Management
Aluminium giant Nalco will invest over Rs 25,000 crore to launch new projects and undertake major expansion despite decline in profit due to the global recession.
National Aluminium Company (Nalco), a leading producer of aluminium in the country, intends to enter the energy sector as an independent power producer.
National Aluminium Company (Nalco) aims to scale up its annual business turnover from Rs 6000 crore at present to Rs 10,000 crore in the next five years despite the prevailing recession in the global economy.
Anil Ambani Group firm Reliance Media World today said it has partnered with BBC World Service for providing entertainment updates on the 33 stations on its radio BIG 92.7 FM.
Global rating agency Fitch today downgraded long-term rating of Ansal Properties and Infrastructure (API) due to restructuring of company"s debt.
The Sensex has ended (provisional) at 17,458, down 28 points.
spite the global recession, Karnataka continue to lead in software exports which touched a margin of Rs 71,000 crore in 2008-09.
Hours before Maoist-backed activists held the Bhubaneswar-originating Rajdhani Express hostage inside West Bengal near the Jharkhand border, an angry Mamata Banerjee today demanded the anti-Maoist operations in her state should be stopped. And that the Union government prepare the ground for imposing President’s Rule.
The stock touched a high of Rs 1,555 but could not hold on to gains. It finally ended with a 1.3% gain at Rs 1,547. Around 352,258 shares were traded on the BSE today.
To raise Rs 80 crore for working capital requirements
Maximum bids at Rs 95
The Sensex has extended gains and touched a high of 17,554 - up 90 points. The Nifty is up 30 points at 5,231.
Ronnie Screwvala-promoted UTV is close to partnering with Sun TV Network for a Tamil movie channel. Sources say the two will form a joint venture under which UTV will dub movies from Hindi, English and other languages.
Auto major Hyundai Motor India Ltd (HMIL) on Monday entered into a memorandum of understanding (MOU) with Chennai-based Indian Bank.
In spite of a 15 per cent decline in the kharif rice output, the government’s rice procurement in the ongoing kharif marketing season is marginally up at 14.85 million tonnes due to an increase in purchase from the ‘grain bowl’ states of Punjab and Haryana even though procurement is down in states like Uttar Pradesh (UP), Andhra Pradesh (AP).
The stock of Thiru Arooran jumped 4 per cent to Rs 165.75, after the government extended by 15 months a deadline for an obligation to export refined sugar against prior raw sugar imports until the March 2011. The move is meant to increase local supplies and rein in prices of the sweetener which rose more than 50 per cent in November 2009 from a year ago due to tight supplies.
Contrary to expectations that car sales dip in December, auto majors Maruti Suzuki and Hyundai Motor India are poised to grow 30 per cent in sales (the two companies control 72 per cent of the domestic market). General Motors is looking at 70-80 per cent increase in sales.
MRF finally settled with 16.5% increase at Rs 4,454. The counter witnessed trades of 61,745 shares, as against its two-week average traded quantity of 9,607, which is a massive increase of 521,38.
DuPont India, a subsidiary of E.I du Pont De Nemours and Company, today said it was planning to double its headcount to 3,000 in the next two-three years.
The Follow-on Public Offers (FPOs) of either NTPC or Rural Electrification Corporation (REC), are likely to be launched in the next couple of months, a senior government official said.
Healthcare chain Apollo Hospitals today said it has opened a multi-specialty care centre, Apollo Bramwell Hospital, in Mauritius.
Business Standard / New Delhi August 31, 2009, 0:44 IST
Buoyed by the Trinamool Congress’ success in the just-concluded Arunachal Pradesh elections in which it won five seats, party chief Mamata Banerjee has decided to field candidates in the upcoming Jharkhand elections as well. Even as the Congress is irked by Banerjee’s zeal as her party eats into its votebank, Banerjee is determined to make the Trinamool a registered national party by increasing its vote share in other states. The two parties are partners in the United Progressive Alliance but Banerjee is yet to decide if the Trinamool will support the Congress government in Arunachal Pradesh or sit in the opposition. Banerjee is also looking at constituencies in the East Singhbhum area — with a considerable Bengali population — as her target constituencies in Jharkhand.
