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Describing Marxist veteran Jyoti Basu as a long-standing friend of Bangladesh, the country"s Parliament and cabinet have mourned his death, with premier Sheikh Hasina saying that she has lost a "guardian".
A K Bhattacharya / New Delhi December 22, 2009, 0:02 IST
It is official. The much-anticipated Goods and Services Tax (GST), which will replace most of the indirect taxes levied by the Centre and states, will not be introduced from the targeted date of April 1.
Public sector telecom operator Bharat Sanchar Nigam Limited (BSNL) targets to cover the complete geography of Uttar Pradesh (East) circle with mobile services by the end of this fiscal.At present, BSNL has around 3,800 Base Transceiver Station (BTS) or cell sites in the circle and the company plans to ramp them up by 1,700 by March 2010.
JSW Energy is planning to become an integrated power company by bringing in a partner for its transmission business and in its proposed distribution business. The company has shortlisted three companies for the proposed partnership in transmission.
Sical Logistics, engaged in port handling services, today said it has entered into an agreement with Japan"s Mitsui O S K Lines to form a joint venture company to operate the automotives yard at the Ennore Port near Chennai.
After facing an united opposition in the Rajya Sabha on Monday over climate change, the United Progressive Alliance (UPA) ruling coalition today faced embarrassment as its ‘outside supporter’ Samajwadi Party (SP) joined the Left to stage a walk out in the Lok Sabha protesting the disinvestment policy of the government. Meanwhile, the Bharatiya Janata Party (BJP) said that the Left had approached them with a renewed offer to join hands against the government on economic issues.
In a rebuff to China, India today made it clear that any paper visa “stapled” to the passport in separate sheets rather than pasted would be treated as invalid for travel out of the country.
India said the Chinese government had assured it no dam on the Brahmaputra was proposed
The Central Bureau of Investigation (CBI), probing the Satyam Computer Services fraud case, is currently in the process of preparing Letters Rogatory, which would be vetted by the Ministry of External Affairs before being presented in the court.
Robots by Indian entrepreneurs are being developed at less than half the cost of imported ones.
Ashish Sinha / New Delhi August 25, 2009, 0:40 IST
JSW Energy has provided the much-needed lifeline for the group’s Rs 35,000 crore project in Bengal, by taking up the power project .
With JSW Bengal Steel (JSWBSL) failing to raise debt for its integrated steel, power and cement plant in Salboni due to the global financial crunch, group company JSW Energy will go public to raise funds for the power plant.
The Nifty tested the support level of 4,910 and later recovered on the back of strong openings in European markets and firmness in Dow Jones futures. Telecom stocks tumbled on profitability concerns while buying in FMCG, metal and banking shares helped indices register decent gains by the end of the day.
Nilanjana S Roy / New Delhi October 6, 2009, 0:25 IST
Srei Equipment Finance (SEFL), a 50:50 joint venture between Srei Infrastructure Finance (SIFL) and BNP Paribas Lease Group (BPLG), is planning to foray into agriculture, medical equipment and information technology (IT) equipment finance.
With an aim provide innovative products, services and solutions to the rural poor, Villgro, a social enterprise incubator is set to launch "Wantrapreneur 09" Business Plan Competition, which challenges entrepreneurs to come out with innovative technology, solutions (products / services) with direct application at the rural level.
Rajat Roy / Kolkata September 28, 2009, 0:50 IST
Ruling out strategic sale of Central PSUs, Finance Minister Pranab Mukherjee today said the government will follow the middle path and restrict public holdings in the CPSEs to 10 per cent.
Stimulus exit looms as Pranab waits for third quarter.
The Orissa High Court on Thursday ordered a CBI probe into the alleged Rs 25 lakh-crore derivative scam in the foreign exchange market of the country.
Allcargo Global Logistics today said it will raise Rs 100.97 crore by issuing debentures to Black Entities (Investors) on preferential basis.
Road Transport and Highways Minister Kamal Nath said here that India had increased its per-day construction of roads to 9 km and the target of developing 20 km daily would be accomplished by April.“We have reached 9 km per day of road construction and will hit our target of 20 km a day by April,” Nath, who was here to hold talks with the Malaysian government to invite them to enter the highway construction sector in India, said.Thirty-five Malaysian companies are already involved with various infrastructure projects in India.To construct 20 km of raods a day or 7,000 km a year, there had to be 20,000 km of work in progress, he said.
