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Most fast moving consumer goods (FMCG) companies have a two-pronged strategy to tap rural markets. It comprises launching nano packs and scaling up rural distribution. Godrej Consumer Products Ltd (GCPL) is going a step further by adding a regional advertising component.
About 20 million mobile phones without International Mobile Equipment Identity (IMEI) will be non-functional from tomorrow as the government’s deadline to ban mobile handsets without the unique identification number came to an end today.
IT firm HCL Infosystems today said it has divided its channel partners to serve its small and medium enterprise (SME) customers in a better way.
Goa government"s proposal to levy land replenishment cum green environment charges on mining firms state has received flak from the premier industrial body in the coastal state.
Public sector lender Bank of Maharashtra today said its net profit grew over two-fold to Rs 137.33 crore during the fourth quarter of 2008-09 over the corresponding period a year ago.
The country"s largest coal producer, Coal India Limited (CIL), has proposed to the government that 15 per cent of the company can be divested.
The Indian Air Force’s Sukhoi-30MKI fighter is a beast that is tamed only by technology. The aircraft’s giant AL-31FP turbofan engines, which allow manoeuvres that no other fighter can dream of, are monitored by its pilots on high-tech computer screens called multi-function displays, or MFDs. A quick glance across the MFDs also provides information about on-board weapons and sensors, telling the pilots everything about how the aircraft is flying and fighting.
Come January and all mobile phone users will have 11-digit mobile numbers instead of their 10-digit numbers currently.
Realty major DLF today said its board has approved integration of DLF Assets with DLF Cyber City Developers, a move that will enhance its cash flow through rental income.
The broader indices opened higher for the first two days. Since then, index stocks struck to a narrow range as investors preferred to wait for the December quarter results. Nevertheless, markets ended the week at a 22-month high with the Sensex ending nearly flat and Nifty gaining 13 points or 0.8 per cent to 5,245.
Premji Invest, the $1 billion private equity fund floated by Wipro’s billionaire chairman Azim Premji, is understood to be close to investing around Rs 150 crore in Bangalore-based Manipal Group’s education arm through a structured deal.
IndiaSkills, a joint venture between India"s leading higher learning organisation Manipal Education and UK-based City & Guilds, will invest Rs 200 crore over the next five years to offer vocational training courses across sectors like hospitality and retail.
It’s a comeback of sorts for Bollywood’s Big B, not just for his path-breaking performance as a 13-year old boy, Auro, but as a producer.
Disappointed with factors like FSI and NA clearance, real estate developers in Gujarat find draft better than final township policy that has been announced by the state government. After much deliberations, the Gujarat government finally announced the much-awaited regulations for residential townships.
Real estate developers cannot be fined for late delivery of possession of a flat to an allottee if no specific date of its delivery is mentioned in the contract, the apex consumer body has held.
HRD Minister Kapil Sibal today said the ministry has sought a detailed report into the server crash during the online Common Admission Test (CAT) examination.
The maiden attempt by the Indian Institutes of Management (IIMs) to make aspirants take the Common Admission Test (CAT) on computers ran into technical snags on the very first day when some servers in 11-odd centers crashed. While there was no official confirmation about the number of affected students, test-preparation institutes estimated that over 300 students could not sit for the examination.
United Spirits, India’s largest spirits firm from the stables of UB Group, efforts to raise Rs 1,000 crore through the private equity route is unlikely to sail through. United Spirits, owned by Indian billionaire Vijay Mallya has been in discussions with global private equity giants including KKR and Capital International to raise resources to largely settle the huge debt pile of the firm.
Kingfisher Airlines, owned by the UB Group, is planning to raise up to Rs 500 crore through issue of further share capital.
PSU says it’s winning back contracts that went to Chinese firms
Merger and acquisition volume in the telecom space worldwide stood at $49.2 billion so far this year driven by the US-based Frontier Communications" $8.6 billion acquisition of Verizon Communications.
With a sharp rise in bond yields in the third quarter, most banks have been saved mark-to-market (revaluing securities to reflect their current value) losses by a whisker.
In my mind
All the hot metal you will be seeing at the 2010 Auto Expo next week!
Biofuels have a limited role in India due to land limitation and food security issues, Environment Minister Jairam Ramesh said today, a view which differs from the official line pushing for a 20 per cent blend of such fuel in gasoline and diesel by 2017.