Chennai-based healthcare major Apollo Hospitals Group has opened Apollo Bramwell in Mauritius with an investment of $70 million (around Rs 350 crore).
IBM today announced new and extended collaborations with six engineering and technology colleges across Maharashtra to provide a platform for development of software skills among students.
Hyderabad-based vaccines and biotherapeutics manufacturer Bharat Biotech International announced on Wednesday that its anti-staphylococcal molecule Lysostaphin had secured patent rights in US, Europe, China, Australia and other nations.
Oil prices hovered near $71 a barrel today in Asia after a weakening US dollar sent crude soaring overnight.
The company faced solvency margin issues recently.
The government today fixed the issue price of the initial public offer (IPO) of state-run explorer Oil India at Rs 1,050 per share, raising a cumulative Rs 4,982 crore.
The Anil Ambani group today asked the Oil Ministry to follow a uniform policy and become party to power PSU NTPC"s case against Mukesh Ambani-led RIL to save power consumers from paying additional Rs 30,000 crore for the benefit of "private monopoly" gas producer.
Union Law Minister M Veerappa Moily today virtually backed Chief Justice of India K G Balakrishnan on the issue of assets declaration by judges and said if judges were voluntarily disclosing their assets and "wanting to become heroes, it is their wish."
Telecom regulator Trai today said it could not give its fresh views on the crucial issue of capping of licences by September 5 as licensing policy needed a closer look for the growth of the industry.
Under criticism for its role in validating Mukesh Ambani-led RIL"s $8.83 billion gas field costs, Mustang Engineering of the US today said it did an "independent" evaluation and had never approached the firm for any commercial deals.
Novartis India surged over 4% to Rs 447. The scrip touched a high of Rs 450 and a low of Rs 434 during the day. The counter witnessed a volume 13,914 shares, which is more than two-fold increase in its two-week average traded quantity of 5,919 shares.
Markets extend losses in noon trades
Maharashtra allows eight private hospitals to treat patients.
The Supreme Court today decided to commence the final hearing on the high-profile gas dispute between the group firms of Mukesh Ambani and his younger brother Anil from October 20.
Private-sector lender, Bank of Rajasthan(BoR) today entered into a tie-up with Bajaj Auto to offer two-wheeler loans.
Travel and tour company Cox & Kings (India) made an impressive debut on bourses today. The stock closed 30 per cent up at Rs 426.05 on the Bombay Stock Exchange (BSE) as against the initial public offer (IPO) price of Rs 330. On the National Stock Exchange (NSE), the stock closed at Rs 430.
The Supreme Court today sought a response from the Centre, Maharashtra government and four real estate developers on Bharat Petroleum Corporation"s (BPCL) plea alleging a security threat to its refinery, Tata Electricity Company"s plant and the Bhaba Atomic Research Centre (BARC).
Pakistan Supreme Court summons former President Pervez Musharraf to appear before it.
The Supreme Court today sent the Ambani brothers’ cross appeals against the Bombay high court judgment to a three-judge bench to be constituted by September 1, which indicates that there would be no early decision on the myriad questions raided by the parties.
Private airline Jet Airways today posted a profit of Rs 105.80 crore for the third quarter ending December 31, 2009, the company said in statement here.
The Supreme Court has allowed Paradip Port Trust (PPT) to re-invite financial bids for developing a deep draught coal berth at Paradip. However, it asked PPT to keep its decision in abeyance till further orders.
In line with the global trend of going green, FMCG major Nestle India is working on a series of initiatives to reduce use of natural resources and cut costs.
