Business Opportunities
Derivatives expiry, higher food inflation and lower earnings also weigh on indices.
The Rajiv Gandhi Thermal Power Project (RGTPP) at Khedar in Hisar district of Haryana created history on Tuesday by breaking all previous records of project implementation, when its first 600 Mw unit was synchronised with the grid in a record period of 35 months, by Haryana Chief Minister Bhupinder Singh Hooda.
Factory productions expanded at a greater pace for the second month in a row growing by 6.8 per cent in July against 6.4 per cent a year ago, signalling an industrial recovery.
If you thought Kolkata-based Emami Group will take life easy after the acquisition of Zandu last year, your judgement could prove wrong. It has plans to invest some Rs 1,600 crore in its personal care business. This includes new products as well as extension and repositioning of brands.
State-run Coal India is eyeing strategic partnership with mining behemoths like BHP Billiton and Rio Tinto to mine coal abroad and has floated an Expression of Interest (EoI) for the same.
The Centre today asked South Korean steel maker Posco’s Indian arm to apply afresh for permission to set up a 12-million-tonne-per-annum (mtpa) plant in Orissa, held up for four years over land acquisition.
Saab’s future will be decided at December 1 GM board meeting.
The Central Electricity Regulatory Commission (CERC), the apex power sector regulator in the country, has announced that the regulations enabling power developers to obtain transmission corridors for open access in the medium-term will come into effect from today.
General Motors Company, the new firm which emerged after bankruptcy protection, has reported a loss of $1.2 billion in the three months ended September this year.
Jamshedpur had the highest per capita carbon emission, while Thiruvananthapuram and Asansol had the lowest in 2007-08, according to an energy status report of 40 Indian cities.
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.
As the Ministry of Finance gets into the Budget mode, its officials perhaps want to tell themselves, “All is well”. So, they have none other than Aamir Khan, alias Rancho of recent Bollywood blockbuster 3 Idiots, talking to them this weekend on Cinema and Society.
BS Reporter / Bangalore August 11, 2009, 10:27 IST
The stock extended gains and touched a high of Rs 795, up 9% from its low. It finally settled at Rs 786 - up 5%. It is now only 5% lower from its 52-week high of Rs 829 which it had touched yesterday.
Mysore head post office became one of the 58 post offices being brought under the ‘Project Arrow Phase III’ of India Post in Karnataka
Visiting Japanese Prime Minister Yukio Hatoyama today met top Indian industry leaders, including Reliance Industries chairman Mukesh Ambani and Tata Group chairman Ratan Tata, here.
The stock gained 4.3 per cent to close at an all-time high of Rs 345.30, on reports that the company is in talks with Pfizer, world’s largest drug maker, to supply generic products for their drugs. As an ongoing business strategy, the company is seeking alliance with other companies for developing products.
Sees huge market in the US for ‘NuPatch’.
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.
The markets continue to languish in red. The Sensex is now at 16,835, down 60 points.
US markets edged up on Friday as quarterly results were declared by Oracle and Research In Motion. The Nasdaq jumped 32 points (1.5%) to 2,212. The Dow added 21 points to 10,329.
The markets opened on a flat note today and slipped into red almost immediately. Strong IIP numbers helped the index rebound into the green to touch a high of 16,897. The market, thereafter, turned volatile on the back of global cues, ignoring the earlier gains.
After an initial slide, the Sensex turned volatile on the back of mixed cues from the Asian markets. The index gained strength and touched a high of 16,910 - up 243 points from the day"s low of 16,667.
The Indian bourses opened on a negative note tracking weak global cues at 16,855.91.The Sensex however has tried to recover and is now at 16,868, down 20 points.
The Sensex has opened at 16,336 down 17 points.The index is now at 16,263, down 95 points.
- 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
Market regulator Sebi has directed all stock exchanges and other securities intermediaries to keep a strict watch on UN-listed terror funding entities, including the name of underworld don Dawood Ibrahim.
Commerce ministry recommends extending industrial package till 2013.
The September segment is offering fairly attractive spreads for option traders.
Foreign institutional investors (FIIs) have raised their holding in most large- and mid-cap information technology (IT) stocks.
Foreign institutional investors (FIIs) were net sellers of Rs 478.80 crore (provisional) today, according to data released by BSE.
Refusing to be drawn into the debate over when should stimulus packages be withdrawn, the Planning Commission today said India will not stand out in the world as an overspender despite the rise in the fiscal deficit because of the sops.
