International Business
Pharmaceutical company Strides Arcolab has launched an anti-swine flu drug.
While the growth visibility is reasonably good, the offer leaves no meaningful gains for investors in the near-term.
Japan believes it is still "premature" to withdraw economic stimulus as the nation"s historically high level of unemployment and weak exports cast doubts over prospects for a steady recovery from its worst recession in decades, the Japanese senior vice minister of financer.
Small and Medium Enterprises (SMEs) in Orissa have expressed their resentment over the functioning of the State Level Bankers’ Committee (SLBC), which meets at regular intervals to monitor the flow of credit to the Micro, Small and Medium Enterprises (MSME) sector.
The deadline has been extended for the sixth time in a row due to non-allocation of coal linkages for the project
Cash management solutions provider Fundtech India Ltd is entering the European banking sector with its product Global CashPlus. The Pune-based company has already signed deals with 12 Asian banks and a European bank for its product and plans to have 18 to 20 international banks under its belt by March 2010.
Dilip Kumar Jha / Mumbai October 13, 2009, 0:49 IST
Internet major Yahoo! has appointed Tim Morse as its Chief Financial Officer with effect from July 1, ending more than three months of search.
The ratio of volatile capital flows, comprising cumulative portfolio investments and short-term debt, to India’s forex reserves moved up to 51.1 per cent at the end of March 2009 from 45.4 per cent a year ago. This ratio was 46.2 per cent at the end of March 2007.
India should not lift ban on the export of non-basmati rice, especially in view of the proposed Food Security Act, as demand under the public distribution system is set to rise, according to the Centre for Environment and Food Security (CEFC).
The domestic steel industry has demanded early imposition of safeguard and anti-dumping duties on imports of steel fearing rise in shipments of cheaper alloy from China, which has announced sops on export of such items.
After making three futile attempts to sell the controversial Crystal IT park, the only IT-specific SEZ in Madhya Pradesh, the state government has again invited tenders for a co-developer.
Bank of America (BofA) has proposed to repay part of the US government bailout money, while the US is pressing the bank to pay at least $500 million to defer a tentative agreement that would have the government share its losses on certain assets, says a media report.
Vedanta Resources Chairman Anil Agarwal today said the company will bid for the Ultra Mega Power Projects (UMPP) and coal blocks as and when the government puts them on auction and added it has plans of Rs 70,000 crore till 2011-12.
Unmindful of international pressure, a defiant North Korea today conducted a second "successful" and "more powerful" nuclear test, a move that could invite fresh sanctions and punitive action against it.
With convenience and interactivity as its plus points, Web TV has emerged in a big way in India
As the Congress held its fort in the key industrial states of Haryana and Maharashtra and strategically important Arunachal Pradesh, the three incumbent chief Ministers — Bhupinder Singh Hooda, Ashok Chavan and Dorjee Khandu — are likely to retain their place in the new governments.
In today"s world, popular social networking sites like Twitter and Facebook are without a doubt the best way to stay connected with friends and share what is happening right now.
Imagine this scenario. While you are booting your computer or notebook, an advertisement pops up and the screen freezes for some time. The ad could be an audio or a plain visual one. Regardless, it may offer you some product or could even offer the operating system (which enables you to start or boot your computer) free or at a lower cost. Tying you down for a few more seconds, the ad automatically fades away and allows you to continue with the booting process.
Rupee dropped, completing the biggest two-day loss in two months, as declines in local stocks spurred speculation capital inflows will slow.
The prodigal son who returns but may not stay, the troubled, dying salesman on the road with his young son, negotiating with the censor to write a love story in Iran, depressurising in Ladakh: a to-read list for today.
The manufacturer of Bell helicopters has offered its assistance to Indian authorities in probing into the crash of the Bell-430 chopper which claimed the lives of Andhra Pradesh Chief Minister Y S Rajashekhar Reddy and four others.
The anti-land acquisition leaders and the activists of various Jana Sangathans in Orissa have intensified their stir against the projects of Posco and Vedanta, the two big ticket investments in the state.