GMR Hyderabad International Airport Limited (GHIAL) has signed three memoranda of understanding with Jet Airways, Malaysia Airports Consultancy Services (MACS) and Asia Pacific Flight Training Sdn Bhd (APFT).
Oriental Green Power (OGP), a renewable energy generation company, promoted by Chennai-based Shriram EPC, has said that the company has concluded financial closure to the tune of Rs 400 crore to set up six bio-mass based power plants.
Business Standard / New Delhi December 21, 2009, 0:38 IST
Copenhagen: The world’s best spin-doctors couldn’t put much of a glow on the Copenhagen summit. Representatives of 120 countries gathered in the Danish capital with solemn pledges to draft an international treaty to fight man made climate change, but all that emerged was a vague text with a few good intentions and no firm commitments. It"s not much comfort to think that no treaty might be better than a hastily composed bad one.
OPEC oil producers gathered in poverty-stricken Angola today said they would hold output firm amid comfortably high prices at their first ever meeting hosted by Africa"s new crude-pumping giant.
The Securities and Exchange Board of India (Sebi) today confirmed its decision of restraining 75 entities from dealing in the securities market as it failed to get any response from these entities in the Pyramid Saimira Theatre (PSTL) forgery case.
Two more persons died of swine flu (H1N1 flu virus) on Sunday, taking the total death toll to nine in Andhra Pradesh.
The Reserve Bank of India (RBI) has requested all Registrars of Co-operative Societies (RCSs) to restrict individual shareholding in an urban co-operative bank (UCB) to 5 per cent of the total paid-up share capital.
The auditors for Indian pharma major Ranbaxy, now owned by Japan"s Daiichi Sankyo, have drawn attention of the company"s board towards remuneration paid to its former chief Malvinder Mohan Singh and current head Atul Sobti.
Tata Realty and Infrastructure (TRIL), a closely-held unit of Tata Sons, plans to invest Rs 20,000 crore to build special economic zones, roads, ports and other core sector projects in the next three years to take advantage of a stable political environment and revival in the economy, a top company official said.
Fraud-hit Satyam Computer Services Ltd is planning to cut real estate costs by terminating the lease contracts of four facilities in Hyderabad.
Satyam Computer today said it has allotted 75,090 equity shares to its employees, under its stock options plans.
The Orissa government today said it would assess the local situation in the trouble-hit site for Posco"s proposed Rs 50,000-crore steel plant before allowing South Korean President Lee Myung-bak to visit the place in January.
The Nifty formed another Doji pattern today after moving in a narrow band of 50 points, indicating indecisiveness among participants ahead of Christmas holidays in US and European markets. The index closed below its crucial trendline support level of 5,050, while maintaining its 50-day daily moving average (DMA) support at 5,000.
Kishore Biyani-promoted Pantaloon Retail today reported a jump of 51.07 per cent in its third quarter net profit at Rs 50.67 crore.
In its hope to see electric two-wheeler sales rising in Gujarat, Chennai-based BSA Motors, a business unit of Tube Investments of India (TII), part of the Rs 15,646 crore Murugappa Group, has submitted a memorandum with the state government seeking eight per cent waiver in road tax, reduction in VAT as well as provision of subsidy for the products. Once implemented, BSA Motors hopes to achieve 15 per cent of its total sales target from Gujarat.
Struggling to bolster its claims of leadership in the fight against climate change, the European Union has announced a commitment of ¤2.4 billion (Rs 13,760 crore) annually between 2010 and 2012 to help developing countries adapt to the effects of global warming.
A crucial UN climate summit opened here today amid calls for "early action" to combat the threat and with the hope that emission reductions promised by key countries had put the world closer to a global warming control pact.
- T N Ninan: Failing capitalism">T N Ninan: Failing capitalism - T N Ninan: Pointing fingers">T N Ninan: Pointing fingers - T N Ninan: VIPs & development">T N Ninan: VIPs & development - T N Ninan: Auction mining rights">T N Ninan: Auction mining rights - A roof over one"s head - Government drafts green SEZ policy
Notwithstanding the growing concern over an appreciating Indian rupee against the US dollar which could eat into their operating (Ebitda) margins, major Indian IT services providers believe the worst is behind the sector.
