Public Relations
Market leader in utility vehicles in India, Mahindra & Mahindra (M&M), today said the company was open to alliance in the two-wheeler space, but nothing is on the anvil.
Microsoft India today launched a program -- WebsiteSpark -- for training professionals on web development and designing.
The country"s largest drug maker by sales, Ranbaxy Laboratories, today said it would launch Olmesartan Medoxomil, an anti-hypertensive drug from parent company Daiichi Sankyo"s portfolio, in six African countries.
Move comes within months of acquiring Wockhardt hospitals.
A friendlier tax regime, more retail investor participation, low interest rates and inflation, and speedy government disinvestment programme -- these are but some of the things that Dalal Street wishes comes true in 2010 to keep rolling.
Going by the performance so far, Maruti seems to be on track to achieve sales of 1 million vehicles in 2009-10.
Manpower resources planning and appointment of a consultant to suggest turnaround ways are likely to top the agenda at the two-day board meeting of Air India starting tomorrow, officials said.
Aditi Phadnis / New Delhi December 26, 2009, 0:04 IST
The market could test 5,300 going into the December settlement
Eyes 90-year, revenue-sharing contract for eight fertiliser units.
Karnataka government has drawn up a blueprint for the overall development of Bangalore city with a massive financial outlay of Rs 22,000 crore. The development works will be carried out through Bruhat Bangalore Mahanagara Palike (BBMP). The move is aimed at drastically changing the face of the city with improved roads, drains and lakes in the next three years.
The Rs 1,000 crore heath city project coming up in Bardhaman, a Tier II city about 150 kilometres north of Kolkata, is expected to generate direct and indirect employment of over 9,400 people when fully operational besides promoting health tourism in the state.
Pureit and Acquasure are fighting hard for leadership in the entry-level market.
Leading logistics firm FedEx"s net losses widened to $876 million for the fourth quarter ended May 2009, primarily bogged down by global economic sluggishness and one-time charges.
Airtel DTH has high hopes from a market that offers scope for exponential growth but is already packed tight like a can of sardines. Can the telecom major pull it off?
The Sensex is now at 17,664, down 23 points. The NSE Nifty is at 5,268, down nine points.
Birla Kerala Vaidyashala (BKV), a joint venture between the Yash Birla group and Kerala Vaidyashala, plans to open a store in Malaysia this month, in addition to entering other countries this fiscal, a company official said.
State-owned Gujarat State Petroleum Corporation (GSPC), in association with Swan Energy, is all set to increase its Pipavav power project capacity from 1600 Mw to 2100 Mw. The project is in the process of going on stream with about 700 Mw.
Jet Airways seeks DGCA"s intervention as 350 pilots report sick in Mumbai.
DTH player Dish TV today unveiled a new brand logo and TV commercials featuring brand ambassador Shahrukh Khan as part of its Rs 30-crore brand restructuring plan.
The Mysore Mandakalli Airport will become operational by September 15 just before the Dasara, commencing on September 18, chief minister B S Yeddyurappa said in Mysore yesterday.
Chandan Kishore Kant / Mumbai August 07, 2009, 0:05 IST
The IIMs will have to reinvent themselves considerably if they are to compete with top B-schools internationally - both in terms of their faculty as well as their curriculum.
Yaga Venugopal Reddy / October 27, 2009, 0:48 IST
The current outlook is poor and how the future will look is critically dependent upon government policy on spectrum and on allowing mergers and acquisitions.
Signals to look for before deciding when to enter, lie low or get out of stock markets.
To meet concerns that hybrid debt failed to absorb losses.
The Sensex has slipped further and is now at 16,623, down 220 points.
To announce ‘anchor’ person for the fund ‘at the right time’
Bears were caught on the wrong foot, as the suspected downmove reversed sharply on positive economic developments. Last week, I had mentioned the downmove looked suspect because of the low volumes. The upmove has been quite sharp and the indices managed to record new 15-month highs on Thursday, the last trading day for the week. Next week is also a curtailed one with just three trading days, as the exchanges have declared holidays on Monday and Friday.