Despite a positive start to the holiday-shortened week, the Sensex ended with marginal losses owing to selective profit taking. Markets witnessed stock-specific activity because of derivatives expiry-related cues. The Sensex neared the 17,000-mark during the course of the week as the index touched a high of 16,943 on Tuesday. However, after slipping to a low of 16,495, the index finally ended the week with a marginal loss of 48 points at 16,693.
US markets slipped at the end of the week as worries about the economic recovery loomed once again.
The Sensex after rebounding into positive zone has surged singificantly mainly on account of fresh buying in index heavyweights. The index has now re-gained the 17,000-mark, and is now up 224 points at 17,010.
The markets have recouped most of their losses and are now trading flat. The oil, pharma and FMCG stocks are seeing buying interest.
Considering the weak US and Asian cues, our markets have opened on a quiter note. The Sensex is quoting at 16,714, down 71 points, and the Nifty is at 4962, down 26 points.
Concern over surge in capital inflows making dollar stronger led to the fall.
Finance Minister Pranab Mukherjee will hold a pre-Budget discussion with state governments on January 13. Recommendations of the 13th Finance Commission on devolution of funds, the Goods and Services Tax (GST) regime, continuation of stimulus packages and allocation for the Centre’s flagship schemes such as National Rural Health Mission and Sarva Shiksha Abhiyan are expected to dominate the deliberations. A government official told Business Standard today that the states will make a strong pitch to continue the fiscal stimulus package.
Finance Minister Pranab Mukherjee today directed the Income Tax Department to make all efforts to achieve the revised direct tax target of Rs 4 lakh crore to contain the critical parameters of the economy, especially when there was slippage in indirect tax collections. He said this while addressing the All-India Conference on Tax Deduction at Source (TDS).
Mukesh Ambani-led Reliance Industries was not responding positively in connection with the contract awarded to it for revival of a closed sugar mill at Motipur in Bihar’s Muzaffapur district, state industry minister Gautam Singh said.
To encourage foreign portfolio investment, the Finance Ministry has set up a working group for suggesting changes in the existing policy on foreign capital inflows by FIIs, NRIs and venture capital funds.
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.
But general insurance industry sees deterioration
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.
The industry representatives have urged the Orissa government to remove various bottlenecks coming in the way of setting up of industries in the state.
Tatas-owned European steel major Corus has appointed Karl-Ulrich Kohler as the new Chief Operating Officer with effect from February 1, 2010.
The Nifty recovered after falling below the crucial support of 5,080 to closed at 5,147 on short-covering at lower levels. The Nifty December futures, which closed at a premium to the spot and added 1.19 million shares in open interest, were expected to have built short positions at higher levels. Bloomberg data show buy-side trades in December futures below 5,100 and profit-booking and short build-up at 5,120-5,160, indicating short-term support and resistance levels for the Nifty.
Issues ranging from the CBI probe to 3G auction may figure in a series of meetings Telecom Minister A Raja will hold with the chief executives of companies begining tomorrow.
Finance Minister Pranab Mukherjee today said efforts should be made to reduce the time period for preparation of detailed project reports (DPRs) to expedite implementation of infrastructure sector schemes, especially in the road sector.
Pharma firm Jubilant Organosys today said it has joined hands with the University of Alabama at Birmingham and Southern Research Institute to benefit from their collective innovation and enabling technologies.
Whitehall officials examining the feasibility of such a sale.
Leading home loans lender HDFC expects its credit growth to exceed 20 per cent in the current fiscal, a top company official said.
A local court today dismissed the bail petition of V S Prabhakara Gupta, Senior vice-president and global head of internal audit cell in Mahindra Satyam, who was arrested in the multi-crore accounting scam in Satyam Computer Services.
State gas utility GAIL India Ltd plans to raise around Rs 2,000 crore during the current fiscal to part fund its expansion plans.
State-owned Shipping Corporation of India (SCI) plans to acquire three new container ships in the New Year, and has set aside $200-225 million to fund these purchases, a top company official said.
The government is examining the economic climate for divesting its stake in state-run Shipping Corporation of India (SCI).
Has six-month exclusive marketing right to anti-herpes Valtrex.
The world"s largest car maker, Toyota, today unveiled concept small car -- Etios -- which has been specifically developed for the Indian market.
Sun Pharmaceutical Industries scrip rose Rs 32 or 2.3 per cent to close the day at Rs 1,429.20 on reports of US Food and Drug Administration’s (USFDA’s) nod for a generic drug.
