Management
Tata Power Company today said it will be able to supply electricity to an additional 30,000 consumers in the city by March next year.
A veterinary anti-inflammatory drug, ketoprofen, can be lethal to Indian vultures that eat the carcasses of treated livestock, an international team of scientists has said.
The launch of Nine Lives, William Dalrymple’s search for the sacred in modern India, was the kind of spectacle that gladdens even a publisher’s withered heart. The Char Bagh in Delhi was packed, and between Baul singers and a dancing Dalrymple (he joined in when the theyyam dancers took stage), we were much entertained.
Herta Müller, the new Nobel laureate in literature, has been a fierce critic of Ceausescu’s regime in Romania. She is highly regarded in Europe’s academic circles. She had received over 20 literary awards, including the IMPAC, before winning the Nobel this year. And I must confess an unliterary complaint: having read only two of her books, The Land of Green Plums and The Appointment, I have about as much enthusiasm for reading her as I do for swimming through a pool of cold porridge.
Private equity (PE) investments in south India dropped 64 per cent between April and September 2009 to $626 million from $1,752 million during the same period last year. The number of deals too dropped 48 per cent, according to Venture Intelligence, a research service focused on PE and M&A
N R Narayana Murthy, co-founder and chief mentor of India"s second-largest IT services provider Infosys Technologies, is planning to invest in US-based clean technology venture capital (VC) fund Siderian Ventures.
India has said it does not visualise any conflict with China on border issues and that the two countries have agreed to resolve their differences through dialogue.
Setting up of a rail coach factory in collaboration with the West Bengal government or on the public-private-partnership model at the abandoned Tata Motors’ Nano project site at Singur was today mooted by Railway Minister Mamata Banerjee.
A government that limits its role to regulation would be a great enabler for agricultural growth.
The Enforcement Directorate (ED) today arrested Vikas Sinha, brother of Binod Kumar Sinha, an associate of former Jharkhand chief minister Madhu Koda, for his alleged involvement in investing and routing Koda"s money through hawala transactions.
L&T’s future looks better with the economy showing signs of revival, higher infrastructure spending and firm crude oil prices.
In a major setback to India"s oil diplomacy, the ONGC-Hinduja Group alliance has lost the rights to develop Iran"s South Azadegan oilfield to CNPC of China.
Critical of the draft Direct Taxes Code (DTC), a section of senior revenue service officers has said it is an attempt to make the Central Board of Direct Taxes (CBDT) toothless.
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.
- FIIs infuse Rs 24,800 cr in Dec quarter - FIIs net buy Rs 516cr, DIIs net sell Rs 472cr - FIIs net sellers Rs 278cr in F&O on Wednesday - FIIs net buyers Rs 695cr in F&O on Tuesday - FIIs net sellers Rs 900cr in F&O on Thursday - Positive returns on the cards, but no sharp surge
Commercial vehicle maker Ashok Leyland today reported a 70.47 per cent decline in its net profit at Rs 53.32 crore for the quarter ended March 31, 2009, compared with Rs 180.57 crore in the same period a year ago.
The stock touched a new 52-week high of Rs 235, up 13% from its previous close. It finally ended with a huge gain of 8.5% at Rs 225. Trade volumes increased almost 10 fold to 328,841 shares as compared to its two-week average trade of 34,113 shares.
The US confectionery giant Kraft is preparing to tap the bond markets to raise as much as 7 billion pounds to help finance its 11.9 billion pound takeover of the British chocolate maker Cadbury, say media reports.
Anticipating an investment of Rs 3,240 crore in dairy and live stock sectors in Kerala in the next three years, an experts" committee has recommended the government to set up a live stock development finance corporation to ensure better credit flow in this high potential area.
Business Standard / New Delhi August 31, 2009, 0:44 IST
Finance Minister Pranab Mukherjee said the production of Kharif or summer crop would decline by 15-20 per cent, as 252 districts in 10 states are drought-hit.
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.
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.
The global swine flu pandemic will expose the failure of the international community to invest in health protection in poor countries, the world"s top health official warned here today.
Japan has stockpiled enough Tamiflu and Relenza drugs to treat 50 million influenza-infected patients, the health ministry has said.
Will Hindustan Unilever"s sales pitch for Lifebuoy around swine flu prevention work?
Reserve Bank of India today said bank loans whose repayment is done from future rental generated from properties like shopping malls and office premises will be treated as commercial real estate exposure (CRE).
