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Railway minister promises jobs for land deals for the project.
Tata Mutual Fund today said it has announced a 30 per cent dividend for one of its schemes - Tata Tax Saving Fund.
The Thirteenth Finance Commission has suggested the path of fiscal consolidation and sharing of tax revenues between the Centre and the states, in its report submitted to President Pratibha Patil today.
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.
The markets struck positive notes at the beginning of the year with the benchmark indices touching their fresh 22-month highs. The Sensex scaled a high of 17,790, but eventually ended with a marginal gain of 75 points at 17,540 this week. Mid- and small-caps outperformed the benchmark with significant gains of 3.4 per cent and 4 per cent, respectively.
About 25 lakh life insurance agents have opposed the recommendations of Swarup Committee on elimination of upfront commission paid to advisers. "Implementation of the recommendation will make the role of 25 lakh life insurance agents working with LIC and private insurers redundant and adversely affect crores of people who are dependent on them," Life Insurance Agents" Federation of India President H M Jain told reporters here.
Financial regulators including Reserve Bank, and Sebi will meet next month to decide on giving a formal status to HLCC — a co-ordinating body for the sector — to make it more effective.
The crux of the problem is that the extent of government help for cooperatives is limited to purchase of their output.
Normal life was thrown out of gear in the financial capital today by heavy rains that led to waterlogging in several areas and hit movement of air and rail traffic.
Bank of Maharashtra (BoM), today said that it has reduced its benchmark prime lending rate (PLR) by 0.25 per cent to 12.25 per cent.
The stock soared to a high of Rs 429 and finally ended at Rs 421, up 5.5% from its previous close. The counter clocked volumes of 323,029 shares as compared to the two-week daily average traded volumes of 20,162 shares on the BSE. _________________________________________
Two artists explore different mediums in an exhibition that explores their respective skills.
The Sensex touched a fresh 22-month high of 17,790, However, it were the mid-cap and small-cap stocks which stole the limelight this week.
IT solutions provider Tulip Telecom today said its consolidated net profit rose by 38.19 per cent to Rs 68.60 crore for the third quarter ended December 31, over the same period corresponding fiscal.
State-run power producer NHPC today reported a net profit of Rs 581 crore for the quarter ended December 31, 2009.
Kerala Chief Minister VS Achuthanandan will be removed from the CPI(M)’s Politburo on ground of “serious indiscipline.” The Politburo has found him guilty of publicly airing his differences with his bete noire, Kerala unit General Secretary Pinarai Vijayan. VS will be allowed to remain Kerala chief minister by the Central Committee, but a section of the party thinks his days as CM are numbered, as the state unit will try to dislodge him from the post.
Minister faces farmers’ ire
The first phase of the Naveen Jindal-promoted Jindal Steel and Power Ltd (JSPL)’s proposed 6 million tonne per annum (mtpa) steel project and 1000 Mw power plant at Angul in Orissa is expected to be commissioned in 2011-12.
The Orissa government will start a pilot project for computerisation of the details of land acquisition for different projects and rehabilitation and re-settlement (R&R) of affected persons. To be launched under the banner of ‘punarbas project’, the pilot scheme will initially cover three projects.
The government today said record invesments in the equities market by foreign investors was not a matter of concern, but it would act if it finds any distortions.
Brokers have discovered a golden opportunity in the positive market sentiment to add investor accounts, even if it means offering these services for free.
Complaining of high taxation and inability to lobby effectively before government agencies, Direct-to-Home (DTH) television companies have called for strengthening the DTH Operators Association of India (DOAI), the apex body of all DTH operators.
Leads prime-time band with GRP of 113
Tata Group"s Infiniti Retail today said it expects to have over 100 "Croma" stores across the country in the next three years as it eyes deeper penetration into Tier-II and Tier-III cities.
Tata Group hospitality firm Indian Hotels Company (IHCL) today said it has acquired a controlling 85 per cent stake in Elel Hotels and Investments, which owns the Mumbai-based Sea Rock Hotel, for Rs 680 crore.