Joint venture to split manufacturing and marketing functions.
Terror threat, swine flu scare and hike in air fares hit the tourism sector hard in 2009 with number of foreigners visiting the country dropping by over 6 per cent but the tourism ministry is now looking up to the Commonwealth Games to reverse the trend.
The government today said market regulator Sebi does not monitor usage of proceeds of any initial public offers (IPOs) and it is not contemplating any change in the current regulatory framework.
KPIT Cummins Infosystems Ltd, a global IT consulting and product engineering company, has entered into a definitive merger agreement with Sparta Consulting, a California, USA-based firm and a leading provider of high end SAP solutions. The all cash agreement is for a milestone based consideration of $38 million which includes a bonus of $4 million.
The commerce ministry has prohibited import of mobile phone handsets (classified under ITC (HS) Code ‘8517’) without International Mobile Equipment Identity (IMEI) number or with all zeroes’ IMEI, with immediate effect from October 14, 2009. Import of ‘CDMA mobile phones’ (classified under ITC (HS) Code ‘8517’) without Electronic Serial Number (ESN)/Mobile Equipment Identifier (MEID) or with all zeroes as ESN/MEID is also prohibited with immediate effect from the same date.
Indian Cellular Association (ICA) has demanded counterfeit mobile handsets with cloned International Mobile Equipment Identity (IMEI) numbers of other genuine handsets be banned in the country.
The stock touched a high of Rs 233 and finally settled 4% higher at Rs 228. The counter clocked volumes of 1.93 million shares on the BSE.
Raising the price at which sugar mills are mandated to purchase sugarcane from farmers, over that fixed by the Centre, could punch a hole in the pockets of states. The Union government has said that anything that the state mandates above the centre-assigned price will have to be paid by the state.
Retail chain major Shoppers Stop today said it plans to raise Rs 250 crore to increase stake in its hypermarket chain, Hypercity to 51 per cent, a top company official said today.
IL&FS Transportation Networks (ITNL) today said it would raise Rs 700 crore though an initial public offer (IPO) in Januray for repayment of loan and supporting its growth plans.
The new Foreign Direct Investment (FDI) norms, which stipulate changes in the way foreign investment in a domestic company is calculated, have put a roadblock in the path of credit information bureaus, which are eager to rope in private sector banks as investors.
The Municipal Corporation of Greater Mumbai (MCGM) is mulling raising funds to the tune of Rs 2,000 crore as India"s richest civic body struggles to overcome a financial crunch created by a projected shortfall in revenue collection and massive expenditure on projects.
Vijay Mallya-led Kingfisher Airlines is planning to raise up to $600 million (about Rs 3,000 crore) in the current fiscal to pay-off part of its debt.
India"s fiscal deficit touched 40 per cent of the full-year estimate in the first four months of FY10, kindling fears that expenses will exceed income beyond what was projected earlier.
Asian markets ended in the green today. The Hang Seng, dropped from its intra-day high to end with a gain of 115 points at 22,412.
The interim pension regulator, Pension Fund Regulatory and Development Authority (PFRDA), today said it has sought funds from the Finance Ministry for spreading awareness about retirement savings and a provision for the same is expected in the upcoming Budget.
State-run Oil and Natural Gas Corp (ONGC) has sought levy of windfall tax on crude oil price of over $60 per barrel to pay for fuel subsidies.
Matrix Laboratories Ltd, a subsidiary of the US-based generics drugmaker, Mylan lnc, has assigned its right to purchase 1 per cent equity in Astrix Laboratories Ltd to Mylan Luxembourg, another subsidiary of Mylan.
Given India’s large geographical spread and ready availability of sunshine, solar energy could be the answer to our energy shortage.
The government has identified 46 monuments in Delhi for elaborate sprucing up before the 2010 Commonwealth Games, the Rajya Sabha was informed today.
Dalal Street is likely to witness high volatility and remain range bound with an upward bias as investors will tread cautiously despite the right signals from the government in terms of financial reforms, analysts say.
Fashion and lifestyle retail chain Shoppers Stop today said its board of directors has approved raising funds by allotting 40 lakh shares to qualified institutional buyers.