Not impressed by the ambitious plans announced by Road Transport and Highways Minister Kamal Nath, the Planning Commission has advised the ministry to fix a “reasonable target” for construction of roads this year. “...Fix a reasonable target for award of contracts in the rest of the current year and raise it subsequently as soon as possible,” the commission said in a communiqué to the highways ministry. The commission pointed out to the ministry that it would not be able to award road construction contracts for more than 3,794 km in 2009-10, against a target of 12,652 km.
A report on expulsion of molestation victim Ruchika Girhotra from the Sacred Heart School here will be ready by tomorrow, an official today said.
GHCL promoter Sanjay Dalmia appears to be in control of the country’s largest soda ash maker, and is believed to have increased his shareholding significantly above the 18.5 per cent he held till recently when a battle for control of the company raged.
Nitin Gadkari today became president of the main opposition Bharatiya Janata Party (BJP), replacing Rajnath Singh. He is the first Maharashtrian to reach the party’s top post.
The date for rolling out the Goods and Services Tax could be announced on January 8, the Chairman of the Empowered Committee on State Finance Ministers, Asim Dasgupta, said today.
The finance ministry today said the tax burden on people will come down by 25-30 per cent with the introduction of the proposed Goods & Service Tax (GST), which seeks to subsume various levies like excise and VAT.
In the words of our present Chief Justice of India,“….. the citizens’ faith in the judicial system will begin to wane because justice delayed is justice forgotten, excluded and finally discharged “ The quote certainly does not auger well if one were to look at pendency of tax cases in different layers of our judicial hierarchy – 28,000 cases in high courts with disposal rate of roughly 6000 each year. Ironically, the situation is worse in Mumbai, Delhi, Kolkata & Chennai where the wait time ranges between 10-15 years. Not to forget the figure of 2 lac crores often debated in the Parliament as arrears of tax in dispute. These could be more staggering in the future.
Sachin Tendulkar scored his best century on the day he completed 20 years in international cricket. By telling the Maharashtra Navnirman Sena (MNS) that he was an Indian first and a Maharashtrian later, Tendulkar has made several points. He has, of course, snubbed the MNS, but he has also told top professionals that they need to stand up and be counted. Just recently, Karan Johar apologised for calling Mumbai “Bombay” in a movie — while Johar and others fear the MNS will burn cinema halls showing their movies, Sachin has no such fear since the MNS can never hope to succeed in preventing fans from watching Sachin play. Interestingly, during the Mumbai riots, it was the original Little Master Sunil Gavaskar who used his stature in a similar manner to prevent mobs from killing Muslims.
Continuing its agitation for the cause of Maharshtrian youth, Raj Thackeray-led Maharasthra Navnirman Sena (MNS) has written a letter to State Bank of India (SBI) for considering locals for its new job openings.
The life insurance industry has paid around Rs 1,717 crore as death benefit to policy holders between April and June 2009 compared with Rs 1,422 crore during the corresponding quarter last year (an increase of 20.74 per cent), according to Life Insurance Council, the body governing life insurance companies in India.
ICICI Securities, Citigroup and Morgan Stanley along with 14 other merchant bankers have submitted bids to manage the estimated Rs 14,000-crore disinvestment of the state-run iron ore producer NMDC.
The Goods and Services Tax (GST), the new tax regime, would have four slabs and these were likely to be unveiled within 15 days, Chairman of the Empowered Committee of State Finance Ministers Asim Dasgupta said today.
The Delhi & District Cricket Association (DDCA) and the Board of Control for Cricket in India (BCCI), organisers of Sunday’s India-Sri Lanka cricket match, will have to foot the bill for the abandoned tie as insurance companies are unlikely to pay any claim.
N Ram has been chosen for this year"s prestigious Lokmanya Tilak National Journalist award.
Around 35 per cent voting was recorded till 1300 hrs today in the first phase of elections to 26 Assembly seats in Jharkhand.
Australia will ask New Delhi to crack down on the unscrupulous education agents in India who give misleading information to students willing to pursue studies in the private institutes Down Under.