Fortis Mutual Fund today announced a 10 per cent dividend in its Fortis Equity Fund. The record date for the declaration of this dividend is September 9, the company said in a statement here.
Axis Asset Management Company (Axis AMC), a wholly-owned subsidiary of Axis Bank, today announced that it has received the final regulatory approval from the Securities & Exchange Board of India (Sebi) to launch its mutual fund business in the country.
Hearing in the gas row between the Ambani brothers entered the final phase in the Supreme Court today with Mukesh Ambani Group Reliance Industries (RIL) asserting that government approval on gas pricing is mandatory, a contention opposed by the Anil Ambani-led Reliance Natural Resources (RNRL).
The Finance Minister, Pranab Mukherjee, today said the economy could grow by 7.5 to 8 per cent during the current financial year, though price rise and fiscal consolidation remained areas of concern.
In view of a surprising economic growth for the second quarter, Nomura Financial Advisory & Securities (India) today revised the country"s FY10 GDP growth forecast at 7 per cent from 6 per cent earlier.
The Forward Markets Commission (FMC), the commodity futures markets regulator, has warned exchange members not to accept trade request from clients whose account witnessed no trade since the past six months.
JSW Energy, part of the $8-billion JSW Group, today said the company plans to scale up its capacity to 11,390 Mw which entails an investment of over Rs 50,000 crore.
The Sensex has opened at 17,378 - up 33 points. The index is now up 126 points at 17,473.
Sensex has ended (provisional) at 17,478 - up 134 points.
The government today said it will not relook into the investigations handled by arrested CLB member R Vasudevan, when he was heading the inspection department of the ministry of corporate affairs.
The state owned Industrial Development Corporation of Orissa Limited (IDCOL) has sought allotment of new mines to meet the blast furnace (BF) grade ore requirement of Idcol Kalinga Iron Works Limited (IKIWL) located at Barbil.
The stock touched a low of Rs 274 - down over 13% and finally ended at Rs 276 - down 12.5%. Over 5.59 million shares were traded on the BSE today.
Sidhartha / Mumbai December 04, 2009, 0:42 IST
Even as the Telecom Regulatory Authority of India (Trai) has started investigating into the complaints of predatory pricing offered by some of the new operators, experts are divided over whether the current scenario actually resembles predatory pricing.
A day after the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) decided to postpone the extended trading time to January 4, brokers said they were appalled by the one-upmanship and lack of coordination between the exchange authorities.
A significant change is happening in the country’s Industrial Training Institutes (ITIs). Two years after the government proposed upgrading 1,397 ITIs into Centres of Excellence in specific trades and skills under private-public partnership, Corporate India is warming to the idea.
S Tel, the latest entrant in the Indian cellular market, aims to be present in six telecom circles of the country by the end of 2010.
State-owned, IDBI Bank has entered into a pact with Maurti Suzuki to provide auto finance to the latter"s customers.
Private sector-lender, Dhanalakshmi bank today said that it has reduced its interest rate on deposits across various slabs.
The small and marginal farmers of Haryana would soon overcome the power shortage as the state government is in advance discussions with the ministry of renewable energy to revive the concessions for the SPV (Solar Photo Voltaic) pump sets.
Kraft Foods Inc, which this month proposed to buy Cadbury Plc, is poised to make an 11 billion-pound ($17.6 billion) hostile bid for the chocolate maker, the Observer reported, citing unidentified “City sources”.
Cadbury said the bid "fundamentally undervalues" the company.
Two global lenders--JP Morgan and Bank of America (BofA) are preparing to lend US chocolate maker Hershey about $7 billion to bid for British confectionery major Cadbury, says a media report.
Norwegian mobile operator Telenor today said it has slashed the earmarked capital expenditure by Rs 3,500 crore from Rs 15,500 crore spread over the next five years on lower equipment costs.