India may be looking at Qatar for a ‘sweetheart’ gas deal, but Doha appears in no mood to sell liquefied natural gas (LNG) at anything less than $9-11 per mBtu — at more than double the domestic gas price.
In a bid to salvage the ambitious ethanol-blended petrol programme, state-run oil firms have agreed to pay 25 per cent higher price at Rs 27 a litre for ethanol they will buy from sugar mills for doping petrol.
Amid growing opposition to the human consumption of genetically-modified brinjal, also referred to as Bt brinjal, in various quarters, Environment and Forests Minister Jairam Ramesh will travel across the country in January to hold consultations.
Dish TV’s board of directors, at its meeting held today, approved the pricing of the Global Depository Receipt (GDR) issue. The issue price of $854.50 per GDR, representing 1,000 underlying company shares of Re 1 each.
Things are looking up for the DTH business. Why, then, is everybody so glum?
Although the West Bengal government is reluctant to admit that the political turmoil in the Hills has affected the tourism industry in Darjeeling and the surrounding areas, it is attempting to aggressively market other destinations within the state to ensure a steady inflow of tourists.
Granules India Limited (GIL), a Hyderabad-based active pharmaceutical ingredients (APIs) and pharmaceutical formulations intermediates, reported a net profit of Rs 6.19 crore for the quarter ended June 2009, as compared with Rs 2.7 crore in the corresponding quarter last year, reflecting an increase of 129.25 per cent.
Targets areas where it has negligible presence
Anil Ambani-controlled RNRL told the Supreme Court today that Mukesh Ambani’s RIL had put it in a disadvantageous position in terms of price, quantity and tenure in their Gas Supply Master Agreement (GSMA).
Cheaper mobile tariffs across the country has even attracted the Prime Minister’s Office (PMO) to explore the various plans offered by the service providers and to have the best option, specific to its requirement.
The Prime Minister"s Office does not have any information whether Cabinet Ministers, who were part of Empowered Group of Ministers to decide on the price of gas from Godavari basin declared their conflict of interest with Reliance Industries Limited or the late Dhirubhai Ambani.
The Railways has so far raised a platry $84.8 million through private equity investments against a target of $13 billion for the 11th Plan period as it is yet to roll out investment-friendly models, a study by an industry chamber said here today.
Sumit Bose, former 13th Finance Commission Secretary, today took charge as Disinvestment Secretary, at a time when the government is expected to come out with a roadmap for its equity sale in PSUs next month.
In a step towards initial public offer (IPO) guidelines for insurance companies, the Insurance Regulatory and Development Authority (Irda) has come out with final public disclosure norms, to be effective from March.
Dish TV, the direct-to-home (DTH) arm of Subhash Chandra’s Essel group, will raise Rs 1,000 crore from foreign markets, issuing foreign currency convertible bonds (FCCBs) in a month.
Rajya Sabha MP and telecom entrepreneur Rajeev Chandrasekar on Thursday said the Telecom Regulatory Authority of India (TRAI) should not intervene in the ongoing price war between mobile telecom service providers.
The Punjab government has decided to launch a Integrated Pest Management (IPM) Technology in the Basmati growing areas of Amritsar, Tarn Taran and Gurdaspur districts covering 150 villages at a cost of Rs 1.06 crore in collaboration with Sir Ratan Tata Trust for the year 2009-10.
Steel Authority of India Ltd (SAIL), the country"s second largest producer, reported Rs 1,676 crore net profit for the quarter ended December 31, nearly double the Rs 843 crore in the corresponding quarter of the previous year, at the back of rising demand from auto and construction sectors.
Corporate India today warned the government that any regulation of CEOs" pay may lead to flight of talent and capital from the country and said salaries are best decided by the industry.
India Inc"s staff cost went up by 11.2 per cent during January-March last fiscal growing at a lesser pace than the previous three quarters of 2008-09, reflecting the economic slowdown, according to a Reserve Bank of India (RBI) study.
Telecom giant Bharti Airtel is close to clinching a deal to acquire 70 per cent stake in Warid Telecom, a local mobile company in Bangladesh owned by Abu Dhabi Group, with top officials from both companies meeting here to "brainstorm a consensus", a media report said today.
The Advertising Standards Council of India (ASCI) has pulled up 15 firms, including telecom companies, for running misleading ad campaigns during July to October this year.