Tata Group firm Tea Tata today posted a consolidated net profit of Rs 700.55 crore in the year ended March 31, 2009, down 54.58 per cent over the corresponding 12-month period a year ago.
Shobhana Subramanian / Mumbai May 22, 2009, 0:56 IST
Pvt player to launch credit cards, education, personal loans in 3 yrs.
When East first met West, was it the start of the battle between brand vs local craftsmanship?
The government is understood to have approached industrialist Ratan Tata to head an advisory board of the ailing Air India.
Major revamp in Air India"s top management in next 30 days, says Civil Aviation Minister Praful Patel.
*This fictional character is a $5-billion cash cow for its company. But its popularity seems to be waning and the company has plans to rebrand its personality by moving away from its clean image. The first project for this exercise has been code named Super Secret. Name the character.
The company needs to raise funds as it continues to report a loss at the consolidated level.
Cardamom prices almost doubled today to touch Rs 855 a kg compared with Rs 440 a kg quoted in the same month last year.
BHARTI AIRTEL
BJP President Nitin Gadkari doesn’t believe in standing on ceremony. So, while the normal protocol is that meetings are held in the office/residence of the senior-most official in the meeting, Gadkari surprised most by attending a meeting on Bihar at party MP Shahnawaz Hussain’s Delhi bungalow. Gadkari is also quite corporate in the way he carries his visting cards and hands them over to visitors with a “Hi, I am Nitin Gadkari. You can call me Nitin.”
Amid its falling revenues and net profit, state-run MTNL today said it is keen to expand its areas of operations by forming strategic alliances and joint ventures both within India and overseas.
ICICI Bank’s Global Head (Investment Banking) Kalpesh Kikani says the time for multi-billion dollar deals is over. “India Inc’s appetite for large deals has gone down. In any case, financing such deals would be tough,” he says.
The Dubai debt repayment woes have dragged down markets across the globe, but analysts are still optimistic and believe that investors here should not press the panic button instead hold on to their portfolios as the downslide is only momentary.
Every time there is a major regulatory development in the United States, the Indian media goes into paroxysms. Whet-her they are convulsions of delight or despair is dictated by the context of what has happened in the US.
Shah Rukh Khan-Kajol starrer My Name is Khan, directed by Karan Johar, is set to create a record ahead of its release early next year with Fox Star Studios reportedly buying its marketing and distribution rights for around Rs 100 crore.
US Secretary of State Hillary Clinton today said the Obama Administration is not "cutting and running" from Afghanistan.
Subir Roy / New Delhi November 13, 2009, 0:03 IST
The Securities and Exchange Board of India (Sebi) had a hearing today on the controversial issue of the role of the National Securities Depository Ltd (NSDL) in the IPO scam of 2005.
Early last week, the Mumbai revenue department issued show cause notices to Vodafone, proposing to tax offshore transaction, as a result of which Vodafone acquired a controlling interest in GSM licences from Hutch.
It has a cash reserve of $6 billion
Idea joins Vodafone to use the fun route on the Net
India today ruled out taxing capital inflows to the stock market on the lines of Brazil and said markets have been functioning normally.
The Union government has finally accepted that in spite of a major setback in cane production during the season ended September 2009, the country’s sugar production would not have been as dismal as 14.6 million tonnes compared with 26.33 million tonnes in 2007-08, had there not been such a massive diversion of the crop to gur and khandsari units.
The government’s move to sell wheat through the country’s two leading online trading platforms will help mills, which are operating at less than 40 per cent capacity due to lack of availability of wheat and the government’s stock limit regulation.
TIME MAGAZINE’S recent Q&A with Magnus Carlsen highlighted the stereotypes surrounding chessplayers. They’re super-bright; they can calculate umpteen moves, and they have a tendency to go off the rocker.
The Nifty maintained its support of 4,580 and closed at 4,593, indicating that it could go down to the 4,500-level in the near future. The Nifty September futures closed at a discount to the spot and built an open interest (OI) of 0.6 million shares, hinting at fresh sell-offs by bear operators. The upside for the index is around 4,650 with a major support likely at 4,500.