US food major Kraft Foods has reported a 39.5 per cent drop in the third quarter net earnings at $824 million, but said it remains interested in acquiring British confectionery firm Cadbury.
This festive season has been successful enough in pushing sales for companies to revise upwards their year-end targets. A survey by the Federation of Indian Chambers of Commerce and Industry (Ficci) says demand conditions have improved across sectors.
A PIL was today filed in the Punjab and Haryana High Court here seeking a probe into the Ruchika Girhotra molestation case, including her expulsion by a local school, and the subsequent harassment of her family.
Former Haryana DGP SPS Rathore, who has been keeping a low profile following an uproar after he got away lightly in the Ruchika Girhotra case, today stepped out of his residence here to meet his lawyer in the wake of fresh FIRs being filed against him.
In a twin decision on its global operations involving about Rs 27,000-crore investment, the state-owned aluminium major Nalco has shelved its proposed project in South Africa, and has put on hold the one in Iran.
Banking behemoth Citigroup has posted profits of $101 million for the third quarter, even as the partially US government-owned entity saw its credit losses remain at high levels.
The auction of 3G spectrum is on track and the empowered group of ministers (EGoM) will take a decision on the number of slots to be sold, Telecom Minister A Raja said today.
Mercedes-Benz India, which launched its special edition C-Class in Ahmedabad through Benchmark Motors, expects the model to form 60 per cent of its total sales in Gujarat. Currently, the car maker sells around 12-14 cars in the state per month.
We sail within a vast sphere, ever drifting in uncertainty, driven from end to end,” is what the G20 leaders conveyed to their trade negotiators at the Pittsburgh summit last Friday. Like the previous two summits in Washington and London respectively, the latest event under the leadership of President Barak Obama failed to provide any clear direction on how to end the comatose Doha Development Agenda trade negotiations.
The country"s leading public sector general insurance player, Oriental Insurance Company, is seeking insurance regulator Irda"s approval to open an office in Doha, the capital city of Qatar.
A big controversy on procurement of Rs 35,000 crore worth equipment by telecom behemoth BSNL is brewing with position taken by the two government nominees on the Board, threatening mega expansion programme of the PSU.
WTO Chief Pascal Lamy is going to the G-20 meeting at Pittsburgh with a clear message that the failure to reach the Doha trade deal would be "hard felt" by the global economy facing the worst crisis since 1930s.
Growth rebounds, but far below the RBI target of 18%.
Manufacturing and marketing of portable gensets firm, Honda Siel Power Products today said it has appointed BSR & Company an Indian associate of KPMG, as statutory auditors of the company.
Jarnail Singh, a Sikh journalist who acquired a celebrity status after the shoe-throwing incident at a press conference addressed by Home Minister P Chidambaram on April 7, 2009, has exercised unusual caution while narrating the incident that made him a hero for large sections of the Sikh community. It is ironic because the “heroism” for which he was hailed by many Sikh bodies, including the Sikh Gurdwara Prabandhak Committee, was clearly missing when it came to narrating the events that led to the infamous shoe-throwing incident.
Construction firm Sobha Developers today said it has raised Rs 526.89 crore through qualified institutional placement (QIP) by allotting over 2.51 crore equity shares of Rs 10 each.
Oil crept higher today after OPEC maintained its output quotas at existing levels, analysts said.
Vijay Mallya-promoted United Spirits is focusing on football as platform for promoting McDowell"s Celebration rum.
Kolkata-based FMCG major Emami is scouting for acquisitions in the domestic and overseas markets and says it can spend up to Rs 800 crore on this.
In what could be termed as a victory for home grown FMCG player Emami, the Kolkata Civil Court has restrained Hindustan Unilever (HUL) from running a campaign using the word "Boro" in its advertisement for Vaseline.
Tata Group auto component firm York Transport Equipment (Asia) today said it plans to set up a new factory in the country to produce axles as it looks to increase sales volume by 10 times in the next five years.
Kanpur’s oldest Elgin textile mill is set for revival after reopening of JK Mills last November.