Wipro Ltd, a relatively late entrant in the lucrative information technology outsourcing market in Australia, is planning to hire more locals.
Days after a 21-year-old Indian was stabbed to death here, the Australian police today said that a partially-charred body of another youth from the country was found in New South Wales, even as Canberra asked New Delhi not to whip up “hysteria” over such incidents.
A partially-burnt body found in Australia"s New South Wales province last week is believed to be of a 25-year old Indian national, police said today, in what might be the second fatality in a slew of vicious attacks on Indians.
External Affairs Minister S M Krishna today ticked off his junior minister Shashi Tharoor for publicly questioning new visa guidelines, saying if he had any "perceptions", those should be discussed within the "four walls" of the government.
With the new Railway time table coming into effect from November 1 this year, the timings of 19 trains originating in the jurisdiction of East Coast Railway (ECoR) would be changed. The trains whose timings would be changed include the Puri-Tirupati express, Puri-Howrah Jagannath express, Puri-Howrah weekly express, Puri-Howrah Garib Rath express, Bhubaneswar-Puducherry express, Bhubaneswar-Chennai express, Bhubaneswar-Visakhapatnam Intercity express, and the Visakhapatnam-Korba express among others.
India"s crude oil import bill fell by 41 per cent to $31.6 billion in April-September this year as international rates declined from a record peak.
International Atomic Energy Agency (IAEA) chief Mohammed ElBaradei has asked Iran to respond swiftly to the "unique" offer made by the US, France and Russia to process its enriched uranium fuel abroad.
Oil rose further in Asian trade today, underpinned by a better-than-expected expansion in the US manufacturing sector, analysts said.
“Prices of crude palm oil (CPO) are expected to surge 20 per cent to surpass 3,000 ringgit later this year, on falling output in the mainland production centres that are Malaysia, Indonesia, Argentina and Ukraine,” a paper presented by Dorab Mistry, director of Godrej International said in Jakarta on Monday.
Drug maker GlaxoSmithKline Pharmaceuticals today said its net profit for the first quarter ended March 31, 2009, rose by 18.14% to Rs 143.27 crore.
In signs of easing labour market situation in the US, the number of first time claimants for jobless benefits declined by 26,000 to 550,000 for the week ended September 5.
Global pharma major Pfizer is to source source 40 off-patent (generic) cancer care products from Bangalore-based Strides Arcolab and sell the products in the United States.
Encouraged by a sudden spurt in demand from the steel and foundry sectors, pig iron producers have raised prices by six to eight per cent for its spot delivery. With this revision, pig iron for steel consumption was quoted at Rs 16,500-18,000 a tonne, while that for the foundry sector at Rs 18,500-20,000 a tonne — a rise of about Rs 1,200-1,500 a tonne.
Tyre maker Ruia Group today said it will raise Rs 100 crore in listed entity Falcon Tyres through private placement of shares and dilute 10 per cent in Dunlop India for capacity expansion over the next few months.
Indian Oil Corp, the nation"s largest refiner, and other state-run refiners will supply Euro -IV grade petrol and diesel in 13 big cities from April 1, but supply of the cleaner fuel to rest of the country may be delayed by three to six months.
Mumbai-based Laxmi Diamonds retail brand Cygnus Fine Jewellery is planning to expand its business by setting up 40 standalone exclusive stores across the country and entering 50 lifestyle stores by the end of 2010.
Rajasthan-based Rallison Electrical Private Limited today launched the country"s first Fire Survival Cable and targeted to achieve turnover of Rs 500 crore in the current fiscal.
India’s cotton exports are likely to rebound to 1.4 million tonnes in 2009-10 (October-September) at the cost of exports from the US, which are forecast to fall 20 per cent to 2.3 million tonne on year, according to International Cotton Advisory Committee (ICAC).
The Indian Silk Sector contribution to Indian Textiles and Clothing Exports is expected to double to Rs 7,000 crore by 2012 from Rs 3,500 crore in 2007-08, according to Dayanidhi Maran, Union Minister for Textiles. To promote the industry the minister is planning to lead a trade delegation to Japan next week.
India"s exports were in line with the Foreign Trade Policy (FTP) 2004-09 targets but for the last fiscal when the country"s merchandise trade became a victim of demand recession in the US and Europe and ended flat.