Tired of filling several application forms to invest in different mutual fund schemes? Wait till March 2010, and you’ll just click this cumbersome process away.
Facebook Inc plans to expand its staff by as much as 50 per cent this year as it benefits from a surplus of engineers amid the recession, Chief Executive Officer Mark Zuckerberg said.
A day after Irda recommended that insurance firms should make public disclosures, insurers said the move would increase transparency in the sector and allow customers to take informed decisions.
Despite having a full-fledged dept and a corporation for PDS
United Bank of India (UBI) is likely to file a red herring prospectus with the Securities and Exchange Board of India for their initial public offer (IPO) next week, Chairman Satish C Gupta has said. “We hope to come out with the IPO by end January or early February,” Gupta said.
BPO services provider Caretel, a Dalmia group company, has bagged a two-year contract from state-owned Mahanagar Telephone Nigam Ltd (MTNL) to manage the latter’s call centre. The financial terms of the deal were not disclosed.
Real estate developer Ansal Properties & Infrastructure today said that it will raise Rs 203 crore through issue of shares on prefertial basis and issue of warrants.
New defence pact likely as Manmohan visits Moscow on December 7.
India and Russia are expected to sign a number of key agreements during Prime Minister Manmohan Singh"s December 6-8 visit here, including those on extension of the long-term defence cooperation programme beyond 2010 and construction of four more nuclear reactors at Kudankulam.
Business Standard / New Delhi November 26, 2009, 0:29 IST
Business Standard / New Delhi November 11, 2009, 0:27 IST
Oil secretary says, ONGC’s production to halve by 2030
Iran"s controversial presidential election was the top Twitter topic in 2009, the wildly popular microblogging service said today.
Watch the forthcoming Saffronart auction to decide which segment of the market is recovering fastest and at what value.
Business Standard / New Delhi December 03, 2009, 1:34 IST
West Bengal"s flagship IT district started the week on a tumultuous note with political activists going on a rampage early on Monday in an effort to enforce the 12-hour shutdown called by the Bharatiya Janata Party (BJP). Elsewhere, party activists obstructed trains and set buses on fire, to protest against rising food prices, thereby partially affecting life in the city.
Reliance Industries, which had declared an intention to seek inorganic growth opportunities, confirmed a preliminary offer for a controlling interest in global petrochem major, LyondellBassel. The timing is prime for acquisitions in the space as there has been a steep decline in replacement cost and asset value given the plummeting of margins in the petrochemical space.
Taking the disinvestment process in iron ore producer NMDC forward, the government today invited applications for appointment of lead managers to advise it on the timing of the public issue, among other aspects.
The government today said that China has denied reports suggesting it was planning to divert the course of the Brahmaputra river.
Telecom operators in the country added around 1.2 crore subscribers in the wireless segment in June taking the total user base to 46.48 crore, sectoral regulator Telecom Regulatory Authority of India (Trai) said today.
In a bid to attract subscribers of rival companies, state-run telecom operator BSNL is gearing up to start mobile number portability (MNP) services as soon as telecom regulator Trai issues tariff structure.
With improvement in the global credit markets and narrowing of spreads, the Reserve Bank of India (RBI) decided today to reintroduce the ceiling on interest rates that Indian companies pay for external commercial borrowing.
While the key benchmark equity indices, Sensex and Nifty, have regained momentum and are trading at their yearly highs, the volumes have declined. Volumes in cash and derivatives segments declined 14 per cent and 6.3 per cent, respectively, on a month-on-month basis in August 2009, according to a study by domestic research house IDFC-SSKI.
Bharti Airtel may pay lenders as much as 3.2 percentage points more than the London interbank offered rate (Libor) as it seeks to borrow $5 billion to buy a stake in MTN Group, three people familiar with the matter said.
Government today downplayed comments by White House senior adviser David Axelrod that the Copenhagen Accord had bound India to cutting emissions and said the remarks were that of a "spin doctor" aimed at domestic consumption.
Charts out ambitious growth plan for the company over the next five-six years.