IDEA Cellular today bagged the title sponsorship for the one day international (ODI) cricket tri-series and the test match series. The series is to be played in Bangladesh from January 4, 2010. The cricket tournament, which includes a seven match ODI tri-series between India, Bangladesh and Sri Lanka and two test match series between India and Bangladesh will be titled ‘The IDEA Cup’.
Expressing concern over series of arrests of US nationals as terror suspects, Secretary of State Hillary Clinton has said much of the training and direction for terrorists comes from Pakistan and the border area with Afghanistan.
Swiss drug manufacturer Novartis AG has been granted patent protection in India for Nilotinib, a superior version of blood cancer drug Gleevec (imatinib mesylate). It has been engaged in a legal battle with the government on the latter’s decision to deny patent protection for Gleevec.
The Cabinet is expected to clear tomorrow the proposal to grant the coveted "Maharatna status" to public sector blue-chips like ONGC, SAIL, BSNL, NTPC and CIL giving them increased autonomy.
Google Inc’s YouTube, the most- visited video website, is in discussions with Hollywood studios to start an online movie rental service, according to two people with knowledge of the talks.
Mobile phone users would have to wait anywhere from three to six months for the freedom to switch operators without losing their existing number, as companies are yet upgrade their networks.
Realty major Ackruti City Ltd, has lined up a capital expenditure plan of Rs 600 crore over the next one-year, a top company official said.
According to him, GSS dominates the domestic market with over 70 per cent share and has a footprint in 40 countries including the US and the European countries.
Vandana Gombar & Joe C Mathew / New Delhi December 01, 2009, 19:57 IST
The government today came out with the first batch of supplementary demands for grants in the Lok Sabha seeking to raise public expenditure by an additional Rs 25,725 crore during the current fiscal.
Anil Ambani-led RNRL today contended before the Supreme Court that it has an "unqualified" right to get gas at $2.34 per unit for 17 years from RIL which will along with the Government not suffer any loss at this rate.
Petroleum Ministry has sought oil bonds worth Rs 20,871 crore for state-run fuel retailers to make up for the losses incurred on selling domestic LPG and kerosene below cost during the first three quarters of this fiscal.
With a view to attract more investors, leading fund house, UTI Mutual Funds today said it plans to launch mobile transaction platform by January-end, a top official said.
Godrej Security Solutions (GSS) Division, one of the divisions of Godrej & Boyce Mgf Co. Ltd and part of Godrej Group, has set the target of around Rs. 400 crore turn over for the current FY 2009-10 and eyeing Rs. 500 crore turn over by FY 2010-11.
Energy firm Shell today ruled out huge capital investments in India and said it would rather improve upon on its competitiveness in the market.
The Smart Portfolios registered healthy gains last week in line with a pull back in the broader markets. The benchmark index, S&P CNX 500, was up 3.61 per cent in the holiday-shortened week. An investment of Rs 10 lakh at the start of the Smart Portfolios on September 1, 2009, is today valued at Rs 11.20 lakh, an appreciation of almost 12 per cent. This week, barring Praveen Panjwani, other three fund managers were able to match the benchmark’s return.
After much dilly-dallying, the ‘Passport Seva Project’, which aims at expediting the process of issuance of passport by digitising the passport services, would be rolled out by early 2010.
Insurance claims arising out of the Mumbai terror attacks in 2008 are estimated to wipe out about Rs 500 crore from the corpus set up by general insurers to fund such losses.
A peep into a new book about underrated Maharashtrian cuisine.
The year 2009 saw insurance firms waiting for easing of foreign direct investment (FDI) norms, just as they have done every year for the last five years, but there is promise of the law being amended to this effect next year.
Saturation in other businesses triggers the move.
Finnish handset maker Nokia Corp today reported a 65 per cent jump in net profit at euro 948 million for the period ending December 31, 2009, despite a slump in sales figures.
Indian Premier League (IPL), the annual Twenty20 cricket championship aired on SET Max, will make a homecoming of sorts this year. In 2009, the second edition of IPL was played in South Africa because it coincided with the General Elections and the country’s security apparatus was stretched. This time it’s back to the country of its origin.
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Huawei, Samsung, Alcatel-Lucent, Hitachi may also bid.