The US President’s visit to the region begins a new game with new rules.
Cotton prices seems to have started moving upwards following sustained buying of exporters and reduction in arrivals of the commodity due to festive season of Diwali. The prices in both spot as well as forward market have surged in the range of Rs. 500 to Rs. 600 per bale in last week.
The financial crisis in Dubai may not affect remittances sent by Indian expatriates in Gulf countries, policymakers and economists said on Friday. About one-fourth of the total money remitted to India every year comes from Indians in the United Arab Emirates (UAE).
With the price of domestic cotton rising and a high level of export contracts, the Confederation of Indian Textile Industry (Citi) has renewed its demand for restricting the latter.
Oman Oil Company (OOC) has paid a full 50 per cent premium for a re-entry into the Rs 11,397-crore Bina Refinery project of the state-run Bharat Petroleum Corporation (BPCL).
Oman Oil Company (OOC) has paid a full 50 per cent premium for a re-entry into the Rs 11,397-crore Bina Refinery project of the state-run Bharat Petroleum Corporation (BPCL).
State-run power utility PowerGrid Corporation today said its Rs 2,000-crore follow-on public offer (FPO) is likely to hit the capital market by March 2010.
India"s leading private lender ICICI Bank"s UK subsidiary has been accused by the Employment Tribunals in London of mistreating a whistleblower, a media report says.
The Ministry of Road Transport and Highways was in a position to bid out contracts for the construction of 8,000 km of roads within the current financial year, Planning Commission Deputy Chairman Montek Singh Ahluwalia indicated today.
Britain today called on Pakistan to see through in "a full way" the trial of seven suspects arrested in connection with the Mumbai attacks and to punish them if they are found guilty.
As the Obama Administration moves ahead with its new policy of engaging the Burmese military junta, a top US official today said it will actively consult India along with China on its new strategy.
Aurobindo Pharma Ltd, a manufacturer of generic pharmaceuticals and active pharmaceutical ingredients (APIs), is planning to acquire the entire stake in Trident Life Sciences Ltd (TLSL), a city-based clinical research organisation (CRO).
Drug manufacturer Aurobindo Pharma today said it will acquire Trident Life Sciences (TLSL) for an undisclosed amount.
The government today said it will allow the retail sale of "oseltamivir", the only medicine available to treat the swine flu virus "H1N1".
It"s eyeing significant growth focusing on fewer product categories - without targeting the mass market.
British retail major Marks & Spencer is looking at scaling up its India operations and plans to open at least 50 more outlets in the country over the next few years.
Finance Minister Pranab Mukherjee today said recommendations of the 13th Finance Commission, which submitted its report to President Pratibha Patil earlier in the day, will be reflected in the Budget 2010-11.
City-based logistics solutions provider DRS Logistics Private Limited is embarking on a Rs 450-crore expansion that envisages construction of warehousing facilities in south India by the end of the next financial year.
The Tatas are planning a new-look for their first prestigious acquisition Corus Steel next year, a move that coincides with the company emerging from the financial burdens and the global downturn.
DuPont India, a wholly-owned subsidiary of US-based E I du Pont de Nemours and Company, plans to invest about Rs 150 crore in DuPont Knowledge Centre at Hyderabad over the next three years.
For the Americans (and some Europeans) it’s “that pesky section”. And the US government is throwing its weight behind an industry campaign to discredit this section if not get it removed from India’s Patent Act. Yes, of course, it is Section 3(d) that is under attack from big pharma which has lost no opportunity in pointing out that this law will stifle the growth of India’s own drug companies and also choke off foreign investment in the sector. In recent weeks, this campaign has picked up in tempo both here and abroad.
The Uttar Pradesh government is keen on having an Information Technology/IT Enabled Services (IT/ITeS) Special Economic Zone (SEZ) in Lucknow to give a major boost to the sector.
Tension gripped the Telangana region of Andhra Pradesh raising fears of violence as the ongoing agitation for a separate statehood to the area intensified on Tuesday with the worsening health condition of the Telangana Rashtra Samithi president, K Chandrasekhara Rao.
Telangana Rashtra Samithi (TRS) president K Chandrasekhara Rao has withdrawn his " fast- unto -death" programme within two days after he launched his hunger strike.