Completion financing, or last-mile funding, where developers get funds to complete projects stuck midway, is catching on among private equity (PE) funds.
Investors who bought shares in the primary market through qualified institutional placements (QIPs) have reason to celebrate as their money in 50 QIPs has grown 23 per cent in 2009. On the contrary, investments in initial public offers (IPOs) during the period have come down 3 per cent. It means that Rs 37,040 crore of investments in 50 QIPs have risen by Rs 8,545 crore, while IPOs saw a value erosion of Rs 268 crore.
Having failed to get returns on its Rs 100-crore investment in Bharti Hexacom, state-run TCIL today started the process to sell its 30 per cent stake in the JV by inviting investment bankers to work out the valuation.
Telecom regulator TRAI today said it will float a consultation paper on merger and acquisitions in the sector by the next month, a move that could unleash the second wave of consolidation in the sector.
South Korean steel giant Posco has been asked by the Environment Ministry to take the consent of local tribals as required under the Forest Rights Act before commencing its proposed steel project in Orissa.
The upswing in Baltic Dry Index numbers recently to a 14 month high closing at 4661 on 19 November 09, raised hopes that a revival for the shipping sector is afoot sending shipping stocks zooming. Freight and tanker rates dropped sharply in July - September 09 quarter, but gained strength in October 09 which has sustained through November 09 as well. They hit 10 year lows in the December 08.
Latha Jishnu / New Delhi November 20, 2009, 0:40 IST
Two of the top corporate houses --headed by estranged industrialist brothers Mukesh and Anil Ambani --are set for a showdown in the Supreme Court, which will commence hearing on their gas supply dispute tomorrow.
State-run Oil India (OIL) has rejected the resignation offered by V K Sibal after he was reverted to the company following denial of extension as oil regulator amid reports of alleged favours to corporate houses.
Reliance Industries (RIL), today said the bonus shares allotted by the company last month have been listed on stock exchanges and will be traded from tomorrow.
The Uttarakhand government has bought 145 buses from auto giant Tata Motors through an open bidding. The red-colour buses will ply in three cities – Dehra Dun, Haridwar and Nainital. Under the Jawaharlal Nehru Renewal Urban Mission (JNRUM) programme, the Centre will bear 80 per cent of the cost and the rest 20 per cent will be borne by the state government.
IN MY MIND
Betting big on the growing India-related M&A deals, private-sector lender Kotak Mahindra Bank today entered into a pact with Russian investment bank, Renaissance capital, to advise cross-border transactions.
India does not plan to move the World Bank for getting aid for conservation of tigers in the country. “Personally, I was very keen that the World Bank should help us in providing funds, at least for ensuring livelihood for villagers living on the fringes of the tiger reserves, so that they do not try to return to their original habitat (reserves).
The Union ministry of environment and forests has directed the Orissa government to take legal action against the Paradeep Port Trust (PPT) authorities for violating the Wild Life Protection Act, Environment (Protection) Act and Water Pollution Act.
Neyveli Lignite Corporation today said it plans to venture into power generation and mining industry business.
Paradeep Port Trust (PPT) is likely to sign the concession agreement for the proposed new deep draught coal berth with back up facilities by the middle of September.
India"s foreign exchange reserves increased by $1.023 billion to $285.414 billion for the week ended November 6.
Coal Minister Sriprakash Jaiswal today said his ministry is working on proposal to disinvest 5-10 per cent stake in navratna PSU Coal India.
Coal India Limited (CIL) will shortlist companies for revival and development of abandoned coal mines within three months.
State-run NHPC has drawn up an ambitious Rs 30,000-crore capex plan during the 12th Five-Year Plan to set up 14,000 Mw of hydro-power projects.
Business Standard / New Delhi July 3, 2009, 0:54 IST
New technology allows access to webpages without internet.
The worth of a company in the infrastructure sector needs careful evaluation.
BIRLA SUN LIFE’95
All processes regarding formation of a separate Telangana state will be "fully followed", Government told the Lok Sabha today.