Offers $250 million for 26 per cent stake.
State-run Bharat Petroleum Corporation today reported a 62-fold growth in net profit at Rs 3,628.02 crore for the fourth quarter ended March 31, 2009.
Devika Banerji / New Delhi December 6, 2009, 0:28 IST
Devika Banerji / New Delhi November 11, 2009, 0:33 IST
The construction work for the 220 KV line from Paradeep Grid sub-station of the Orissa Power Transmission Corporation Limited (OPTCL) to the proposed petroleum refinery premises of the Indian Oil Corporation Ltd. (IOCL) is yet to start.
Vedanta Group company Sterlite Energy is believed to have bagged the country"s first ultra mega power transmission project, breaking the decades old monopoly of state-run PowerGrid Corporation.
Three private sector power companies — Reliance Infrastructure’s subsidiary Reliance Power Transmission Limited (RPTL), Sterlite Energy and Lanco Infratech — will compete with each other in the final round of bidding for the first ultra mega transmission project (UMTP) in the country for the North-Eastern region.
Bajaj Auto recorded a near three-fold increase in net profit at Rs 475 crore in the quarter ended December 31, 2009, beating market estimates. India’s second-largest motorcycle maker saw high demand for its vehicles, essentially driven by the high-margin, but low-capacity bikes introduced recently.
Automotive component manufacturer Bosch today said its net profit rose by 23.14 per cent to Rs 194.81 crore for the third quarter ended September 30, over the same period last year.
Bosch Ltd, a supplier of automotive, industrial consumer and building technology products, has failed to meet its target for the year-long share buyback programme. Robert Bosch GmbH of Germany, the parent company of Bosch, currently holds 71.18 per cent stake in Bosch Limited.
Tata Motors has started distribution of its Prima range of World Trucks, unveiled in May. The first product, the Prima 4028 S, is a 40-tonne 266-PS (Cummins ISBE engine) tractor with a 9-speed ZF transmission, a matching trailer with new generation brakes, ABS and specialised axles for heavy-duty and high-speed application. The tractor’s air-conditioned cabin includes reclining seats, adjustable steering wheels and arm rests for driver comfort. It has got sleepers to facilitate long-distance travel.
Auto component maker Sona Koyo Steering Systems reported an unaudited profit after tax (PAT) of Rs 3.71 crore for the quarter ended September 30.
Power traders have opposed a Central Electricity Regulatory Commission (CERC) draft suggesting trading margin of 7 paise per unit if the sale rate is more than Rs 3 on a short-term trading market.
The Sensex has ended (provisional) at 16,912- up 74 points.
The Sensex is now at 16,962, up 85 points. The Nifty is at 5055- up 22 points.
Ford Motor has said it will invest $400 million (around Rs 1,850 crore) in its manufacturing facilities here to produce next version of Explorer SUV by 2010-end and the move will create 1,200 jobs.
Automaker Tata Motors today reported 77.30 per cent jump in its total sales during January at 65,478 units.
The Nifty closed in a Doji pattern on the last day of this month’s expiry today, indicating continuation of indecisiveness in the next series. Global cues are strong and hence the Nifty is likely to trade above 4,800 with strong support at 4,820.
Bank of Baroda (BoB) ended at Rs 556, higher by Rs 33 or 6.4%, on the BSE.
The central bank may hike CRR by 50 bps; some economists expect a rise in policy rates too.
A number of Reliance Retail outlets in Andhra Pradesh today came under simultaneous mob attack after a news report on some Telugu channels alleged the role of the Ambani brothers in the sudden death of former chief minister Y S Rajasekhara Reddy in a chopper crash last year.