Leading tyre maker MRF today posted a net profit of Rs 119.41 crore for the quarter ended December 31.
Raj Oil Mills finally settled at Rs 118 on the BSE today. The debutant touched an intra-day high of Rs 133, up 6.5% from its opening. The counter clocked a volume of over 17.3 million shares on the first day.
The Tamil Nadu government will set up swine flu test centres in major towns of the state. The move comes after a four-year-old boy died in Chennai due to the flu on Monday.
Private hospitals in Mumbai today agreed to set up isolation wards for treatment of swine-flu affected as government said patients can get admitted to such hospitals once officials found the facilities satisfactory.
Travel and tour company Cox & Kings today said one of its overseas arm has acquired Australia-based MyPlanet Australia Pty Ltd and Bentours International Pty Ltd for an undisclosed amount.
Cox & Kings (India) ended Day 1 at Rs 426, a premium of around 30% to its issue price of Rs 330.
The Madras High Court on Monday set aside its earlier order restraining country’s third largest two-wheeler manufacturer TVS Motors from manufacturing and marketing vehicles with twin spark technology.
Weighing automation solutions provider Avery India today said its UK-based promoters will make an offer for acquiring about 22 per cent stake in the company from the public shareholders.
The Supreme Court today refused to stay the Karnataka High Court’s judgement quashing a state government order making Kannada the compulsory medium of instruction in all schools of the state from class I to IV.
Sunil Sethi / New Delhi July 25, 2009, 0:26 IST
The third Software Technology Park of India (STPI), being set up in Orissa at Ambapua on the outskirts of Berhampur, has failed to attract major IT companies even though the construction work on the STPI centre is nearing completion.
The slowdown in the economy has resulted in several jobs shrinking and the companies are going slow in recruiting. But there are jobs for the MBA graduates, particularly in sales, FMCG, telecom and consulting areas among others.
Colours and clothing may waltz in and out of style, but the watch is an accessory that rarely sees an off season. Here are a few picks to flaunt this summer:
In a bid to prevent surrogate advertising of alcohol and tobacco products on television, government has tabled a paper in Parliament to implement various provisions to this effect.
Chennai-based entertainment company Pyramid Saimira Theatre Limited (PSTL) has moved the Securities Appellate Tribunal (SAT) against market regulator Securities and Exchange Board of India (Sebi)’s order, which had banned the company in November 2009 from trading in the Indian securities market for seven years following irregularities in its initial pubic offering (IPO).
Despite reasonably comfortable liquidity conditions, the long term bond yields have inched up significantly during the last few months. The yield on the benchmark 10-year bond surged by almost 100 basis points between April 17, 2009 and and September 10, 2009. The huge Government borrowing programme for the current fiscal to fund the mounting fiscal deficit has largely been responsible for the spike in the G-sec yields. The net market borrowing of the Central Government through issue of dated securities in FY10 is estimated to be Rs 3,97,957 crore, of which the Government has raised Rs 2,43,911 crore so far (up to September 4, 2009; including Rs 28,000 crore of MSS de-sequestering).
Co-heads: Bankers love to talk about how one plus one is three. But sometimes in investment banks, one plus one equals just one. Morgan Stanley, Credit Suisse and UBS have replaced their sole heads of investment banking in Asia with double-acts in the space of a few weeks. Goldman Sachs’ decision not to replace its departing M&A co-head, leaving one banker in charge of Asian dealmaking, looks positively unfashionable by comparison.
Swaraj Baggonkar / Mumbai June 25, 2009, 0:57 IST
The stock ended at its 10% upper circuit of Rs 125. The counter clocked volumes of 1.26 million shares as compared to the two-week daily average traded volumes of 913,935 shares on the BSE. The scrip surged 111% in a month.
The Christmas season has brought cheers for the Indian handicraft exporters as overseas shipments shot up by nearly fivefold to $26.32 million (around Rs 122 crore) in October, thanks to the economic revival in some of the western economies.
Satyam Computer today said it has allotted 75,090 equity shares to its employees, under its stock options plans.
Global steel major ArcelorMittal, which has lined up Rs 1 lakh crore investments for India, said today it is in race for a chunk of the mineral-rich Chiria mines in Jharkhand.
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.