Ranbaxy Laboratories, the domestic pharma major, has got the Good Manufacturing Practice certificate from the Ministry of Health and Labour Welfare - Japan for its non-sterile drug plant at Dewas in India.
Pratibha Industries zoomed 10% to close at its upper circuit limit of Rs 178. The counter witnessed a near five-fold increase in its total traded of 51,462 shares as against its two-week average traded quantity of 10,784 shares.
Bharati Shipyard, the Mumbai-based ship builder that has announced an open offer for an additional 20 per cent stake in Great Offshore, said it was expecting approval for its offer in the next 10 days from the Securities and Exchange Board of India.
Rallies, hunger strikes and demonstrations continued in Telangana region of Andhra Pradesh today after the Joint Action Committee (JAC) intensified its agitation, mounting pressure on the Centre for a separate statehood.
Long before L N Mittal told a British newspaper that he may pull out of the 12 million tonne greenfield steel project in Orissa, the writing was on the wall. The sequence of developments on the projects, since the signing of the agreement between ArcelorMittal and the state government in December, 2006 had already put it in the ‘doubtful’ category.
The Union government has set up a non-profit trust which would serve as a single-window platform to implement projects funded by overseas Indians in the social sector.
The global merger and acquisition (M&A) activity in the property sector so far this year amounted to $151.8 billion (around Rs 7 lakh crore), the lowest level in the last six years amid the economic downturn.
Broadcasting regulator Telecommunications Regulatory Authority of India (Trai) today sought views of stakeholders in the sector on issues such as raising limits on foreign direct investment (FDI) and on whether there is need for modifications in uplinking and downlinking guidelines for television channels.
Special Economic Zones are nothing but special exemption zones and there is no reason to exempt these from all law. Hence, scrap these, is the recommendation of the Committee on Land Reforms and Agrarian Relations set up by the Union government to advise it on issues ranging from land reforms and land acquisition to measures to stop conversion of farm lands.
Delhi-based Bhushan Steel is yet to get land for its six million tonne steel and power project near Asansol, but has almost completed purchasing land for its cold rolling (CR) project at Sankrail in Howrah.
Mahindra Satyam, the new brand identity of Satyam Computer Services, a leading global consulting and IT services provider, has selected Malaysia to kick off international expansion - enlarged its global solution center operations in 15 acre campus in Cyberjaya, the company said in a BSE filing.
Domestic air traffic in April was 14.8 per cent less compared to the same period last year. On the other hand, passenger load factors for all carriers rose significantly compared to the previous month, as a result of smarter pricing and cuts in capacity.
Facing allegations of irregularities in spectrum allotment, Telecom Minister A Raja today hit out at the BJP saying free distribution of radio frequency among operators during the NDA regime may have cost the country over Rs 1.6 lakh crore.
Exit strategy for stimulus after Q3/Q4 assessment
Prime Minister Manmohan Singh today said China had not constructed any dam on the Brahmaputra river that would have been a matter of concern for India, according to Arunachal Pradesh Chief Minister Dorje Khandu.
Ajai Shukla / New Delhi October 20, 2009, 0:37 IST
Yeddyurappa will lead delegation to meet PM.
After 20 years in the making, the Kaveri jet engine will finally take to the skies.
Plan panel aims at making data accessible in analytical format
RIL to revise development plan for these fields.
Will take into account the changed needs of both countries.
Fresh trouble appears to be brewing over non-vacation of spectrum by Defence Ministry, a move that could frustrate the Telecom Ministry"s scheduled auction of third generation (3G) radio frequency next month.
Bharat Forge finally ended with a gain of 1.7% at Rs 275. The counter clocked a volume of 267,536 shares on the BSE.
Home appliances manufacturer, Whirlpool India is looking to strengthen its position in the air-conditioner segment and plans to launch smart and affordable range of cooling solutions by February next year, a senior company official said.
Join race with KKR to invest Rs 465-700 crore in Bangalore firm.
Manipal Acunova, the Bangalore-based Rs 80 crore clinical research firm, has raised Rs 30 crore from US-based OrbiMed, a global healthcare-dedicated investment firm, with approximately $5 billion in assets under management.
The Planning Commission today said it would start interacting with Union ministries over the next two-three weeks over their demands for gross budgetary support for 2010-11.