Scrapping of 20-million lines order for south zone to delay Rs 32,000-cr project.
Power and telecom solutions vendor Sterlite Technologies Limited has won networking contracts worth Rs 54 crore from Bharat Sanchar Nigam Ltd (BSNL) to be executed in the current fiscal.
The markets are trading in the positive zone as global markets have improved on news of easing Dubai fears. Abu Dhabi has lent $10 billion to Dubai as emergency funds.
Mahindra Satyam has topped the combined value chart with a turnover of Rs 1,076 crore. It is followed by Suzlon( Rs 954 crore), Reliance (Rs 886 crore), ICICI Bank (Rs 757 crore) and DLF (Rs 676 crore).
The Indian mutual fund industry had negligible exposure in the Dubai financial market to cause any ripples back home, LIC Mutual Fund Chief Executive Officer Sushobhan Sarkar said.
Worldwide industry vertical market IT spending is projected to total $2.28 trillion in 2009, a 6.8 percent decline from 2008, according to Gartner, an information technology research and advisory company . Analysts predict the market will return to growth in 2010, when it will grow at 2.3 percent to reach $2.34 trillion.
Mahesh Vyas / New Delhi January 2, 2010, 0:54 IST
Putting an end to speculation, BCCI President Shashank Manohar today announced that Lalit Modi will remain the Chairman of the Indian Premier League (IPL) till 2012.
Reliance Industries (RIL), the country’s largest private sector company, has announced its third successive gas discovery in the exploration block KG-DWN-2003/1 (KG-V-D3), of NELP-V. The deepwater block KG-DWN-2003/1 is located in the Krishna basin, about 45 kilometers off the coast in the Bay of Bengal. The block covers an area of 3288 square kilometres. RIL holds a 90 per cent participating interest (PI) and Hardy Exploration and Production India Inc holds the rest.
The markets continue to trade firm. The Sensex is quoting at 16,709, up 107 points, and the Nifty is at 4987, up 34 points. The BSE mid-cap and small cap indices are up in the region of a percent each. Metals, realty and consumer durables have surged in morning trades, while the IT space is subdued.
Max India ended at Rs 204, higher by Rs 13 or 6.9%, on the BSE.
The Bombay High Court has asked Delhi-based businessman Sanjay Dalmia to appear before the Economic Offences Wing (EOW) in connection with a cheating case.
The Sensex has ended (provisional) at 17,340 - down 61 points.
The southern cement major India Cements is going to considerably increase its recently acquired holding in Indo Zinc in Rajasthan. Indo Zinc holds a limestone mining lease in Rajasthan — an indispensable input for manufacturing cement.
Businesswoman and socialite Sheetal Mafatlal was today granted bail on certain conditions by a local court in a case of alleged evasion of duty on jewellery worth Rs 53 lakhs carried by her on return from London.
Business Standard / New Delhi October 07, 2009, 1:12 IST
Ramping up the frantic search for missing helicopter of Andhra Pradesh Chief Minister Y S R Reddy, the IAF today deployed a Sukhoi fighter jet with on-board radar for high resolution ground mapping to locate it.
The first thing that our government did in 2004 was to implement a large number of programmes to immediately reach out to the farmers and other rural artisans who were in serious distress. These included waiver of the power dues of farmers, supply of seven hours free power to farmers, reschedulement of loans and interest, etc.
The Centre will initiate talks on Telangana after situation calms down in Andhra Pradesh as any move by it now will "ignite things further", Minister of state for Minority Affairs Salman Khurshid said today.
The Orissa government hopes to generate about 9820 Mw power in the state by 2014.This includes 2400 Mw to be generated by Sterlite Energy Ltd, 1050 Mw by GMR Kamalanga Energy Ltd, 1050 Mw by Nava Bharat Energy and 600 Mw to be generated by KVK Nilachal Power.
Subir Roy / New Delhi June 10, 2009, 0:57 IST
Plans aggressive push to Pulsar and Discover ranges.
Here’s a list of the show’s snazziest and sleekest as you breeze through the event.
Kolkata-based Vibgyor Vehicles, which unveiled two bikes today, said its second manufacturing plant with a capacity of 1.4 lakh units will be operational by May this year.
Fixed maturity plan (FMP) launches, which had slowed down since the end of 2008, have again gathered steam with mutual funds rushing to meet investors’ demand for such plans ahead of the financial year end for the tax incentive FMPs provide.