The government today said there is no plan to change existing FDI rules in retail, a day after Chairman of the world"s largest retailer Wal-Mart Inc met the Prime Minister and reportedly pressed to open up the sector.
Areva T&D India, an arm of French power equipment maker Areva, today said it has bagged an order worth about Rs 1,200 crore from domestic steel major Jindal Steel & Power Ltd (JSPL) for a power project.
Information management and storage company EMC Corporation’s total investments in India will touch $2 billion (over Rs 9,300 crore) by 2014. The investment will mainly be in three key areas — expanding innovation capabilities, increasing support and services, and an organised go-to-market strategy.
Power transmission and distribution company Areva T&D India today said its shareholders have approved sale, lease or transfer of its undertakings.
Reliance Industries (RIL) is currently producing over 50 million standard cubic meters per day (mmscmd) of natural gas from the KG Basin D-6 fields, the government said today.
Reliance Communications today said it has bagged contracts to develop telecom infrastructure in Kerala, Mumbai and Maharashtra circles.
The markets opened on a flat note amid mixed global cues. However, bears were soon seen active following yesterday"s weakness. The Sensex drifted to a low of 16,778, down 109 points from the day"s high.
IN MY MIND
Joe C Mathew draws up a ready-reckoner on the malaise that ails the healthcare system
In my garage
Homegrown auto maker Mahindra & Mahindra (M&M) today reported its highest ever domestic monthly auto sales with 67.4 per cent increase in January at 28,988 units against 17,320 units in the same month last year.
Bank of Baroda (BoB) ended at Rs 556, higher by Rs 33 or 6.4%, on the BSE.
The country"s largest lender, State Bank of India (SBI), reported a 8.40 per cent decline in its consolidated net profit at Rs 3,304.59 crore for the third quarter ended December 31, 2009.
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.
IT firm Zylog Systems today said it is eying acquisition in Canada and its board has given approval to go-ahead with the bidding process.
Public sector banks have almost given up on meeting the 20 per cent credit growth target they had set at the start of the current financial year. And, unlike the past, they are now acknowledging about missing the target.
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.
The United States has said it has held several rounds of meetings with China on the allegations of search engine giant Google that Chinese authorities were indulging in email hacking and censorship, a top Obama Administration official said.
Retail brokerage firm IL&FS Investsmart was On Thursday renamed as HSBC InvestDirect to align it with the HSBC brand following its takeover by the foreign lender last year.
Steel czar L N Mittal may announce his company ArcelorMittal"s Rs 30,000-crore steel project in Karnataka tomorrow after his meeting with the state Chief Minister B S Yeddyurappa.
Mansi Taneja / New Delhi January 15, 2010, 0:05 IST
Largest all-cash asset purchase transaction in India: GTL
The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has held that the ongoing arbitration between broadcast major STAR India and telecom major BSNL is not valid and that it has the sole jurisdiction to decide on the disputes between the two.
L&T Infotech, the software solutions providing company of Larsen & Toubro, announced today that it has bagged the e-governance implementation project of the All India Council for Technical Education (AICTE).
The total investment from these projects will be Rs 1,38,300 crore.
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.
Energy-starved Karnataka has deferred a decision on purchasing power from cogeneration sugar mills in the state.
New Delhi today cautioned against countries taking protectionist measures to safeguard their economies saying trade barriers can diminish growth and create instability.
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.
Most of the business leaders surveyed across the world sounded optimistic about growth prospects and are planning to raise headcounts this year, indicating that fears of world financial meltdown have receded, said a survey.
As the world tries to get over the economic slump, commercial vehicle (CV) manufacturers like Tata Motors, Ashok Leyland, Eicher, Volvo, Daimler and Mahindra-Navistar are preparing for a flurry of launches to cash in on the increased economic activity in the country.
Harley Davidson Motor Company India (HDMCI), the wholly owned subsidiary of Harley Davidson Motor Company, the US-based motorcycle producing company, today announced the appointment of its national leadership team.
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.
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.
Candidly favouring immigration, opposition leader Tony Abbott today asked Australians to have "a mature debate about immigration without being branded racist."
Aditi Phadnis / New Delhi January 10, 2010, 0:52 IST
Broadcasters are increasingly opting for non-exclusive rights of films this year.
Finance Minister Pranab Mukherjee today said the government will pass the Right to Food Act to promote inclusive growth, a concept that has been pursued by the Congress since Independence.
