today announced that it has roped in Bollywood star Lara Dutta to promote its newly-launched "Cheesy Bites" range.
India Inc today cautiously welcomed the RBI"s move to modify the ECB guidelines and said this also indicates a gradual withdrawal of stimulus measures announced to help the industry tide over the global credit crunch last year.
The Bombay Stock Exchange (BSE) on Tuesday said it would launch a trading platform for mutual fund (MF) units on December 4. The move comes a day after the National Stock Exchange (NSE) launched a similar platform. Central Depository Services Ltd will be the BSE’s depository partner.
After acquiring United Western Bank three years ago, IDBI Bank is at it once again and has identified two domestic lenders as possible targets.
May go for a Rs 800-cr follow-on public offer in January 2010.
Foreign institutional investors (FIIs) were net buyers of Rs 579.09 crore (provisional) today, according to data released by BSE.
UK motor insurers, including Aviva Plc, Admiral Group Plc and Fortis Insurance Ltd, thought they had found a way to squeeze out extra revenue when their customers get into car crashes.
Railway Minister Mamata Banerjee’s officials claim she has been able to create magic, like her predecessor Lalu Prasad. (Though, after he left, we were told it was nothing of the sort). Riding on strong growth in revenues from traffic operations, the ministry is looking at revising upwards the traffic receipts it had outlined in the Budget this financial year.
The Reserve Bank of India (RBI) has directed banks to keep a watch on transactions of customers with countries like Pakistan and Iran since concerns have been raised about rules there in combating terror funding.
Investments in mutual fund schemes saw a sharp 68 per cent decline in November to over Rs 45,100 crore over the previous month, as investors preferred to stay away from equity market.
The fall in assets under management (AUM) in financial year 2008-09 has hit the net profit of the mutual fund industry. The industry’s average net profit has declined 29.84 per cent in financial year 2008-09, acccording to an ICRA report released today.
- Policy momentum required - A practical strategy - Rs 11,088 cr floating via chit funds in 3 southern states - Reacting to rumours - MS launches Windows 7, pre-loaded PCs start at Rs 15k - Back on the farm
Indian private sector lender Kotak Mahindra Bank is looking at acquisitions in the coming months in India, says a media report.
The Securities and Exchange Board of India (SEBI) has issued directions to stock exchanges to amend their bye-laws to give discretion to the exchanges to extend the period of limitation for initiating claims under the arbitration mechanism of the exchanges, for a period of three months beyond the currently applicable limitation period of six months.
When he took over as the chairman of Union Bank, M V Nair was one of the youngest entrants to the corner office of a public sector bank. So it’s natural that Nair didn’t think twice before rewriting the rules of the recruitment game for his bank.
The yield on government bonds may continue to move up, on apprehension that Reserve Bank of India (RBI) may harden the monetary policy stance soon to manage inflationary expectations.
Magma Fincorp has picked up 7 per cent stake in Experian Credit Information Company of India, the proposed Indian arm of global information services company Experian.
Golden Tobacco today said its board will meet on December 1 for considering a proposal from Pramod Jain to acquire another 25 per cent stake in the Sanjay Dalmia-promoted company.
LNG importer Petronet LNG is eyeing 53 per cent growth in the top line at Rs 13,000 crore during the current fiscal, Petronet LNG Managing Director P Dasgupta said today.
Oil and Natural Gas Corporation (ONGC) has replaced Reliance Industries Ltd (RIL) with Repsol YPF SA, Spain’s biggest oil company, and Malaysia’s Petronas to bid for Venezuelan oil blocks next month.
Oil and Natural Gas Corporation has replaced Reliance Industries with Repsol YPF SA, Spain"s biggest oil company, and Malaysia"s Petronas to bid for Venezuelan oil blocks next month.
The day-one of the 96 hour oil-blockade against Oil and Natural Gas Corporation (ONGC) in Upper Assam by the All Assam Students" Union (AASU) has passed off peacefully today without affecting much the operations of the company.
The Nifty has a strong support at the 5,000 mark.
India, with exports of over 100 million tonnes of iron ore, must be keenly watching as to how soon the recently sealed joint venture (JV) between BHP Billiton and Rio Tinto to combine their mining operations in the Pilbara region of Western Australia will cross the regulatory hurdles at European Union Competition Commission and also China’s competition regulator. However, sweetly the JV is now framed to placate raising of market dominance questions, iron ore buyers fear that pooling of knowledge about production volumes and demand by the pair in JV will put them at a distinct disadvantage.
The Fast Moving Consumer Goods (FMCG) sector has emerged as the industry of choice for this year’s management graduates.
The stock slipped to a low of Rs 306. Thereafter, it surged 9% from there to a high of Rs 334. It finally ended flat at Rs 317. Over 5.51 million shares were traded on the NSE today.
Mahindra & Mahindra gave all its gains and slipped to a low of Rs 813. The scrip finally settled flat at Rs 820. The counter clocked volumes of 239,425 shares as compared to the two-week daily average traded volumes of 277,548 shares.
British financial service firm Lloyds Banking Group Plc will slash 5,000 jobs by the end of next year, a media report says.
UK banks: Nine months is a long time in UK banking. When Royal Bank of Scotland and Lloyds Banking Group signed up for state insurance on a combined £585 billion of their suspect loans in February, each was assumed to be a basket case. Now the full details of the insurance scheme and enforced state aid disposals are public, it"s clear that RBS is in the worse shape. Both banks are trying to wriggle out of the state’s embrace, but RBS hasn’t got very far. Lloyds, in contrast, is well on the way to independence.
The two security guards with bamboo sticks look on sheepishly as guests make their way through metal detectors and X-ray scanners at the Taj Mahal Hotel in Mumbai. Before entering the hotel, however, a rather stern looking man — presumably part of the hotel’s elite security force — was asking them the purpose of their visit.
The West Bengal government has not received any compensation bill from Tata Motors for the land at Singur given for its small car project, although group chairman Ratan Tata has expressed willingness to return the land to the government if compensated for its investment.
State Bank of Mysore has extended its two 8 per cent home loan schemes till March 31, but has begun levying processing charges from this month, a source in the bank’s personal and services banking department said. The schemes were set to expire on November 30.