Even though the field trials are on for Indian Air Force’s medium multi-role combat aircraft (MMRCA) project, Northrop Grumman, the US based defence and electronic equipment supplier is keen to nurture its partnership with Bangalore-based Bharat Electronics Limited (BEL) and Dynamatic Technologies. Northrop Grumman manufactures the active electronically steered array (AESA) airborne radars which sit on the F-16 super viper aircraft of Lockheed Martin, which is competing for the Indian Air Force’s MMRCA programme.
SEC fines: Is the new cop on the US securities beat armed with a pea shooter? The size of the penalties meted out by boss Mary Schapiro’s team at the Securities and Exchange Commission makes it appear so. Schapiro should be applauded for cranking up the agency’s notoriously lax enforcement efforts. But letting companies off the hook so easily could undermine her new get-tough policy.
V Madhu, principal secretary, infrastructure development department, government of Karnataka said that the government was keen to partner with the railway ministry to expand the network in the state. Incidentally, the rail coverage in Karnataka lags neighbouring Tamil Nadu by a factor of two with the former having only 16 kms of railway lines per 1000 square kilometres compared to Tamil Nadu’s 30 kms.
The Karnataka government is planning to develop a 300-km ‘steel corridor’, which they hope will attract investment worth Rs 20,000 crore from the steel majors. As part of the development, the idea is for a nuclear power plant, a port and high-speed train connectivity.
Infrastructure company Pratibha Industries today said it has bagged an order worth Rs 58.85 crore from state-run National Thermal Power Corporation (NTPC).
A consortium would be established for the development of an institute of excellence in science and biotechnology at the Bangalore University campus.
Chennai-based Pyramid Saimira Theatre Ltd (PSTL) said the company suffered a business loss of over Rs 100 crore last year which resulted in an erosion of working capital. Meanwhile, N Narayanan, one of the promoters of the company, took over as the new chairman from P S Saminathan, who will continue to remain managing director.
In a path-breaking development for the tea industry of Assam and West Bengal, the Indian Space Research Organisation (ISRO) has offered its remote sensing (RS) and geographical information systems (GIS) facilities to tea gardens in the two states.
India Cements today said it will set up two thermal power plants of about 50 Mw capacity each in Tamil Nadu and Andhra Pradesh for internal consumption.
Software major Wipro today accepted a 50-acre plot at Rajarhat near here for its second campus, two months after Chief Minister Buddhadeb Bhattacharjee stepped in to assure alternative land after scrapping the controversial Kolkata Links IT Township project.
ISRO earned over Rs 100 crore in the last three years by launching satellites of other countries, Minister of State in PMO Prithviraj Chavan told the Lok Sabha today.
The government may extend the tax holiday for software exporters beyond March 2010, in the Budget tomorrow.
Indian solar power companies now want to light up the domestic market, with a little help from the government, of course.
Czech luxury car maker Skoda Auto today reported a 52.05 per cent growth in its sales during December last year at 1,113 units.
India’s first science satellite Astrosat is all set to be launched next year, former chairman of Indian Space Research Organisation (Isro) Madhavan Nair said today.
German luxury car maker Mercedes today said it has lost leadership position in the premium segment in India to rival BMW and reported a decline of 10.43 per cent in sales in the country for the last year.
Bhuvan, an indigenously developed satellite mapping tool similar to Google Earth, should be widely accessed by different organisations and agencies for their programmes, Science and Technology Minister Prithviraj Chavan said today.
Russian Space Troops have carried out over 200 lift-offs of launch vehicles over the eight years of active operation, which put into orbit 250 spacecraft of various designations.
Showing the rift in two-wheeler giant Bajaj Auto, Chairman Rahul Bajaj today differed with his son and Managing Director Rajiv Bajaj’s decision to exit production of scooters saying he was not only “not convinced” but also “hurt” by it.
Two stores to open in Chennai, hiring begins.