The small screen reality show, My Fan My Hero, starring Bollywood biggies has got sponsors vying for ad slots.
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.
Consumer electronics major LG Electronics India today said it will invest Rs 200 crore over the next three years in IT business as it forays into the small and medium businesses (SMB) segment.
The stock surged further to a high of Rs 374. But it pared some of its early gains and ended at Rs 368 - up 3.6 %.. Over 3.2 lakh shares were traded on the BSE today, as against a two-week daily average trade of 1.4 lakh shares.
The country"s largest real estate player DLF today announced a fully privately financed metro rail project for its townships in Gurgaon with a project cost of Rs 900 crore.
A cartoon in a Delhi newspaper, which allegedly depicted a Victoria policeman as a member of hate group Ku Klux Klan in the wake of attacks on Indians, has sparked an outrage in Australia with acting Prime Minister Julia Gillard condemning it as "deeply offensive".
Ahead of President Lee Myung-bak"s visit to New Delhi, South Korea today said it is keen to forge cooperation with India in the nuclear energy sector as the two countries plan to upgrade their ties to strategic partnership.
In order to expand its edible salt production capacity, Tata Chemicals Ltd has decided to set up a new plant at its existing facility located in coastal area of Mithapur in Gujarat. The edible salt plant will have a production capacity of 600 tonnes per day (TPD).
Ohio Governor Ted Strickland is quick to admit that he doesn’t “particularly enjoy heights”. So why would he climb into a cherry picker to be lifted 40 feet in the air?
Gold imports witnessed nearly a three-fold jump during August at 21.8 tonnes as compared to the previous month on rising investment demand with the onset of festival and marriage season.
World Bank President Robert Zoellick today said India is likely to return to high growth of 8 to 9 per cent in a year or two, helped by strong fiscal and monetary actions to counter the global financial crisis.
BS Reporter / Mumbai September 5, 2009, 0:48 IST
The country"s largest car manufacturer, Maruti Suzuki India, is expecting a double digit growth over the next few months.
The country"s largest car maker Maruti Suzuki India (MSI) has firmed up plans to roll out its small car Zen Estilo on August 25 which is equipped with the latest KB-series engines.
Brushing aside government"s stand that Formula One is not a sport, F1 supremo Bernie Ecclestone today said the foundation stone of the race track in India would be laid in October for the showpiece event next year.
Bharat Sanchar Nigam Limited (BSNL) today launched its new service delivery platform "BSNL Live" - a web portal that would offer videos on demand and movie streaming for its 3G customers for the first time in the country.
The Sensex has ended (provisional) at 17,673 - up 114 points.
World Gold Council (WGC) has announced the appointment of Ian Telfer as its new Chairman.
High prices along with floods and poor monsoon led to the fall
Vishal Chhabria / Mumbai December 28, 2009, 0:01 IST
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.
When reporters asked former Railway Minister Lalu Prasad for a reaction on why his successor Mamata Banerjee was trying to mock his work by bringing out her White Paper, he asked, “Do you know any tantric? I need to consult one.” As the reporters wondered why the RJD chief needed a tantric, Prasad added, “I think there is something wrong with the time of my birth. Earlier, I faced this fodder scam and now people are after me for unnecessary reasons.
Trinamool Congress MP Sudip Bandopadhyay has a fetish for shawls. During the winter session of Parliament, Bandopadhyay found many opportunities to show off his shawls that he wears in a trademark style.
Most private players see a decline in premium income.
Amidst sugar prices touching Rs 44 a kg in the retail market, the government today said it is keeping a watch on the prices.
Banks consider raising rates for 3-5 year funds to correct asset-liability mismatch.
The Men in Blue haven’t quite got a thumbs up from advertisers for the team’s sponsorship, with virtually no takers for forms that are up for sale to bid for the sponsorship of the Indian cricket team till this evening. Sale of forms closed today and tomorrow is the last date for bids.
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.
Delhi-based businessman Sanjay Dalmia and Indiabulls Financial Services (IFS) have arrived at an out-of-the-court settlement to their legal dispute, the Bombay High Court was informed today.
Volvo Trucks India today said it has increased prices of its vehicles by 3-4 per cent starting this year on account of rising input costs.
The market watchdog Securities and Exchange Board of India (Sebi) today allowed the State Bank, ICICI Bank and 14 other banks to accept ASBAs (application supported blocked amount) to enable better participation by corporate investors and high networth individuals (HNIs) in initial public offers (IPOs) or rights issues.