IDBI Bank had completed due diligence on a private bank for a possible acquisition, Chairman and Managing Director Yogesh Agarwal said today. “Talks are on. Due diligence has been done. I cannot commit on the time-frame,” he said on the sidelines of Bancon 2009-10.
Actor-turned-politician Chiranjeevi, whose party Praja Rajyam is opposed to bifurcation of Andhra Pradesh, today met Home Minister P Chidambaram and apprised him of the "deteriorating" law and order situation in the state.
Taking "serious" note of internet giant Google"s allegations that Chinese authorities indulged in e-mail hacking and censorship, the Obama administration has sought explanation from Beijing on the issue.
Economists were "slightly surprised" by the extent of hike (75 basis points) in mandatory cash reserves of banks held by the Reserve Bank, but felt that the apex bank"s move was strongly influenced by rising inflationary pressures.
The Reserve Bank today raised by 75 basis points the cash reserve ratio -- the amount lenders need to keep with the central bank-- to suck Rs 36,000 crore out of the system and cool down the surging inflation.
UK Chancellor of the Exchequer Alistair Darling said bankers should stop complaining and get to work.
ECB will have to be raised within 12 months from the date of payment of the final instalment.
Suhasini Haidar / January 24, 2010, 0:34 IST
Reliance Communications (RCom) has asked the department of telecommunications (DoT) to take action against its special auditor, Parakh & Co, for alleged breach of confidentiality and misconduct. It has also asked DoT to scrap Parakh’s report, saying the conclusions are incorrect, unilateral and biased.
Largest all-cash asset purchase transaction in India: GTL
After committing an investment of Rs 60,000 crore on various projects in Orissa including an aluminium smelter plant, an alumina refinery unit and a mega university project, London-based Vedanta Resources Plc has now evinced interest in setting up a steel plant in the state.
Public sector lender Bank of Maharashtra reported a 7 per cent drop in net profit to Rs 112 crore for the quarter ended December 2009 against Rs 120.6 crore in the year-ago quarter. Net interest income, or the difference between interest earned and interest paid, grew 5 per cent to Rs 361 crore from Rs 343 crore in the December 2008 quarter.
Higher provisioning and lower net interest income have resulted in a 42.59 per cent drop in net profit of Syndicate Bank for the quarter ended December 2009.
Anil Ambani group firm Reliance Capital Asset Management today announced appointment of Ian Lancaster as the CEO of its Malaysian subsidiary, which has been set up to tap the fast-growing market for products complying with Islamic law.
UBS AG, Switzerland’s largest bank by assets, will see further withdrawals by wealthy clients after reporting a third consecutive quarterly loss, Chief Executive Officer Oswald Gruebel said.
India, Latin America and Africa must be taken on board while framing the rules for globalisation in the post-economic crisis scenario, French President Nicolas Sarkozy said at world economic forum"s (WEF) annual meeting here.
Anil Dhirubhai Ambani Group company Reliance Infrastructure (R-Infra) will soon be the official owner of the second phase of the Mumbai Metro project. The state government and the company would sign a concession agreement for the Rs 11,000-crore project on Thursday, according to sources.
The iconic US cult bike maker Harley Davidson is set to enter Indian markets tomorrow, two years after it was first granted permission to start operations in the country. Sales will, however, begin only by 2010, the company said in a statement.
Prime Minister Manmohan Singh has rejected the UN deadline of January 31 for submission of emission targets and climate actions under the Copenhagen Accord.
Intergovernmental Panel on Climate Change (IPCC) chairman R K Pachauri today termed as a "human error" the findings in its report about melting of Himalayan glaciers, but ruled out his resignation on the issue.
Top US and Indian officials are making hectic efforts to conclude the discussions on critical reprocessing deal on spent nuclear fuel before Prime Minister Manmohan Singh"s high-profile state visit here next week.
Business Standard / New Delhi December 28, 2009, 0:48 IST
Faced with a major downslide in business traffic, airlines are now adopting innovative schemes to attract high-end and corporate travellers to fill in the seats on the front rows.