The government on Thursday set a schedule to examine the problems ailing the insurance sector in the field of accident insurance. This comes close on the heels of the Supreme Court suggesting the government to create a special fund for compensating accident victims by charging a cess on sale of petrol or a one-time premium on sale of new motor vehicles.
The Indian stocks trading on the American bourses saw a collective value erosion of $7.5 billion last week, with copper producer Sterlite Industries accounting for nearly one-third of this loss.
Oil and Natural Gas Corp (ONGC) has bid for Venezuela"s Carabobo oil auction along with Spain"s Repsol YPF SA and Petroliam Nasional Bhd of Malaysia.
Electricity generator and distributor Tata Power today announced a consolidated net profit after statutory appropriations of Rs 367.73 crore for the second quarter of current fiscal, down by 30.34 per cent over the corresponding period a year ago.
In a major setback to cash-strapped infrastructure company Maytas Properties, promoted by former Satyam Computer founder B Ramalinga Raju’s family, a local court has passed an order barring it from using land as collateral for loans.
Shobhana Subramanian / Mumbai October 9, 2009, 0:26 IST
The Sensex is now quoting at 16,758, down by 116 points and the Nifty is placed at 4,961, lower by 41 points. The Sensex had touched a low of 16,622 and the Nifty had hit 4,921 during the course of the day.
Playing down the latest Chinese incursions in Leh region of Jammu and Kashmir, External Affairs Minister S M Krishna today said these incidents were not a “cause of concern” and these will be “taken care of”.
In response to Pakistan"s announcement that it would begin trials of the suspects held for Mumbai attacks from October 3, Indian External Affairs Minister S M Krishna has said that India would not "monitor" these proceedings.
Libyan leader Muammar al-Gaddafi has opposed the induction of big powers into the UN Security Council (UNSC), saying such a move would further tilt the balance of power.
A Bihar court today issued an arrest warrant against MNS Chief Raj Thackeray for making "hate speeches" against Biharis and asked the Mumbai police commissioner to produce him before it on November 2.
US space agency NASA has signed an agreement with ISRO to use data from Indian satellite Oceansat-2, for various American agencies for research activities, including weather forecasting.
Kanika Datta / New Delhi August 6, 2009, 0:19 IST
Corporate Affairs Minister Salman Khurshid today agreed that the ICAI Act needs some amendments to become a more powerful body post the Satyam scam.
India has been successful in phasing out ozone depleting substances (ODS) like chlorofluorocarbons (CFCs) 17 months ahead of the targeted date, said Union Minister for Environment & Forests, Jairam Ramesh, while addressing a conference to observe International Ozone Day here today.
Prime Minister Manmohan Singh and leaders of emerging countries like Brazil, China and South Africa are expected to make a big push for more space and a stronger voice in global financial institutions at the G-20 Summit starting in Pittsburgh this Thursday.
Disgraced former Haryana DGP SPS Rathore today moved the Punjab and Haryana High Court challenging a sessions court order denying him anticipatory bail in two fresh FIRs involving serious criminal charges against him in the Ruchika Girhotra molestation case.
Mobile telephony service provider Aircel is taking the philanthropic path. While most brands and advertisers offered discounts this festive season, Aircel came out with a 35-second corporate social responsibility TV campaign that urged youths to donate their unused mobile handsets to old people.
Trades between FIIs generated a volume of Rs 27 crore on the BSE Wednesday-an decrease of 51.95% from Rs 57 crore clocked on Tuesday. As many as four stocks witnessed trades of 4.65 lakh shares on Wednesday.
State government has said it will not allow Dow Chemicals, the company which has acquired Union Carbide, allegedly responsible for world’s worst ever chemical disaster in Bhopal, to clean up the toxic waste present in the closed unit of Union Carbide. It has also said that it will open the premises permanently for public from January.
ADAG will provide help in production and distribution in India.
Barely a week before the first anniversary of Mumbai terror attack, Union Home Ministry has expressed hope of completing the investigation into the incident within next six weeks.