2,500 schools in first phase, another 2,500 to be added
A suicide bomber today blew up his car outside the compound of the Indian Embassy in the Afghan capital killing at least 12 people and leaving 83 wounded, including three ITBP jawans, in a fiery blast that had all the hallmarks of Taliban.
Players like Nick India, Cartoon Network and Disney are making the most of the increase in viewership during the festive season
Bhupesh Bhandari / New Delhi November 17, 2009, 0:13 IST
Cement makers today reported double-digit growth in January sales driven by increased demand from housing sector, especially of low-cost homes, and infrastructure.
Last decade’s unthinkables become this decade’s symbols.
The Delhi-based franchise of audit firm PricewaterhouseCoopers today approached the Delhi High Court seeking quashing of proceedings initiated against it by the government in the aftermath of Satyam scam.
The win-win deal between United Breweries and Heineken opens up a window of growth opportunities for the duo.
Domestic air traffic witnessed an increase of around 4.64 lakh passengers in October, according to official figures released today.
Ahead of the Copenhagen summit on climate change, India today announced that it would reduce carbon emission intensity by 20-25 per cent by 2020 on the 2005 levels through a series of policy measures, including mandatory fuel efficiency standards on all vehicles.
The long suspense over control of the Tamilnad Mercantile Bank (TMB) ended on Thursday, with the Sivanthi Adityan-led group filling nine of the 10 elected posts on the 13-member board of directors.
The South Korean government will seek to wrap up the sale of Daewoo International Corp in the first half of next year in a bid to recoup public funds, the national financial watchdog said today.
The government will tomorrow decide on the requests of stainless steel producer Jindal Stainless and 16 other developers for more time to execute their SEZ projects.
Posco India has sought more time from the Centre for implementing the Rs 54,000-crore SEZ project at Jagatsinghpur in Orissa, as the South Korean steel giant could not get land due to protests by tribals.
The Prime Minister’s Office (PMO) has convened a meeting with the telecom ministry on January 6 to discuss the issues plaguing state-run telco BSNL, including its declining revenues and market share.
Bike maker Royal Enfield, a part of Eicher Motors, today said it will shift entire production to a new engine platform from April this year to make products compliant to stricter emission norms "Bharat Stage III".
Leading steel maker JSW Steel today cut prices of its products by up to Rs 1,400 a tonne, mainly due to the softening global trend.
Gujarat’s Ahmedabad Stock Exchange (ASE) plans to tie up with the country’s top equity bourse, the National Stock Exchange (NSE), say sources within ASE.
Rourkela Steel Plant (RSP), a unit of Steel Authority of India Limited (SAIL), has recorded its best ever performance in November since its inception in terms of hot metal and crude steel output.
Expressing concern over the rising food prices, the Reserve Bank of India (RBI) today said its move to ask banks to keep more cash with it was a carefully weighed decision to strike a balance between growth and inflation as it will not put an immediate pressure on interest rates.
Three states, Andhra Pradesh, Rajasthan and West Bengal, don’t have governors. ND Tiwari resigned and vacated the Raj Bhavan in Hyderabad recently. Gopal Krishna Gandhi quit the Raj Bhavan in Kolkata and Jaipur is vacant after the death of former foreign secretary SK Singh. The result is that various people in the race are making rounds of politicians they think will give them a leg-up to the post. Finance Minister Pranab Mukherjee’s residence is obviously one pilgrimage centre. Watch this space for more on this front.
Sensex ends up 35pts
US has said "meaningful action" from India and China is necessary to make any substantial progress on climate change.
With India having reservations on putting a cap on emissions, the United States today said it is willing to have discussions on climate change rather than dictating terms.
US has forged the most comprehensive engagement with India, which Washington ever had with any country, Secretary of State Hillary Clinton has said.
The woes of the cement industry are likely to continue as prices are likely to weaken during the remaining period of the current fiscal on the back of highest ever capacity addition by the industry in a single year.
The Planning Commission today said the impact of the global meltdown will be felt also in the next fiscal and it would not be possible to achieve the average growth target of 9 per cent in the Eleventh Plan.