RBI is expected to increase CRR next month to signal a rate increase.
The first phase of summer placements at the Indian Institute of Management, Lucknow (IIM-L), which began in the last week of October, saw a 25 per cent increase in the number of offers as compared to last year.
Public sector lenders Bank of Baroda and Indian Bank today announced that they had appointed new Executive Directors.
Public sector lender Bank of Baroda (BoB) is the seventh-largest foreign lender in the United Arab Emirates (UAE) with loans of $1.63 billion, while global banking major HSBC Bank leading the chart with $17 billion exposure.
More incentives for companies going to backward districts
The public sector copper producer Hindustan Copper (HCL) today said it will come out with a follow-on public offer (FPO) to raise Rs 1,700 crore by diluting 10 per cent stake for part-funding its expansion plans.
Plans greenfield plant at Gulbarga in Karnataka
The government today said it is expecting to raise about Rs 8,100 crore from the five per cent stake sale in power PSU NTPC through a follow-on public offer (FPO).
The healthcare major GlaxoSmithkline Consumer Healthcare Ltd has posted 19.56 per cent rise in net profit at Rs 55.19 crore for the quarter ended June 30, 2009 as compared to Rs 46.16 crore in the corresponding quarter last year.
The mystery surrounding Black Rose, the Mongolian ship which sank near Paradip port a couple of months back, appear to be unfolding gradually with the officials of the Criminal Investigation Department (CID) unearthing some vital facts in their probe.
- A practical strategy - Reacting to rumours - Mastering money making - Don't be bold on gold - Getting rid of government controls - For the risk-takers
Food expert Anuradha Ravindranath dishes up innovative rice recipes.
Chinese banks: Economic crisis or not, China’s lenders are in good shape. The country’s big listed banks – Industrial Commercial Bank of China (ICBC), Bank of China and China Construction Bank (CCB), all unveiled mid-year balance sheets enviously light on bad debts. Thank China’s rapid growth – and an astonishing $300 billion vanishing act.
Minister for women development and child welfare Konda Surekha submitted her resignation to Governor ND Tiwari on Thursday. The minister stated she had resigned as she was unable to continue in a cabinet without former chief minister YS Rajasekhara Reddy. Ever since the death of YSR, Surekha has been pitching for the chief ministership of YS Jaganmohan Reddy, the late chief minister"s son. She had even said earlier that she would resign if Jaganmohan Reddy was not made the chief minister.
Sun Pharmaceutical has managed to gain more support in its battle to acquire Israel-based Taro Pharmaceuticals.
The withdrawal of stimulus measures by central banks globally may send stocks tumbling next year, predict India’s money managers.
The country"s largest public sector lender State Bank of India today launched a slew of measures for farm loan borrowers, including interest rate reductions on irrigation and crop loans, to support drought-hit farmers.
German financial services major Deutsche Bank today reported a 67 per cent jump in net income to euro 1.1 billion (Rs 7,566 crore) for the second quarter of 2009, bolstered by a good performance in its corporate and investment banking operation.
Beginning the end of its accommodative monetary policy, the Reserve Bank of India (RBI) today restored the statutory liquidity ratio (SLR) to 25 per cent from 24 per cent and closed the special financing window set up for mutual funds and home finance companies.
How best can the Union government use the window of political opportunity that has been opened up by the verdict of the recent assembly elections? Since the ruling Congress party has been strengthened by the poll result and there are no important elections due for the next year, the opportunity to push for better governance should not be missed. To begin with, the prime minister should consider a minor reshuffle of portfolios that empower performers and sideline non-performers, and also improve bureaucratic standards. The argument that in some ministries the ruling party needed fund collectors rather than good administrators has appeal before an election, but is less convincing when the priority should be to get things going. The ruling party should take a holiday on rent-seeking for a year and push for reforms and improved public sector productivity in the infrastructure sector, especially power. The recent raids by the Central Bureau of Investigation in the Department of Telecommunications are hopefully not part of some political bargaining between coalition partners but the beginning of a phase of crackdown on “corruption in high places” that the prime minister sought. Given the DMK government’s dependence in Tamil Nadu on the Congress for its survival in office, the latter can afford to crack the whip in Delhi and not appear as subservient as it does when dealing with this junior ally. Exemplary action here would send an important message to other junior partners and to ministers within the ruling party who have not exactly been symbols of good governance.