The markets have opened with a negative bias.
Sun Pharmaceutical Industries today said it has got tentative approval from the US drug regulator for generic Gleevec (imatinib meyslate tablets), used in the treatment of chronic myeloid leukaemia.
The stock has ended at Rs 1,220, up 1% from its previous close. The counter witnessed trades of 108,641 shares as compared to the two-week daily average traded volumes of 59,413 shares on the BSE.
The US Food and Drug Administration says a vaccine from GlaxoSmithKline successfully blocks the virus that causes most cases of cervical cancer.
This last year, two friends of mine lost their fathers to Indian healthcare.
The seizure of Caraco’s drugs by the FDA could have an adverse impact on Sun Pharmaceutical in the near term.
Swiss drug maker Novartis today said its newly developed vaccine "Celtura" against Influenza A HINI (Swine Flu) has shown effective result during a pilot test conducted by it.
Infosys has not named anybody who would fill Nandan Nilekani"s shoes but expressed confidence that leadership transition would be a smooth affair as was in the past.
Sun Pharma recovered partially from the day"s low of Rs 1,070, and finally ended 12% lower at Rs 1,140. The counter registered heavy volumes of around 580,400 shares, which is around 30-times higher than its two-week daily average volume of around 19,230 shares on the BSE.
The management at Sun Pharma has indicated that sales in the current year could grow by about 13-15 per cent. That’s better than what was expected earlier and is probably because of benefits that it will get from selling a couple of products—Protonix and Ethyol---exclusively in the overseas markets. But it’s good news because the Rs 4,272 crore drug firm has been going through a bit of a rough patch in the US.
Unregistered sources of consignment raise quality questions.
Purists will tell you that celebrity endorsement is nothing but lazy advertising. Instead of working on the brand, companies use a celebrity to create awareness and get the message across in a jiffy. The cost of creating the campaign may go up, but the money and time required to rub the brand in get reduced by a huge margin.
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.
Rrishi Raote / New Delhi November 22, 2009, 0:59 IST
Will raise Rs 1,729 crore through sale in Belgian arm to reduce debt burden.
It was a day of consolidation. The markets ended flat after trading in a narrow, albeit choppy range, as they attempted to digest the gains of the past two days. The Sensex closed below the dotted line at 17,169, down 28 points, and the Nifty ended at 5,123, up a point.
The remainder of its liabilities is on ‘a stable financial footing’
The sugar industry is all set to challenge the recent amendment to the Essential Commodities Act, which seeks to introduce a fair and remunerative price (FRP) for sugarcane, besides absolving the government of a Rs 14,000-crore levy price obligation arising out of several court rulings.
It doesn’t always pay to be a minister. At the economic editors’ conference, a reporter asked Petroleum Minister why, when there was an austerity drive, certain oil PSUs were distributing gold coins among their employees. Deora was quick to say, “I never got any gold.”
Pushes oil and gas to second and IT to third place.
Infosys BPO Ltd, the business process outsourcing (BPO) operation of Infosys Technologies, is looking at raising its headcount in the Americas through inorganic growth. The company is understood to be scouting for a strategic acquisition in the $40-60 million range either in Canada or the US, according to industry sources.
Nagarjuna Agrichem Limited (NACL) is setting up a greenfield manufacturing facility with an outlay of about Rs 150 crore in the special economic zone at Achutapuram, about 40 km from Visakhapatnam, within the Petroleum, Chemicals and Petrochemical Investment Region.
Kuwait"s Oil Minister Sheikh Ahmad Abdullah al-Sabah today ruled out any production increase by OPEC this year and predicted that oil prices would remain at between $60 and $80 a barrel.
The Reserve Bank of India (RBI) is not in favour of a multiple benchmark prime lending rate (BPLR) mechanism as proposed by bankers.
A good rainfall over the last week has cheered the farmers of Dharwad district and they are now busy on their agricultural plots. Farmers were worried over the delay in the onset of monsoons as there were no rains in June. However, to dispel their anxieties the rain god has smiled on farmers.
BS Reporter / New Delhi November 22, 2009, 0:37 IST
Anil Ambani group company RNRL has now alleged that upstream oil and gas regulator V K Sibal is acting at the behest of Reliance Industries Ltd (RIL) in exchange for undue favours and sought intervention of the Supreme Court in a petition filed today.