Chef Patrick Verre goes microbiotic in search of “food energy”.
Alpari Forex (India) Private Limited, a Mumbai-headquartered online foreign exchange trading services provider, is targeting to achieve Rs 200 crore daily trading volume by the end of calendar 2009, of which about 40 per cent is expected to flow in from Andhra Pradesh, according to its chief executive Pramit Brahmbhatt.
Finance Secretary Ashok Chawla today said the Reserve Bank of India"s (RBI) review policy has taken a balanced view of the current situation and the CRR hike would not have any affect either on interest rates or the industrial recovery.
Noting that the global order has changed dramatically since the establishment of the United Nations some 65 years ago, External Affairs Minister S M Krishna has asserted that the world body should also change and reflect the contemporary reality.
Steel magnate L N Mittal is today believed to have proposed setting up a Rs 30,000 crore integrated steel plant in Karnataka when he called on the southern state"s Chief Minister B S Yeddyyurappa.
The government said today the role and responsibilities of independent directors on the boards of companies would be fixed as also the number of firms they could represent once the Companies Bill, 2009, became a law.
The new Companies Bill, 2008, which lapsed after the 14th Lok Sabha was dissolved, is likely to be re-introduced in Parliament this week, official sources said.
Panacea Biotec settled up 5% at its upper circuit limit of Rs 183. The counter clocked a volume of 11,424 shares as against its two-week average trades of 19,885 shares.
Global brewer Heineken will buy the beer business of Mexico-based Fomento Economico Mexicano, SAB de CV (FEMSA), in an all share transaction worth $7.6 billion.
Sunita Narain / New Delhi December 04, 2009, 0:50 IST
Former hockey captain Viren Rasquinha’s recent stint at the Indian School of Business turned out to be the best year of his life, he tells Neha Bhatt
The 26/11 court has issued summons to Shashi Bhushan, Joint Secretary (Judicial) in the Ministry of Home Affairs, to appear as witness to throw light on sanction given to prosecute Pakistani gunman Ajmal Kasab and two others on charges of "waging war against the nation".
Foreign universities may be going the extra mile to lure Indian students abroad, but a new report reveals that Indian students who aspire for a Master in Business Administration (MBA) degree continue to find the country an attractive destination for higher studies.
With no takers for the sponsorship of the Indian cricket team, the Board of Control for Cricket in India (BCCI) is now looking at alternatives — either to go for re-tendering with a lower base price or renegotiate a contract with the Sahara group, which currently holds sponsorship till December.
India and Russia have finalised a new price for the aircraft carrier "Admiral Gorshkov" after months of protracted negotiations and the refitted warship would be delivered to the Indian Navy by 2012, top Russian officials said today.
India may import rice if domestic supplies are inadequate to meet the government’s requirements for the so-called central pool, a minister said.
Jai Arjun Singh / New Delhi October 10, 2009, 0:51 IST
Self-deprecating humour isn’t something one sees too much of in this country (where making fun of others is held a nobler pursuit than laughing at one’s own foibles), so I’m always pleased to read Saad Akhtar’s webcomic Fly, You Fools! (People are Mindless Cattle), a good-natured, witty take on some of the things we read about in the newspapers every day. It isn’t brilliantly written or drawn (in fact, it mostly uses photos and mixed media rather than fresh illustrations) but it’s goofy and perceptive, casting fresh light on (among other things) security checks at mall entrances (http://tinyurl.com/5s25pe), rich kids mowing down pavement-dwellers in their Mercs (http://tinyurl.com/mhpwep), and loud honking at traffic signals as a substitute for sexual inadequacy (http://tinyurl.com/kl7knc).
Bangalore has been chosen as the location to set up India’s first major stem cell institute. The institute for Stem Cell Biology and Regenerative Medicine, called inStem will be set up by the Department of Biotechnology (DBT), government of India at an investment of Rs 200 crore.
