Small Business
The government"s revenue collection from central excise, service tax and customs is likely to fall short by Rs 15,000 crore from the target of Rs 2,68,000 crore set for the current fiscal due to continuation of the stimulus package, the Central Board of Excise and Customs (CBEC) said today.
Budget 2009 contained important proposals in regard to exempting packaged software from customs duty, on importation, and on excise duty, with regard to domestic supplies, to the extent that such software is purportedly chargeable to the service tax. The proposals attempted to redress the problem of potential double taxation that arises in regard to such software. Earlier articles in this column had highlighted the problem of double taxation in relation to several transactions including the service taxation of packaged software post the changes announced in the Budget 2009.
As the takeover battle between Bharati Shipyard and ABG Shipyard for Great Offshore heats up, analysts feel it is the right time for retail investors to book profits as the fundamentals of the target firm"s stock do not support sustainability of its current price.
Advertisements featuring Tiger Woods have disappeared from prime-time broadcast television and many cable channels following reports of his extramarital affairs, according to data from Nielsen Co.
The ongoing agitation for a separate Telangana and a unified Andhra has impacted the Rs 12,132 crore Hyderabad Metro Rail project with the government further extending the request for qualification (RFQ) date till January 16.
The Reserve Bank of India’s (RBI’s) next policy move is likely to indicate a shift in stance, newly-appointed Deputy Governor Subir Gokarn has said.
Ministry moves to cut subjectivity in decision making, delegates more powers to Registrar of Companies.
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With the world applauding Chinese economy, Prime Minister Manmohan Singh today contrasted it with India"s growth, which has been achieved in a democratic society and said he would stick to the Indian path.
As many as five Indian companies, including ICICI Bank and Infosys Technologies, rank among the top 12 companies in the Asia Pacific region for being instrumental in building leadership capability within their organisation.
Around 4000 people, mostly farmers, today took out a rally against land acquisition by Gujarat Industrial Development Corporation (GIDC) in villages near Sanand.
The government today said it has not deputed any police official to go US to question David Coleman Headley, who was planning to target key installations in the country at LeT"s behest.
Suspected terrorist David Coleman Headley travelled to five cities during his stay in India between 2006-09, investigators have found.
The Janpath Hotel is fighting the odds with a novel plan to bring it into the limelight.
Disinvestment plans likely to get delayed in 21 out of 43 listed companies
Seema Sindhu / New Delhi January 7, 2010, 0:24 IST
Online platforms for mutual funds (MFs) could soon become a reality. With the Securities and Exchange Board of India (Sebi) nudging the exchanges – the Bombay Stock Exchange and the National Stock Exchange – to launch such platforms, investors could soon find that buying or selling of mutual funds could be much easier.
FII attitude may be key.
A meeting of the Union Cabinet scheduled today was cancelled in view of Prime Minister Manmohan Singh"s visit to Kolkata to see the ailing CPI(M) leader Jyoti Basu.
The B K Chaturvedi committee set up to recommend ways to implement road projects faster and more efficiently, has recommended that the National Highways Authority of India (NHAI) be given sovereign guarantees on the loans it raises from the market.
The stock slipped further into the red to touch a low of Rs 131, down 8% from the days high. It rebounded to end with a gain of 3.5% at Rs 136. The counter clocked relatively hefty trade volume of 1.18 million shares, as compared to its two-week daily traded average of 820,391 shares.
The Foreign Institutional Investors (FIIs) were net buyers of Rs 1,209.29 crore in futures and options segments on Thursday.
The gas row between the Ambani brothers had its echo in the Lok Sabha on Thursday with Samajwadi Party chief Mulayam Singh Yadav making a strong plea for gas from Reliance at cheaper rates for state-owned National Thermal Power Corporation (NTPC), a plea also being used by the Anil Ambani group.
Asian markets ended in the red today. The Hang Seng dropped 228 points (1%) to 20,948. The Nikkei, however, added 41 points to 10,183.
State finance ministers are likely to finalise rates for the goods and services tax (GST) at a meeting of the empowered committee scheduled for January 7, said Jammu and Kashmir Finance Minister Abdul Rahim Rather here today.
While the finance ministry today admitted to Rs 20,000-22,000-crore shortfall in the indirect tax collections during the current year, it went on to assure the industry that the tax burden on people would come down by 25-30 per cent with the introduction of the proposed goods and services tax (GST).