South Korean consumer durables major LG today said it plans to give a push to its LED TV sales by launching more advanced versions of it in 2010 and expects to sell up to 3 lakh units by the end of next year.
Led by market leader Hero Honda, two-wheeler manufacturers posted an impressive growth in sales during the month of November on the back of favourable bank lending rates and a good response to new launches. Heavy promotional campaigns and sales offers by most companies also aided demand.
Tata group"s Tanishq retail chain of stores, launched a special festive contest for its customers in Gujarat today. The offer gives customers the opportunity to win diamond jewellery along with assured gifts on purchase worth Rs 15,000 or more from Tanishq.
Gold continued its rising spree today to set a fresh record at Rs 18,550 per ten gram in the bullion market today as dollar remained weak.
India"s gold imports stood at about 18 tonnes in May, nearly two tonnes less than that in April, on account of high prices and low demand in domestic markets.
How S Ramadorai groomed Natarajan Chandrasekaran as his successor.
BS Reporter / Mumbai September 5, 2009, 0:48 IST
Maruti Suzuki will expand its passenger vehicle production capacity at Manesar by around 2 lakh units over the next 2 years.
Brushing aside government’s stand that Formula One is not a sport, F1 supremo Bernie Ecclestone on Wednesday said the foundation stone of the race track in India would be laid in October for the showpiece event next year. Ecclestone said it’s been long time that they have signed the contract with the promoters in India and there was no question of the event being shelved despite the Indian government’s refusal to give concessions.
With revenues and profit falling drastically for somtime now, state-run BSNL has hired market research firm IMRB to study the reasons for rising number of surrenders of its landline connections, the main source of income.
Godrej Properties ended the debut day at Rs 534, which is a premium of 9% to its issue price of Rs 490.
The Sensex has ended (provisional) at 17,673 - up 114 points.
After a promising start, key indices first witnessed an upside breakout, and then crashed due to derivatives expiry and the Dubai debt scare.
Foreign exchange losses of Rs 22 crore in the quarter ate into the profits of Delhi-based NIIT Technologies, which posted a profit after tax (PAT) of Rs 26.3 crore for the fourth quarter ended 31 March, 2009, down 15 per cent from Rs 31 crore in the corresponding quarter last year.
As the Budget preparation for the next financial year (2010-11) gathers momentum, Prime Minister Manmohan Singh has called for a full Plan panel meeting on Wednesday to take stock of the overall condition of the economy. The meeting would be attended by Planning Commission Deputy Chairman Montek Singh Ahluwalia, along with all the eight members of the Commission.
What do Cannan Partners and Indian Institute of Management-Ahmedabad have in common? They have both appointed an entrepreneur-in-residence (EIR).
With states speeding up distribution reforms in the power sector, the requirement for Central funds has gone up by over a half in the next financial year.
Jindal Power, a subsidiary of Jindal Steel & Power (JSPL), has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for a public issue of equity shares through 100 per cent book building method.
Builders feel move may hinder development.
Beware of investment products that promise the moon.
Global quick service restaurant chain Domino"s Pizza is planning to hire up to 1,800 new employees during this fiscal to service its expanding chain.
Quick service restaurant chain Domino"s Pizza is now aiming to tap ready-to-eat pasta market to increase footprints in the estimated Rs 2,500 crore Indian organised food business.
Treasury receipts much better than this time last year.
Amid rising food inflation, the Reserve Bank of India (RBI) today said it will take "prompt action" if it felt the price rise is due to demand factors.
The commodity market regulator Forward Markets Commission (FMC) today said bourses can achieve the turnover target of Rs 80 lakh crore if resumption of forward trading in rice, urad, tur and sugar and launch of options and indices are allowed.
JMM chief Shibu Soren was today sworn in as chief minister of Jharkhand for the third time at a ceremony which was skipped by top leaders of coalition partner BJP, and will take a floor test in the Assembly on January 7.