Call it the Bollywood effect. At his press conference in Mumbai during the election campaign, Corporate Affairs Minister Salman Khurshid repeatedly gave film references. When someone alleged the Congress party had given very few seats to Muslim candidates and could be accused of neglecting the community, Khurshid recited lines from the famous Anand Bakshi song from the movie Amar Prem, “Kuchh to log kahenge, logon ka kaam hai kehna” (people will say something, that’s their job). After a few minutes, a chit was passed on to him saying that Minister of State in the Prime Minister’s Office Prithviraj Chavan had arrived for the next press conference. Khurshid wrapped up his press meet while saying, “This was just the matinee show. Now the evening show will start.”
Ranbaxy Laboratories has entered into a licensing agreement with South Korean firm Medy-Tox Inc for selling its cosmetic product, Neuronox, in India.
The Foreign Institutional Investors (FIIs) were net buyers of Rs 775.26 crore in futures and options segments on Friday.
The government has decided to compensate states for any revenue loss on account of the implementation of the Goods and Services Tax (GST), a move that will encourage states to go in for the new tax structure scheduled to be implemented from April 1, next year.
CEOSPEAK: Sanjeev K Chaudhry, CEO, Super Religare Laboratories Limited
A committee has been set up to analyse what can be done to reduce the transaction costs faced by exporters. It will be chaired by Jyotiraditya Scindia, Union minister of state for commerce.
While housewives across the country are complaining about high inflation levels, Mother Dairy has come up with a great advertising idea. It has put out advertisements saying it has not hiked prices of its toned milk and full cream milk. The move comes at a time when some of its competitors (like Amul) have raised prices. Mother Dairy says the advertisement has been issued in the public interest.
The latest GST move is why the tax holiday notifications are being sought to be ended by March 2010.
The oldest brand in the non-salt biscuits segment is fighting back to regain market share
In line with the initiatives taken by some other state governments, the Orissa government is mulling over bringing in a separate legislation for control, utilisation and management of ground water in the state.
It’s no longer just a war over prices. ‘Health’ appears to be the new proposition from snack makers. PepsiCo recently added a ‘health’ proposition to its bevy, with Aliva. Now Parle Products is performing a similar act with ‘Smart Chips’.
Allaying fears of broadcasters over content regulation, the Central government today said any regulatory mechanism would be formed only after consultations with stakeholders and the industry"s larger interests will be taken into consideration.
The Australian government today gave green signal to the construction of the Gorgon gas project on Barrow Island worth $50 billion off the West Australian coast on few conditions.
Anil Dhirubhai Ambani Group (ADAG) firm Reliance Natural Resources (RNRL) today welcomed the government"s move to protect NTPC"s interest on sourcing gas from Reliance Industries, saying effective legal steps will defeat the Mukesh Ambani firm"s "malafide attempts to dishonour" its commitment.
The government today fixed a price band of Rs 950-1,050 per share for the initial public offering (IPO) of Oil India (OIL), the second state-run firm to hit the market this year, and will raise up to Rs 4,982 crore.
NRI billionaire Anil Agarwal-led Vedanta Resources today said it will not offer more than the already announced $1.87 billion to buy bankrupt American miner Asarco but is confident that it can clinch the deal with the support of the US government and the trade unions.
After the disappointing second quarter results of Genpact, India’s largest business process outsourcing (BPO) firm, the firm almost halved its revenue growth expectation to 6-9 per cent for 2009. Reason: its largest client, GE, which contributes 40 per cent to the BPO’s revenue, was under stress.
ICICI Bank has asked the government not to take into account overseas securities such as American Depositary Receipt (ADR) and Global Depositary Receipt (GDR) while deciding on a bank’s nationality.
Insurance regulator IRDA would soon announce disclosure norms for insurers wanting to raise money from the capital markets.
Leading DTH players such as Dish TV and TataSky have urged the government to rationalise the multiple taxes on the industry, saying these are affecting the growth of the nascent sector.
The government today said it is considering part sale of its shareholding in the telecom PSU BSNL, a move that would help the company in getting Navratna status besides access to capital market for raising fresh funds.
Equity derivatives volumes on NSE fall, but traders say it’s too early to see a trend.
Madhucon Projects, a city-based infrastructure development company, reported a net profit of Rs 11.96 crore for the second quarter ended September 30, 2009, as against Rs 12.81 crore in the corresponding quarter last year, registering a decline of 6.63 per cent. Turnover, however, grew 63 per cent to Rs 254.72 crore during the quarter, as compared with Rs 156.25 crore in the same period a year ago.