The Asian markets ended on a weak note.
Aiming to expand its global footprint, JK Tyre is exploring possibilities to acquire a company in the South East Asian region.
The Nifty faced strong resistance above 5,300 and closed in a Doji pattern, indicating indecisiveness among participants.
The Nifty faced strong resistance above 5,300 and closed in a Doji pattern, indicating indecisiveness among participants.
Pharma major Wockhardt today said it has received tentative approval from the US drug regulator to market "Memantine HCl" tablets, used for the treatment of Alzheimer"s disease and dementia.
Glenmark Pharmaceuticals is confident of outlicensing at least one of its new chemical entities (NCEs) under development before the end of this financial year, according to the chief executive and managing director, Glenn Saldanha.
Assocham: Aam aadmi Budget
Real estate firm Parsvnath Developers today reported a nearly three-fold growth in consolidated net profit at Rs 61.43 crore for the second quarter ended September 30, and said it expects the coming quarters to be more robust.
Anil Ambani group firm RNRL today told the Supreme Court that the government"s approval was not required for sale of gas by RIL to it and alleged that the Mukesh Ambani-led company had "wrongfully and mischievously" sought to pass this off as a condition.
Cipla, the country’s second-largest drug company, will foray into the production of biotechnology medicines soon. The company is planning to set up a 50:50 joint venture partnership with a Chinese firm. The JV will be based in India and will manufacture and market bio-similar products (off patent biotechnology medicines) for domestic and overseas markets.
The Supreme Court today issued notice to state-run telecom major Bharat Sanchar Nigam (BSNL) on a petition by Telecom Regulatory Authority of India (Trai), which had objected the PSU"s charging higher tariff from subscribers by way of reducing the pulse rate of each call.
Buys 18 acre land adjacent to its existing plant.
M J Antony / New Delhi June 3, 2009, 0:51 IST
Hiring activity in Kolkata declined by 3 per cent in July compared to June this year, according to a Naukri JobSpeak, the monthly job index released by Naukri.com. The index moved from 775 in June to 750 in July. However, market sentiment remains positive with recruitment index expected to move up post September.
Petronet LNG (PLL), India"s largest liquefied natural gas importer, will sign an agreement to buy 1.5 million tonnes of LNG from Australia in August.
India"s top two law officers have advised NTPC to move Supreme Court at once to secure gas at a contracted price from Reliance Industries (RIL), a position in variance with Oil Ministry"s plea on the Ambani borthers" gas dispute.
The country"s third-largest private sector lender, Axis Bank, today said it expects to raise about Rs 940 crore through preferential allotment of 1.08 crore shares to its promoters, including LIC, by September 24.
Ties up with food, banking cos to up mkt share.
When director Roland Emerich was looking for a image that would sum up the apocalyptic tone of his blockbuster 2012, he could only conjure up one picture, the Himalayas being flooded.
Larsen & Toubro, country’s largest engineering company, along with its Malaysian partner SapuraCrest Petroleum has bagged orders worth $500 million to undertake installation of platforms and pipelines in offshore. The joint venture partners have invested $175 million to acquire a vessel to execute the orders.
Software major Microsoft Corporation has held talks with News Corp for a possible deal which would involve paying the Rupert Murdoch-led firm for removing its news content from the website of Internet search giant Google, says a media report.
Jai Arjun Singh / New Delhi November 21, 2009, 0:27 IST
On September 7, the Bombay Stock Exchange’s Sensitive Index, or Sensex, closed over 16,000 points for the first time in over a year. And the good news is that it has consistently been able to close above this mark.
Andhra Pradesh government today said it had no objection to Congress MP L Rajagopal, who escaped from the Government Hospital here, being admitted to the Nizam"s Institute of Medical Sciences (NIMS) in Hyderabad as desired by him.
The annual plan ceiling of the water resources department (WRD) for 2010-11 has been fixed at Rs 2222.64 crore. It is the highest among all the departments.
Hundreds of villagers belonging to Nuagaon panchayat in the proposed site of the Posco steel project near Paradip, today staged demonstration and mass dharna in front of the company’s office at Kujanga demanding compensation for destruction of betel vines.
Shares of steel companies have risen significantly in the recent past in anticipation of recovery in demand and prices.