India"s leading oil producer Oil & Natural Gas Corporation (ONGC) has hired Citigroup to advise it on a bid for Kosmos Energy"s stake in an oil field in Ghana in a deal that could be worth between $3 billion and $5 billion, sources have said. Private equity-backed Kosmos, which has received a total of $800 million in financing from Blackstone and Warburg Pincus, has hired Standard Chartered and Barclays Plc to sell its stakes in the offshore Jubilee oil field.
Bharti Airtel, the country’s largest telecom company, posted a 24 per cent increase in net profit for the first quarter ended June 30 to Rs 2,516.7 crore — up from Rs 2,025 crore posted last year — in line with market expectations.
A hundred and fifty years after photographer James Waterhouse charmed Nawab Sikander Begum of Bhopal to sit for him, an illustrated tome on the encounter, and other Indian trysts, enthralls Gargi Gupta.
Indian Railways could soon have its own dedicated television channel, broadcasting passenger related information and highlighting various other facets of the PSU behemoth, if the suggestion of a railway committee is accepted.
Concerned over the spiralling food prices, the Reserve Bank has indicated at tightening money supply to contain the rising inflation pressures.
Former Maharashtra Deputy Chief Minister Gopinath Munde was today made Deputy Leader of the BJP in Lok Sabha in place of Sushma Swaraj who has been elevated as Leader of the Opposition.
Air India has convened a meeting of foreign pilots" recruitment agencies on Wednesday to discuss its proposal to slash wages by 10 per cent, in its bid to reduce costs and the differences between the pay packets of Indian and foreign pilots.
Compiling a bunch of unforgettables from Indian cinema is bound to create room for argument. Suveen Sinha finds plenty to disagree with M K Raghavendra’s 50 Indian Film Classics
Weighed down by a whopping 3.5 crore pending cases in courts nationwide, the Government today proposed a National Arrears Grid to compile accurate data and appoint high court and lower court judges temporarily to bring down 15-year delays in justice delivery to three years.
Bengaluru International Airport said passenger traffic would top 9.3 million in the calendar year 2009 with cargo handled during the 12 months estimated at 161,896 tonnes.
Bravehearts from Mumbai"s fire brigade, who battled not only fire but gunfire too during the the 26/11 attacks to save hundreds of lives, are yet to receive their due. With just a few days left for the first anniversary of the terror assault, one of the most audacious in recent memory, these firemen are still to receive the gallantry award announced by the Municipal Corporation of Greater Mumbai (MCGM).
US-based General Electric is optimistic about gaining from the revival in India’s nuclear power generation plans after the signing of the India-US civil nuclear cooperation pact last year.
Armed forces today intensified search and rescue operations using 13 helicopters and over 100 boats in flood-hit states of Karnataka and Andhra Pradesh, reeling under one of the heaviest floods in the last century.
On the tenth anniversary of the Kargil conflict, the gun that did so much to facilitate that victory — the 155 mm Bofors FH-77B — could be staring at a major setback. With India’s artillery modernisation programme already stalled, the plan to refurbish and upgrade India’s old 155 mm FH-77B Bofors guns also seems headed for failure.
State-owned Andhra Bank has enough capital and there was no need for government funds or follow-on public offer to meet its 20-25 per cent growth target for 2009-10 (April-March), Chairman and Managing Director RS Reddy said today.
Bank employees’ unions have rejected the proposal during the current round of wage negotiations.
Mahindra Satyam announced today that it has joined the Symbian Foundation, which, together with its ecosystem, is creating an open and complete mobile software platform.
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.
K Rajani Kanth / September 18, 2009, 0:18 IST
Claim repayment of ‘temporary advance’ worth $265 million
Microsoft India, the wholly-owned subsidiary of world"s biggest software firm, is going easy on hiring this year and will instead focus on consolidation, its country head said today.
ICICIdirect today launched an exlcusive trading facility for Independent Financial Advisors (IFAs), with a view to provide them a cost-effective online platform in the backdrop of changed market scenario.
Moving away from the shadow of Satyam scam, software exporter Mahindra Satyam today said the company would be repositioned as a complete Information and Communications Technology (ICT) firm from just an IT outsourcing player.
The Sensex has ended (provisional) at 17,696 - up 10 points. The Nifty ended (provisional) at 5,282 - up for points.
FMCG major Marico has posted 32 per cent jump in its consolidated net profit for the quarter ending September 30, 2009 at Rs 62.35 crore as compared to Rs 47.12 crore profit it posted in the corresponding quarter last financial year.
Taking a serious note of Union Bank of India (UBI) not reporting high-value transactions to it, the government has asked the state-owned bank to immediately carry out an audit of all its branches to check for such large deposits that have gone unreported.