Auto component maker Federal-Mogul Goetze (India) today said its net profit jumped two-folds to Rs 16.88 crore for the quarter ended June 30, 2009, over the same period last year.
A high-powered group of state finance ministers today indicated that the proposed Goods and Services Tax (GST), which will consolidate indirect taxes, may not be introduced as scheduled from April 1, 2010.
Bajaj Hindusthan, the country"s leading sugar producer, has decided to take its power generation capacity to 830 MW by adding another 400 MW of newer capacities.
The Polo produced at the Volkswagen plant in Chakan in Maharashtra may be good enough for the Indian market, but made in India is not good enough for Volkswagen. At the Polo’s launch in the auto fair in the Capital, most things in the company’s stall, right down to the chairs, had been imported.
Tamilnad Mercantile Bank (TMB) is targeting a business of Rs 50,000 crore by 2012-13 for which it would require around Rs 1,000 crore capital.
The week-long political crisis that paralysed the BJP government in Karnataka blew over today following a compromise between the warring sides under which a coordination committee will be formed, a woman minister may be removed and the Speaker inducted into the Cabinet.
Steel Minister Virbhadra Singh today said the proposals for diluting stake in two state-run companies SAIL and NMDC will soon be taken to the Cabinet for its approval.
The government has deferred a decision on a proposal by food and beverages major Pepsico to induct additional equity worth about Rs 930 crore in its Indian subsidiary. The proposal for induction of foreign equity (by Pepsico) has been deferred, an official statement said, without specifying reasons for the deferment.
Power, tourism, transport, education, expressways and sugar on priority list.
Agitation hits livestock delivery to other places
Cotton consumption by domestic mills in 2008-09 (October-September) declined about 2.4 per cent year on year to 19.09 million bales (1 bale = 170 kg), due to a slowdown in domestic and global textile demand, according to the Cotton Association of India.
The Vedanta Aluminium Ltd (VAL), part of Vedanta Resources, has not violated any forest and environment norms at its alumina refinery and bauxite mining site in Kalahandi district of Orissa, according to a report of the state government.
The government today said inflation was driven by a surge in commodity prices and the monetary policy had only a limited role in managing the price rise.
A rise of about 70 per cent over 45 days in the Baltic Dry Index (BDI), the global benchmark for shipping freight rates of dry bulk carriers, has failed to cheer Indian companies, who see it as only a temporary surge.
Pharma firm Lupin today said it will borrow up to Rs 500 crore from corporate bodies and various financial institutions.
Emerging-market stock funds lost $1.87 billion in the week ended June 24, the first week of net outflows since early March, on concern that a rebound in exports will be delayed, EPFR Global said.
The most famous door in Udyog Bhawan has been taken off its hinges and is not to be seen any more. A glass door was installed by Jairam Ramesh during his stint as the junior commerce minister in the previous UPA regime. However, the new occupant of the room — Jyotiraditya Scindia — prefers a more private work place and a conventional door. The room is undergoing extensive renovation. For a few days, the glass door was lying in front of the room while everything inside was taken off (including the paint).
Steel manufacturer, Uttam Galva Steels today said it has appointed Swarna Prabha Sukumar as a Nominee Director in place of S R Krishnaswamy with effect from September 22.
Italian car maker Fiat is going to hike the prices of the Linea sedan and Grande Punto hatchback by Rs 15,000-25,000 from January on the back of rising input costs, according to a statement released today.
With the launch of utility vehicle Grande MK II, an upgraded version of its premium Sumo Grande, Tata Motors is looking to increase its market share by 2-3 per cent in the utility segment. Utility segment at present constitutes 17-18 per cent of the total car market in the country.
Prices have firmed up by Rs 5-10 a bag in the region.
Significant new capacities in the coming months could depress cement prices leading to a drop in profitability
In the face of alleged multi- crore rupee kickback, which is being probed by CBI, the government is considering cancelling power PSU NTPC’s Rs 2,000-crore contract with a Russian equipment firm.
Indian Oil Corporation Ltd (IOCL), which is setting up a 15 million tonne per annum refinery at Paradeep, has so far invested Rs 2,200 crore in the project. While the cost of the refinery excluding the petro-chemical complex is estimated at Rs 29,777 crore, IOCL has already committed Rs 4,680 crore, said state industry minister Raghunath Mohanty.