M J Antony / New Delhi October 28, 2009, 0:42 IST
M J Antony / New Delhi October 21, 2009, 0:30 IST
The government-run Bharat Petroleum Corporation (BPCL) today reported a fall of 52.6 per cent in net profit at Rs 379.09 crore for the third quarter of 2009-10.
ICICI Bank today said it has raised $750-million (around Rs 3,465 crore) by issuing five-year bonds at its Bahrain branch.
The country’s second-largest public sector lender, Punjab National Bank (PNB), is planning to seek Rs 3,000 crore from the proposed $3-billion (around Rs 15,000 crore) funding from the World Bank (WB) for recapitalisation of public sector banks in India.
Walt Disney Company India Private Limited would design its Disney Channel (DC) and Hungama Channel programmes in regional languages, Vijay Subramaniam, strategic sales and market development director, Walt Disney Television International (India).
The markets have recovered partially. The Sensex is now down 147 points at 16,160, and the Nifty has shed 46 points at 4,822.
Social networking site Facebook has received a $200 million investment from Digital Sky Technologies, an internet investment group, in exchange for a 1.96 per cent stake in the company.
A consummate Russian diplomat, Vyacheslav Trubnikov is returning home this week after having served as serving as Russia’s ambassador to India for nearly five years. The period has seen several highs and lows in the bilateral relationship, including the building of the first civil nuclear power plants by Russia and nagging problems over defence spares and equipment. Edited excerpts from an interview with Jyoti Malhotra
A week after Prime Minister Manmohan Singh was accorded a red carpet welcome in the US, the Obama administration has termed his visit as "historic" and said both the countries had some "specific accomplishments".
Western studies rubbish the claim of drinking eight glasses of water, Ayurveda emphasises on its goodness
A few students in Hyderabad could not reach the test centres in time to appear for the Common Admission Test (CAT) today, the penultimate day of the computer-based test, due to the bandh call given by the Telangana Rashtra Samithi, a political outfit fighting for a separate statehood for Telanagana.
The government is likely to announce more sops to exporters engaged in labour-intensive sectors like engineering, Minister of State for Commerce and Industry Jyotiraditya Scindia said today.
Lalit Modi’s high-profile auction of international players for the domestic Indian Premier League Twenty20 tournament failed to attract the big bucks today. Eight teams ignored the star-studded Pakistan players. They were expected to be sold at fancy prices.
With its advanced features, Microsoft’s Windows 7 comes off better than Vista and the last generation Windows XP
BCCI to partner Google India for the venture.
Seeing a rebound in IT outsourcing contracts, IT services provider iGate today announced that it plans to hire 1,500 people in the calendar year 2010. Phaneesh Murthy, CEO of the Nasdaq-listed company said iGate"s plan to increase the headcount was a reflection of the business environment.
A Sharma / New Delhi December 12, 2009, 0:05 IST
Reserve Bank Governor D Subbarao today said the ongoing global crisis has resulted in a massive breakdown of trust in the financial system and that the study of economics could lose its value base.
With drugs worth $80 billion going off patent within three years in the US, there is a huge potential for investing in India"s bustling pharma sector given its capacity to produce affordable medicines, Health Minister Ghulam Nabi Azad said today.
Business Standard / New Delhi October 19, 2009, 0:49 IST
Barclays Capital, the investment banking division of Barclays Bank PLC, has appointed Matthew Ginsburg as Managing Director and Head of Investment Banking, Asia-Pacific.
A federal judge implied this week he might go easy on two brokers convicted of securities fraud because they worked within a “culture of corruption".
Mobile advertising: Every year for the last decade, media experts have predicted a boom in mobile advertising. But if recent acquisitions of mobile ad agencies by Google and Apple Inc are any indication of what’s to come, this year’s round of forecasts might prove more accurate.
Finnish mobile phone maker Nokia today filed a complaint with an US agency for alleged infringement of its patents by technology major Apple.
The government needs to provide an augmented fiscal deficit data in the budget to reflect the burden of off-budget items, including oil and fertiliser bonds on the exchequer, suggested a RBI Committee.