The markets ended their four-day winning streak as global indices closed lower. The Sensex closed at 17,343, weaker by 57 points, and the Nifty closed flat at 5,169. The broader indices, however, outperformed the benchmark indices. The consumer durables pack was the leading sectoral gainer for the second day in a row while FMCG and metals showed weakness.
Education, healthcare and FMCG sectors will grow at healthy rates in 2010, while capital goods, banking and real estate will continue to struggle next year, industry body Assocham has said.
Essar Oil Ltd (EOL) is on track to complete expansion of its facility at Vadinar refinery in Gujarat to 16 million tonnes by December 2010, brokerage company IDFC-SSKI said in its report on the company while putting a price target of Rs 194 on its stock.
Secondary steel maker Uttam Galva Steels today hiked prices of its products by Rs 3,000 a tonne citing increase in its input cost and firming global demand trend.
Balrampur Chini ended flat at Rs 133, Around 410,679 shares were traded as compared to the two-week daily average traded volumes of 1.04 million shares.
Lloyds Banking Group Plc, the UK’s biggest mortgage lender, plans to raise a record 13.5 billion pounds ($22.3 billion) in the country’s biggest rights offering, selling shares at a 59.5 per cent discount. The bank gained in London trading.
Shipping Corporation of India (SCI) has gained in early trades on plans of purchasing new container ships.
May squeeze cement companies’ margins, but the steel sector is unlikely to be affected much.
As BJP grappled with dissidence among its MLAs, opposition Congress today fielded T B Jayachandra as its candidate to contest the post of assembly Speaker to be held tomorrow.
2009 saw a high-voltage legal battle between the Ambani brothers over the gas dispute reaching the Supreme Court with a judge withdrawing from the bench.
The stock soared to a high of Rs 136 and finally ended at Rs 134, up 4% from its previous close. The counter clocked volumes of 1.75 million shares as compared to the two-week daily average traded volumes of 466,405 shares on the BSE. ______________________________________________________
In yet another move to increase the flow of Japanese investment into India, visiting Japanese Prime Minister Yukio Hatoyama today assured India’s leading industrialists and bankers to look into the option of directly linking the rupee and yen.
Twenty five Indian generic drug makers got a little over 200 approvals from the US Food and Drug Administration (FDA) in 2009, half a dozen more than the number approved in 2008.
The FIIs long build-up in the Nifty futures and short covering in stocks futures during the week ended November 13 augur well for the market. The Nifty expected to hit a new high in the coming week if it crosses a crucial resistance at 5,060. On the down side the 4,940 is healthy support and below that 4,860 is the crucial support level. The Nifty rose over four per cent during the week largely due to short covering from the foreign investors in Nifty futures and stocks futures.
Prime Minister Manmohan Singh today voiced confidence that India would quickly return to the path of sustained high level growth of 9-10 per cent.
The Sensex finally ended (provisional) at 17,032, up 247 points. The NSE Nifty ended (provisional) at 5,060, up 71 points.
Insiders who have been chosen as chief executive officers (CEOs) of companies, like Mukesh Ambani of Reliance Industries and Steve Jobs of Apple, have fared better than those who have been brought in from outside, says a survey.
The Uttarakhand government has told a high-powered committee that four cumax of water flow would be sufficient to maintain perennial flow of the Bhagirathi in Uttarkhand where three key hydropower projects have been suspended on environmental and religious grounds.
The industrial consumers numbering 19,417 owed Rs 220.15 crore as outstanding electricity bill to the power distribution companies in the state.
The National Informatics Centre has raised concerns over privacy and security of proposed database of Unique Identification Authority of India(UIDAI), headed by Infosys founder Nandan Nilekani.
As part of its special audit on selected companies, the Department of Telecommunications (DoT) has told Bharti Airtel to provide all required information to the auditor by December 14.