The Centre may be eager to introduce the proposed Goods and Service Tax (GST) from April 1, 2010, but the Orissa government has cast doubts on the timely launch of the new tax regime.
Infrastructure company C&C Construction Ltd today said it is developing a four-star hotel near Mohali entailing a total investment of Rs 60 crore and is in talks with international and domestic hospitality groups for its management.
India today lifted a 28-month ban on wheat export by allowing export of 900,000 tonnes of the grain by government-owned trading agencies.
In a bid to make India a business destination with the help of next year"s Commonwealth Games, the Federation of Indian Chambers of Commerce and Industry (Ficci) today joined hands with the Organising Committee of the multi-discipline event.
It wasn’t just ordinary passengers who suffered the brunt of the recent Air India strike. West Bengal Finance Minister Asim Dasgupta came to Delhi to attend a meeting on Goods and Service Tax (GST) with finance ministry officials. After which, he met Finance Minister Pranab Mukherjee. While Mukherjee’s office had kept an hour for the meeting, Dasgupta was in a hurry and spent just half the time since, with the Air India flight cancelled, he had no option but to leave on the earlier flight of a private airline.
L&T Infotech, the infomation technology arm of Larsen and Toubro, the engineering and construction major, is sharpening focus on its consulting business. The company set up a separate consulting business unit this March and already has close to 20 clients, representing 2 per cent of the overall revenue.
Given that the proposed date of implementation of the Goods and Services Tax (GST) is April 1, 2010; a declaration regarding the design and architecture of GST is perhaps one of the most eagerly awaited announcements expected from the Finance Minister in the forthcoming Budget.
Britain and France today joined India in making it clear that there should be no "double standards" in the fight against terrorism, a view that can be seen in the context of Pakistan.
The US, which foiled a major terror plot by LeT to target India, has said it would be forthcoming with details of the case but cited legal limitations in allowing Indian investigators to quiz the two arrested operatives David Coleman Headley and Tahawwur Rana.
The process is expected to begin next summer.
Exporters of engineering goods, which contribute over 40 per cent to the country’s total exports, have urged the central government that incremental exports be exempt from tax for three years, with the base year being 2008-09.
India"s maiden moon probe Chandrayaan-I has developed a malfunction that puts some experiments in jeopardy and raises questions on completion of the mission that was intended to last two years.
After the challenging mission to moon, Indian Space Research Organisation (Isro) said on Wednesday it has begun preparations for sending a spacecraft to Mars within the next six years.
Private sector, ICICI Bank, today said its Board of Directors has appointed Homi R Khusrokhan and V Sridar as the non-executive directors.
Bangalore-based ASM Technologies, dealing in enterprise applications and enterprise product development for manufacturing, retail, oil and gas verticals, has reported a consolidated net profit of Rs 94 lakh for quarter-ended December 31, 2009, up 23.43 per cent compared to the previous quarter of the current fiscal.
Powergrid Corporation of India Ltd (PGCIL), India’s largest power transmission utility, is set to float its overseas subsidiary by early next year. The move is aimed at opportunities outside the country.
The Indian bourses opened on a positive note at 17,200, tracking strong global cues. The index soared to a high of 17,352 but changed course after a robust industrial production data was declared which raised fears that the central bank may need to control monetary policy. The IIP number increased to 10.3% Vs 9.6% (MoM).
The Sensex has finally ended (provisional) at 17,096, down 94 points.
Idea Cellular today said that its consolidated net profit dropped 22.5 per cent to Rs 170 crore during the quarter ended December 31, 2009, as against Rs 219 crore in the third quarter of the last financial year.
Bangalore-based private sector lender ING Vysya Bank on Thursday reported a 16 per cent rise in net profit to Rs 60.6 crore for the third quarter ended December 2009 compared with the year-ago period. Its operating profit was up 37 per cent to Rs 145.8 crore.
Ahead of the Reserve Bank of India"s (RBI) credit policy review later this week, economists today said the central bank may suck out excess liquidity from the system by asking banks to keep more cash with it to tame the surging inflation.
Oil prices dipped but stayed above $74 in Asian trade today as demand uncertainty weighed on investors already wary from recent economic policies in the United States and China.
Zooming inflation, a build-up of inflationary pressures and cues from global markets could impel the Reserve Bank of India (RBI) to further tighten its monetary policy stance by hiking the cash reserve ratio (CRR) and policy rates, bankers said.