Kishore Biyani-led Future Group is planning entry into hotel business and may set up the first one in the next six months.
Sical Logistics today said it has bagged a Rs 163 crore contract from state-run Hindustan Copper Ltd for supplying port, train and road logistics products.
National carrier to get lion’s share of the Rs 1,978-crore budgetary support demanded by the ministry for 2010-11.
Bangalore-based maker of medical diagnostic equipment, Opto Circuits (India) Ltd (OCI), today announced that its US-based subsidiary, Criticare Systems Inc (CSI), has forged a multi-year original equipment manufacturing contract with another US company to privately label its anaesthesia monitor for the US firm.
Indian corporate gifting companies are set to laugh all the way to the bank this New Year. For, after a temperamental period in 2008 and 2009 on account of the recession, corporate biggies have finally started loosening their purse strings and placing orders for high-end gadgets like iPods, digital photoframes and dual-SIM handsets to dole out to their employees as well as clients.
Palak Shah / Mumbai December 29, 2009, 0:02 IST
Healthcare major Zydus Cadila has bought the remaining 30 per cent stake in South Africa-based Simayla Pharmaceuticals for an undisclosed sum, making it a 100 per cent subsidiary of the group.
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.
The markets extended the previous day"s losses, mirroring the weakness in the US and across Asia. The Sensex ended at 16,719, weaker by 174 points and the Nifty closed below the psychological mark of 5k at 4,987, lower by 54 points. Realty, energy and bank stocks were the major draggers.
The markets have been virtually unchange din the past one hour. The Sensex is at 16,858, down 35 points, and the Nifty is placed at 5028, down 12 points.
The Sensex has slipped further and is now at 16,242, down 110 points.
The share of SGX Nifty has risen from 2% in March to 5.9%.
Despite the 2.72 per cent-correction last week, the Nifty managed to close above its trendline support on Friday. The index ended the week with a loss of 138 points at 4,945. Although, the Nifty has ended marginally below its short-term (20-day) Daily Moving Average (DMA)of 4,957, the index ended above its trendline support around 4,920.
Wireless Planning and Coordination (WPC) wing, the highest policymaking wing of the Department of Telecommunications (DoT), has sought clarifications from the department on the licence fees that need to be paid by successful bidders of third generation (3G) auction for acquiring a unified access service licence (UASL).
Sun Pharmaceutical Industries’ attempts to take over Israeli drug major Taro Pharmaceutical has received support from Proxy Governance, an investment advisory agency.
Indian drug companies Wockhardt and Sun Pharmaceutical Industries have received final approval from the United States Food and Drug Administration (USFDA) to market generic versions of Nicardipine, the hypertension drug.
Sun Pharma"s share price jumped 5.62 per cent on the Bombay Stock Exchange after it gained a new ally in its legal battle to acquire Israel"s Taro Pharmaceuticals with minority investor Templeton Asset Management switching sides to support Sun"s bid.
More law firms slap class action suits against Caraco.
Will be available from next year for Rs 2.5 cr.
US markets were mixed on Wednesday. The Dow slipped 19 points to 10.452 on weak energy shares. The Nasdaq, however, added nine points to 2,185.
As many as eight out of the top 10 most valued companies added over Rs 23,000 crore to their market capitalisation in the last week.
The Rural Development Department of Andhra Pradesh government and Infosys BPO Limited today signed a Memorandum Of Understanding(MoU) for setting up rural BPO centres in 22 districts across the state.
Oil prices fell to near $71 a barrel today in Asia, giving up part of the previous day"s big gains, as the US dollar rebounded.
Education and placement company EdServ Softsystems today said it plans to raise $25 million through Global Depository Receipts or Foreign Currency Convertible Bonds to fund its expansion in the school and online tuition services markets.
Of the 80 blocks offered, only 44 attracted bids
Viceroy Hotels Limited, a city-based hospitality player, is planning to raise an amount of up to $15 million (approximately Rs 70 crore) through a qualified institutional placement (QIP) of equity shares not exceeding 10 million of Rs 10 each at a premium.
Sunanda K Datta-Ray / New Delhi November 21, 2009, 0:08 IST
The Department of Telecom (DoT) is understood to have decided to slap a total penalty of Rs 132 crore on some major telecom operators for not rolling out services on time after the award of licence and spectrum.