Hyderabad-based drug maker Dr Reddy"s Laboratories plans to launch generic version of the world"s largest selling anti-cholesterol medicine "Lipitor" in the US market in the next 2-3 years.
Pharma companies in Andhra Pradesh say they are losing heavily due to the Telengana unrest in the State.
Sun Pharmaceutical Industries, India"s largest drug firm in terms of market capitalization, posted a 11.49 dip in net profit during the quarter ended September, compared to the same period last year, due to regulatory issues and the resultant loss of revenue for its US subsidiary Caraco Pharmaceuticals.
The stock erased all its gains and slipped into the negative terrain to touch a low of Rs 1,005. The stock finally ended at at Rs 1010, down 1% from its previous close. The counter clocked volumes of 136,077 shares as compared to the two-week daily average traded volumes of 147,279 shares on the BSE.
Sun Pharmaceutical Industries’ US subsidiary Caraco Pharmaceutical is facing more trouble in the US. A law firm, Izard Nobel LLP, has initiated a lawsuit seeking class action status against the company in the United States District Court for the Eastern District of Michigan on behalf of its investors.
Israeli drug maker Taro Pharma has alleged that Sun Pharma is attempting to seize its control by waging a proxy war.
Will be available from next year for Rs 2.5 cr.
China"s oil demand and growth may be making headlines, but the world"s fifth-largest crude oil producer is undergoing decelerating growth in oil consumption and is more a price taker than a price driver, says a new report.
Country"s eight of the top-10 firms together added over Rs 53,000 crore to their market capitalisation last week, while two state-run firms NTPC and NMDC-- saw an erosion in their valuation.
The Andhra Pradesh government, which won four oil blocks in the VIII round of the New Exploration Licensing Policy (Nelp) bidding on Monday, will invest about Rs 160 crore in oil and natural gas related activities over the next five years.
The government is likely to raise the Gross Budgetary Support (GBS)-- the amount of assistance provided by the Centre for Plan schemes-- by 15 per cent to Rs 2.76 lakh crore during 2010-11.
Lower than expected refining margins have dragged down the company"s profits.
Country"s biggest GSM mobile company Bharti Airtel and South African MTN today apprised the Telecom Ministry of their proposed $23-billion deal that could create one of the top three wireless companies in the world.
The Prime Minister’s Office (PMO) has asked for comments from the petroleum ministry on Anil Ambani’s letter, wherein he accused the ministry of siding with estranged brother Mukesh Ambani’s Reliance Industries Ltd (RIL) in an ongoing gas dispute.
A hospital, as the saying goes, is no place for sick people. It’s filled with hazards to your health, not least of which are the myriad infections, missed diagnoses, dosage mistakes and other complications that arise from human error. And, in a hospital, human error seems all but inevitable. How can any one individual, or even any one team of individuals, keep all the tasks straight and anticipate all eventualities 100 per cent of the time?
No terrorist atrocity in India has produced as much distorted reportage as Mumbai 26/11. The ill-equipped and untrained city police got all the blame, while journalists failed to ask even basic questions. Why, for instance, did the Indian Army and the Navy commandos refuse to fight the Pakistani jihadis inside the Oberoi hotel?
Wants to use the aircraft for light cargo purpose in North East region
Wipro, India’s third largest IT services provider, is seeing an improvement in the prospects for the IT sector. The company expects IT spends in the US to go up in 2010.
MS/China derivatives: Morgan Stanley has solved a problem in China — but the outcome may spell gloom for rivals. The Wall Street bank has reached a settlement with a company to which it sold exchange-rate derivatives, receiving a fraction of what it claimed was owed. It would probably have struggled to squeeze out more. This reinforces the unhappy idea that foreign banks in such cases have the weaker hand.
Mahindra Satyam is reportedly on the verge of finalising a deal to payback an undisclosed sum to the Victorian government following the collapse of a $75 million IT project in Geelong.