The year 2009 ended on a high note, with benchmark (BSE & NSE) indices registering best yearly gains in the last two decades and touching fresh 19-month peaks. The year, however, will be most remembered for the Sensex and the Nifty hitting the upper circuit for the first time.
The government is setting up a high-level Task Force to address the problems of Micro, Small and Medium Enterprises (MSMEs) which have been demanding adequate financing and other incentives to tide over the economic slowdown.
Corporate Affairs Minister Salman Khurshid today opined that India Inc should focus on CSR activities in their own interest.
The State Environment Impact Assessment Authority (SEIAA), headed by Prof. C R Das, has given environmental clearance to six ‘ B’ grade projects in the state.
Reebok has gotten bold. Last month, the company introduced its EasyTone footwear for women, which are meant to tone the leg and butt muscles. According to the company, its lab tests confirmed an increase in muscle activation due to the miniature balance balls underneath the shoe.
“What does the consumer want? What does the market want?”
Jammu & Kashmir Bank today reported growth of 16 per cent in its net profit at Rs 139.99 crore for the quarter ended December 31, 2009, over the same period last year.
Jammu & Kashmir Bank today reported 32 per cent jump in net profit at Rs 78.68 crore for the fourth quarter ended March 31, 2009, on the back of high interest income and other earnings.
Textile company S Kumars Nationwide today said its net profit stood at Rs 60.09 crore for the year ended March 31, 2009, while it had a net profit of Rs 178.13 crore in the same period previous fiscal.
DLF Ltd has exited its asset management joint venture with US based Prudential Financial Inc (PFI), the real-estate firm said in a filing with the Bombay Stick Exchange on January 23.
The finals of the 2010 Football World Cup or Michael Schumacher’s amazing comeback, you can be on the ringside of all that sporting action and more. Ask Arun Raghu.
Disney Interactive Media Group (DIMG), a division of Walt Disney Company, is contemplating introducing localised console and PC games for the Indian market shortly.
Rejecting Pakistan"s charge that its players were snubbed for IPL at the behest of India, External Affairs Minister S M Krishna today said it should draw a line between government programmes and private events.
You hear the pop of blooming buds and the ruffle of unfurling petals, and spy insects feeding on nectar in this idyllic garden, bathed in the early morning sun. Just as you get drawn in by visuals that could rival footage on any nature channel, you notice the flowers are nestling fruit juice cartons — as if they too have blossomed in the heart of nature. This is the ad for Parle Agro’s 100 per cent fruit juice, Saint, being aired on English lifestyle and news channels. “Juice the way God meant it to be,” says the punch line.
The Insurance Regulatory and Development Authority (IRDA) is considering allowing life insurers to invest part of policy holders" money in equity derivatives, a move that would allow these firms to hedge the risks emanating from cash markets.
Non-life insurers earlier offered discounts as high as 97 per cent in some cases.
In a surprise development, telecom PSU MTNL"s Chairman and Managing Director R S P Sinha has resigned from the post.
The Department of Telecommunications (DoT) has again put the onus of deciding the number of slots to be auctioned for 3G spectrum on Finance Minister Pranab Mukherjee.
Looking at fortifying its position in touch-screen phones category, Nokia launched two new touch interface devices, Nokia5230 and Nokia 5530 XpressMusic, in Chandigarh on Tuesday. Regional General Manager (North India ), Nokia India, Chandan Dang maintained the two new touch screen handsets of Nokia would help strengthen the market for Nokia in the ‘touch-screen phone’ category .
With small investors once gain returning to the market, the small-cap index was the best performer in August even outperforming the benchmark index Sensex, gaining around 13 per cent.
Whether it is the blunder over the glaciers or the linking of natural disasters to global warming, the IPCC’s credibility has been badly hit. If this encourages laxity over global warming, that will be tragic.
The Asian markets continue to trade weak.
The Asian markets ended on a mixed note. The Hang Seng advanced 218 points or 1% to 21,678. The Nikkei declined 91 points or 1% to 10,764.
Asian markets are trading in the negative, albeit off their day"s lows.
US markets ended flat on Tuesday. The Dow dropped three points at 10,194. The Nasdaq slipped seven points to 2,204.
Bata India closed the day virtually unchanged at Rs 179. The stock had opened at Rs 181 and touched a high of Rs 185 and a low of Rs 177 during the day. A total of 215,995 shares were traded on the BSE as against the 2-week average of 114,555 shares.