Media company News Corporation today said it would restructure its Asian broadcast businesses into three units — STAR India, STAR Greater China and Fox International Channels (FIC).
The government may in "weeks" decide on raising price of natural gas produced by state-owned ONGC and Oil India by 30 per cent, Petroleum Secretary S Sundareshan said today.
The budget is big on rural India and allocations for the Bharat Nirman project, for instance, have been hiked 45 per cent over those allocated in Budget 2008-09 — within this, allocations for projects like the Pradhan Mantri Gram Sadak Yojana have been hiked 59 per cent. While that’s all very well, it would be a good idea to see what’s happening on the government’s plans for connecting rural India, not by roads but by telephones. As compared to urban areas where around 90 per cent of people have phones, tele-density is just around 15 per cent for rural India.
The government may decide on freeing petrol and diesel prices after an expert committee on fuel pricing submits its report this week, Petroleum Minister Murli Deora said today.
Drug firm Glenmark Pharmaceuticals today said it has raised Rs 413.56 crore through the issue of over 1.87 crore shares to institutional buyers on private placement basis.
Reliance Industries (RIL), India’s largest private sector company by market capitalisation, plans to offload a part of its treasury stock, held through the Petroleum Trust, which is controlled by the promoters.
The proposed Global Delivery Centre of BPO (business process outsourcing) firm Genpact in the city, which is already running behind schedule, is set to face further delay.
IT infrastructure services provider Allied Digital Services today said it is planning to raise $50 million (about Rs 244 crore) through issue of securities on a preferential basis.
Business Standard / New Delhi September 11, 2009, 0:53 IST
The Indian Institute of Management Bangalore (IIM-B), has selected SunGard higher education"s Banner Unified Digital Campus (UDC) solution to help increase its efficiencies in course administration, improve student services and enhance capabilities for collaboration with institutions in India and abroad.
The ripple effects of the fall of Lehman Brothers in September last year is evident in the field of global mergers and acquisitions (M&A), which have shrunk nearly 40 per cent since then.
The Bangalore Electricity Supply Company (Bescom) has caught the fancy of students of the HEC School of Management, Paris, who are planning to prepare a case study of the same in association with students from the Indian Institute of Management - Bangalore (IIM-B). The students were in Bangalore as part of the first year of the HEC IIM-B Exchange Programme (HIEP).
The release of the much awaited Goods and Services Tax (GST) discussion paper by the Empowered Committee of State Finance Ministers is a welcome step forward in the reform of the indirect tax regime in India. However, the paper falls far short of expectations. The GST design the State Finance Ministers (SFCSs) have opted for is a compromise, which could prove to be neither good economics nor good politics.
After voting with sworn political enemy Bharatiya Janata Party (BJP) against its one-time ally, the United Progressive Alliance (UPA) last year, the Left is again considering floor co-ordination with the saffron brigade in Parliament.
Finance Minister Pranab Mukherjee is used to industry chambers asking for all manner of sops in the run-up to the Budget, so Assocham’s latest pre-Budget request has to come as a big surprise. Assocham has asked that he bring in medical and educational institutions under the ambit of the tax system.
News Corp Chairman Rupert Murdoch, who began building his media group with the Adelaide News in 1953, said he’d like one of his children to succeed him, amid regular discussions about who will take over at the US company.
The defeat of BJP today, especially in Maharashtra and Haryana where it had been part of coalition governments earlier, has come as a severe blow to the party that is already reeling under the Lok Sabha debacle and serious internal discord.
In an attempt to support exporters hit by the ongoing global economic crisis, the commerce ministry has proposed to its finance counterpart to exempt income tax for a period of three years for certain labour-intensive sectors like handicrafts, leather and textiles.
Even as the Department of Telecommunications (DoT) and the finance ministry have failed yet again to reach a consensus on the reserve price for 3G auction, Communications Minister A Raja today assured that the auction would definitely find mention in the coming General Budget. After meeting Finance Minister Pranab Mukherjee today, Raja said no decision had been taken on the base price and further discussions were on.