Special US Representative for Pakistan and Afghanistan Richard Holbrooke is travelling to Europe to consult with leaders in Germany, France and Russia, before traveling to Kabul to attend the inauguration of Hamid Karzai for his second term as the Afghan President.
Pakistani-origin US national David Coleman Headley, a LeT operative charged with criminal conspiracy in the 26/11 terror attacks, now appears to have turned into informant to FBI to avoid death penalty.
Mayawati"s statues are taking away from the good work she"s doing.
The government today admitted that there is a delay in issuing passports in a few passport offices and assured that remedial measures are being taken to avoid the delays.
IT, consulting and business process outsourcing services company, Cognizant Technology Solutions, on Wednesday signed an initial five-year, multi-million contract with UK-based railway control and communications systems provider Invensys Rail to serve the global product research and development (R&D) needs of its group companies located in the UK, Australia, Spain and the US.
Cognizant Technology Solutions, a leading provider of consulting, technology and business process outsourcing (BPO) services, said on Tuesday that it had acquired all the assets of Pepperweed Advisors, the information technology consulting services division of Pepperweed Consulting. The company did not disclose the value of the acquisition.
S Kalyana Ramanathan / September 24, 2009, 0:08 IST
Joe C Mathew / New Delhi September 22, 2009, 0:22 IST
Finance Ministry is understood to have supported Anil Ambani group"s plans to raise $1.1 billion of overseas loans for power business and suggested to the Reserve Bank of India (RBI) that entities should not be denied a nod on account of alleged violations by end use of funds by other group firm.
Kabir Suman, the maverick singer-cum-MP in Mamata Banerjee’s Trinamool Congress takes politics so seriously he manages to convert even his musical shows into mini-rallies. At his first performance in the capital after he became an MP, Suman chose not to sing his popular songs, and instead sang song to sympathise with the Maoists and slamming the West Bengal government. He also gave short speeches in between the songs. “Whatever I did in life, people said someone else had done it before. But I am the first singer to defeat CPI(M)”. As the winter chill set in on the open air stage, Suman said, “I am sure the CPI(M) is thinking that if I die in the cold there will be a by-election and they can win back the seat. But I will not die so easily.” He did announce though, that he would not contest the Lok Sabha election again.
Non-life insurers earlier offered discounts as high as 97 per cent in some cases.
Think of what can go wrong — insurance companies have a list and the answer.
IRB Infrastructure Developers today said it has emerged as the successful bidder for a project of National Highways Authority of India (NHAI) in Punjab.
The country’s second largest public lender, Punjab National Bank (PNB) has offered to grant home loans at floating interest rates up to 2.5 percent below the prevailing Public Lending Rate (PLR) till the end of 2009 under its flagship scheme.
As food inflation shot up to a 10-year high of 19.95 per cent, the yield on government bonds softened today on belief the Reserve Bank of India (RBI) may not take steps like raising borrowing costs to contain inflationary expectations.
Encouraged by the success of a pilot to implement the smart card-based electronic benefit transfer (EBT) system on “one district, many banks” model in three districts of the state, Karnataka has shown interest in implementing the scheme in another three districts on a “one district, one bank” model.
Devangshu Datta / New Delhi September 26, 2009, 0:55 IST
Devangshu Datta / New Delhi September 12, 2009, 0:08 IST
Devangshu Datta / New Delhi August 1, 2009, 0:50 IST
The world’s largest chipmaker Intel expects corporate spending on personal computers (PCs) to rise in 2010. “Corporate spending on PCs will improve significantly in 2010 and emerging markets will grow faster than mature markets,” Intel Chief Executive and President Paul Otellini told reporters here today. He, however, did not specify any numbers.
Aarti Drugs closed at Rs 108, higher by Rs 2 or 2.8%, on the BSE.
Thinning out competition, consumer electronics maker Sony today launched its new range of ultra slim notebooks priced at Rs 65,000, which the company claims to be the world"s lightest.
Multiplexes may push for an embargo of up to two weeks on Bollywood producers releasing their films on Direct-to-Home (DTH) television platforms, after the films hit the theatres.