Satyam Computer Services founder B Ramalinga Raju had made trips to the Indian School of Business (ISB) in Hyderabad, to Visakhapatnam and even the US, to convince the independent directors on the his board for acquisition of Maytas Infra and Maytas Properties, the two companies promoted by his family members.
Reflecting the robust growth witnessed by the Indian economy, major cement manufacturers, including Ambuja Cements, Jaiprakash Associates and Shree Cement, today reported increase in their sales in November.
With the economy showing signs of recovery, industry would pick up further momentum with a growth of more than seven per cent in August and nearly nine per cent in October, economic think-tank Institute of Economic Growth (IEG) today projected.
Oil eased in Asian trade today as traders continued to evaluate the pace of recovery in the US economy, the world"s biggest energy user, analysts said.
Jaiprakash Power Ventures, part of the Jaypee group and L&T-MHI ((a JV between L&T and Mitsubishi heavy industries) have signed an agreement for the supply and erection of the boiler and steam turbine and generator for the Jaypee Nigrie super thermal power project. The contract is valued at Rs 4,000 crore.
Jaiprakash Associates Ltd has commissioned a cement grinding and blending plant at Bagheri in Solan district of Himachal Pradesh.
Raghavendra Kamath / Mumbai September 29, 2009, 0:19 IST
Assam, which produces three types of indigenous wild silks – Muga, Pat and Eri, today got a composite silk unit at Chaygaon Industrial Growth Centre, near Guwahati. The composite unit, or Eri Spun Silk Mill, came up with an investment of Rs. 5.5 crore, which includes infrastructure for spun silk mill, machineries, looms etc. The unit is expected to go a long way in adding value to the silk industry of Assam. The unit was inaugurated by union minister of textiles, Dayanidhi Maran. For the establishment of the unit, along with additional facilities like weaving processing and dyeing etc., the Central Silk Board (CSB), under the ministry of textiles, and the state government of Assam had provided a subsidy of Rs. 155.30 lakh and Rs. 48.10 lakh respectively to the promoter of the unit, Fabric Plus Pvt. Ltd., for installation of machineries, equipments etc. The promoter also contributed an amount of Rs. 22.60 lakh.
Enthused by the robust demand for its affordable housing projects, realty major Unitech today said it would invest Rs 600 crore to develop 5,000 such units in seven cities across India.
Bharti Airtel, the country’s largest mobile services provider, will acquire a 70 per cent stake in Warid Telecom, the fourth-largest mobile company in Bangladesh (out of six operators).
About 40,000 vacancies have been created in public sector banks so far this year due to retirements, resignations and expansion of business. The State Bank of India group had 19,000 vacant positions, followed by mid-size banks like Syndicate Bank and Central Bank of India, which have over 3,000 vacancies each. The data is from the Department of Financial Services.
South Korean car manufacturer Hyundai Motor today said the development cost for its proposed small car for the Indian market was around Rs 800 crore.
Clarifying on the issue Nalin Mehta, CEO, Mahindra Renault has said.
Environment Minister Jairam Ramesh gave evidence of his considerable talent while addressing a press conference on biodiversity. In response to a question on how his ministry was planning to take up the issue of patents of biological materials, he replied, “Aapko kabhi jaundice hua hai? Jab mujhe hua tha tab mujhe kisi ne mooli khane ko kaha tha jisse mera jaundice 4-5 hafton mein chala gaya. Aise hi jab mujhe chicken pox hua, meri mother-in-law ne karipatte ke leaves mere face par ek mahine lagayi thein” (have you ever had jaundice? When I did, I was asked to have radish and this cured me in 4-5 weeks; when I had chicken pox, my mother-in-law rubbed curry leaves on my face for a month). He added conspiratorially, “I won’t give more examples otherwise these things will be commercialised. There is immense oral knowledge in our country. We only need to transform it into written knowledge.”
Buffett: Kraft Foods and Cadbury may have agreed on the takeover of the UK chocolatier by the U.S. food conglomerate. But leading investors in both firms are still at loggerheads over the acquired company"s value.
The Union coal ministry and National Thermal Power Corporation (NTPC) have proposed to set up one power plant each near Kanpur.