Power firm NTPC today said it is developing coal mines allotted to it for captive use and added that it takes 6-7 years to harness a mine even by international standards.
The Airports Authority of India is seeking financial assistance from the government for its loss-making operations in the North Eastern region.
The intra-day movement for the Sensex, that is, the difference between the day’s high and low, has dipped to historically low levels in recent months. In fact, intra-day volatility was at its lowest in September since the Sensex crossed the 15,000 mark in July 2007.
The Sensex finally ended (provisional) at 16,974, down 76 points. The NSE Nifty ended (provisional) at 5,052, down 10 points.
It bid adieu over a week later than normal.
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.
To invest Rs 1,750 cr in 3 years.
If you are in the age group of 18-25, ‘go snacking’ in between class lectures or office meetings must be part of your daily routine. Cadbury has just added a dash of glucose energy to it.
Traders hedged against fall to 4,500.
Business Standard / New Delhi December 1, 2009, 0:09 IST
The Central Advisory Board of Education (CABE) whichapproved several reforms suggested by the HRD ministry only a month earlier, was not consulted on the latest proposal by the latter to raise the qualifying marks in the Class XII Board exams to 80 per cent to appear for IIT entrance examinations.
Demand slowdown hits revenues.
IT firm HCL Infosystems today reported a consolidated net profit of Rs 58.97 crore for the second quarter ended September 2009, a 10.77 per cent drop over the same period a year ago.
Dalal Street ended virtually unchanged for the second day in a row after paring early morning gains. The Sensex added 16 points to close at 17,186 and the Nifty ended eight points up at 5,132. The BSE mid-cap ended 25 points higher at 6,613 and the small-cap strengthened by 71 points to 7,822.
Steady economic growth for the last 18 years has, expectedly, led to an unprecedented interest in the Indian consumption opportunity. This interest is global, and almost every significant international company has given India and the Indian market a look in recent times. While India has a long way to go on various per-capita indicators, it has done rather well in hogging the limelight when it comes to the very rich and the ultra-rich.
The government today said a proposal for $2.97 billion loan from the World Bank has been formulated and the same will be taken up with the President of the bank visiting India shortly.
The collapse of a Delhi Metro bridge stretch on Sunday morning and three recovery cranes toppling over today crushed the contractor — Gammon India’s — scrip in initial trade on the Bombay Stock Exchange today, but the stock recovered dramatically in a falling market to close 2.73 per cent higher.
BS Reporter / New Delhi November 11, 2009, 0:31 IST
Tourists will now be able to revisit the country’s colonial past from Kolkata to Varanasi through the 1,280 km cruise on the river Ganga with West Bengal Tourism launching the service from tomorrow.
Bank of India (BoI) is planning to buy back part of $240-million upper Tier-II bonds to save on servicing debt capital.
The country’s third largest public sector lender, Bank of Baroda (BoB), today said it is open to overseas acquisition if a good opportunity comes across.
Trades between FIIs generated a volume of Rs 106 crore on the BSE Thursday-an increase of 296.11% from Rs 27 crore clocked on Wednesday. As many as five stocks witnessed trades of 16 lakh shares on Thursday.
Dewan Housing remains top contender; govt wants merger.
Power firm JSW Energy today said it will open bids for its initial public offer (IPO) on December 7 to raise a total of Rs 2,700 crore to fund the expansion plans.
Media baron Subhash Chandra has taken over the management responsibility of Daily News and Analysis (DNA), a broadsheet newspaper headquartered in Mumbai.
Voting to elect 90 legislatures in Haryana began early this morning amid tight security, officials said.
The railway ministry has expressed its willingness to be included in a list of “sensitive” sectors that can receive foreign direct investment (FDI) after a closer look at security concerns.
GSM operators have asked the government to take a final decision on 2G policies and review conditions for licence before inviting applications for 3G.
Reliance Communications (RCom) today introduced 1 paise per SMS plan taking the tariff war to the data front from voice calls.
TDP members today vociferously opposed the creation of Telangana leading to a brief disruption of the Question Hour in the Lok Sabha.
As the April 2010 deadline for the goods and services tax (GST) inches closer, the empowered group of state finance ministers plans to meet Finance Minister Pranab Mukherjee on January 7 next year to brief him about the progress on preparing a roadmap for GST and sort out the issues.
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.
Business Standard / New Delhi December 17, 2009, 0:58 IST