The Supreme Court today issued notices to Reliance Gas Transportation and Infrastructure Ltd, and the Ministry of Petroleum and Natural Gas on the appeals moved by more than 50 land owners of Surat, alleging that the Mukesh Ambani-led company had not paid them adequate compensation for acquisition. Their land will be used for laying pipelines to transport gas from the Krishna-Godavari basin to Gujarat.
Domestic institutional investors (DIIs) were net sellers of Rs 171.16 crore (provisional) today, according to data released by BSE.
Foreign institutional investors (FIIs) were net sellers of Rs 723.66 crore (provisional) today, according to data released by BSE.
State-owned BSNL today said it was negotiating hard with telecom equipment suppliers — Ericsson and Huawei — for its Rs 32,000 crore project, to expand GSM network by 93 million lines, but has kept open the option for re-inviting bids if the talks lead nowhere.
Corpus may touch $500 mn if infrastructure included
With the festive season of Diwali round the corner, Surat-based textile traders are facing the cash crunch again. Traders are facing a tough time dealing with a reduced credit limit of mere 30 days as against over 120 days couple of months ago.
The country’s largest gold jewellery manufacturer and exporter, Bangalore-based Rajesh Exports, has posted 46.43 per cent decline in net profit during the first quarter of the current fiscal on substantial increase in investment in raw material procurement.
Leading auto component manufacturer Pricol has said it may be forced to move production units out of the district due to frequent strikes and "non-cooperative" attitude of some workers for the last two years,substantially bringing down its profit margin.
Bihar Deputy Chief Minister Sushil Kumar Modi today claimed that the Centre"s move to amend the jute packaging law would have an adverse impact on 40 lakh farmers of eastern states, including Bihar.
Bangalore-based jewellery exporter Rajesh Exports Ltd has informed the Bombay Stock Exchange that Rajesh Mehta, one of the promoters of the company has pledged 15 million equity shares in his personal capacity, about 17.18 per cent of his stake in the company to avail finance for his personal requirement.
McDowell Holdings Limited, an investment company which has investment in UB group companies, today reported a net loss of Rs 63.8 lakh for the first quarter ended June 30, 2009 compared to a net loss of Rs15.96 lakh, an increase of close to four times in the corresponding quarter last year. Its income from operations were flat at Rs 24.07 lakh for the period.
Bank of America Corp, UBS AG, JPMorgan Chase & Co and other banks were sued by a California public utility over claims they rigged sales of municipal derivatives and shared illegal profits through kickbacks.
Subir Roy / New Delhi December 23, 2009, 0:14 IST
The central government, which has stepped up efforts for the blending of ethanol in a 5 per cent proportion with petrol, has threatened to blacklist ethanol manufacturers if they fail to supply the commodity to oil marketing companies (OMCs).
The Indian consulate in Chicago today said the papers related to issuance of visas to terror suspects David Coleman Headley and Tahawwur Rana had not gone missing and the "relevant information" in this regard is available with the Indian government.
Financial services firm Wells Fargo & Company has said it will repay bailout funds worth $25 billion to the US government.
Japanese economy shrank at a staggering pace of 4 per cent in the first three months of 2009, as the country continues to experience the jitters of the global financial turmoil.
Jonathan Weil / September 18, 2009, 0:00 IST
JPMorgan Chase & Co, the biggest US credit card lender, is taking aim at the market for affluent card holders dominated by American Express Co.
Domestic companies are expected to embark on a mega fund raising spree this year with plans to raise over Rs 50,000 crore by way of public offers, driven by the sharp recovery in the stock market.