Billionaire Gautam Thapar plans to buy companies to expand India’s third-largest equipment maker and add capacity in the nation’s biggest paper maker as demand in the world’s fastest growing major economy after China surges.
After putting a cap on charges on unit- linked insurance plans (ULIPs) products, the insurance-sector regulator, Insurance Regulatory and Development Authority (IRDA) is mulling a similar move for traditional insurance products, a top official said.
Two-wheeler maker BSA Motors today said it will invest Rs 50 crore in next fiscal, besides launching three new models, as part of its strategy to capture over 20 per cent share in the Indian electric scooter market by 2010-11.
The stock dropped to a low of Rs 89 and has finally ended with a loss of 2% at Rs 90. The counter clocked a volume of 15.6 lakh shares, as against the two-week daily average trade of 6.9 lakh shares on the BSE.
The mutual fund (MF) industry is highly exposed to the banking sector, according to the Securities and Exchange Board of India (Sebi) data.
Anil Ambani’s Reliance Power today started power generation at its Rs 6,000-crore Rosa Power Project in Shahjahanpur district of Uttar Pradesh.
GMR Hyderabad International Airport Limited (GHIAL) has signed an agreement with aircraft engine manufacturer, CFM International (CFM), to establish a new CFM56 maintenance training centre to support its customers in the South Asian region.
Surf"s up for Bombay Dyeing as its real estate projects and domestic textile demand take-off
Leading textile and apparel company S Kumars Nationwide today said its consolidated net profit rose by 77.88 per cent to Rs 67.39 crore for the quarter ended December 31, 2009.
Three persons, including a lawyer, have been arrested in connection with the murder of RTI activist and graft whistle-blower Satish Shetty at Talegaon near here, police said today.
The Securities Appellate Tribunal today adjourned till January 27 the hearing on a petition by brokerage house First Global"s Shankar Sharma against a SEBI order banning him from trading in markets for his alleged role in manipulating prices of certain scrips.
In a move to streamline operations related to marketwide position limits (MWPL) of derivatives contracts, the Securities and Exchange Board of India (Sebi) has fixed a timeline for exchanges to disseminate information on individual securities.
With the impact of global slowdown still persisting across countries, there may be a dip in remittances inflow into the country in 2009, according to Rajesh Mehta, director marketing – South and South East Asia, Western Union Services India.
Domestic brokerage house India Infoline today said it will acquire Singapore-based Orient Global"s stake in the former"s two unlisted subsidiaries for $80 million (nearly Rs 369 crore).
The finance ministry is keen on selling stakes in Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation (IOC), but follow-on public offers (FPOs) in the two bluechip public sector units (PSUs) are unlikely, as unresolved issues are affecting valuations. Disinvestment Secretary Sunil Mitra last month wrote to his counterpart in the petroleum ministry, R S Pandey, seeking comments on “public offerings from the government’s shareholding” in ONGC and IOC. The petroleum ministry is of the view that raising funds from the capital market was not prudent till issues like fuel pricing and subsidies were resolved, which were affecting share prices of ONGC and IOC, sources in the know said.
Lloyds Steel Industries has posted a net profit of Rs 39.16 crore for the quarter ended December compared with a loss of Rs 113.84 crore in the corresponding previous quarter. The company’s net sales during the period grew to Rs 726.62 crore from Rs 660.80 crore last year, up 9.96 per cent.
Reliance Power ended with a loss of 3.3% at Rs 145 on the BSE.
Wipro and Tata Power are scheduled to annouce their Q3 results today.
Pharmaceutical patents are just over a fourth of all patents granted in the country, but domestic drug makers account for almost all post-grant patent opposition filed, official data reveals.
Trades between FIIs generated a volume of Rs 76 crore on the BSE Tuesday-an increase of 71.52% from Rs 45 crore clocked on Monday. As many as six stocks witnessed trades of 10 lakh shares on Tuesday.
While the recovery in sales volume is positive for Tata Motors, the gains are priced in
Business Standard / New Delhi January 13, 2010, 0:44 IST
US car manufacturer General Motors today hoped to get 20 per cent revenue from overseas markets by 2011 once it starts exporting to these countries, a top company official said.
General Motors India unveiled the all new Chevrolet Cruze diesel model in Chandigarh. The car will be available in two variants - LT & LTZ. With the launch of this model, it expects that by the end of this year, it would be able to achieve a growth of 11-12 per cent over the previous year.