With the economy witnessing a slowdown, the Planning Commission has recommended to the Finance Ministry that states be given more freedom to borrow from the market, even if the fiscal deficit touches 4 per cent of state GDP.
The Asian markets had a weak closing, across the board.
The Institute of Management Technology (IMT) Dubai is one of the few Indian business schools to have got an approval from the UAE’s ministry of higher education and scientific research to offer an accredited MBA programme and executive education to companies operating in the UAE. IMT Dubai’s director Farhad Rad – Serecht told Kirtika Suneja how the institute plans to remain different from other B-schools. Edited excerpts
India"s engineering exports dropped 26 per cent in April as orders from the US and European markets dried up in the wake of the global recession.
Thai authorities are about to slap up to 32 per cent anti-dumping duty on the import of a vital steel product from India, even when the Indian government has remained indecisive on a similar curb against inflows from China, Ukraine, Egypt and other countries.
Uttar Pradesh Inc has demanded the stamp duty on registration of industrial plots be charged on sale cost/premium lease basis and not on market value/circle rate of the land as notified recently.
Bharati Shipyard will face working capital constraints for six months to a year, say analysts, as the competitive open offer bids made by the company and its rival for control of Great Offshore are getting over on Tuesday. A six-month battle, which saw Bharati gradually increasing the open offer price to Rs 590 a share from the initial offer of Rs 344 a share made in June, has increased the acquisition cost burden for the 20 per cent stake by an additional Rs 200 crore.
In a surprise move, ABG Shipyard today exited the race to acquire Great Offshore and sold its 8.2 per cent stake to three financial investors. The ABG moves comes after seven months of intense rivalry with Bharati Shipyard through a series of competitive counter-bids.
Bharati Shipyard finally settled at Rs 178, up 10.5% from the previous close. The counter winessed trades of 1.23 million shares as compared to the two-week daily average traded volumes of 95,067 shares on the BSE.
Mysore became the first city in the country to have a bus stand modernised under the Jawaharlal Nehru National Urban Reconstruction Mission (JNNURM) today.
The pilot project initiated by Indian Railways in December 2008 to transport cars on rail has been commercialised and will be extended to other parts of the country.
Tata Steel has ended at Rs 568, higher by Rs 11 or 2.1%, on the BSE. The stock opened at Rs 555, which was also the day"s low, and a high of Rs 570 during the day.
Despite the inherent attractiveness of the rural market for telecom operators various challenges still mar their entry.
Abheek Barua / New Delhi August 3, 2009, 0:35 IST
The Supreme Court has restrained the Uttar Pradesh government and others from initiating recovery proceedings against Kotak Mahindra Bank in a matter related to trading of debts by banks.
Even as the small and medium enterprises (SMEs) in Gujarat look to increase their technology adaptability, IBM has forayed with its market specific products in hardware, software and security services, among other things. With an increasing need for data storage and security among SMEs, IBM is expanding its footprint in the state by offering products like Scalable Modular Server Rooms (SMSR) and Cognos Express, apart from other services.
The appeals filed by Anil Ambani-led Reliance Power Ltd (RPL) on acquiring land for its proposed Dadri power project in Uttar Pradesh hit a roadblock in the Supreme Court today, as one of the judges had apparently heard the case when he was in the Allahabad High Court.
For promotion of good design practices in country, Indian Design Council (IDC) is likely to come out with design certification mark called "I-Mark" for industry, as a seperate recognition mark for design, an IDC member said here today.
Drug maker Zydus Cadila today said it has received approval from the Drug Controller General of India (DCGI) to conduct clinical trials for the swine flu (H1N1) vaccine.
Bihar today sought Rs 23,000 crore as immediate assistance from the Centre to tackle the drought situation in the state.
Anil Ambani group today questioned Mukesh Ambani-led RIL"s explanation on over three-fold jump in costs to $8.83 billion for developing gas fields, and asked the government to expedite the CAG audit and appoint an international expert to revalidate the expenses.
Crisis-hit Maytas Infra today said the Company Law Board (CLB) has allowed it to report quarterly accounts for the current financial year by June 30, 2010.