After the Bombay Stock Exchange (BSE) Brokers Forum, the Association of National Stock Exchange Members of India (ANMI) has decided to approach the government and the Securities and Exchange Board of India (Sebi) on extension of trading hours from January 4.
Power producer JSW Energy, which raised Rs 2,700 crore through initial share sale last month, will list its shares on the bourses tomorrow.
StanChart Global CEO says the bank is waiting for the right market conditions.
Global banking major, Standard Chartered, which is widely expected to list its shares on the bourses here in the first half of next year, said the listing would enhance the lender"s commitment to the local market. "The issue of proposed Indian Depository Receipts (IDRs) demonstrates our commitment to India," Standard Chartered, Global CEO, Peter Sands said.
Companies like Goldman Sachs, HSBC, Nomura, Standard Chartered, JPMorgan and RBS flock the campuses Banking and finance companies, whose dismal performance in late 2008 caused panic among students and faculty members of the premier Indian Institutes of Management, are making up this year with better profiles and stipends.
Tata Sons Director R K Krishna Kumar today said the company should increase its holdings in Tata Group companies.
Tata Sons, the holding company of the Tata Group, sold close to 25 million shares in Tata Consultancy Services (TCS) in the 2008 financial year, raising Rs 2,500 crore to increase stakes in other group companies like Tata Steel, Indian Hotels, Tata Power, Tata Tea and Trent.
Nine years after it exited the business, Premier Auto is making a comeback in passenger cars. The Doshi family, promoters of one of India’s oldest car companies, known for the once-ubiquitious Premier Padmini, are set to launch a compact sports utility vehicle (SUV).
Computing giant Apple has decided to leave the US Chamber of Commerce in protest over the organisation"s opposition to tough climate change rules, according to a letter.
Air India (AI) has convened a meeting of foreign pilots’ recruitment agencies on Wednesday to discuss its proposal to slash wages by 10 per cent. This is the airline’s bid to reduce costs and narrow the difference between the pay of Indian and foreign pilots.
Realty developer Godrej Properties will be listed on the Bombay Stock Exchange (BSE) on January 5.
Godrej Properties has fixed a price band of Rs 490-530 per equity share for its initial public offer, which is scheduled to open for subscription on December 9.
Banks across Asia have minimal exposure to Dubai and its debt-laden conglomerate Dubai World, Moody"s Investors Service said.
DP World Group, a leading container terminal operator, has appointed Anil Singh as the new Managing Director for the DP World Subcontinent Region.
In a gesture towards pensioners over the age of 80, the government has decided to accept voters" ID cards as age proof for getting the post-retirement benefit.
Giving relief to individual taxpayers, the government today raised the income tax exemption limit by Rs 10,000 for general taxpayers, and by Rs 15,000 for senior citizens.
The UPA government"s proposal requiring public and private sector companies to maintain religious profile of their employees has not gone down well with several corporate leaders, though some say they can live with it.
Setting its eye on the growing internet users, Aegon Religare Life Insurance today launched iTerm Plan offerring it exclusivley online to its customers.
Adani Power Rajasthan, a 100 per cent subsidiary of Adani Power (APL), has been awarded letter of intent (LoI) by Rajasthan Rajya Vidhyut Utpadan Nigam (RRVPNL) for purchase of upto 1,200 MW of power on long-term basis.
The Insurance Regulatory and Development Authority (IRDA) today said it would come with initial public offer guidelines for the insurance sector within a fortnight to allow companies to raise funds from the capital market.
Private sector power producer JSW Energy has raised Rs 464.86 crore through the issue of shares to seven anchor investors under its public offer, which opens tomorrow for subscription.
There is need for a separate exchange or platform for small and medium enterprises (SME) as the criteria for listing such companies are different, Finance Minister Pranab Mukherjee said today.
THIS YEAR will be remembered as the beginning of the Magnus Carlsen era. Carlsen is not yet world champion. In fact, he can’t be, earlier than 2011-12. However, the world championship looks inevitable, even if it"s tempting fate to say it.