The world’s biggest carmaker by sales, Toyota Motor Corp, is developing 10 per cent more fuel-efficient small car for launch in India by early 2011 to beat market leaders Maruti Suzuki and Hyundai.
Automobile maker Mercedes-Benz India today launched its multi-axle luxury bus at a price of Rs 85 lakh in the domestic market.
The country"s largest carmaker Maruti Suzuki today said it expects September sales to increase by over 30 per cent due to robust demand during the festive season but cautioned that a looming hike in interest rates on car loans may not help in maintaining the momentum.
Japan"s top five auto makers have reported smaller year-on-year declines in their global production in August compared with July, showing signs of a bottoming out in auto production.
Five companies including Hero Honda have evinced interest in investing in Karnataka. In the run up to the forthcoming lobal investors’ meet in June this year, the state industries department has been inviting companies from industry segments to the state.
Vinay Varshney, as he predicts the end of CFL lamps in a few years, points to the ceiling of the conference room at Maruti Suzuki’s factory in Gurgaon. It is then that we notice that the two holders, right above the two ends of the long table, have slots for three lamps, but only two are glowing.
The stock gained 2.4 per cent to Rs 1,178.15, a lifetime high, after the company announced more than 100 per cent growth in its domestic auto sales for the month of December 2009. The domestic auto sales stood at 22,754 units, as against 10,253 units in December 2008, up 2.22 times.
Ford Motor Co said it will spend 4 billion reais ($2.3 billion) to expand in the growing Brazilian market, the largest investment it has made in the country.
After five days of relentless selling, any hopes of a change in fortunes yesterday were dismissed early in the morning, as bears took grip of the markets. Aggressive selling in auto, banking, metal and realty stocks saw the markets break one support level after another during the course of the day.
Aggressive selling in rate sensitive stocks, couple of days ahead of the RBI policy review, saw the markets tank heavily. The RBI is scheduled to review its monetary policy on January 29. Markets fear hike of Cash Reserve Ratio (CRR), which in turn could affect these sectors.
The markets have recovered from the low and touched a high of 16,495 - up 178 points from the day"s low of 16,317. The Sensex is now up 190 points (1.16%) at 16,479.
Indian food delicacies with flavour and taste of spices are becoming a big hit in China, Spices Board sources said here.
Spice exports from India were valued at over $11 billion — an all-time high — in 2008-09.
In a record achievement despite the global economic recession, spice exports from India clocked $11.68 billion —an all-time high —in 2008-09.
The Board of Directors of Jet Airways has given its in-principle approval to acquire 26 per cent stake in MAS GMR Aerospace Engineering Company for an unspecified amount.
The country"s largest lender, State Bank of India (SBI), plans to hire more than 27,000 people this year to fill vacancies across different divisions, a top bank official said.
The government today said that it would act as a patriarch and bless public sector bank mergers that are based on synergy.
Despite a 55.44 per cent rise in its net interest income, the Bangalore-based State Bank of Mysore (SBM), an associate bank of SBI, has posted a 22.6 per cent drop in its net profit to Rs 141.31 crore for the third quarter ended December 31, 2009 compared to the corresponding quarter last year. Its total income for the quarter stood at Rs 995.07 crore, a marginal drop of 5.3 per cent compared to the same quarter a year ago.
Jamal Mecklai / New Delhi January 22, 2010, 0:05 IST
The Delhi Stock Exchange (DSE) plans to start mock trading from Monday, making it the first regional stock exchange to become active after the Securities and Exchange Board of India (Sebi) announced demutualisation norms for stock exchanges. The exchange also planned to launch futures and options trading after six months, said a source.
The government has started the process of setting up a fund to promote scientific mining practices in India through levy of a cess on the royalty charged on certain minerals like iron ore, the Rajya Sabha was informed today.
Indian drug companies have reduced their cumulative foreign currency convertible bond (FCCB) burden by over 60 per cent. This has helped the companies improve their financial health and look for further fund-raising for expansions.
The International Monetary Fund (IMF) today announced to co-host a high-level international conference along with South Korea on Asia in Seoul later this year.
Merger and acquisition (M&A) activities gained traction globally in the fourth quarter of 2009, witnessing a rise in value by 46 per cent to $739.6 billion.
Coal India Ltd (CIL), which is actively pursuing the issue of disinvestment with the Centre, aims to raise Rs 6,000 crore through a stake sell of 10 per cent.