Finance Minister Pranab Mukherjee holds a couple of Master of Arts degrees, but banker Chanda Kochhar rates him as a great financial engineer for designing the government"s borrowings taking care not to hurt the credit needs of the industry.
State-run GAIL India is likely to sign this week a contract with Reliance Industries (RIL) to buy natural gas from the latter"s KG-D6 fields for production of LPG.
The billionaire Anil Agarwal-promoted Vedanta Resources is in talks with European and Japanese steel producers to get into steel making.
NRI billionaire Anil Agarwal-led Vedanta Resources may increase its offer for bankrupt mining firm Asarco, according to a media report.
Nitin Desai / New Delhi July 16, 2009, 0:43 IST
While HCL Tech’s recent performance beat estimates, a soft demand outlook and a spike in stock price means that the scrip is fairly valued
Shree Cement today reported a 22.4 per cent increase in sales in December of 8.58 lakh tonnes.
The Nasscom-McKinsey Perspective 2020 report notes that healthcare will emerge as a very big opportunity for outsourcing services. ANANDA MUKERJI, managing director and chief executive officer of Firstsource, feels his company is in the right place to make its mark in the global BPO business. The outsourced healthcare space represents an approximately $17-billion opportunity in the US alone. The industry is expected to grow at over 50 per cent CAGR (compounded annual growth rate) over the next five years. With healthcare contributing close to 40 per cent of its revenue, the sixth-largest BPO player’s early bet on the segment seems to be paying off. Mukerji spoke with SHIVANI SHINDE on how its healthcare acquisitions have panned out and the way forward. Excerpts:
Impact of stimulus, says commerce minister
The Commerce Ministry has asked the Finance Ministry to take up the issue of refunding local levies like octroi and mandi tax to exporters in the next meeting of the Empowered Committee of State Finance Ministers, slated for next month.
The government today said there would be no restriction on export of iron ore, as there is surplus of the mineral in the country even after its export.
JSW Energy plans to hit the capital markets in the third week of October to raise around Rs 3,000 crore by diluting 10 per cent equity stake.
The Canadian Chamber of Commerce has asked the Indian government to bring a new mining policy to attract foreign direct investment in the sector.
India and Canada are in the process of finalising a bilateral trade and investment related agreement that would further boost their growing trade ties.
The Indian economy will recover in the next financial year even as concerns over poor monsoon, drought and fall in exports loom large, a survey says.
Stock markets pared early gains today and ended in the red owing to subdued Asian cues.
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The park where I take my walk in Bangalore is not as immaculate as many in the city are. It makes do with a daily sweep of the walkways by a somewhat lackadaisical fellow who must be in the employ of the municipality. He has a family, I realised, when occasionally he would not turn up in the morning and instead the sweeping would be done by someone who seemed to be his wife. She, of course, would do a better job.
Telecommunications company Sprint Nextel Corp said it agreed to acquire Virgin Mobile USA Inc in a stock deal valued at $5.50 per share in a bid to expand its prepaid cell phone offerings.
Telecom company Airtel today said it is not affected by the global slowdown as the sector still had growth prospects and that the recessionary trends are showing signs of ending in many countries.
Telecom major Airtel today said it has achieved 1 million subscribers in Sri Lanka in a record 171 days of launching services, making its subsidiary Bharti Airtel Lanka the fastest growing service provider in the Island nation.
Jaypee Group firm Jaiprakash Power Ventures today said it will raise Rs 1,500-2,000 crore through convertible bonds issued to foreign investors and institutional placement by next month to augment its generation capacity.
Jaiprakash Associates posted a 38.9 per cent decline in its net profit at Rs 103.02 crore for the third quarted ended December 31, 2009.
The stock was locked ta the same upper circuit with buy orders of 22,895 shares pending. Around 4,319 shares were traded on the BSE today.
PowerGrid Corporation is seeking loans of Rs 8,750 crore from the World Bank and the Asian Development Bank (ADB) to fund upcoming transmission projects in the country.