TOP SEED Boris Gelfand edged Ruslan Ponomariov to take the World Cup and a place in the next Candidates. Gelfand held his nerve after the four normal games were drawn without much excitement. Gelfand won the second rapid tiebreaker and lost the fourth. Then, he won the second blitz, lost the third and finally won the fourth and last blitz game.
Fifty years ago, opponents used to complain that the young Mikhail Tal’s “hypnotic” gaze added to the psychological pressure caused by his dynamite sacrifices. Hungarian-US GM Pal Benko took to wearing wraparounds when playing Tal. Tal was amused but the shades prompted complaints from others, who were distracted.
Project finds place in Clinton’s CCI program
With its plans to create 5,200 Mw of power capacity based on imported coal, JSW Energy, a power sector arm of Sajjan Jindal-led JSW Group, intends to accquire coal mines in overseas countries.
Aminah Sheikh / Mumbai December 17, 2009, 0:19 IST
Around four months ago, the new Boeing airplane for Prime Minister Manmohan Singh arrived in India. But the prime minister didn’t get an opportunity to fly in it because of the elections. Now, Singh has used the plane to fly to Thailand for the 7th India-Asean summit. The ultra-modern aircraft has a bedroom and a conference room for the prime minister apart from special chambers for his aides. It is equipped with security gadgets of the likes used in Airforce One to protect the US president.
Seeking to take forward the strategic partnership to new heights, Prime Minister Manmohan Singh today made it clear that India"s relations with third countries will never be at the cost of "time-tested ties" with Russia.
Mahindra Satyam (the erstwhile Satyam Computer Services) has agreed to pay $70 million (Rs 325 crore) as settlement to UK-based Upaid, which had claimed damages of $1 billion for alleged forgery, fraud and breach of contract.
The Sensex has finally ended (provisional) at 16,789 - down 169 points. The Nifty ended provisionally down 45 points at 4,982.
The Sensex after having touched a high of 17,121 in opening trades, has continued to displaying firm trend and is now up 119 points at 17,077.
Weakness in realty stocks weighed on Unitech. The stock could not hold gains and slumped to a low of Rs 82. It finally ended with a loss of 5.5% at Rs 84. Around 27 million shares were traded on the BSE today.
The markets rebounded strongly towards close, riding on the back of a recovery in Europe. The Sensex recovered more than 400 points from its intra-day lows to close at 16,632, down 222 points and the Nifty ended at 4,943, lower by 62 points.
A couple of real estate initial public offers (IPOs) may falter from around 15 lined up over the next few months if the issues are not reasonably priced, a realty consultant said.
India’s highest broad gauge rail station at Qazigund, about 80 km from Srinagar, at an altitude of 1,722 metres would become operational on October 28 when Prime Minister Manmohan Singh inaugurates the Anantnag-Qazigund section of the ambitious Kashmir rail link project.
The follow-on public issue of the power sector financier, Rural Electrification Corporation (REC), is likely to hit the market by February next year.
Rajesh S Kurup / Mumbai October 9, 2009, 0:45 IST
In 2000, British Telecom and Vodafone were the darlings of stock markets in the UK. But share prices and revenues took a knock after the telecom majors won 3G spectrum through a high-priced bidding.
US-based private equity firm Norwest Venture Partners (NVP) today said it has raised $1.2 billion to invest in domestic and international companies across sectors.
It is the first overseas acquisition by an Indian sugar company.
France’s Michelin, the world’s second largest tyre manufacturer, signed a memorandum of understanding with the Tamil Nadu government on Monday to set up a factory near Chennai. The project would attract Rs 4,000 crore investment over the next seven years.
Indian Air Force today deployed two MI-17 helicopters to carry out flood relief operation in and around Pursura and Khanakul areas of Hooghly district, nearly 100 km northwest of here.
Revenue department has approved a proposal to levy a flat one per cent charge on property registrations with immediate effect, doing away with the Rs 30,000 ceiling.