NTPC has selected TRF Ltd, a Tata group company, for setting up coal handling plants for its super thermal power plants at Barh, Bihar and Mauda, Maharashtra. The combined value of the two orders is Rs 611.62 crore. The company has been given the order for setting up coal handling plants on turnkey basis for the 2X660 MW power plant at Barh and 2X500 MW power plant at Mauda. The coal handling plants will be designed to run at a capacity of 2420 and 1760 tonnes per hour, respectively.
The government today cleared 14 foreing direct investment (FDI) proposals, including a Rs 273-crore application from Asset Reconstruction Company, which could together bring in foreign investment worth Rs 732.5 crore.
Those who seized the opportunity and made a difference.
After implementing the UPA government"s disinvestment plans for the past six months, Sunil Mitra today took over as the Revenue Secretary, less than a month before the Budget presentation in Parliament.
Business Standard / New Delhi December 24, 2009, 0:40 IST
The Department of Telecommunications (DoT) seems to be in a state of confusion on deciding the number of slots of 3G spectrum to be auctioned. It is now in favour of auctioning only two blocks and immediately assigning the spectrum to the successful winners.
The country"s third largest software company, HCL Technologies, today reported a 35.92 per cent decline in net profit at Rs 255 crore in the October-December quarter.
Gujarat Chief Minister Narendra Modi asked the chemical industry in the state to take up the challenge of manufacturing ink used for printing currency notes.
Bangladesh Prime Minister Sheikh Hasina, Congress president Sonia Gandhi, Finance minister Pranab Mukherjee and BJP leader L K Advani will pay homage tomorrow to Jyoti Basu who would be given a state funeral.
Jubiliant Foodworks, which operates largest pizza chain Domino"s in domestic market, today fixed the price band for its proposed initial public offering (IPO) at Rs 135-145 per share.
A Norwegian-Indian telecom joint venture firm, Uninor, today said it has secured 1.2 million subscribers across eight telecom circles during the first month of its operation.
IndiaFirst Life Insurance has received regulatory approval to launch three products and expects to commence its operations by the month-end, a senior official said.
Tata Communications today said it has appointed David Wirt as global head of managed services.
Tata Communications has signed an agreement with the Qatar-based Qtel for a new undersea cable network that will connect a number of regional operators in the Gulf region with the country.
Last week, the Supreme Court pronounced a landmark ruling in the case of Oracle India holding that the process of duplication of software from master copy tantamount to ‘manufacture’. The Apex court allowed Oracle much awaited relief with respect to a tax holiday claim available for new undertakings engaged in manufacture and processing of articles and things.
RCom’s tower arm to dilute 4-5% in pre-IPO placement.
Bharti Airtel is not looking at acquiring US telecom carrier Sprint, but would continue to focus on emerging markets where it sees huge potential for penetration, Group CEO Manoj Kohli said today.
The Bharti group, which has just acquired a majority stake in the Bangladeshi mobile operator Warid Telecom, is on the lookout to acquire government-owned telcos in developing countries like Africa which are up for divestment.
Israel has launched an effort to tap India’s $1-billion homeland security market. The opportunities available in infrastructure, training and technology, excluding defence and weapons, are being looked at by Israeli companies such as Elmo Tech, Elbit Systems, ISDS, Netafim and Max Security.
The farmers of Dadri in Ghaziabad district, where Anil Ambani-controlled Anil Dhirubhai Ambani Group (ADAG) has proposed a gas- based power plant, today urged the Uttar Pradesh government to grant more time for returning the land acquisition compensation paid by the company.
PricewaterhouseCoopers (PwC) has suggested strengthening of connectivity framework in North-East to provide an impetus for economic development of the region. In its survey report, PwC has suggested that North-East empowers people through inclusive governance. Grassroots plans that are prepared and implemented at the grassroots levels and are consolidated at the district level, could help in the provision of public services according to the needs of people.
Australian police today stepped up efforts to nab the killer of a 21-year-old Indian and launched a "search and seize" operation to curb street crimes amid a spate of assaults on the community which has led to a whopping 46 per cent slump in student visa applicants from India.
State-run Bharat Electronics (BEL) today said its net profit rose nearly two-fold to Rs 223.87 crore for the third quarter ended December 31, over the same period last fiscal.