GVK Power and Infrastructure (GVKPIL), with interests in power, roads, airport, and aviation, reported a 45.19 per cent increase in net profit to Rs 44.23 crore for the second quarter ended September 30, 2009, as compared with Rs 30.47 crore in the corresponding period last year.
The Indian car market may be revving but the country"s marque event, Auto Expo starting on January 5, is being cut short to just a week as participants want to curtail expenditure in the face of the global slowdown.
As probe intensifies, says he’s being framed since he’s a tribal.
To widen the probe against former Jharkhand Chief Minister Madhu Koda and his associates for alleged illegal investments worth Rs 2,000 crore, the Income Tax (I-T) department and Enforcement Directorate (ED) will share information with various central economic intelligence agencies.
Former Jharkhand Chief Minister Madhu Koda, against whom the Enforcement Directorate and the Income Tax Department are investigating money laundering charges, will not be discharged from hospital today as he had a stomach upset.
Sun TV erased all its gains and finally ended in the negative terrain at Rs 333. The counter clocked volumes of 6,969 shares as compared to the two-week daily average traded volumes of 18,919 shares on the BSE
Prices of sugar in Uttarakhand have reached an all-time high of Rs 42-44 per kg in the retail market, thanks largely to sugarcane shortfall.
Foreign fund house Deutsche Securities Mauritius has hiked its stake in commercial-vehicle maker Eicher Motors to 5.17%, after purchasing fresh shares through an open-market transaction.
The country"s largest steel maker, Steel Authority of India (SAIL), today said it has cut prices of its long products — used primarily in construction — by Rs 1,500-2,000 per tonne and may further lower the rates if the situation so warrants.
In a landmark discovery, India’s maiden moon mission Chandrayaan-I has found evidence of water on the lunar surface, a finding that could trigger a serious hunt for life in outer space.
The domestic pharmaceutical industry has demanded exemption in income-tax and fiscal incentives in the forthcoming Budget for promoting research and development (R&D) in the field of drug discovery in India.
The efforts of Posco India to generate public support for its integrated steel project near Paradeep have aroused the wrath of the anti-Posco activists.
Notwithstanding the presence of global steel giants like ArcelorMittal and Posco in the country, domestic steel firms are still "better placed" to grow in the lucrative Indian steel market, global research firm Macquarie says.
While the deal looks beneficial for Uttam Galva as well as ArcelorMittal, the former’s stock has captured most of the positives making valuations expensive
Mid-size steel maker Uttam Galva Steels said today it is not opposed to merger with the world’s largest steel producer ArcelorMittal and is open to all options aimed at taking the company to “new heights.”
Passing by the florist’s yesterday, I had to restrain myself from buying tuberoses — not for decoration, but for consumption. Tucked away among the many treasures in the Virago Book of Food is this gem, marrying the domestic art of flower arrangement with an opulent exoticism: “Put an ounce of tuberoses in a vase, having removed the leaves of the plant. Pour six quarts of (lukewarm) water on top, in which you have already dissolved 12 ounces of sugar…” and so on, until you have made tuberose ices.
GMR Energy, a subsidiary of the GMR group, has challenged in the Delhi High Court its disqualification from bidding for three power transmission projects worth Rs 6,800 crore and sought a stay on the tendering process.
Anil Ambani’s direct-to-home company, Reliance BIG TV, has formed a marketing alliance with Fox STAR Studios for its forthcoming movie, Avatar. The deal, according to source, has been struck for Rs 20 crore.
Business Standard / New Delhi December 11, 2009, 0:05 IST
State-owned NTPC today said it has appointed a consultant for evaluation of a coal mine in Indonesia.
30 companies in queue for Cabinet nod in Jan
The markets continue to trade in the negative on the back of weakness in realty, metals and IT pack.
The Allahabad High Court’s judgment quashing the land acquisition for the ADAG group power plant is more than just the issue of the UP government not following proper procedure. At the heart of this is the reluctance of Indian industry to pay farmers the correct price for their land.
HC quashes use of emergency power for land buys; ADAG firm says it’s a procedural issue.
Carbon dioxide emissions, the main driver of global warming, could fall three per cent worldwide in 2009 due to the global economic crisis, the International Energy Agency said today.
Adani Power IPO subscribed 3.96 times.