Shyam Ponappa / New Delhi November 5, 2009, 0:50 IST
Anil Ambani Group company Reliance Power (R-Power) today said it plans to become over 3,300-Mw company by the end of the Eleventh Five-year Plan (2007-2012).
Telecom operator Tata Teleservices (TTL) has asked the government not to impose any penalty on it for failing to meet the network roll-out obligation saying the delay was caused by the Telecom Engineering Centre"s (TEC) inability to test its equipment on time.
China/anti-trust: China’s campaign against market bullies has a long way to go. Some individual customers have taken on dominant companies under a new antitrust regime launched over a year ago. The targets have included big game such as telecoms operators China Mobile and China Netcom, petroleum group Sinopec, and technology giant Baidu. But the results of two early cases show consumer power hasn’t yet reached the Middle Kingdom.
Indian Railways’ ambitious plan to install ‘green’ toilets in all its 9,000 trains by 2011-12 have got postponed once again, with the process of tendering for procurement of biotoilets being scrapped last week. A revised tender agreement is likely to be approved by the Railway Board shortly.
Shyamal Majumdar / Mumbai October 15, 2009, 0:52 IST
For most companies, hiring women employees at an entry level has never been a problem. However very few of them make it to the higher levels. This has been a concern for recruiters.
Shyamal Majumdar / Mumbai August 20, 2009, 0:05 IST
The trickle has turned into a deluge. India Inc’s order book has more than doubled to an all-time high of Rs 73,320 crore in the second quarter of the current financial year, compared to the first quarter. On a year-on-year basis, the increase is 21 per cent.
Business Standard / New Delhi September 14, 2009, 0:22 IST
A man allegedly involved in illegal land acquisition for the controversial Vedic village resort near New Kolkata township was arrested along with five others from Bankura by a North 24 Parganas police team today.
In many cases foreign companies grant access to Indian companies for using their data base and other copyr-ighted material. The question for consideration is whether the amount received by the foreign company for permitting use of such copyrighted material constitutes consideration which could be treated as royalty under the provisions of the tax laws.
Oil prices touched $80 a barrel today in Asia on optimism a gradual US economic recovery in 2010 will boost demand for crude.
As delegates at the Copenhagen summit discuss a new climate treaty, green activists here are hoping that it would focus on emission cuts and safeguarding of biodiversity.
Carrying out fresh attacks, Maoists set ablaze a rail office at Banshipur station in Lakhisarai district after taking eight officials hostages and blew up a block office in neighbouring Munger on the second and final day of their two-day shutdown in Bihar.
The NSE Nifty ended (provisional) at 4,568, up 44 points. The BSE Sensex ended (provisional) at 15,378, up 147 points.
The markets are likely to open on a positive note owing to strong cues from the global markets. Reliance is likely to be in focus today ahead of its Q1 numbers.
Buy shares worth Rs 30,456 crore in June quarter, mostly from open market.
- Mulayam plays down Amar resignation as "nothing big" - Amar Singh quits as SP general secretary - Mum"s the word for Mulayam on Amar"s resignation - Amar Singh quits SP posts - Aditi Phadnis: Back to the future">Aditi Phadnis: Back to the future - Aditi Phadnis: Testing times for Telangana">Aditi Phadnis: Testing times for Telangana
Sanjay Sinha is the chief executive officer of DBS Cholamandalam Asset Management, a joint venture between the Murugappa Group and DBS of Singapore. Prior to taking over as CEO a year ago, Sinha was the CIO of SBI Mutual Fund. In an interview with Ram Prasad Sahu, he talks about the global recovery, the need for support from the regulators, macroeconomic environment and investment themes that would play out over the medium term
Quant funds should be used only for portfolio diversification, and are suited for high net worth investors.
Pratip Kar / New Delhi December 14, 2009, 0:54 IST
Investors have sold units worth Rs 16,507 cr in the past 3 months.
UN Secretary-General Ban Ki-moon has said intensified international action to tackle ship seizures off the Somali coast is forcing pirates further afield into the Indian Ocean and more recently closer to the Seychelles.